Search results: CBDC

Whither Singapore in the cryptocurrency world? The Monetary Authority of Singapore has some views on that and as with most markets, there are winners and losers.

Deeper structural flaws in crypto make it unsuitable as the basis of a monetary system that serves society, the Bank for International Settlements said in its annual report.

It took two-and-a-half months for China’s southeastern city of Guangzhou to surpass 490 million yuan (US$73.2 million) in digital yuan transactions, People’s Bank of China Guangzhou branch deputy manager Guo Yunxi said, according to local media.  See related article: JD.com tops US$60 mln in digital yuan sales in 618 shopping festival Fast facts See related […]

HTC is expected to launch a new mobile phone with metaverse features on Tuesday, as the virtual reality (VR) gear and smartphone maker continues its Web3 expansion.  See related article: Smartphone giant Huawei doubles down on blockchain technology Fast facts In a tweet earlier in June, HTC’s VR and metaverse arm Viverse teased a phone-shaped […]

Singapore-based public blockchain platform Klaytn and non-fungible token (NFT) marketplace OpenSea announced on Friday a partnership to bolster the Asian NFT ecosystem. See related article: Kakao’s Klaytn to build blockchain in China with BSN Fast facts The partnership includes conference collaborations and ecosystem grants to promote Asian NFT projects to the global audience. Klaytn is […]

As traditional finance sector firms continue to seek upside crypto exposure, bringing DeFi yields to TradFi has a bright future, says B2C2’s Phillip Gillespie.

Cryptocurrencies were listed for the first time as a means to launder and transfer money related to the drug trade by the China Ministry of Public Security on Thursday. See related article: China explores ways to classify cryptocurrency crimes Fast facts See related article: The SEC is building a SWAT team to combat crypto crime

The Reserve Bank of India (RBI) has launched a blockchain-based trade financing pilot project in collaboration with top lenders including HDFC bank, ICICI Bank and State Bank of India, among several others, Economic Times reported, citing unidentified sources.  See related article: India FM: RBI to issue blockchain-based digital rupee Fast facts Belgium-based SettleMint, U.S.-based Corda […]

A perceived failure to address increasing fraud in the NFT industry prompts calls for regulation and the adoption of a more centralized approach to weed out bad actors.

Felipe M. Medalla, an economist slated to be the next governor of the Philippines central bank, is not interested in regulating crypto, which he believes is based on “the greater fool theory.”  See related article: Philippines gets new government, will new crypto taxes follow? Fast facts “The only reason you’re using this [cryptocurrencies] is you […]

Celsius and Babel Finance’s freezing of customer accounts highlights the risks of intermediaries, writes Nick Saponaro. Crypto users should take back control.

Chinese online retail platform JD.com reported 400 million yuan (US$60 million) in digital yuan sales at the “618” shopping festival, accounting for about 0.1% of the event’s total sales.  See related article: Double Eleven: 240,000 orders by e-CNY on top e-commerce platform Fast facts See related article: China’s zero-Covid policy realigning global economy, financial markets

BlockFi’s Zac Prince says they have fully liquidated 3AC positions. Meanwhile, Hong Kong’s central bank works with the Bank of Israel to study CBDC security.

USD Coin (USDC) creator Circle announced on Thursday it will release the Euro Coin (EUROC), a redeemable stablecoin pegged to the euro, on June 30. See related story: US$500 mln in USDC added to TRON DAO USDD reserve Fast facts Ethereum-based EUROC will join Circle’s USDC, which is the world’s second-largest stablecoin with over US$54 […]

Huobi Thailand will shut its cryptocurrency trading platform’s Thailand unit on July 1 after the country’s Securities and Exchange Commission (SEC) revoked its license. See related article: Can Thailand emerge as a ‘crypto-positive’ travel destination? Fast facts Huobi Thailand said the firm will no longer have any connections or legal bindings with Huobi Group following […]

The Helium Network, a decentralized wireless network, announced a model expansion on Saturday to address the demand for unlimited wireless protocols. See related article: Fantom releases upgrades to enhance speed, scalability, and decentralization Fast facts The Helium Network, which rewards crypto to users for deploying hotspots and providing network coverage, has launched over 848,000 hotspots […]

As the Terra saga continues to unfold, Do Kwon loses an appeal against the SEC. Meanwhile, Circle’s head of policy slams CBDCs.

Cryptocurrencies can offer citizens in emerging economies a potential buffer against runaway inflation and financial mismanagement by governments. But buying them increasingly means navigating onerous regulations and punishing taxes.

With so-called stablecoins coming under a cloud from the multibillion-dollar collapse last month of the TerraUST stablecoin, Forkast spoke to Singapore-based investor and financial commentator Jim Rogers for his view on these types of coins as well as the relevance of short sellers in the cryptocurrency market. The former cofounder of the Quantum Fund and […]

Falling prices, an imploding stablecoin, and more reports of hacks have occupied the cryptocurrency headlines in recent weeks, so it’s perhaps no surprise that regulators have noticed and they intend to do something about it.

The Fed’s new No. 2 is ahead of the curve in her thinking — which bodes well for crypto’s future around the world, writes a former colleague of Brainard.

A Chongqing-based company became the first in the city to pay taxes with China’s central bank digital currency (CBDC), the digital yuan, according to local media. See related article: China to issue free digital yuan to boost locked down economy Fast facts See related article: What I learned from my role in digitizing the yuan

Top blockchain and crypto news: Investors shun LUNA 2.0. Ethereum gains amid relief rally. China’s stimulus goes digital.

Cryptocurrency companies in the Philippines await legislation from the new Ferdinand Marcos Jr. administration on how the government will tax the industry. Some are worried.

Shenzhen, Guangzhou, and Xiong’an New Area announced they are distributing free digital yuan “red packets” to boost local consumption amid China’s economic slowdown fueled by mass Covid lockdowns.  See related article: Covid-19, postponed Asian Games to push digital yuan into the slow lane? Fast facts See related article: What I learned from my role in […]

The Singapore-based banking behemoth may have found its reach constrained in retail crypto markets, but it still has big plans, CEO Piyush Gupta tells Forkast.

Do Kwon’s proposal to create a new Terra network chain is set to go live this weekend — what does Terra 2.0 entail and will it successfully win back its following?

The Lu Xun High School in China’s Hainan province has provided students with a new campus smart card device with digital yuan payment functionalities, further expanding use of the e-currency at education institutions, China’s largest state-owned broadcaster China Central Television (CCTV) reported Tuesday. See related article: Covid-19, postponed Asian Games to push digital yuan into […]

China southwestern municipality Chongqing recorded 288 million yuan (US$43 million) in total digital yuan trading volume across 1.576 million transactions as of May 15, the People’s Bank of China’s local branch reported at a Thursday press conference.  See related article: China southeastern city tops US$3mln digital yuan transactions in pilot month Fast facts Chongqing is […]

Jinhua, a city in China’s southeastern province Zhejiang, has announced that it has totaled at least 23,929,100 yuan (US$3.5 million) in digital yuan transactions in its debut month, with 556,600 digital yuan wallets opened for individuals, and 34,700 for business and institutions.   See related article: Covid-19, postponed Asian Games to push digital yuan into the […]

China’s central bank is driving the adoption of the digital currency, but a spate of lockdowns is slowing the economy and raising questions about the rollout.

U.S. Treasury Secretary Janet Yellen reiterated her stance on stablecoin regulations and said it’s “highly appropriate” to have a framework ready by the end of this year, as TerraUSD (UST) loses its dollar peg. See related article: Run on UST cuts the ground from under Terra’s feet Fast facts Yellen said at a Tuesday hearing […]

The city of Tianjin has begun paying the wages of some finance department workers in digital yuan, while local Chinese media reported that selected hospitals in Hangzhou and Guangzhou have begun accepting digital yuan payments for medical treatments. See related article: Central banks double down on CBDC issuance: BIS report Fast facts See related article: […]

China’s digital yuan is now accepted on Guangzhou city trams and can be used to recharge Xiamen’s city public transport card, as the metropolises join an expanding network of cities using the digital currency. See related article: Chinese state media calls for wider e-CNY adoption Fast facts See related article: Xiamen issues China’s first blockchain-based […]

As decentralized finance redefines the way money moves, a do-or-die moment is approaching for traditional finance sector businesses, says Anthony Scaramucci.

South Korean digital bank KakaoBank announced on Tuesday at its quarterly business performance conference it is reviewing a partnership with a local cryptocurrency exchange. See related article: South Korean banks seek green light on crypto Fast facts “As [crypto] is considered a major asset amongst customers, we are reviewing how we can provide virtual assets […]

The city’s de facto central bank Wednesday sought public consultations on the e-HKD, as the Hong Kong Monetary Authority (HKMA) chief expressed concerns on a retail digital Hong Kong dollar intensifying competition in the retail payments space. See related article: Hong Kong to press ahead with digital dollar, e-CNY plans Fast facts See related article: […]

Binance categorically denies sharing client data with Russia. Meanwhile, Chinese officials push for e-CNY use at the Asian Games.

Preparing to show off the capabilities of the digital yuan at the Asia Games is a priority from April to August, despite high possibilities of a delay in the event itself. See related article: Asian Games set for digital yuan, metaverse pilots, tech firm claims Fast facts China wants to showcase the digital yuan at […]

Joe Biden’s executive order on crypto has put America on course for solid success in the digital asset space, says the Blockchain Association’s Kristin Smith.

A panel of 35 crypto professionals have grown collectively less confident on the year-end target price for Bitcoin, although they expect the dominant cryptocurrency to end significantly higher than current levels and even set a new all-time high, according to a report by Finder. See related article: Bitcoin crosses $47,000 mark as crypto surges in […]

Indian cryptocurrency exchange CoinDCX’s latest funding comes as investors double down on the country’s potential to emerge as the world’s top market despite government apathy.  See related story: CoinDCX’s Sumit Gupta on CBDCs, regulation and India’s potential for crypto in 2021 Fast facts Series D funding was led by Pantera and Steadview Capital, the company […]

Zhou Xiaochuan, the former governor of the People’s Bank of China, said in a speech on Saturday that the digital yuan is designed to focus on transactions for people and merchants and not to replace SWIFT or weaponize the currency. See related article: The digital yuan’s de-dollarization Fast facts See related article: Hong Kong makes […]

Xinhua News Agency’s affiliate newspaper, Economic Information Daily, Thursday published an op ed suggesting measures for the further adoption of the digital yuan. See related article: The digital yuan’s de-dollarization Fast facts See related article:Hong Kong makes apt testbed for e-CNY cross-border use

The Depository Trust & Clearing Corporation (DTCC), one of the largest financial service providers in the U.S., unveiled “Project Lithium” to test infrastructure in support of a U.S. digital currency using blockchain technology.  See related article: 5 US digital dollar pilots launching to chase China’s CBDC lead Fast facts Project Lithium is based on blockchain […]

Top blockchain and cryptocurrency news: Britain’s crypto gamble. WAVES crashing. China’s big digital yuan push.

Our virtual and in-person events bring people together to join conversations that matter. Previous Events Crypto Rising CBDCS & Stablecoins: The Asia Perspective We are in a history defining moment where money is evolving. It’s not easy to replicate cash, and central bankers around the world face unique challenges. The U.S. is softening up to […]

The People’s Bank of China said it expanded its digital yuan pilot program to 11 more cities, including in Hangzhou, which hosts the Asian Games in September. See related article: The digital yuan’s de-dollarization Fast facts The 11 cities that will trial China’s central bank digital currency (CBDC) are Tianjin, Chongqing, Guangzhou, Fuzhou, Xiamen, and […]

Residents in five more Chinese cities were able to access digital yuan wallets starting Thursday, marking a major development for central bank digital currencies (CBDCs) globally.  See related article: Asian Games set for digital yuan, metaverse pilots, tech firm claims Fast facts See related article: Digital yuan pilot attracts Chinese province bordering Russia

Top blockchain and cryptocurrency news: Dubai’s crypto caravan. Mt. Gox unlocked. Digital yuan in play again.

DLT projects are defined by their network effects, writes Donald Thibeau of HBAR Foundation. Here’s why open networks and community are critical for success.

A Hangzhou-based data firm has confirmed that it is working on the application of the digital yuan and the metaverse in the upcoming 2022 Asian Games.  See related article: China’s digital yuan app now publicly accessible, one step closer to launch Fast facts See related article: 2022 Asian Games in Hangzhou to sell torch NFTs […]

Volatility has been the name of the game in the past few months, but experts tell Forkast that may be coming to an end.

Malaysia’s deputy finance minister Shahar Abdullah turned down a proposal to adopt Bitcoin as legal tender on Thursday, calling cryptocurrency unfit for payments.  See related article: Malaysia ministry: adopt crypto as legal tender to engage the young Fast facts Abdullah voiced concerns around cryptocurrencies’ price volatility and cyber security risks. Zahidi Zainul Abidin, the deputy […]

Top blockchain and crypto news: Bitcoin buzz in Malaysia. Yuga Labs teases Otherside. Blockchain verdict in China.

Traditional banks are failing the nearly 2 billion people in the world without access to financial services, writes Khalid Howladar. But DeFi can be a lifeline.

Algorand is planning a series of upgrades to bolster the network’s privacy and speed, and developing permissioned co-chains with a trustless decentralized bridge between chains, founder and MIT professor Silvio Micali said at Blockchain Week Australia on Tuesday.  See related article: What is Algorand and why is it a blockchain to watch? Fast facts Algorand […]

Malaysia’s deputy minister of its Communications and Multimedia Ministry told the parliament on Monday the country should consider adopting cryptocurrencies like Bitcoin as legal tender, local media The Star reported. See related article: Will El Salvador’s lead on Bitcoin inspire others to follow suit? Fast facts Zahidi Zainul Abidin, the deputy minister, said the communications […]

The People’s Bank of China and four state departments confirmed their support for bidding regions in the southeastern province Zhejiang to carry out the next batch of digital yuan pilots. See related article: PBOC branch chief seeks clarity on digital yuan as legal tender Fast facts See related article: Hong Kong makes apt testbed for […]

As the conflict between Russia and Ukraine rages on and sanctions continue to mount, Russia-based bank Sberbank obtains a crypto license from the Central Bank of Russia. Meanwhile in China, social media platform Weibo allows its users to mint NFTs of their social media posts.

Ethereum software developer ConsenSys announced on Tuesday it has raised US$450 million in Series D funding, bringing its valuation to US$7 billion. See related article: New Cosmos, Mastercard projects to boost Ethereum scalability Fast facts The latest funding round was led by ParaFi Capital, with investors including Temasek, SoftBank Vision Fund 2 and Microsoft. The […]

Cryptocurrency is being used both to fund Ukraine’s defense and prevent Russia’s ability to skirt sanctions in what may become a pivotal moment for the industry.

An anonymous company based in Hangzhou told state media that it has signed deals with major commercial banks to facilitate the digital yuan, hinting China’s southeastern city could be a winning bidder for an upcoming batch of digital yuan pilot programs.  See related article: PBOC branch chief seeks clarity on digital yuan as legal tender […]

Nine U.S. senators are backing a bill that aims to crack down on China’s central bank digital currency (CBDC), the e-CNY or digital yuan, which they claim could allow Russia to bypass financial sanctions imposed on its banks and entities.  See related article: Digital yuan pilot attracts Chinese province bordering Russia Fast facts “If left […]

Thailand crypto investor tax burdens are being relaxed from April 2022 until the end of 2023, according to the results of a finance ministry cabinet meeting on Tuesday.  See related article: Thailand to regulate cryptocurrency as payment method Fast facts The cabinet approved tax relief measures, including the exemption of a 7% value-added tax (VAT) […]

Blockchain technology is rapidly transforming the finance sector. DBS Bank CEO Piyush Gupta offers an insider’s look at what’s coming next.

Bitcoin and other cryptos are being used on both sides of the fight, raising ethical issues that cut to the core of decentralization, says AAX’s Ben Caselin

Look for progress reports on e-CNY, blockchain technology, new digital infrastructure, and subtle mentions of the international sanctions against Russia.

Recruiters from the public and private sectors are on the hunt for top blockchain talent. Educational institutions are catching up with customized courses.

Mitsubishi UFJ Financial Group (MUFG) will close its blockchain payment venture due to slow profits, Japan’s largest bank announced on Tuesday.  See related article: Japan’s Mitsubishi UFJ to issue yen-pegged stablecoin: report Fast facts MUFG said it is preparing to halt and liquidate Global Open Network Japan, Inc. (GO-NET Japan). GO-NET Japan, set up in […]

Heilongjiang province in northeastern China has joined the bid to compete with 10 other cities to become the next digital yuan pilot city, it announced on Monday.  See related article: E-CNY chief says digital dollar poses no threat to China Fast facts See related article: Hong Kong makes apt testbed for e-CNY cross-border use

The city’s global reach, Hong Kong dollar and mainland ties make it a good fit for Chinese authorities to trial e-CNY international payments.