Cardano Creator Warns SEC Lawsuit Against Binance Is Part of Crypto Suppression Efforts, Says End Goal Is a CBDC
Charles Hoskinson, the creator of Cardano (ADA), believes that the recent legal action taken by the U.S. Securities and Exchange Commission (SEC) against Binance is part of a larger effort to suppress the digital assets industry.
Symfoni Solutions Connected CBDC with Blockchain Platform for Managing Shareholder Information
Norwegian software company Symfoni Solutions has connected the country's digital currency with a blockchain platform for managing shareholder information. The government-developed BRØK system uses blockchain to securely manage and share data on unlisted companies, while the Norwegian central bank's digital krone is used in transactions via an ERC20 token issued on the Arbitrum chain. The token mirrors the CBDC, allowing anonymous transactions with stealth addresses, KYC compliance and predefined maximum limits.
China's Digital Yuan Payment Adoption Stepping Up Ahead of Asian Games
China is increasing adoption of its digital yuan payment system ahead of the Asian Games, with host cities implementing central bank digital currency (CBDC) transport options. Hangzhou, the host city of the games, has updated its digital yuan app to include a "ride code" function, allowing users to pay for metro transport using their e-CNY wallets. The nearby city of Shaoxing will also accept digital yuan payments, as will the Hangzhou-Hai Intercity Railway. China had hoped to showcase the CBDC at the 2022 Winter Olympics, but scaled down its plans due to the pandemic.
Iranian Parliament Commission Calls for Halt to Central Bank's Digital Rial CBDC Project
The Article 90 Commission of the Iranian Parliament has stated that the Central Bank of Iran's digital Rial CBDC project has no legal basis and should be halted immediately.
Standard Chartered and PwC China Release White Paper on Programmable CBDC in China’s Greater Bay Area
Standard Chartered and PwC China have collaborated to produce a white paper on the potential applications of central bank digital currency (CBDC) in the Greater Bay Area of China, which includes Guangdong Province, Hong Kong, and Macao.
Lords in England warn against Bank of England's possible introduction of a CBDC
Two Lords in England have raised concerns about the Bank of England's exploration of a central bank digital currency (CBDC), warning against its introduction "by stealth". Lord George Bridges and Lord Michael Forsyth of Drumlean expressed concerns about privacy and criminal activity, stating that a CBDC could not be used anonymously without creating a haven for criminal activity. They are pushing for legislation to guarantee that a "Britcoin" could not be introduced without primary legislation and proper parliamentary scrutiny. The Bank of England has been exploring CBDCs for some time and has published papers on the topic, while the US is also engaged in conversations about CBDC implementation.
Monoova Completes First Cross-Border Settlement in Australian CBDC Pilot
Australian fintech company Monoova has successfully completed the first cross-border settlement using the Central Bank Digital Currency (CBDC) in the Australian CBDC pilot project. The pilot was established last year to explore potential use cases and economic benefits of a CBDC in Australia.
Republican Lawmakers Call to Block Federal Reserve's Pilot Program for Digital Currency
Republican lawmaker Rep. Alex Mooney of West Virginia has introduced the Digital Dollar Pilot Prevention Act to prevent the Federal Reserve from launching a pilot program to test a central bank digital currency (CBDC) without congressional permission. The bill aims to address concerns over increased government surveillance and threats to privacy that could arise from implementing a digital dollar. However, some argue that a CBDC could improve financial inclusion in the US by eliminating transaction fees that currently exclude many Americans from accessing financial services. The fate of the Federal Reserve's potential pilot program remains uncertain as the debate surrounding CBDCs intensifies. Meanwhile, the United States is considering the creation of a CBDC to modernize its financial system and keep up with the growing popularity of cryptocurrencies. A CBDC could offer faster and more secure transactions, and potentially reduce reliance on physical cash.
Japan's Bank of Japan Completes Second Phase of CBDC Experiment, Enters Pilot Phase
Japan is making progress in its efforts to adopt digital currency, with the Bank of Japan (BOJ) completing the second phase of its central bank digital currency (CBDC) proof-of-concept (POC) experiment and moving into the pilot phase in April as planned. During the second phase, the BOJ tested various technological applications for setting upper limits on CBDC holdings, with a focus on user experience and stability in the digital financial landscape. The results of the POC were successful, and Japan's pursuit of a digital yen represents a pivotal step in the realm of digital currency, positioning the country at the forefront of the next revolution in financial technology. The BOJ has committed to making its final decision on CBDC issuance by 2026, with a CBDC Forum established to solicit insights from private enterprises.
Former Greek Finance Minister Yanis Varoufakis Says JPMorgan and Too-Big-To-Fail Banks Are Right To Panic Over American CBDC
Yanis Varoufakis, an economist and former Greek Minister of Finance, has written an op-ed for Project Syndicate stating that the current banking regime is rightfully wary of a central bank digital currency (CBDC) in the US. Varoufakis compares the fears of future CBDCs to the fears of smoking restrictions, with JPMorgan and other Too-big-to-fail (TBFT) banks viewing CBDCs as a government-backed threat against their business. However, Varoufakis believes that a CBDC system could be far more private and resistant to tyranny than the current private banking apparatus, and could bring benefits such as strengthening tax collection, fighting deflation, and enhancing protection against Big Brother.
