The International Monetary Fund (IMF) is working to develop a platform that would serve as an interoperability layer for central bank digital currencies (CBDCs), allowing for settlements among different countries. According to statements from IMF Managing Director Kristalina Georgieva, this would avoid the underutilization of CBDCs for domestic purposes. IMF Working on CBDC Cross-Border Integration…
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The next company chair of Alibaba has backed several crypto projects through his wealth manager and tweeted he “like[s] crypto” in December 2021. Joe Tsai, the soon-to-be former executive vice chair of China-based technology giant Alibaba, will replace Daniel Zhang as company chair. In a June 20 announcement, Alibaba said Zhang would be stepping down…
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The Chinese city of Quingdao will pilot an electricity- and network-free digital yuan public transport payments solution, marking another national first for the central bank digital currency (CBDC). The news comes as another city in the pilot zone announced it will give away some $140,000 of CBDC discount tokens…. Read More: China Pilots Power- and…
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Cameron Winklevoss, a co-founder of Gemini, a U.S.-based cryptocurrency exchange, criticized the U.S. Securities and Exchange Commission’s (SEC) posture regarding cryptocurrency regulation. Winklevoss stated that the SEC laws written in 1933 are obsolete today, and their application would mean that the crypto industry will leave the U.S. behind. Cameron Winklevoss Believes SEC Securities Laws Are…
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Tether Holdings Ltd. at one point counted securities issued by Chinese companies among the reserves backing its USDT stablecoin, according to Bloomberg News. Tether at a point in time held securities issued by state-owned Chinese companies including Industrial & Commercial Bank of China Ltd., China Construction Bank Corp. and Agricultural Bank of China Ltd, according…
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In an insightful conversation with Cryptonews, Paolo Ardoino, the CTO of both Tether and Bitfinex, shed light on crucial topics relating to the crypto world. The dialogue navigated the volatile waters of inflation, the allure of gold as a tangible asset, and the growing fascination with digital gold – Bitcoin. Ardoino also explained Tether’s novel…
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Chinese banks will let their customers pay for more wealth management products using the digital yuan, as the nation’s central bank digital currency (CBDC) continues to branch out. Per the Chinese media outlet Financial Report Network (via Stockstar), the state-owned China Construction Bank (CCB) has teamed up with China International Capital Corporation and the securities…
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Student athletes from around the world will get the chance to use China’s digital yuan in July, with the CBDC put to use at the Summer World University Games in Chengdu. Per the Chinese media outlet The Cover, the games will become the first “major international sports event” to “officially use the digital yuan following…
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Bank of China’s investment arm BOCI has utilized the Ethereum blockchain network to issue $28 million worth of digital structured notes. The bank has become the first Chinese institution to issue this type of tokenized security in Hong Kong, global investment bank UBS said in a recent press release. The notes, which were worth CNH 200…
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The government of Honduras has formally applied to become part of the New Development Bank, known as the BRICS bank, in an official visit of Honduran President Xiomara Castro to Shanghai. Honduras is now another country that has requested entry into the financial organization, alongside Argentina. Honduras Requests Entry to BRICS Bank The New Development…
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