News
Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
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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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The comments from European Central Bank head Christine Lagarde drew overwhelming backlash from the crypto community and political influencers.
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BNM’s tokenization roadmap aims to focus on real-world use cases such as SME supply chain financing, Shariah-compliant Islamic products, green finance and 24/7 cross-border payments.
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Bank Indonesia will issue tokenized government bond–backed digital securities built on its digital rupiah CBDC, calling it the nation’s “stablecoin version.”
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Nigeria, the Bahamas and Jamaica are only three jurisdictions that have launched CBDCs, according to the American think tank, the Atlantic Council.
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A stablecoin is now live in Kyrgyzstan, which confirmed plans to launch a CBDC and explore a national crypto reserve after meeting with strategic adviser Changpeng Zhao.
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Jeremy Kranz, founder of Sentinel Global, a venture capital firm, said investors should be "discerning" and read the fine print on any stablecoin.
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Uganda’s CBDC, a digitized version of the Ugandan shilling, has been deployed on a permissioned blockchain and backed by Ugandan treasury bonds.
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India doesn’t “encourage or discourage” crypto, it “only taxes it,” Minister Piyush Goyal said, while unveiling a new RBI-backed digital currency project.
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Kazakhstan is advancing a dual model by piloting its digital tenge CBDC alongside the Evo stablecoin as part of its push to become a crypto hub.
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The ECB said it had reached agreements with seven entities responsible for components of the digital euro, potentially launching in 2029.
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China launched a digital yuan operations center in Shanghai focused on cross-border payments, blockchain services and digital-asset platforms.
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Introduced in October 2020, Europe’s digital euro may not launch until 2029, according to ECB Executive Board member Piero Cipollone.
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EU finance ministers agreed to impose holding limits on the digital euro, reaching consensus on procedures for setting caps during the latest Eurogroup meeting.
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Ron Morrow, head of payments at Canada’s central bank, called on regulators to pass a framework for stablecoins or be left behind.
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