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Could Hong Kong Monetary Authority Launching CBDC Help Digital Yuan Go Global?
21.9.2022
The Hong Kong Monetary Authority (HKMA), the territory’s de facto central bank, is aiming to launch trials of the e-HKD, its central bank digital currency (CBDC), in the fourth quarter of this year. If successful, the initiative could facilitate the global rollout of the digital yuan, China’s CBDC...
Hong Kong Monetary Authority Plans to Begin CBDC Trials in Q4: Report
20.9.2022
The Hong Kong Monetary Authority (HKMA) plans to be trialling a central bank digital currency (CBDC) in the fourth quarter of this year, the South China Morning Post (SCMP) reported Tuesday
Norway Releases Source Code for Digital Krone Sandbox, Utilizes Ethereum Technology
14.9.2022
A crypto company working with the central bank of Norway has published the source code for the sandbox created to trial the digital version of the Nordic nation’s fiat currency. The prototype digital krone is being built on the Ethereum network and the regulator wants to test various...
Central Bank of China Calls for Increasing Use of Digital Yuan
12.9.2022
The People’s Bank of China has urged for widening of the array of use-case scenarios for its central bank digital currency. The monetary authority believes that deeper interconnection with traditional e-payment platforms will make the digital yuan more convenient for consumers....
Russia Shuts Off EU Gas, Vitalik Discusses Bitcoin Security, and More — Bitcoin.com News Week in Review
11.9.2022
Macro markets and geopolitics dominated the news this week, with Russia cutting off Europe’s gas supply, hedge funds betting against Italian debt, and the International Monetary Fund’s bailout for Zambia helping the kwacha overtake the ruble as the world’s best-performing...
Indian Finance Minister Urges IMF to Lead in Regulating Crypto — Georgieva Says IMF Ready to Work With India
10.9.2022
India’s finance minister, Nirmala Sitharaman, has urged the International Monetary Fund (IMF) to take “a lead role” in regulating crypto assets. IMF Managing Director Kristalina Georgieva says the global organization stands ready to work with India on climate change, crypto...
Bank of Russia to Promote Digital Ruble in Foreign Trade as Finance Ministry Pushes for Crypto Option
10.9.2022
Days after the two institutions agreed on the need for cross-border crypto payments, the finance ministry and the central bank of Russia are once again highlighting their different priorities. While the treasury department aims for legalizing cryptocurrency payments in the coming months,...
Nigerian Presidential Candidate Says Fixed Exchange Rate Regime ‘Has to End’ — Touts Success of Fintech Unicorn Flutterwave
6.9.2022
A Nigerian presidential election candidate, Peter Obi, has said the local currency’s exchange rate against the dollar must not be fixed but must be determined “by the forces of demand and supply.” Pointing to the success of the Nigerian fintech Flutterwave, the candidate said...
Crypto assets are no longer niche and regulators need to catch up — IMF
6.9.2022
Recent failures of crypto issuers, exchanges, and hedge funds have been a major motivator behind better crypto regulation
IMF: Crypto Assets Become More Mainstream as Hedges Against Weak Currencies, Potential Payment Instruments
6.9.2022
The International Monetary Fund (IMF) published a report stating that crypto assets have gained a “more mainstream presence as speculative investments, hedges against weak currencies, and potential payment instruments.” The IMF has called for a global response to crypto regulation...
India Surpasses UK as World’s 5th Largest Economy Based on IMF Data
4.9.2022
India is now the world’s fifth-largest economy after surpassing the U.K., the latest data from the International Monetary Fund (IMF) shows. India’s former chief economic advisor expects the country to become the world’s third-largest economy by 2028-30. India Becomes...
IMF Bailout Approval Helps Zambian Kwacha Take the Russian Ruble’s Position as World’s Best Performing Currency
3.9.2022
After the International Money Fund revealed it had approved a bailout package for Zambia, the Southern African country’s currency, the kwacha, rallied by 3.1%. Following this gain, the kwacha took the Russian ruble’s position as the world’s best-performing currency in 2022....
Crypto's adaptability, openness key to ideal monetary system, say BIS execs
3.9.2022
Some of the biggest flaws preventing present-day cryptocurrencies from mainstream adoption, pointed out by the BIS execs, are bottleneck congestion in DeFi and the reliance on volatile assets
'Most of crypto is still junk' and lacks use case — JPMorgan blockchain head
30.8.2022
JPMorgan’s Umar Farooq said that use cases haven't arisen fully and regulation hasn't yet caught up
IMF Expects US Economy to Experience High Inflation for at Least Another Year or Two
30.8.2022
The International Monetary Fund (IMF) expects the U.S. economy to experience high inflation for at least another year or two. “I would be careful about looking at one data point for the U.S.,” IMF First Deputy Managing Director Gita Gopinath cautioned. IMF on US Economy and Global...
Singapore Considers Stricter Rules for Retail Crypto Investors — Regulator Says Cryptocurrencies Are ‘Highly Hazardous’
30.8.2022
Singapore’s central bank, the Monetary Authority of Singapore (MAS), is contemplating imposing stricter rules on retail crypto investors. “MAS regards cryptocurrencies as unsuitable for use as money and as highly hazardous for retail investors,” said the central bank chief....
Bank of Russia Eases Restrictions on Purchases of Dollar and Euro Cash
28.8.2022
The Central Bank of Russia has relaxed some limitations for Russian banks selling U.S. dollars and euros to the public. The increased supply of foreign cash may affect the crypto market in the country as currency restrictions have been a driver of increased demand for digital coins. Monetary...
Powell Says Fed’s Battle With Inflation Will Bring ‘Some Pain,’ After Insisting Last Year Elevated Inflation Is ‘Likely to Prove Temporary’
27.8.2022
On Friday, Jerome Powell spoke at the annual Jackson Hole Economic Symposium and the Federal Reserve chair explained that the U.S. central bank is focused on fighting the country’s red-hot inflation. Powell stressed at the event that strict monetary policy is necessary, and his commentary...
Singapore Seeks Detailed Information From Crypto Firms Ahead of New Regulations, Report Unveils
27.8.2022
Financial authorities in Singapore are taking steps toward increased oversight in the crypto space with the city-state’s central bank reportedly asking companies to provide additional information about their activities and assets. Ahead of a possible broadening of the applicable rules,...
Market Wrap: Bitcoin Slumps to Lowest Level in Over a Month After Powell Affirms Hawkish Monetary Policy
26.8.2022
The first cryptocurrency dipped 4.3% to around $20,549, its lowest point since July 16, after the head of the U.S. central bank said the Fed would maintain its restrictive monetary course. This article originally appeared in Market Wrap, CoinDesk’s daily newsletter diving into what happened...