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In this edition of Forkast Forecasts, Digital Asset’s co-founder and CEO offers his views on central bank digital currencies and blockchain developments in Asia.

In this edition of Forkast Forecasts, the co-founder and CEO of CoinDCX offers his views on the growth of crypto in India, regulation and CBDCs.

Bank Indonesia now sees the value of stablecoins and digital currency. Here’s how a central bank-backed digital rupiah could lift the nation of 18,000 islands.

Other top blockchain and cryptocurrency news: Fine art goes digital with NFTs. Hong Kong in talks to pilot test China’s DCEP digital yuan.

Other top blockchain and cryptocurrency news: Bitcoin paper’s 12th anniversary. New Huawei phone has DCEP wallet. FDA on blockchain and food safety.

Other top crypto and blockchain news: USDC stablecoin coming to Solana blockchain. Investing in KYC/AML in India.

Other top news: China accelerates digital currency testing with 50,000 e-RMB ‘red packets.’ Hong Kong as DCEP’s future sandbox. VC in India.

Digital currency efforts now mirror global economic rivalries, with China’s DCEP leading the pack. Central banks would be wise to avoid these pitfalls.

More top news: Wounded Unikr settles with SEC for $6.1 million. China’s nationwide blockchain service network launches ‘public permissioned’ chain.

More top news: OKLink offers free cryptocurrency tracker. Trade fair in China introduces blockchain ideas to 20,000 companies.

In other news: Public gets sneak peek at China’s digital currency DCEP in flash testing. US-China trade war threatens SMIC and bitcoin mining.

Other top news: USPS explores blockchain for voting. Coinbase offers crypto loans. Huobi launches Global DeFi Alliance.

Other top news: China imposes standards for blockchain companies. Huobi launches digital asset custody business. Blockchain VC in the Middle East.

More top news: China exploring blockchain to cure gaming addiction. LG joins Hedera Hashgraph. Startups in Japan, Singapore and the Philippines.

Money is part of a nation’s financial infrastructure, and the dollar needs a digital upgrade for this changing world, says Giancarlo, former CFTC chair who now heads the Digital Dollar Project, in an exclusive interview with Forkast.News.

Digital Dollar Project’s new white paper proposes a ‘third format of currency’ that would be interchangeable with paper money while preserving privacy. Is America ready for a government crypto dollar?

Digital currencies will become increasingly common in the economy, with CBDCs as an ‘organic gateway.’ Should we worry about user privacy?

The central bank’s cash-like DCEP sets the stage for China’s next-gen financial infrastructure. Will it threaten the US dollar’s global supremacy? A University of Chicago Booth professor explains.

Other top news: Fintech-friendly policies for Hong Kong-Shenzhen bay area. China makes blockchain jobs more respectable. VC in Singapore and S. Korea.

Other top news: TRON snags Covid aid. Free Telegram Open Network. China builds tech talent database. Bitmain’s civil war. Another win for Ripple.

Other top news: IBM’s Covid medical supply network. China now has over 1,000 blockchain firms. Startups in Japan, India and Singapore.

Other top news: Bitcoin halving frenzy. New Huawei tech zone. Blockchain company busted for defective face masks. VC in Hong Kong and Canada.

Coronavirus’ impact on the U.S. economy might hasten the creation of a digital dollar.

The Hong Kong Monetary Authority launches a wholesale CBDC project to support tokenized asset transactions and financial innovation.

The Chinese government alerts citizens to a fraudulent app imitating the official digital yuan platform.

Indian crypto companies flock to Dubai, escaping high local taxes and finding solace in the emirate’s favorable regulatory environment.

Hong Kong is charging ahead in its digital currency initiatives, but more must be done to address the e-HKD’s environmental impact and security concerns.

Bitcoin soars to its highest price in a year and a half as Grayscale’s legal victory against the U.S. SEC gets finalized.

PBOC to crack down on crypto speculation, as Hong Kong restricts access to certain “complex” virtual asset products.

The central bank said that the preparation phase is not a decision on the issuance of a digital euro.

TWT price rose over 15% during the past week, after Trust Wallet announced a major rebranding upgrade.

SUI fell to a new all-time low on Wednesday following supply manipulation allegations, which the Sui Foundation denies.

The new data sharing rules will go into effect 20 days after their publication in the Official Journal.

The DCJPY could play a central role in the future’s currency system, according to DeCurret Holdings.

Bahamian Prime Minister Philip Davis said the island nation will continue to be a pioneer in the digital asset space.

NFT production on Ethereum fell to an all-time low in September, as the floor prices of blue-chip NFT collections continued their decline.

The XRP token rose 4.42% after a federal judge denied the U.S. Securities and Exchange Commission’s (SEC) motion to overturn its recent loss against Ripple Labs. XRP traded at US$0.5308 at 2:45 p.m. in Hong Kong on Tuesday, according to CoinMarketCap data.  See related article: HK’s SFC & US SEC crack the whip as Blockchain […]

Bringing together the best parts of centralized and decentralized exchanges, RDEXs also take into account the inevitability of regulations.

PYUSD’s launch is injecting much-needed trust into crypto’s turbulent landscape, but its current form does not come with any of the benefits of real crypto, writes Danny Chong, co-founder of Tranchess.

Zodia Custody owned by Standard Chartered, announced Tuesday that it is launching its services in Singapore for financial institutions.

Top blockchain and crypto news: U.S. court compels SEC to review Grayscale’s ETF application. SEC zooms in on NFTs. Asia’s richest man eyes blockchain, CBDCs

Bitcoin, Ether rose less than 1% in the past 24 hours while posting losses on the week. Polkadot led gains among top 10 cryptos.

Here’s a look at a future where Web3 technology will allow us to have ownership stakes in all things and avoid a subscription-based consumerist hellscape.

SOL reversed Thursday’s gains from its Shopify partnership while XRP fell to a six-week low. Bitcoin and Ether inched up during afternoon trading but struggled to gain more upward momentum.

This final installment of a 3-part series on the U.K. digital asset industry looks at the politics driving the British crypto conversation. PM Rishi Sunak is a believer, but an election’s coming up, and his rivals appear less keen on turning the U.K. into a global crypto hub.

This first installment in a 3-part series on the U.K. digital asset industry looks at recent efforts to regulate crypto and expand the sector.

Judge Analisa Torres has granted the U.S. Securities and Exchange Commission (SEC) the request to file an interlocutory appeal in its lawsuit against Ripple Labs.

Australian banks are heightening scrutiny on digital asset exchanges and restricting crypto payments due to rising scams and frauds. Caroline Bowler, CEO of BTC Markets highlights the challenges and opportunities faced by the industry in the country.

Recently proposed by Singapore in collaboration with fintech heavy hitters, PBM can be a powerful tool for promoting accountability and efficiency, writes Anndy Lian. But it’s not without risks.

PayPal launches stablecoin. Traditional gamers take on NFTs. Tough times ahead for Huobi.

Japan’s blockchain group urges tax change. Bitcoin NFT struggles but it may be a sleeping giant. Litecoin falls after halving.

Tether Holdings Limited, the issuer of stablecoin USDT, released its consolidated reserves report for the second quarter of 2023 on Monday, showing consolidated assets of at least US$86.5 billion against total liabilities of US$83.2 billion. Tether reported an increase of approximately US$850 million in its excess reserves, totaling around US$3.3 billion as of June 30, the close of the quarter. 

Bitcoin fell below US$30,000 this week, as market optimism over ETFs began to ebb. Bitcoin has to hold above US$28,000 next week to avoid further bearish momentum, industry experts told Forkast.

Across Asia, projects dedicated to asset tokenization have become a cornerstone of the new digital economy, showing the world the technology’s possibilities.

Bitcoin fell under US$30,000, despite the SEC accepting eight spot Bitcoin ETF applications for review this week. A weekly close under that psychological level could lead to more panic selling, industry experts told Forkast.

Shinhan Bank, the second largest bank in South Korea, and SCB TechX, the technology unit of Siam Commercial Bank, the oldest bank in Thailand, announced on Tuesday that they completed a second stablecoin transaction trial on the Hedera, a public distributed ledger network. 

Stablecoins play a pivotal role as a safe-haven medium of exchange in times of high inflation, writes James Glasscock. But they’re not without risks.

The Financial Stability Board (FSB) published on Monday a global regulatory framework for crypto-asset activities to provide a global regulatory and supervisory foundation for crypto. The recommendations made to the G20 – the 20 leading economies of the world – are based upon the principle of “same activity, same risk, same regulation.”

Scrutiny on the stablecoin’s reserves has intensified since USDT’s latest depegging scare. Paolo Ardoino, CTO of Tether and Bitfinex, delves into the composition of USDT reserves, explaining how the firm ensures dollar redemptions, irrespective of secondary market prices.

Bitcoin rose to US$31,736 on Friday, bolstering Ethereum to above US$2,000, after the court ruled that the sale of XRP did not constitute a security. Bitcoin needs a close above US$31,000 to pave the way for US$32,500, market experts told Forkast.

Top blockchain and crypto news: Standard Chartered eyes US$120,000 per Bitcoin | Another week of declines in NFT market | Sega and Line team up.

Bank of England governor Andrew Bailey said Bitcoin and other cryptocurrencies don’t meet standards to be recognized as money.

Singapore-based DBS bank has introduced a “merchant collection solution” using e-CNY – China’s central bank digital currency – to allow corporate clients of DBS China to collect payments from their customers in e-CNY, and avail the automated settlement of e-CNY directly into their bank deposit account.

Kapoor founded the India Blockchain Alliance five years ago and gives an update on how the technology is being used in police reports to real estate transactions, as well as challenges of CBDC adoption and plans for tokenization of assets. He spoke in an interview for Forkast IQ.

South Korea approved a bill to protect cryptocurrency investors as part of building the country’s first legal framework devoted to digital assets.

The European Commission released two proposals on Wednesday, one for the digital euro, the ECB’s CBDC, and a legislative proposal to safeguard the role of cash.

The Shanghai Clearing House started digital yuan clearing and settlement services for trading in commodities on Monday.

As Ripple receives an in-principle approval for Singapore’s digital payment license, institutional investors continue to look toward Bitcoin ETFs.

The Asia-Pacific arm of San Francisco-based technology firm Ripple Labs saidThursday it received in-principle approval to start offering digital payment services in Singapore.

Amid growing regulatory scrutiny in the U.S., crypto firms eye Hong kong for its strategic location and friendly regulations, yet Singapore and Dubai remain strong competitors, says FinTech Association of Hong Kong’s Neil Tan.

Ghassan Jumblat, fintech director at financial services company Integrated Communications Channel discusses the evolution of the cryptocurrency and blockchain industry in Dubai in the United Arab Emirates, as the city positions itself as a future hub for digital assets.

Local legislator suggests global cryptocurrency exchanges such as U.S.-based Coinbase set up operations in Hong Kong as the city’s new licensing regime for crypto retail trading took effect on June 1.