.avif)
🏦 CBDCs & Stablecoins
- Russia Expands Digital Ruble Pilot: The Central Bank plans to widen the pilot's reach to include "tens of times" more people and facilitate real transactions with real money starting this September. This brings the Russian CBDC closer to mass availability, how much of the adoption is driven by the sanctions. Read more
- First Philippine Peso Stablecoin Launched: The PHPC is backed by Philippine pesos and is meant to make financial transactions in the Philippines more efficient. It was created by Coins.ph and is available on the Ronin blockchain, a popular blockchain for games like Axie Infinity. Read more
- SEC Ends Investigation Into Paxos Over BUSD: The SEC won't pursue charges against Paxos for issuing BUSD the stablecoin launched in partnership with Binance. But this doesn't necessarily mean BUSD is cleared. The NYDFS previously stopped Paxos from issuing new BUSD due to regulatory concerns. The situation surrounding BUSD's regulatory status remains unclear. Read more
- Argentinians Increasingly Hoarding USDT Soaring inflation in Argentina keeps pushing citizens towards USD stablecoins in particular Tether (USDT) as a safe haven. Despite the potential of cryptocurrencies to hedge against inflation, Argentinians' growing use of Tether (USDT) highlights a key risk. The long-term stability of USDT's peg to the US dollar remains a concern for some. Read more
- Crypto Spending Made Easy: Kulipa's Argent Debit Card: We announced at EthCC a Mastercard debit card for Argent that seamlessly enables crypto for everyday purchases. This eliminates the need for exchange transactions and simplifies using crypto in the real world. Read more
⛓️ Crypto Adoption
- Dubai Embraces Blockchain for Trade: explains how Dubai is launching a blockchain platform to improve customs clearance. This will benefit businesses and government entities by streamlining processes, reducing paperwork, and improving transparency in the supply chain. Read more
- Blockchain Payment Network Partior Secures Funding: Partior, a collaboration between DBS, JPMorgan & Standard Chartered, just secured $60M in Series B funding. This paves the way for faster, more efficient interbank transactions through their blockchain network. Read more
- Venezuelans Turn to Crypto for Remittances: This article . Venezuelans sent $461 million worth of crypto in 2023, which is 9% of all remittances. This number represents a 75% increase from 2021. Peer-to-peer platforms are popular because they allow Venezuelans to bypass official exchange controls. Read more
- Goldman Sachs to Introduce Three Tokenization Initiatives in 2024: Goldman Sachs' move into tokenization signifies the growing interest of traditional financial institutions in exploring blockchain technology's potential for asset management and financial transactions. Read more
- Europe's Central Bank Experiments with Digital Bonds: Deutsche Bank trials issuance of a digital bond without intermediaries. This ECB experiment could pave the way for a more efficient and streamlined bond market structure. Read more
- Tokenized Treasuries on the Rise? Securitize CEO confirms the rapid growth of tokenized treasuries, with the market value surpassing $1.8 billion. This confirms the revolution of the bond markets by increasing accessibility and efficiency. Read more
- CME Group Lists New Crypto Indices: CME Group launches new crypto indices for XRP & ICP! This provides institutions with transparent pricing data for these assets, potentially boosting their adoption and mainstream acceptance. Read more
- Taiwan Mobile Secures Crypto License: Taiwan Mobile nabs a crypto license, signalling telecom giants' interest in the digital asset market. It remains unclear what applications they will focus on. Read more
Regulation & Enforcement
- Philippines Central Bank Rejects Crypto Endorsement Claims: The Philippines Central Bank Governor distances itself from claims it endorses any cryptocurrencies. This reinforces the need for clear regulations and investor education in the Philippines' growing crypto space. Read more
- EBA Extends AML/Travel Rule Guidelines to Crypto Service Providers This signifies the expansion of Anti-Money Laundering (AML) and Travel Rule regulations to encompass crypto service providers, enforcing stricter information sharing for crypto transfers, improving transparency. Read more
- Latvian Authorities Fine Crypto Service Provider: Latvian authorities hit crypto service provider Payeer with a hefty €10M fine for violating Russia sanctions. This highlights the growing importance of compliance in the crypto industry as regulations get clearer. Read more
- Nigerian Finance Minister Urges SEC Board to Tackle Crypto Regulation Challenges Nigeria's Finance Minister calls on the SEC to tackle complex crypto regulations while fostering innovation. This follows the Binance's legal drama and the unclear regulations hindering the country's blockchain potential. Read more
- Italy to finally Implement EU Crypto Regulations Italy's move towards implementing existing EU regulations suggests a more unified approach to crypto regulation within the European Union. Read more
Other Interesting Developments
- US Senate Suggests Blockchain for some National Security Application: This confirms the potential applications of blockchain technology beyond finance, potentially in areas like supply chain management and national security. Read more
- Team Behind Polygon ID Launch New Privado ID Wallet: The team behind Polygon ID launches a new digital identity wallet called Privado ID. Privado ID is a web wallet that allows users to prove their identity without revealing personal information. It uses cryptography and zero-knowledge proofs to do this. Read more
