In contrast to a few months ago, the media public seems to be squinting past the global race for digital central bank currencies. But apart from the spotlight, more and more pilot tests are being launched. And other crypto adoption beyond Europe, the USA or China is also making progress.
German banking industry is in favor of e-euros
At first glance, things seem to have calmed down recently about the e-euro. At least the headlines in the big business newspapers are becoming rarer. At second glance, however, the debate about a digital equivalent for the euro zone continues to simmer. The coalition of advocates for the e-euro has recently been growing: the central association of the German credit industry, for example, has recently clearly advocated a digital version of the European currency in a new position paper. In it, the five central credit associations share the ECB’s warning of possible disadvantages that could result from a missed introduction.
Vietnam wants to examine the introduction of its own CBDC as a pilot project
Meanwhile, the big CBDC projects and stablecoins are pulling more and more countries into their wake away from the world stage. Now Beijing’s communist brother state and southern neighbor, Vietnam, also wants to examine the possibility of its own digital central bank currency. Like locals news report, the Vietnamese prime minister has instructed the country’s central bank to launch a corresponding pilot project as part of his e-government strategy. This means that the country is opening up further to cryptocurrencies. However, details of the project are not yet known.
The starting shot for Jamaican CBDC pilots will be given in August
Last week, Jamaica announced the imminent starting shot of its long-planned CBDC pilot. This comes from a current message from the home Jamaica Observer emerged. Accordingly, the country’s central bank wants to present the token to the public in August. From September to December, the currency will initially be tested with the country’s commercial banks. If everything goes well, the CBDC should then continue to be used and firmly anchored in the local financial system.
New Zealand central bank wants to target CBDC
And New Zealand also wants to look at the potential of its own digital currency. This was announced by the responsible central bank in a current issue announcement. The island state’s monetary authorities speculate that a CBDC could be a solution to the shrinking need for cash. First of all, the bank wants to ask the public about CBDCs and stablecoins. Only then should further plans and the future of a possible New Zealand central bank currency be decided.
Potential for DeFi – Why El Salvador should introduce DeFi and stablecoins in addition to BTC
The case of El Salvador shows that a digital currency for one’s own country is not only possible via CDBC. The Latin American state recently made it easy for itself and unceremoniously declared Bitcoin its official currency. The crypto community has received rampant applause for this. At the same time, more and more voices are calling for the country’s president, Nayib Bukele, to rely even more on blockchain technology. Stablecoins and Decentralized Finance (DeFi) are said to have great potential. BTC-ECHO editor Leon Waidmann has taken a close look at the possibilities and hurdles of such proposals.
Argentine MP wants to enable wages via cryptocurrency
Get the monthly wages transferred to the wallet via Bitcoin – what sounded like a vision for the future years ago, the Argentine MP wants José Luis Ramón now make it true. The representative recently presented a corresponding draft law in the House of Commons in Buenos Aires. However, it is questionable whether this will receive the blessing of the parliamentary chamber. Because Ramón belongs to the splinter party Protectora Fuerza Política, he cannot calculate support from popular parties. As the use of Bitcoin and other cryptocurrencies in the country is growing steadily, his draft should nonetheless be heard. Whether and how Argentina will meet the trend in the country in the future remains exciting.
Wyoming approves first DAO and fishes for Bitcoin miners
In the US, it is still unclear in which direction the regulatory journey is headed. On the one hand, there are still major doubts in Washington about the crypto sector. The situation is different in some states. Above all, blockchain pioneer Wyoming remains on the Bitcoin course. Senator Cynthia Lummis is not only vying for the mining industry’s favor. With the “American CryptoFed”, the state in the Rocky Mountains has now approved its first decentralized, autonomous organization (DAO).
SEC postpones decision: further approval application for Bitcoin ETF on hold
The US securities regulator SEC remains undecided about the maturity of the crypto space. SEC Commissioner Hester Peirce recently caused a stir with the announcement that a Bitcoin index fund was only a matter of time. However, the agency doesn’t seem to want to give a green light to a crypto ETF anytime soon. At least this is what the latest suggests decision the Commission to SkyBridge Capital. The SEC has now put their application for a corresponding fund on hold. This gives the authority more time to think about it. A decision should now be made at the end of August.
Future EU regulation could ban possession of anonymous crypto wallets
In addition to environmental concerns and price fluctuations, there is one concern that is keeping skeptical regulators alive: The fear of anonymity in the crypto sector and its use by criminals. This is also spreading in the EU. This is shown by an unofficial draft for a regulation of the EU Commission that BTC-ECHO has received. In it, the commissioners plan new guidelines for the fight against money laundering and terrorist financing. Among other things, the provision and use of anonymous wallets could be prohibited in the future.
Israel confiscates 84 wallets for financing terrorism – US authorities auction confiscated Bitcoin
The fact that the concern about criminal use is no coincidence is constantly being demonstrated by new raid successes. Israel’s Ministry of Defense, for example, has now ordered the seizure of a number of crypto wallets that they associate with Hamas. Over 7.7 million US dollars are said to have flowed to alleged terrorists.
The US authorities in the state of Ohio, in turn, last sold around 500 Bitcoin, which were confiscated in 2018. The court rinsed no less than 19.2 million US dollars into the treasury. Forged identification documents had previously been paid for with the Bitcoin.