News
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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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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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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The House Rules Committee could add the CBDC bill to the final version of the market structure bill, but it may not impact the Senate’s own version of the legislation.
3319 - Spotlight
A behind-the-scenes look at how Kyrgyzstan is building a gold-backed stablecoin with government support and blockchain transparency.
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Lawmakers are faced with a choice to block the creation of a US digital dollar due to privacy concerns, though critics argue the fight is more about politics.
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Europe’s central bank pitched the digital euro as a backup in a crisis, but some EU lawmakers still had doubts over its design and use.
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CBDCs threaten more central bank control over money, including potential expiry dates on personal savings, Bitcoin Policy UK’s CEO said.
6712 - 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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