Top blockchain and crypto news: Mark Zuckerberg’s empty metaverse. South Korea to roll out blockchain IDs. Macau bets on digital money.
The city of Macau, a special administrative region of China and home to a thriving casino industry, is seeking to grant digital currency status as legal tender, the Executive Council of Macau announced on Friday. See related article: Macao needs China’s heft in tech to introduce CBDC, official says Fast facts See related article: Macao […]
Companies in Shenzhen in mainland China made up one-third of the transaction volume in a cross-border central bank digital currency (CBDC) bridge pilot project, according to a report by Chinese media outlet 21Caijing, citing Shenzhen’s local financial authority. See related article: Australia Senator proposes regulating Chinese banks in country using e-CNY Fast facts See related […]
Cryptocurrency exchange WazirX will look to integrate India’s central bank digital currency (CBDC) “if all goes well,” vice president Rajagopal Menon told Forkast in a video interview on Monday. See related article: RBI to begin CBDC pilots, outlines wholesale, retail concepts Fast facts “We would love to onboard the e-rupee and you can buy your […]
The Reserve Bank of India (RBI) will soon begin to pilot the digital rupee for specific use cases, it said in a concept note on its central bank digital currency (CBDC). See related article: Sweden’s central bank to test use of retail CBDC for instant payments Fast facts India’s central bank said in the concept […]
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) said it had a breakthrough in enabling assets on distributed ledger technology networks, such as central bank digital currencies (CBDC) and tokens on the blockchain, to interact and flow with the existing financial infrastructure. See related article: SWIFT, Chainlink announce cross-chain interoperability partnership Fast facts In one […]
The director of Hong Kong’s de facto central bank, the Hong Kong Monetary Authority (HKMA), Eddie Yue Wai-Man, said the HKMA will launch a series of trials of its central bank digital currency (CBDC) in testing, the e-HKD, in the fourth quarter this year with banks and technology firms. See related article: Hong Kong needs […]
Sveriges Riksbank, Sweden’s central bank, is teaming up with peers in Israel and Norway and the Bank for International Settlements (BIS) to test instant payments via retail cross-border central bank digital currency (CBDC), according to a press release on Wednesday. See related article: Warnings on crypto, Bitcoin have materialized, says central bank body BIS Fast […]
Top blockchain and crypto news: Digital dollar didgeridoos. Bitcoin softens as sterling sinks. ‘World’s dumbest’ crypto criminals nabbed in China.
Russia is planning to use its central bank digital currency (CBDC) in testing, the digital ruble, to carry out mutual settlements with China, Reuters reported on Monday, citing a senior Russian lawmaker. See related article: Is cryptocurrency a workaround for sanctions against Russia? Fast facts Anatoly Aksakov, head of the financial committee in Russia’s lower […]
The Reserve Bank of Australia (RBA) on Monday published a whitepaper on its central bank digital currency (CBDC), or “eAUD,” pilot project that will start in January 2023 and has invited industry participants to submit use cases with economic and social benefits. See related article: World Economic Forum argues for CBDCs, Australia latest to test […]
Linda Jeng, chief regulatory officer and general counsel at the Crypto Council for Innovation said the U.S. has seen the writing on the wall and is expanding the conversation about cryptocurrency, in comments at Forkast’s “Crypto Rising: CBDCs & Stablecoins: The Asia Perspective.”
‘Act smart, but act fast’: Industry experts say there’s no time to waste addressing stablecoins, CBDCs in Asia
Panelists at Forkast’s “Crypto Rising: CBDCs & Stablecoins: The Asia Perspective,” co-hosted by the Crypto Council for Innovation (CCI), said tackling the technology requires international cooperation and flexibility to not stifle innovation.
Top blockchain and crypto news: Where is Do Kwon hiding out? Ethereum Merge mood fading fast. China’s digital yuan draws scrutiny Down Under.
The Hong Kong Monetary Authority (HKMA), the city’s de-facto central bank, Tuesday said it concluded its market consultations on technical and policy grounds towards the city’s central bank digital currency (CBDC), estimating at least two to three years to build the wholesale system. See related article: Hong Kong flirts with e-HKD as it talks of […]
Amid the worsening relationship with China, one Australian Senator is trying to address possible national security concerns that may arise from Beijing’s Central Bank Digital Currency project.
The Monetary Authority of Singapore (MAS) is preparing for the future of finance by exploring distributed ledger technology use cases, such as asset tokenization and cross-border payments, the city-state’s Deputy Prime Minister Lawrence Wong said on Thursday at an event organized by the central bank. See related article: Filecoin service provider RRMine leaves China for […]
India’s Reserve Bank of India has asked four state-run banks to test its central bank digital currency (CBDC), due for launch this financial year, even as the central bank seeks a ban on cryptocurrency trading in the country. See related article: RBI is causing crypto hesitancy among Indian banks Fast facts RBI has chosen the […]
With over 100 countries experimenting with the technology behind Central Bank Digital Currencies, the World Economic Forum of Davos fame lays out its views on the potential benefits and drawbacks of CBDCs.
Saudi Arabia’s central bank has appointed Mohsen AlZahrani, a former managing director at consultancy firm Accenture, to head its virtual assets and central bank digital currency (CBDC) initiative, Bloomberg reported. See related article: Governments pushing for CBDCs smell blood in Terra Classic’s struggles Fast facts With the United Arab Emirates aiming to be a global […]
The director and division chief of IMF’s Monetary and Capital Markets Department will soon publish a paper laying out a blueprint for a platform to support CBDC clearing and settlement transactions between multiple countries. See related article: Inter-country use key for CBDCs to reach potential: report Fast facts See related article: US Digital Dollar Project […]
The U.S.-based Digital Dollar Project said it will work with Ripple and a few other digital asset firms to launch a technical sandbox program to further study a U.S. central bank digital currency (CBDC). See related article: CBDCs better poised for cross-border payments than Bitcoin, stablecoins: ECB study Fast facts The non-profit initiative announced on […]
The city-state hosted a seminar with a title that it hopes sums up its crypto approach: “Yes to digital asset innovation, No to cryptocurrency speculation.”
Stakeholders in India’s blockchain space have created a new forum with more than 40 influencers to liaise with governments and regulators for blockchain and Web 3.0 adoption in the country. See related article: India’s latest tax assault on crypto exchanges starts Friday Fast facts According to a local media report, India Blockchain Forum is setting […]
After high-profile cyberattacks on decentralized apps, the blockchain industry is in a hurry to ramp up security. Sam Sangmin Seo, head of Klaytn, tells Forkast that minimizing human error may be the key.
The city of Suzhou in China’s Southeast became the latest to issue an e-CNY loan to a manufacturing unit. See related article: China’s central bank to expand digital yuan pilot program Fast facts See related article: Complete anonymity never a consideration for CBDC: PBoC official
As wages stagnate and prices spiral, crypto offers investment and growth opportunities unmatched by the traditional financial system, writes Tarik Moon, CEO of Alpine.
Bitcoin is the worst option for increasing the efficiency of cross-border payments while stablecoins occupy an intermediary position, the European Central Bank (ECB) said in a study published Monday. See related article: Cryptocurrency is worthless: ECB Christine Lagarde Fast facts Central bank digital currencies (CBDCs) and domestic instant payment systems have the highest potential for […]
The People’s Bank of China (PBoC) has listed the “orderly expansion of the scope of the digital yuan pilot” as one of its key tasks in the second half of the year, according to a Tuesday press release from the Chinese central bank’s second-half-year work plan. See related article: Covid-19, postponed Asian Games to push […]
Indonesia’s central bank is working on releasing the conceptual design of its own digital currency for banks to use by the end of this year, Bank Indonesia Governor Perry Warjiyo said on Thursday. See related article: Governments pushing for CBDCs smell blood in Terra Classic’s struggles Fast facts Bank Indonesia’s digital rupiah will be the […]
For central bank digital currencies to enhance cross-border payments, issuing institutions must take functionality into account to avoid unintended barriers, a joint report by three international financial bodies says.
In a letter to the U.S. Commerce Department, the National Association of Federally-Insured Credit Unions (NAFCU) warned that the cost of developing a central bank digital currency (CBDC) outweighs the “hypothesized benefits.” See related article: Hong Kong to research retail CBDC cybersecurity with Israel, BIS Fast facts The organization’s July 5 letter was in line […]
Taiwan has completed trials of its prototype central bank digital currency (CBDC) in technical simulations, paving the way for the distribution of the digital currency to the public for retail use. See related article: Crypto is based on the greater fool theory: Philippines’ incoming central bank chief Fast facts Taiwan started to study and test […]
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.
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.
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 […]
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.
The Hong Kong Monetary Authority (HKMA) announced a joint research project with the Bank of Israel (BOI) and the Bank for International Settlements Innovation Hub (BISIH) Hong Kong Centre to study cybersecurity issues in retail central bank digital currencies (CBDCs). See related article: Hong Kong now exploring retail CBDC in upcoming Project Aurum Fast facts […]
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.
The Reserve Bank of India (RBI) is planning to introduce a central bank digital currency (CBDC) in stages this fiscal year, T Rabi Shankar, deputy governor of the central bank, said in a press conference on Wednesday. See related article: RBI wants its CBDC to bring ‘little or no disruption’ Fast facts “Process of [the] […]
Head of policy for stablecoin issuer Circle Internet Financial, Dante Disparte, called central bank digital currencies (CBDCs) a “preposterous idea” during a panel Wednesday at Consensus 2022. See related article: CBDCs, stablecoins can coexist: Fed Vice Chair Lael Brainard Fast facts Disparte later added the Fed issuing its own digital dollar is “the equivalent idea […]
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.
Top blockchain and crypto news: Investors shun LUNA 2.0. Ethereum gains amid relief rally. China’s stimulus goes digital.
Lei Wai Nong, Macao’s secretary for economy and finance, said China’s expertise in developing its digital yuan could help the specially administered region introduce a central bank digital currency (CBDC), according to local media reports. See related article: China to issue free digital yuan to boost locked down economy Fast facts Lei said he will […]
Advocates for central bank digital currencies argue their inherent stability supersedes any benefits so-called stablecoins, algorithmic or otherwise, could offer.
The Reserve Bank of India (RBI) is aligning its central bank digital currency (CBDC) design with monetary policy objectives and financial stability, the central bank said in its annual report. See related article: Report: Stablecoins, CBDCs may not resolve financial inclusion, international remittance challenges Fast facts Finance Minister Nirmala Sitharaman announced in February the RBI […]
U.S. Federal Reserve Vice Chair Lael Brainard said a central bank digital currency (CBDC) could coexist and complement stablecoins in her Thursday testimony to a House Financial Services Committee virtual hearing. See related article: CBDC tracker shows U.S. falling further behind Fast facts CBDCs are digital currencies released and backed by central banks, while stablecoins […]
A hydropower plant in China has been fined for illegally powering crypto mines. Meanwhile, South Korean auditors plan on auditing Terra and other crypto exchanges.
The European Central Bank (ECB) said a central bank digital currency (CBDC) with a focus on anonymity is preferable to traditional electronic payments like bank deposits, but it “may become supplanted by payment tokens” issued by large tech firms. See related article: EU to introduce bill next year to plan a digital euro Fast facts […]
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 […]
A 2021 poll of 81 central banks by the BIS reveals that work on retail CBDCs has moved into more advanced stages, driven by a need to increase financial stability amid the pandemic, and the emergence of stablecoins.
Bangko Sentral ng Pilipinas (BSP) will launch a wholesale central bank digital currency (CBDC) pilot project, coined CBDCPh, as part of its efforts to promote the stability of the country’s payment system. See related article: Report: Stablecoins, CBDCs may not resolve financial inclusion, international remittance challenges Fast facts The central bank’s pilot will test the […]
China has broadened the range of public services and the number of cities included in its digital yuan pilot project underway in the provinces of Zhejiang and Fujian. See related article: Chinese state media calls for wider e-CNY adoption Fast facts See related article: Hangzhou races to showcase digital yuan at Asian Games
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.
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 […]
By offering China’s digital currency in trial as a payments option in all pilot areas, payments giant WeChat Pay is paving the way for the wider adoption of the digital yuan in the world’s most advanced digital payments market. See related article: China’s digital yuan is now in 23 cities Fast facts WeChat Wednesday said […]
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
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 […]
Blockchain data analysis platform Chainalysis has launched a set of free sanction screening tools. Meanwhile, lawmakers in the US take aim at China’s digital yuan, or e-CNY, while Russian sanctions begin to highlight issues with financial sovereignty as hundreds of thousands of Russian and Ukrainian civilians are caught in the financial crossfire.
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 […]