News
Michigan lawmakers introduced four crypto bills in one day, covering crypto in state retiree funds, CBDCs and Bitcoin miners operating at abandoned oil and gas sites.
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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.
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Bitcoin, as decentralized and censorship-resistant money, protects financial sovereignty from monetary subjugation by CBDCs and stablecoins and defends against the failures of financial institutions.
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After the US rejected the idea of a CBDC following Trump's election, it’s yet to be seen whether other countries have any success with their national digital currency projects.
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Kyrgyzstan President Sadyr Zhaparov signed CBDC law giving the country’s central bank permission to launch the “digital som” in the future.
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The parliamentarian proposed a “budget-neutral” Bitcoin reserve to the finance minister, inspired by US President Donald Trump’s March 7 executive order.
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Cash is a “cornerstone of the European financial system” and its only sovereign means of payment, but it cannot be used online, the European Central Bank’s Piero Cipollone said.
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Bills regulating stablecoins and a potential digital dollar moved out of the US House Financial Services Committee after a late-night vote.
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7-Eleven is participating in the country’s CBDC test phase, which started on April 1 and will end on June 30.
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Sonic Labs scraps its algorithmic stablecoin and pivots to a dirham-based alternative, aligning with UAE’s digital currency rollout in late 2025.
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CBUAE governor Khaled Mohamed Balama said in a Khaleej Times report that the digital dirham could help combat financial crime and improve financial stability.
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The US lawmaker’s bill comes just weeks after Rep. Tom Emmer reintroduced an identical bill in the lower chamber of Congress.
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Gold-collateralized stablecoin approach ensures long-term security and trust in the evolving digital economy.
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A new ECB survey reveals significant consumer reluctance toward adopting a digital euro, with Europeans seeing little value in the CBDC.
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Emmer called CBDCs a “threat to American values” and reintroduced the Anti-Surveillance State Act to block a federal digital dollar.
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European Stability Mechanism managing director Pierre Gramegna says a potential flood of US dollar-denominated stablecoin payment solutions could impact Europe’s monetary sovereignty.
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