News
CBDCs threaten more central bank control over money, including potential expiry dates on personal savings, Bitcoin Policy UK’s CEO said.
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CBDC News
A central bank digital currency, or CBDC, is a digital version of a region’s fiat currency, put out by the region’s monetary authority. CBDCs gained a significant spotlight in 2020, with numerous countries expressing interest in their own versions of the asset type. Some countries pushed faster than others toward their own native digital currency. China, for example, moved quickly toward the prospect of its own CBDC, called the digital yuan.
The Bahamas burst on the central bank digital currency market in 2020 with the first CBDC. Called the Sand Dollar, the country’s CBDC is a national digital currency for the region, holding the same value as the Bahamian dollar. CBDCs differ from crypto-native stablecoins put out by crypto industry entities. Such stablecoins aim to track the value of underlying assets, such as the U.S. dollar, although the stablecoins themselves are not official regional currencies and are often overseen by companies.
- Analysis
China’s split renminbi system suggests a rumored yuan stablecoin won’t mark a crypto shift.
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The EU is exploring Ethereum and Solana for its digital euro, marking a shift toward public blockchains over private models like China’s CBDC, according to the FT.
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The House slipped a provision banning the Federal Reserve from issuing a digital currency into an almost 1,300-page bill on defense policy.
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WLFI’s USD1 stablecoin will be used as a collateral asset on Falcon Finance, fueling regulatory concerns about potential conflicts of interest related to the Trump family-backed platform.
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The Bank of Korea has also renamed its CBDC research and development teams to reflect their focus as practical business departments.
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The US House of Representatives will be in recess for the month of August, but the Senate still has a week of business to address two crypto bills before breaking.
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Lawmakers are expected to break in a matter of days, but there are still items on the legislative agenda to address, including two crypto bills passed by the House.
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The UK central bank is considering abandoning its digital pound plans as its Governor Andrew Bailey favors private payment innovations over a state-backed CBDC.
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The line between a central bank digital currency and a centrally-managed, government-regulated stablecoin is thin, critics argue.
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Bitcoin adoption has been soaring, leading up to the optimistic regulatory expectations related to “Crypto Week” in Washington.
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Lynch joined his Democratic colleagues in denouncing cryptocurrencies and calling for a central bank digital currency (CBDC).
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US House leaders have designated this week as “crypto week,” during which lawmakers will vote on three major digital asset bills. Here's what to expect.
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The trial is part of Project Acacia, an initiative from the RBA exploring how digital money and tokenization could support financial markets in Australia.
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South Korea may lift restrictions on crypto firms, allowing them venture status and access to tax breaks, funding and regulatory benefits.
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