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“# Crypto adoption is a ‘huge challenge,’ says Chinese central bank exec ” The rapid adoption of cryptocurrencies like Bitcoin (BTC) poses a major challenge for the traditional financial system, an executive at the Chinese central bank has warned. Wen Xinxiang, director of the payment and settlement department at the People’s Bank of China (PBoC),…
“# Fed still undecided about digital dollar, says Chair Jerome Powell ” The United States Federal Reserve is still evaluating the prospects of introducing a digital currency for the country but says it has not yet decided on the matter. Speaking at a news conference on Wednesday, Powell stated that the Federal Reserve was studying…
“# Ripple is helping Bhutan pilot a CBDC ” The Royal Monetary Authority of Bhutan is partnering with Ripple to pilot a central bank digital currency in the mountainous kingdom. In a Wednesday announcement, Ripple Labs said Bhutan’s central bank would be taking advantage of the company’s private ledger to issue and manage a digital…
“# Crypto markets soar after Fed commits to printing and Evergrande plans to pay its debt ” The cryptocurrency ecosystem is showing signs of a recovery on Sept. 22 following a 48-hour corrective stint which saw Bitcoin and altcoins sell-off to their swing lows. Equities and crypto investors were clearly worried about the possible bankruptcy…
“# HSBC CEO backs CBDCs against crypto and stablecoins ” HSBC, the largest European bank with total assets of $3 trillion, maintains a skeptical stance on cryptocurrency while promoting the central bank digital currency (CBDC) development. HSBC Group CEO Noel Quinn penned an article, New forms of digital money could spur growth, outlining the firm’s commitment…
“# Central bank of Ukraine to promote ‘fair’ Bitcoin regulation ” The central bank of Ukraine has moved to support the development of the cryptocurrency industry after the Ukrainian parliament adopted a major crypto law in early September. The National Bank of Ukraine (NBU) issued Sept. 13 an official statement on basic principles of monetary…
“# Adapt or die: Payments giants partner with crypto firms to ensure security ” Institutional interest for digital assets continues to grow rapidly, demonstrating that cryptocurrencies, stablecoins and nonfungible tokens (NFT) are here to stay. At the same time, traditional financial institutions are beginning to understand the dire need to properly support digital assets. For…
“# Cuba’s cryptocurrency regulations take effect ” Resolution 215 of 2021 issued by the Banco Central de Cuba (BCC) — the country’s central bank — recognizing cryptocurrencies like Bitcoin (BTC) is now in effect. According to Cuba’s official state news agency Prensa Latina, the order became official on Wednesday. With crypto now legally recognized by…
“# Turkish central bank taps local tech firms for digital currency R&D ” The Central Bank of the Republic of Turkey (CBRT) has made a major step forward with a research and development project that could see the Turkish lira go digital. On Sept. 15, CBRT announced the signing of memoranda of understanding with three…
“# Uzbekistan has no plans to ease crypto payments ban, says official ” The Republic of Uzbekistan will never adopt cryptocurrencies like Bitcoin (BTC) as a payment method, according to a central bank official. Behzod Khamraev, deputy chairman of the Central Bank of Uzbekistan (CBU), predicted that local authorities will never allow residents to use…