Circle CEO suggests China should consider using CNY-backed stablecoins to promote the internationalization of its currency, emphasizing their potential effectiveness over CBDCs. Key Points In a recent interview with the South China Morning Post, Jeremy Allaire, CEO of Circle, suggested that the Chinese government should consider allowing Chinese Yuan (CNY)-backed stablecoins as a means to…
The cryptocurrency industry is no new to controversy, and the most recent incident involves a number of well-known figures. A number of celebrities, including Lindsay Lohan, Akon, Ne-Yo, Lil Yachty, and others, have been charged for promoting digital tokens while concealing their participation in a shady scheme. It was claimed that famous people manipulated the…
President Joe Biden’s economic report on Monday was a turning point for the cryptocurrency sector since it contained some of the White House’s most frank statements on virtual currencies to date. The government described these asset classes as mostly speculative investments lacking basic anchors and unable to fully perform all the functions of fiat money…
In spite of the government’s recent inclusion of PMLA (Prevention of Money Laundering Act) in cryptocurrency, Indian cryptocurrency investors have demonstrated unwavering optimism in fresh alt-token initiatives. They may have a solid understanding of and experience with digital currencies, or perhaps their unwavering attitude stems from their belief that this new asset class can provide…
A recent announcement from the government has caused much excitement among citizens – a digital rupee is now available for road street vendors! After months of speculation, this currency finally appears to be gaining traction. A practical way for people to pay for goods and services in cash-free transactions, the digital rupee provides a range…
A concerning surge in the utilization of digital asset ATMs has been observed in the U.K, with 30 such machines scattered across London, Manchester, Nottingham, and Birmingham however, a considerable number of these are unlawfully operating without government authorization, leading to illicit activities. This instigated the necessity for guaranteeing better conformance and implementation of more…
The digital currency has experienced a meteoric rise in popularity, especially since its introduction to the international markets. The potential of this innovative monetary system is unparalleled and several countries are actively seeking ways to capitalize on it. A new country has now entered the initiative to capitalize on this potential currency. Tech hub Japan…
Blockchain technology has revolutionized the tech world in recent years, with its unparalleled flexibility and the multitude of features it provides. Now, this innovative technology is entering the telecom industry to take communication to a whole new level as China Telecom and Conflux announced their launch of the revolutionary “BSIM” SIM card Pilot project in…
With the growing concerns about data security, the need for CBDCs also increases as it could be the linchpin to create trust in the digital space – something which has eluded us since our transition into the digital era. Taking this into the consideration The Bank of England and HM Treasury have recently unveiled a…
With the rise of digital currency, many countries have been drawn to this new form of money and Indonesia is the latest addition to the countries that are embracing digital currency. The nation’s move provides an opportunity for them to monetize their initiative while also expanding the scope of financial technology. However, before starting its…
