Circle Defends Stablecoins Amid SEC’s Case Against Binance
Circle, the organization behind the USD Coin (USDC) stablecoin, has presented its perspective regarding the U.S. Securities and Exchange Commission’s (SEC) lawsuit against the cryptocurrency platform, Binance. Circle contends that stablecoins, which are cryptocurrencies tied to stable assets like the U.S. dollar, should not be classified as securities. In their legal document, Circle posits that […]
Project Sela: Israel and Hong Kong Finalise Retail CBDC Test Focusing on Privacy and Inclusivity
Israel and Hong Kong have recently finalised their retail Central Bank Digital Currency (CBDC) pilot project, Project Sela, highlighting the significant emphasis placed on privacy and inclusivity. During the pilot project, both nations collaborated to explore the practical implications of a CBDC in the retail sector. They utilised Distributed Ledger Technology (DLT) to investigate various […]
Future Bank of England Deputy Governor: Crypto Not Gambling, Should Be Treated as a Financial Activity
Sarah Breeden, who assumes the role of deputy governor of financial stability at the Bank of England on November 1, has drawn attention to the potential risks associated with cryptocurrencies while also highlighting the advantages of the underlying technology. She made these remarks during a session with Parliament’s Treasury Committee. In her new position, Breeden, […]
Brazilian Central Bank Adds Crypto Exchange Mercado Bitcoin in CBDC Pilot Including Mastercard
Source: Coindesk Brazil’s central bank authorized on Thursday the largest local crypto exchange, Mercado Bitcoin, to participate in the pilot of the digital real, the South American country’s central bank digital currency (CBDC). The consortium led by Mercado Bitcoin counts Mastercard, broker Genial, registrar Cerc and financial software fintech Sinqia as partners, local newspaper Valor reported. […]
Digital Pound Should Be Interoperable with Crypto, U.K. Lobbyists Say
Source: Coindesk Lobby groups and crypto companies in the U.K. are generally welcoming of the government’s plans for a digital pound, but some of them believe the currency should be interoperable with crypto in order to be suitable for the future. The U.K. opened its plans for a digital pound for public comment in February, just as […]
EU Legislation for Digital Euro Is Put on Hold
Source: Coindesk European Union legislation needed to underpin a digital euro, originally due to be published June 28, has been put on hold, CoinDesk has been told. The move follows the leaking of the draft bill, which covers privacy and technical issues for the central bank digital currency (CBDC), and a statement by finance ministers […]
UK Crypto, Stablecoin Laws Approved by Parliament’s Upper House
Source: Coindesk U.K. parliamentarians have voted through a new bill that could recognize crypto as a regulated activity in the country. The approval of the Financial Services and Markets Bill (FSMB) on Monday by Parliament’s upper chamber, the House of Lords, means the bill is going to enter the final stages before it is put […]
Hong Kong Monetary Authority to Prepare for Retail CBDC
Source: Coindesk The Hong Kong Monetary Authority (HKMA) has said it will start laying the foundation to implement a retail central bank digital currency in a report published on Friday. Although it had been looking into the development of a digital version of the Hong Kong dollar – dubbed “e-HKD” –since at least 2017, a recent study […]
Bank of England Targets 30-Strong Team for Digital Currency: Report
Source: Coindesk The Bank of England is looking to build a team of as many as 30 people to develop a central bank digital currency (CBDC), the Sunday Times reported, without saying where it got the figure. In February, the U.K.’s central bank and finance ministry said they were starting further research and development on a digital version […]
India Targeting One Million CBDC Users in Three Months, Prioritizing Offline Transfers: Sources
Source: Coindesk India’s retail central bank digital currency (CBDC-R) architects are aiming to scale the user base of the digital rupee to one million users, and have prioritized solving the challenge of creating an offline version, two people familiar with the matter told CoinDesk. Although RBI officials publicly stated in March they were aiming for 500,000 […]