U.S. Federal Reserve chair Jerome Powell urged lawmakers to be cautious when regulating decentralized finance (DeFi) while speaking at a roundtable conference organized by the central bank of France on Sept. 27. Powell said that regulation should be introduced “carefully and thoughtfully,” and that regulators have to be, “…very careful about how crypto activities are taken…
The Reserve Bank of Australia (RBA) published a whitepaper for its pilot central bank digital currency (CBDC) on Sept. 26, entering the league of countries exploring CBDCs. According to the Atlantic Council CBDC tracker, Australia is among 97 countries that have either launched their CBDCs or are currently engaged in research and development and conducting…
A former International Monetary Fund (IMF) official, John Kiff, believes that CBDCs need to function offline and that such technology already exists in the form of stored-value cards, which were introduced in the 1990s, according to a blog post published on the IMF website on Sept. 26. Kiff is a retired IMF senior financial sector…
China’s Hengyang County Public Security Bureau arrested 93 suspects involved in laundering 40 billion RMB via cryptocurrencies, local media reported on Sept. 25. According to the report, the criminal group was involved in more than 300 cases of fraud and had been operating since 2018. Authorities in the county started investigations after the director of…
US lawmakers warn that Facebook, Instagram are ‘becoming breeding ground’ for crypto scams An FTC report states that Meta’s Instagram facilitated 32% of scams reported on social media, while Facebook and WhatsApp were cited 26% and 9% of the time, respectively. 2 weeks ago · 2 min read
U.S. Department of the Treasury has called on the public to provide feedback on the role of digital assets in facilitating illicit finance and how the regulator might curtail the associated risks. On September 19 the Treasury announced the public feedback will guide its perspective in drafting a regulatory bill as requested by Biden’s Executive…
The biggest news in the cryptoverse for Sept. 7 includes Signature Bank seeing outflows in the digital asset banking space totaling $4.27 billion, Ripple’s CBDC initiatives, and Coinbase’s proposal that could generate up to $24 million annual passive income for MakerDAO. CryptoSlate Top Stories Signature Bank suffers $4.27B deposit outflows as crypto uncertainty takes hold…
The Reserve Bank of India (RBI) is engaged in talks with fintech companies and four public sector banks to pilot Central Bank Digital Currency (CBDC) project, with a potential launch planned later in 2022, Moneycontrol reported Sept. 5. Fidelity National Information Services (FIS) is reportedly one of the companies the central bank is consulting. FIS offers…
Ripple’s (XRP) advisor on central bank digital currency (CBDC), Anthony Welfare, revealed that the company has “several pilots” in the works related to CBDCs which will be made public in the coming weeks. Thanks @sentosumosaba for the mention – make sure you follow me for more CBDC announcements in the next few weeks 👌👌👌 —…
World Economic Forum (WEF) published its dynamic take on CBDCs in a blog post titled, “What are central bank digital currencies (CBDCs)?” on August 31, following The Reserve Bank of Australia’s central bank’s (RBA) plans to launch a CBDC pilot project. On 9 August, The Reserve Bank of Australia’s central bank (RBA) announced in a…