Executives at the Deutsche Bundesbank are eager to launch a blockchain-based system without the need for a CBDC — and they just might succeed. Germany’s federal bank, the Deutsche Bundesbank, has run successful tests on a project which bridges the traditional finance infrastructure with blockchain technology. Despite the current global rush by central banks to…
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The People’s Bank of China intends to enable anonymous digital yuan transactions of small amounts in order to protect “reasonable” anonymity needs. Chinese authorities are willing to ensure maximum user privacy for the country’s central bank digital currency, or CBDC, according to an official at the People’s Bank of China. Mu Changchun, head of the…
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After issuing a warning against a Baht-pegged stablecoin produced by a South Korea-based firm, Thailand plans to introduce a series of regulations for stablecoins in 2021. The Bank of Thailand, or BoT, is upping its game on the stablecoin front. This week, the institution warned citizens that Thai Baht Digital (THT), a baht-pegged stablecoin issued…
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The U.S. does not want cash to go extinct in the presence of a CBDC, according to the Fed’s chairman. Many expect that a time could soon come when central bank digital currencies, or CBDCs, replace physical dollars once and for all. Comments from United States Federal Reserve Chairman Jerome Powell, however, indicate that this…
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China’s latest five-year plan mentions blockchain technology specifically and signals an increasing focus on the research of emerging technologies. China’s determination to stay ahead of the curve when it comes to the utilization of blockchain technology was evidenced again this week, after the release of the country’s latest five-year development plan. The word “blockchain” was…
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The Bank of Russia hopes to complete a prototype platform for a digital ruble by the end of 2021. The central bank of Russia is expecting to start pilots for its central bank digital currency in 2022, a senior executive reportedly claimed. Bank of Russia deputy governor Alexey Zabotkin said that the bank is planning…
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South Korean commercial bank Shinhan Bank has built a digital won pilot platform in collaboration with LG CNS. Major South Korean commercial bank Shinhan Bank is looking to collaborate with the country’s central bank on developing a national digital currency. Shinhan Bank has developed a blockchain-based pilot platform for a central bank digital currency, or…
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Not all cryptocurrencies have the attributes desired by central banks for hosting CBDCs. A 44-page report commissioned by CPA Australia delves into the status of Central Bank Digital Currency development worldwide, while exploring viable blockchain candidates for hosting CBDCs in the coming years. The report offers up evaluations of the three most transacted cryptocurrencies in…
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The final Law Decoded moves away from specific news to reflect on the biggest legal issues facing crypto. Editor’s note Ladies and gentlemen, it is bittersweet to welcome you to the final installment of Law Decoded, at least with yours truly at the helm. Though someone may pick this newsletter back up at some point,…
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The notion of China racing to launch a CBDC that will end U.S. monetary supremacy doesn’t hold up if you look at the facts on the ground. For the past several years, the trade war between China and the U.S. has been at the center of international relations, with technology playing an outsized role. Within…
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