Search results: CBDC

As stablecoins face pressure to adopt traditional safeguards, the industry’s efforts to self-regulate should not be overlooked, writes Charlie Martin of Gro.

The European Commission announced Wednesday it will propose a bill in early 2023 to introduce a digital euro, according to a report by Politico. Fast facts The European Central Bank (ECB) is already experimenting with the digital euro and is expected to begin working on a prototype by the end of next year. A digital […]

Upcoming digital yuan trial to piggyback on Hong Kong’s popular Faster Payment System for smoother cross-border transactions.

The announcement of a crypto tax dispelled fears of a ban but left exchanges wondering whether they may be hurt in the long run.

China does not expect significant impact on its monetary system if the digital dollar were introduced, said Mu Changchun, director-general of the People’s Bank of China Digital Currency Initiative on Wednesday. He spoke at a panel organized by the Atlantic Council think tank to support the release of the International Monetary Fund’s report on central […]

The Reserve Bank of India’s (RBI) digital rupee will run on a government-mandated electronic wallet that will allow the central bank to be the middleman between merchants and customers, a top government official told the Press Trust of India.  Fast facts The government official said the nation’s central bank digital currency (CBDC) is likely to […]

CBDCs are vulnerable to hacking and the powers of quantum computing, cybersecurity expert Amnon Samid writes. Central banks must heed the warning.

A 30% tax doesn’t legalize cryptocurrencies but exchanges no longer worry about a ban, while investors would pay taxes at twice the rate of other asset gains.

Top blockchain and crypto news: New Delhi’s crypto give and take. Malice in Wonderland? Hong Kong’s selective spot ETF rules.

Indian Finance Minister Nirmala Sitharaman said in her budget speech on Tuesday that a 30% tax will be levied on income from all cryptocurrency or digital assets transfers.  Fast facts The levy on cryptocurrency will also apply to non-fungible tokens (NFTs) and gifts, where the recipient will be taxed. In case of losses from crypto […]

Indian Finance Minister Nirmala Sitharaman confirmed at the parliament budget session on Tuesday that the Reserve Bank of India (RBI) will issue a digital rupee based on blockchain, as she proposed the issuance for financial year 2022-23. Fast facts “Digital currency will also lead to a more efficient and cheaper currency management system,” the minister […]

Meta (formerly Facebook)-backed stablecoin project Diem’s intellectual property and assets have been sold to cryptocurrency bank Silvergate Capital Corporation for US$182 million, both entities confirmed on Monday. Fast facts “[W]e identified a need for a U.S. dollar-backed stablecoin that is regulated and highly scalable to further enable them to move money without barriers,” said Silvergate […]

All eyes will be on Beijing for the upcoming games — will China use the spotlight to officially launch its CBDC?

The recent crypto price plunge has done little to rattle new investors. Are they just buying the dip, or is there more to it? Q9 Capital’s James Quinn explains.

Hong Kong’s central bank digital currency (CBDC) project with three other central banks and the Bank of International Settlements (BIS) will enter its pilot stage this year to test international trade settlements, a Hong Kong government official said. Fast facts Christopher Hui, Hong Kong’s Secretary for Financial Services and the Treasury, said on Wednesday the […]

CBDCs can increase financial inclusion and prevent crime, according to blockchain expert Tiana Laurence. What’s not to like about state-backed digital money?

With new products and services being launched and international exchanges setting up camp, crypto startups thrive despite the shadow of a crypto ban.

San Francisco-based Ripple Labs announced Tuesday that on the heels of a strong year it bought back the shares it sold in a 2019 fundraise and is now valued at US$15 billion. Fast facts The blockchain payments platform developer is in the middle of a 13-months-long lawsuit filed by the U.S. Securities and Exchange Commission […]

Top blockchain and crypto news: Market chills make investors shiver. Hacking storm at OpenSea. Has Beijing tamed NFTs?

Philippines-based Asian Development Bank (ADB) has launched a blockchain project to make cross-border securities transactions in Asia-Pacific more efficient. Fast facts The regional development bank of 68 member countries is aiming to use blockchain to directly connect central banks and securities depositories in the Association of Southeast Asian Nations region plus Japan, China and South […]

The Bank for International Settlements (BIS) Innovation Hub announced on Tuesday that its Hong Kong Center will explore this year whether decentralized finance (DeFi) can improve financing for small and medium enterprises. Fast facts In Hong Kong, the BIS has been working with central banks of China, Hong Kong, United Arab Emirates and Thailand on […]

Crypto regulations run the gamut from wait-and-see to total prohibition. What are the dos and don’ts of smart regulation?

China’s Zhejiang wants six of its cities to compete for the next digital yuan pilots, which may open the door for the eastern coastal province to showcase the central bank digital currency (CBDC) during the September Asian Games.   Fast facts

Bitcoin and Ethereum fall below psychologically important levels as rising uncertainty clouds markets. Is the Fed also depressing crypto’s prospects?

Shenzhen Institute of Financial Technology, a subsidiary of the People’s Bank of China’s Digital Currency Institute, released 132 job listings, hinting at the expansion of digital yuan pilot programs in 2022. Fast facts

Though the world’s most powerful central bank does not stake a position, its discussion paper is a big step toward supporting a future US digital currency.

Guangdong Province’s 2022 Government Report says its capital city Guangzhou will become a digital yuan testbed and a blockchain innovation application pilot center in 2022.  Fast facts Guangzhou applied to become a new digital yuan pilot city in September 2021.  Guangzhou is one of the major cities of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). […]

The digital yuan is undergoing its final preparations in the leadup to the Beijing Winter Olympics, despite the expected absence of a general audience due to Covid-19 concerns.  Fast facts The People’s Bank of China (PBOC), the central bank, said all payment channels for the 2022 Winter Olympics, including the digital yuan, are set to […]

The numbers are in: digital yuan’s historical transactions reached 87.565 billion yuan (US$11.238 billion) as of the end of 2021, the People’s Bank of China (PBOC) announced on Tuesday.  Fast facts

If 2021 was a breakout year for crypto, this year may mark a similar advance for regulation of the industry, says Caroline Malcolm, Chainalysis’ new policy chief.

The U.S. Federal Reserve is deferring to Congress to decide whether to introduce a central bank digital currency (CBDC), Lael Brainard told the Senate banking committee Thursday at her Fed vice chair nomination hearing. Fast facts Republican Senator Cynthia Lummis asked whether the vice chair nominee believed that the digital dollar should be available to […]

Residents in Beijing recorded 9.6 billion yuan (US$1.5 billion) worth of digital yuan transactions in 2021, after several rounds of coupon-driven promotions, according to state media, citing official data.  Fast facts

Stablecoins and CBDCs will likely co-exist in the city, experts say, as Hong Kong looks to thrive as crypto hub.

Top blockchain and crypto news: Bandwidth bust in Kazakhstan. Binance chief CZ tops rich list. Digital yuan app adoption grows.

China’s No. 3 telecoms provider has started accepting payment for phone bills in digital yuan on its app, in the latest move by a major firm to advance the country’s fledgling central bank digital currency (CBDC) efforts.  Fast facts Since earlier this week, China Unicom customers have had the option of using digital yuan, also […]

Klaytn, a public blockchain platform under South Korean internet giant Kakao, announced on Monday five partnerships to drive plans to become a global blockchain benchmark for the increasingly competitive gaming and metaverse space in 2022. Fast facts Klaytn is partnering with Japanese tech giant GMO Group, Indonesia’s Innovation Factory, NFT marketplace East NFT, U.S.-based entertainment […]

But e-CNY adoption remains an issue, with mobile payment platforms such as Alipay and WeChat Pay already ubiquitous.

In South Korea, a new presidential administration will be chosen in March. Here’s where the four major candidates stand on Korea’s booming virtual asset space.

Guangxi, China’s southern provincial-level region, is researching cross-border finance, supply-chain service platforms and e-CNY applications, according to a report by local state-run media Guangxi Daily. Fast facts The Guangxi autonomous region — often seen as a gateway for Association of Southeast Asian Nations (ASEAN) trade — plans to support cross-border circulation of capital, according to the […]

With wider acceptance as a financial asset, a teenage Bitcoin may not see the explosive 200% average annual returns of the past, but also may experience less price volatility.

Countries acted to encourage — or discourage — cryptocurrency and other blockchain-based assets, sending markets wildly up and down.

In December 2020, Stefan Rust successfully predicted a ‘Cambrian Explosion’ of crypto tokens. Now he says 2022 will be when the crypto markets will be ‘flooring out.’

From China’s ban to FATF’s travel rule, crypto regulations have been top of mind this year. How might regulatory impulses and current trends play out?

While China made a big moves in banning crypto this year, US lawmakers appear to be warming up to the industry, setting the stage for next year.

China prepares to show off its tech innovation muscles at the Beijing Winter Olympics as it unveils some unusual-looking wallets for its new digital yuan.

Global shifts are underway in crypto regulations, writes Huong Hauduc of Bequant. How might the political and market forces play out next year?

Despite the looming parliamentary debate over banning private digital currency in India, the founder of Mumbai-based crypto exchange WazirX predicts thousands of new crypto startups.

China tries to stamp out Bitcoin mining while increasing its influence over blockchain technology and preparing the digital yuan for launch. What lies in store for 2022?

Bitcoin’s current price is not indicative of the crypto’s future prospects, says Mark Yusko, who looks forward to the tokenization of everything.

With Ethereum usage at all-time high, a Cosmos ‘bridge’ to other blockchains and Mastercard rollups aim to solve a major problem plaguing the Eth network.

Federal regulators have turned their sights on stablecoins. But is the attempt to tame this digital currency too late?

Top blockchain and crypto news: Can stablecoins bankroll democracy? Nike swooshes into the metaverse. Animoca and Bored Apes venture deeper into the gaming jungle.

The report says the country’s crypto industry could swell by up to 30 times its current size in the coming decade.

The transaction, using the Hedera Consensus Service network, bypasses intermediaries, lowering fees.

Mu Changchun, director-general of the People’s Bank of China’s digital currency institute, said today the central bank is working with the Hong Kong Monetary Authority (HKMA) to test cross-border payment features for the e-CNY, China’s much anticipated central bank digital currency (CBDC). Fast facts Mu said at a webinar, jointly organized by the PBOC and […]

South Korea’s National Tax Service (NTS) recently launched an intensive tax investigation into blockchain and crypto venture capital firm Hashed, while its CEO denies any involvement in slush fund raising or tax evasion, according to local media reports. Fast facts Hashed confirmed that it had cooperated with the 4th Bureau of Investigation from the Seoul […]

As part of a broader attempt to address Australia’s payments industry, the government offers a roadmap to where crypto regulation can lead in 2022.

Lee Jae-myung, the ruling Democratic Party’s candidate for the 2022 South Korean presidential election, says cryptocurrency is already an integral part of the lives of Korean citizens and the country needs to be a leader in virtual assets. Fast facts At an invitational lecture at Seoul National University’s finance and economics seminar, Lee said that […]

Japan’s Financial Services Agency (FSA) is planning a legislative proposal for the upcoming year to restrict the issuance rights of stablecoins to banks and wire transfer companies, according to a Nikkei Asia report. Fast facts The FSA’s decision to limit the issuance is meant to lower risks for stablecoin users, as FSA-authorized banks and wire […]

Tourism officials want to attract more crypto-wealthy travelers to Thailand’s shimmering shores. But will the crypto faithful come if Thailand still has a ban on SHIB and Dogecoin?

But the head of the central bank’s digital currency research institute says issues remain such as technical standards for blockchain interconnectivity.

A cabinet note suggests the government intends to regulate cryptocurrencies as assets with the Securities and Exchange Board of India at the helm.

With economic security as a top priority, the Kishida administration anticipates the release of competing CBDCs.

Why the Federal Reserve and other major central banks are likely to speed up development of retail CBDCs.

A former finance secretary says too much is yet unknown about the new crypto bill for investors to expect the worst.

Top blockchain and crypto news: Are India’s CBDC plans crowding out crypto? Jack Dorsey goes full Bitcoin bro. China’s digital yuan hopes claim another victim.

South Korean heavyweight lender Shinhan Bank has completed a proof-of-concept rollout of a stablecoin project for international remittances in partnership with South Africa’s Standard Bank, using Hedera Hashgraph. Fast facts The project’s aim is to test the issuance and distribution of stablecoins for international remittances, which often frustrate senders and receivers due to their high […]

Is CoinDCX — India’s first crypto company to achieve unicorn status, or US$1 billion in valuation — going public? CoinDCX co-founder Neeraj Khandelwal set off a frenzy of excitement when he told Bloomberg in a recent interview that CoinDCX may pursue an initial public offering as soon as legislation permits. But a CoinDCX spokesperson told […]

Korea crypto tax postponed, meanwhile CoinDCX looks to IPO

The Federal Reserve Bank of New York has joined hands with the Bank for International Settlements (BIS) to launch an innovation hub in New York— dubbed the New York Innovation Center (NYIC) — to explore and build financial technology products for the central bank community. Fast facts The NYIC will focus on five areas — […]

Twitter’s stock rose 10% on the news, and his other company, Square, also opened up 4%.

Metaverse picks up momentum, on the other hand Binance tweet gets yellow card