TL;DR
- BIS signals central banks to start work on CBDCs
- Biden Administration plans cryptocurrency sanctions to combat ransomware. The President announces picks to fill CFTC vacancies. Furthermore, a crypto lobbying group warns of another tax provision in the Senate infrastructure bill. US Treasury turns its gaze to stablecoin issuers
- SEC has issued a Wells notice against Coinbase. Besides, Gensler says most crypto trading platforms need to register with SEC. Furthermore, US officials add insider trading claims to Binance investigation
- Texas takes steps to amend Bitcoin into the state constitution. Texas and New Jersey regulators go after Celsius Network
- Digital euro isn’t guaranteed after the experiment, ECB advisor says. Furthermore, Bundesbank President favors a limited initial role for digital Euro. European finance regulator calls crypto ‘volatile’ but innovative
- UK Parliament’s House of Lords launches CBDC inquiry
- Swiss stock exchange gets regulatory nod to launch digital asset exchange
- Bitcoin sidechain–based STO approved by the German regulator
- Panama introduces bill for regulating crypto: A new bill aims to recognize Bitcoin as an alternative payment method and enable freedom to use crypto
- Turkish central bank taps local tech firms for digital currency R&D
- South Korea’s ruling party looks to delay next year’s crypto taxation in the amendment. While South Korean crypto exchanges face Sept. 24 deadline to submit license request. Bybit crypto exchange suspends services in South Korea
- China stepping up campaign against hidden crypto miners. China’s Hebei province launches crypto mining and trading crackdown. Furthermore, Shanghai to test offshore yuan stablecoin on the Conflux blockchain
- Hong Kong landlords lease to crypto exchanges following regulatory clarity. Hong Kong securities official proposes stricter oversight of crypto trading
- El Salvador watchdog to investigate government Bitcoin purchases, ATMs. Anti-Bitcoin demonstrations rage in the country during Nation’s Independence Day. El Salvador’s bonds suffer as Bitcoin Law takes effect. Moreover, El Salvador’s credit rating could take a hit amid Bitcoin adoption, warns S&P Global
- Honduras and Guatemala study CBDCs
- Sen. Warren goes after Ethereum network fees in a committee hearing
- Cuba’s cryptocurrency regulations take effect
- Laos authorizes six companies to start crypto mining
- India’s Income Tax Department may soon target crypto trades and the ecosystem. While former reserve bank official pushes for India to accept crypto
- Ukraine passes legislation to recognize and regulate crypto
- Russian Duma wants to regulate crypto mining as business. Furthermore, Russia not ready to accept Bitcoin as legal tender, says Kremlin. While Bank of Russia wants to block ‘emotional’ and suspicious crypto activity
- Bitfinex launches security token platform regulated in Kazakhstan
- Uzbekistan has no plans to ease crypto payments ban, says official
- Nigeria’s CBDC set for pilot rollout on Independence Day
- SEC takes action against Chinese billionaire’s companies for unregistered ICO and IPO
- American CryptoFed DAO seeks US SEC consent for stable utility tokens
- More countries to follow El Salvador’s Bitcoin move, Cardano creator says
- SkyBridge raises $100M for Algorand fund and files for crypto company ETF
- Aussie crypto fund manager sentenced to 7 years for stealing $54M from investors
- NYAG shuts down Coinseed for converting customer funds into DOGE without consent
- FTX-owned derivatives exchange ZUBR approved in Gibraltar as a DLT provider
- US crypto exchange CrossTower expands to India
- Former CFTC brass joins Andreessen Horowitz as an advisor
- Ohio man pleads guilty to fraud over $30M crypto scam promising 15% monthly
- Russian State Hermitage raises $440K via Binance NFT auction
- Bitcoin in El Salvador: Why is it worth the effort?
- Why nobody wins in Coinbase vs. the SEC?
- And more!
Opinions
More than a law: Texas takes steps to amend Bitcoin into state constitution: Texas aims to catch up with other crypto-friendly states and then some, but commentators say that amending a state constitution won’t happen immediately.
Most recently, Texas implemented two laws to ensure that cryptocurrencies are recognized under state commercial law. Texas House Bills 4474 and 1576 both took effect on Sept. 1, after being signed into law by Governor Greg Abbott this past June. While H.B. 1576 established a blockchain working group in Texas, H.B. 4474 provides a complete framework to demonstrate that virtual currency has a place under Texas law.
Specifically speaking, H.B. 4474 adopted the proposed language of the Uniform Law Commission’s new Uniform Commercial Code, or UCC. UCC Article 12 is set to be finalized next year, but states are free to adopt the proposed language in the meantime, as demonstrated by Texas’ H.B. 4474. Patrick Boot, associate at Hunton Andrews Kurth, told Cointelegraph that the text of H.B 4474 concisely points out three specific things:
“It defines virtual currency, while also establishing how to show control over virtual currency, or how to be a qualifying purchaser. Finally, it shows how to perfect a security interest, which is incredibly helpful for conducting business with virtual currencies.”
Although this clarifies the commercial law status of digital assets, it’s important to point out that Texas was not the first state to pass such legislation. Caitlin Long, a Wyoming-based crypto proponent, previously told Cointelegraph that Texas became the 4th U.S. state to define virtual currency, falling behind Wyoming, Rhode Island and Nebraska.
While Texas appears to be following in the footsteps of other innovative states, members of the Texas Blockchain Council — an industry association that advocates for blockchain-centric public policy initiatives — shared that bigger plans are underway. Lee Bratcher, president of the Texas Blockchain Council, told that there are discussions to integrate Bitcoin into the Texas Constitution, potentially as a constitutional amendment. According to Bratcher, the Texas Constitution has been amended more than 500 times. As such, he noted that a Texas state amendment related to the utilization of cryptocurrency for the function of property tax payment is a possibility. Bratcher remarked:
“There is the idea for a Texas constitutional amendment to allow property tax payment in Bitcoin. This would put Bitcoin on par with gold at the Texas Comptroller’s Office and Treasury.”
While integrating Bitcoin into the Texas Constitution may very well be a first for crypto-friendly states, Bratcher mentioned that such a proposal wouldn’t appear on state ballots until the year 2023: “This proposal will likely take years.” In the meantime, Bratcher mentioned that the Texas Blockchain Council is working closely with Texas House Representative Giovanni Capriglione on this project.
It’s also important to point out that other states such as Florida and Tennessee have recently been exploring ways to accept BTC for property tax payments. Jackson, Tennessee Mayor Scott Conger announced in July this year that the city’s blockchain task force is studying ways to allow for property taxes to be paid in Bitcoin. The news came shortly after Miami Mayor Francis Suarez announced the push for city employee salaries to be paid in BTC, while also allowing residents to pay fees in Bitcoin.
By implementing a Bitcoin amendment into the Texas Constitution, Texas aims to go above and beyond pure legislation. Constitutional amendments require a vote from the citizens in Texas, which would be a greater legal standard than enacted crypto laws from the Texas Legislature that are signed by the governor.
Slow to start: Crypto regulators lagging behind blockchain industry: Did a visit from the SEC’s Gensler with EU legislators signal a policy shift? Is U.S.–European collaboration on crypto regulation coming soon?
CFTC renewed: What Biden’s new agency picks hold for crypto regulation: The three officials tapped by the Biden administration for CFTC roles come with promising crypto credentials, but can they live up to the promise?
Ethereum’s Design Choices Are Inherently Political: Is the blockchain headed for an inevitable conflict between the interests of holders and users? Will that help “Ethereum killers” like Solana, Avalanche and Algorand?
Bitcoin in El Salvador: Why Is It Worth the Effort? A long-time Bitcoin activist reflects on the Central American nation’s adoption of bitcoin as a legal tender in the face of much opposition.
El Salvador’s Bitcoin day: The first of many or a one-off? Thanks to El Salvador’s daring move, digital money looms large on global policymakers’ radars.
South Korean lawmaker: Delaying tax laws on crypto is ‘inevitable’: “In a situation where the relevant taxation infrastructure is not sufficiently established, the deferral of taxation on virtual assets is not an option, but an inevitable situation,” said Noh Woong-rae.
Why Nobody Wins in Coinbase vs. the SEC: The lawyers who say the company’s Lend product flouts securities laws may have a point. But who is serving the public interest these days?
SEC vs. Coinbase: Alex Mashinsky says Celsius will have to ‘wait and see’ on fallout: The Celsius CEO is also seeking clarity for similar products, while Mark Cuban advises going on the offensive.
More countries to follow El Salvador’s Bitcoin move, Cardano creator says: El Salvador’s Bitcoin acceptance is a major win for the cryptocurrency industry, Cardano founder Charles Hoskinson believes.
Crypto and DeFi disintermediate banking in new ways, says OCC head: The head of the body in charge of overseeing U.S. banks named cryptocurrency and DeFi activity among factors contributing to disintermediation of the banking system.
Canadian politician says he supports Bitcoin as federal election looms: The former cabinet minister, known by some as Mad Max, has been outspoken in his criticism of vaccine mandates, mask mandates and lockdowns in Canada during the pandemic.
Bitcoin transactions ‘akin to bartering,’ Bank of Mexico governor says: Governor Díaz de León said Bitcoin resembles “a dimension of precious metals” when compared to the central bank’s fiat money.
El Salvador adoption a ‘coming of age’ for Bitcoin, says Fidelity exec: Fidelity’s Jurrien Timmer believes that the significance of El Salvador’s Bitcoin move is “a little bit overplayed.”
USA
Biden Administration Plans Cryptocurrency Sanctions to Combat Ransomware: The Wall Street Journal reported Friday that the Joe Biden administration is planning an array of actions to mitigate ransomware attacks, with a focus on payments.
The report did not specify how sanctions might be used to preempt future ransomware attacks or payments. A Treasury Department spokesperson declined to comment. The report said that these sanctions will “single out specific targets,” rather than the overall crypto industry. The Journal also reported that additional anti-money laundering regulations may take effect that will bar crypto payments for illegal uses, such as paying ransoms.
These actions would align with recommendations from industry experts. Michael Daniel, the president and CEO of the Cyber Threat Alliance, a group of cybersecurity experts, told CoinDesk in June that trying to ban cryptocurrencies in general may not work.
“What seems to me is we have to find the right balance, policy balance between allowing the innovation that cryptocurrencies bring, the benefits they can provide and [bring] the protections we’ve built into the financial system to deal with criminal activity, to deal with money laundering,” he said at the time.
The Cyber Threat Alliance was one of the groups that formed a Ransomware Task Force and published a report this spring arguing that strengthened know-your-customer and anti-money laundering rules would be more effective than banning crypto outright.
The Biden administration announced earlier this summer that the Treasury Department and Department of Justice were investigating ransomware and looking for ways to mitigate this type of cybercrime following several high-profile attacks.
President Biden announces picks to fill CFTC vacancies: All CFTC nominations must be confirmed by the U.S. Senate in a simple majority vote.
US Officials Add Insider Trading Claims to Binance Investigation: Binance already faced a probe from the IRS and Department of Justice.
Gensler Says Most Crypto Trading Platforms Need to Register With SEC: The SEC chairman said that securities have likely been traded on the platforms.
US Treasury Turns Its Gaze to Stablecoin Issuers: Stablecoin transactions and their impact on financial stability are top-of-mind for Treasury officials.
Texas and New Jersey regulators go after Celsius Network: “Companies dealing in cryptocurrencies are not immune from oversight,” said New Jersey’s acting attorney general Andrew Bruck.
3 States: Alabama Securities Commission Also Claims Celsius Violated Securities Laws: Texas and New Jersey both announced they believed Celsius violated state securities laws on Friday.
US lawmakers propose adding digital assets to ‘wash sale’ rule and raising capital gains tax: If passed, the plan would raise the capital gains tax rate for “certain high income individuals” to 28.8%, while eliminating the “wash sale” loophole for crypto users.
Crypto Lobbying Group Warns of Another Tax Provision in Senate Infrastructure Bill: A new report from the Proof of Stake Alliance calls attention to a little-debated tax provision that would require some peer-to-peer crypto transactions to be reported to the government.
Sen. Warren goes after Ethereum network fees in committee hearing: “High, unpredictable fees can make crypto trading really dangerous for people who aren’t rich,” said Senator Warren.
Regulatory and privacy concerns trail SEC’s threat to Coinbase: The SEC’s notice to Coinbase over its Lend product might indicate incoming federal regulations aimed at crypto lending.
Senator lobbies agencies over the use of crypto in ransomware: Senator Hassan wants federal agencies to take more action, while Senator Lummis is more concerned about innovation being stifled.
SEC takes action against Chinese billionaire’s companies for unregistered ICO and IPO: The SEC has taken action against three companies owned by Chinese billionaire Guo Wengui for commingling the proceeds from two unregistered securities offerings.
Fidelity lobbies SEC to approve Bitcoin ETF in private meeting: Fidelity argues that Bitcoin markets have already reached maturity under the SEC’s own standards.
American CryptoFed DAO seeks US SEC consent for stable utility tokens: The Wyoming-based digital asset company has filed Form 10 and Form S-1 for registering and trading Locke and Ducat tokens.
Diem struggling to win over officials in Washington despite rebranding efforts: Diem’s push to launch stablecoins and a global payment system might suffer from the seemingly brewing anti-crypto sentiment among key U.S. policymakers.
Ohio man pleads guilty to fraud over $30M crypto scam promising 15% monthly: Michael Ackerman faces up to 20 years in jail if convicted of fraud following his guilty plea.
Europe
Digital Euro Isn’t Guaranteed After Experiment, ECB Advisor Says: The upcoming two-year European Central Bank (ECB) investigation into a digital euro is not an assurance that the bank will issue a central bank digital currency (CBDC), according to an ECB official.
Speaking during a panel discussion at Bitkom’s first Digital Euro Summit on Wednesday, Jürgen Schaaf, advisor to the senior management of the Market Infrastructure and Payments business area of the ECB, said that the bank will experiment with a digital euro and use insights from this investigation as input for a decision on whether or not to actually create a CBDC.
“This is still not a decision to introduce or issue a digital euro. After these phases, we will have to assess properly whether the potential benefits outweigh the possible disadvantages and then take a profound decision,” Schaaf said.
The ECB, which had been discussing the potential launch of a digital euro since the beginning of the year, is set to launch its much-anticipated experiment into a CBDC in October. The project follows comments made last year by ECB President Christine Lagarde that Europe had fallen behind in the global digital payments race.
“We are actually not the slowest,” Schaaf said.
Schaaf explained that the ECB cannot be compared to the central bank of the Bahamas, which was the first financial institution to issue a CBDC, the Sand Dollar, in 2020. He also cautioned against drastic nationwide experimentation like that of El Salvador. El Salvador’s president Nayib Bukele kicked off a legislative process in June to make bitcoin legal tender in the country, and now it is an official currency in the Central American nation.
“Money and [the] provision of money is something you don’t play with. We cannot do huge scale experiments that rock the whole society and system. So whatever we’re going to provide, if we provide it, has to be really sound and safe,” Schaaf said.
During the panel discussion, Schaaf said the upcoming ECB experiment is focused on a retail digital euro (one that individual users can use to purchase goods and services) as opposed to a wholesale euro only for banks and financial institutions.
“We see this digital Europe project as provision of a retail payment instrument … The current setup is more focused on retail that’s embedded in the mandate,” Schaaf said, referring to the ECB mandate to safeguard price stability and ensure a digital euro is not disruptive. He also added that a layer investigating a wholesale CBDC might be added to the experiment at a later stage.
Schaaf said that the digitization of payments and other services, the declining use of cash and the risk that foreign players might introduce a more influential currency are driving the ECB’s own investigations into a digital euro.
“So there is a concern that the monetary stability of the euro area is a bit at stake when there could be a crowding out by big techs,” Schaaf said.
He also reiterated that a digital euro will not replace cash but will complement it, acknowledging that cash usage has been declining over the last few years, exacerbated by the pandemic.
“Having said that, we will not stop issuing and providing cash, the digital euro, when it comes, would be a compliment not a substitute for cash,” Schaaf said.
Bundesbank President Favors Limited Initial Role for Digital Euro: Jens Weidmann voiced concern that during crises consumers would hold all their money with the central bank, cutting off commercial banks’ funding.
European Finance Regulator Calls Crypto ‘Volatile’ but Innovative: The European Securities and Markets Authority published a report on financial trends and risks last week.
UK Parliament’s House of Lords Launches CBDC Inquiry: The deadline for responses on a possible U.K. central bank digital currency is mid-October.
Bitcoin Sidechain–Based STO Approved by German Regulator: This marks BaFin’s first approval of a security token offering issued on the Liquid Network.
Swiss Stock Exchange Gets Regulatory Nod to Launch Digital Asset Exchange: The exchange, first announced in 2018, will target banks, issuers, insurance firms and institutional investors.
Turkish central bank taps local tech firms for digital currency R&D: The Central Bank of the Republic of Turkey has signed agreements with various firms to form the Digital Turkish Lira Collaboration Platform.
Asia
South Korea’s Ruling Party Looks to Delay Next Year’s Crypto Taxation in Amendment: Noh Woong-rae of the ruling Democratic Party of South Korea has proposed a “Partial Amendment to the Income Tax Act” that would delay the country’s taxation of profits on cryptocurrency assets until 2023.
The legislation, which Woong-rae hopes to pass in October, counters Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki’s intent to start taxing crypto profits in 2022 as outlined in the original version of the Income Tax Act.
Nam-ki said in April that taxation on crypto trading gains was inevitable. The Finance Ministry has previously said that cryptocurrency users will face a 20% tax on profits over 2.5 million South Korean won ($2,262).
Woong-rae and other critics argue that the “relevant taxation infrastructure is not sufficiently developed,” according to a report on Thursday by the news outlet Financial News.
“Insufficient infrastructure for taxation of virtual assets, deferral is inevitable,” said Noh who criticized the finance minister’s statement earlier this year.
Noh also said that Ministry of Finance did not have authority to start taxing cryptocurrency and that the decision was instead a legislative matter. He said that failing to mediate through proper channels would undermine citizens’ trust in their government and encourage tax evasion.
Legislation for the taxation of crypto gains has been delayed several times since it was first proposed last year. Noh said the country’s National Assembly is expected to pass the amendment, provided the ruling and opposition parties agree, according to the report.
South Korean crypto exchanges face Sept. 24 deadline to submit licence request: Failure to meet South Korean regulators’ new requirements is expected to wipe out tens of crypto exchange operators.
Bybit to End Korean Language Support on Official Platforms, Social Media: The exchange also said it is discontinuing its official Korean community support on social media channels.
DCG-backed Korean exchange faces closure if it can’t find banking partner: South Korean crypto exchange Gopax has told users if it can’t resolve its banking difficulties before a looming regulatory deadline, it will need to shut down.
China Stepping Up Campaign Against Hidden Crypto Miners: Inspections are being carried out across several Chinese provinces in colleges and research institutions.
China’s Hebei Province Launches Crypto Mining and Trading Crackdown: The northern Chinese province will be regularly monitoring IT systems for crypto mining activity.
Shanghai to Test Offshore Yuan Stablecoin on the Conflux Blockchain: China is using restricted-access blockchains in many industries, but the government use of a decentralized chain is rare.
Hong Kong landlords lease to crypto exchanges following regulatory clarity: Crypto businesses in Hong Kong need to have a local license and are restricted to offer services only to professional investors.
Hong Kong securities official proposes stricter oversight of crypto trading: Investing in Bitcoin and other cryptocurrencies could become more restrictive for residents of Hong Kong as local regulators look to clamp down on the asset class for various reasons.
Laos Authorizes Six Companies to Start Crypto Mining: The southeast Asian country banned crypto trading in 2018.
Rest of the World
Republic of Panama introduces bill for regulating crypto: A new bill in Panama aims to recognize Bitcoin as an alternative payment method and enable freedom to use crypto, and to make the country “compatible with the blockchain, crypto assets and the internet.”
Announcing the news on Twitter, Panamanian pro-crypto congressman Gabriel Silva stressed that the new legal initiative has the potential to generate thousands of jobs, create new investment sources, as well as make the government “more transparent.”
According to the draft bill document shared by Silva, the new legislation intends to recognize crypto assets like Bitcoin as an alternative global payment method for “any civil or commercial operation not prohibited by the legal system of the Republic of Panama.” The bill authors emphasized that cryptocurrencies enable fast and low-cost payments allowing them to finalize a financial transaction “regardless of the distance between parties and the transaction volume.”
In contrast to the government of El Salvador, which has required local businesses to accept Bitcoin in exchange for goods or services alongside the United States dollar, Panama’s new crypto bill does not intend to force obligatory Bitcoin acceptance. Instead, the legislation calls to establish freedom to use cryptocurrencies like Bitcoin and Ether in Panama, local TV network Telemetro reported.
Silva said that the new draft bill was prepared in collaboration with Panamanian citizens and a multidisciplinary team, including industry and technology experts. The legislation was created taking into consideration important guidelines provided by international organizations such as the Financial Action Task Force, he noted.
El Salvador Watchdog to Investigate Government Bitcoin Purchases, ATMs: The Court of Accounts received a complaint on Sept. 10 from the regional human rights and transparency organization Cristosal.
El Salvador’s credit rating could take a hit amid Bitcoin adoption, warns S&P Global: S&P Global believes El Salvador’s recognition of Bitcoin as legal tender has brought “immediate negative implications” for its credit rating.
El Salvador’s bonds suffer as Bitcoin Law takes effect: Bond investors appear to be betting against El Salvador’s controversial Bitcoin Law, but other factors need to be taken into account.
Anti-Bitcoin Demonstrations Rage in El Salvador During Nation’s Independence Day: Protesters set fire to a bitcoin ATM and marched through the streets of the capital San Salvador.
El Salvador’s Bitcoin detractors: Opposition groups gather as crypto law rolls out: Some are resisting El Salvador’s move to make Bitcoin a legal tender, sighting lack of education and volatility of BTC.
Bitcoin investors are reportedly exempt from taxes in El Salvador: El Salvador is looking to attract foreign investment by adopting major tax breaks on Bitcoin trading.
El Salvador says merchants must process BTC transactions — Or they may face action: A Salvadoran government official has said that while businesses must accept BTC transactions, they can choose whether to receive BTC or USD upon settling transactions.
As Bitcoin debuts in El Salvador, Honduras and Guatemala study CBDCs: Honduras and Guatemala are studying central bank digital currencies and the value they could bring to their respective monetary systems.
Cuba’s cryptocurrency regulations take effect: Crypto is now a legal method of payment for commercial transactions in the Island nation.
India’s Income Tax Department may soon target crypto trades and ecosystem: Indian entrepreneurs believe crypto tax laws are foundational to mainstream crypto acceptance by governments.
Former reserve bank official pushes for India to accept crypto: A former deputy governor of the RBI sees cryptocurrencies as a taxable asset or commodity.
Nigeria’s CBDC set for pilot rollout on Independence Day: Nigeria’s central bank digital currency will go into pilot testing on Oct. 1 with a tiered AML/KYC regime for the eNaira.
Ukraine passes legislation to recognize and regulate crypto: Ukraine is hoping its new digital asset regulations will attract foreign crypto exchanges to set up shop in the Eastern European nation.
Russia not ready to accept Bitcoin as legal tender, says Kremlin: The Russian government keeps insisting that payments in cryptocurrencies like Bitcoin would ruin its financial system.
Russian Duma wants to regulate crypto mining as business: Russia is moving to regulate cryptocurrency mining after legitimizing the broader crypto industry in January.
Bank of Russia wants to block ‘emotional’ and suspicious crypto activity: The Russian central bank is planning to slow down payments to crypto exchanges and combat suspicious crypto activity.
Data center operators have ‘no problem’ with new Russian crypto crackdown: As Russia works to “more clearly prohibit the use of cryptocurrency,” the country’s largest data center operators aren’t really worried.
Russian State Hermitage raises $440K via Binance NFT auction: Da Vinci’s artwork has received the highest bid at 150,500 BUSD in the Hermitage’s first NFT auction on Binance.
Bitfinex launches security token platform regulated in Kazakhstan: Bitfinex’s new security token platform will provide exposure to blockchain-based equities, bonds and investment funds.
Uzbekistan has no plans to ease crypto payments ban, says official: One official said that after banning crypto payments in late 2019, Uzbekistan won’t ever reconsider its decision.
MISC
BIS Signals Central Banks to Start Work on CBDCs: The Bank of International Settlements (BIS) is signaling to central banks that they must prepare for the advent of central bank digital currencies (CBDC).
“Central bank money will have to evolve to be fit for the digital future,” Benoît Cœuré, head of the BIS Innovation Hub, said during a speech on Friday at the Eurofi Financial Forum in Ljubljana, Slovenia.
Cœuré dedicated his closing speech at the forum to discussing the role of central banks in the rollout of CBDCs and the challenges global stablecoins — cryptocurrencies linked to real world assets like the U.S. dollar — and DeFi platforms will set for existing banking models.
“We should roll up our sleeves and accelerate our work on the nitty-gritty of CBDC design. CBDCs will take years to be rolled out, while stablecoins and crypto assets are already here. This makes it even more urgent to start,” Cœuré said.
The speech came just a week after BIS announced it was working with central banks in Singapore, South Africa, Australia and Malaysia to test the efficiency of CBDCs in cross-border payments. Meanwhile, the European Central Bank (ECB) is preparing for a two-year investigation into a digital euro, set to kick off in October.
Crypto assets and distributed ledger technology (DLT) were also recognized as financial innovations that need deeper analysis and potential policy responses by the European Securities and Markets Authority (ESMA) in its risk analysis report for 2021.
Cœuré said these new developments come with different regulatory questions that require “fast and consistent” answers. He added that, through all this, central banks still have a job to do: deliver price and financial stability.
“And they must retain their ability to do it,” Cœuré said
Coinbase signs new $1.36M contract with US Customs enforcement agency: Coinbase has inked its second deal to develop software for the U.S. Immigration and Customs Enforcement agency since August.
The SEC to Coinbase: Crypto Banking Is Still Banking: Coinbase is not the first would-be crypto lender to run into trouble for trying to act like a bank.
US crypto exchange CrossTower expands to India: CrossTower is betting on the growing crypto market in India despite uncertainty over the legal status of Bitcoin in the country.
SkyBridge raises $100M for Algorand fund and files for crypto company ETF: Anthony Scaramucci revealed that SkyBridge currently holds $700 million worth of cryptocurrency.
Aussie crypto fund manager sentenced to 7 years for stealing $54M from investors: A fund manager has been sentenced to more than seven years in prison for operating a Ponzi scheme that cheated investors out of $54 million.
FTX-Owned Derivatives Exchange ZUBR Approved in Gibraltar as a DLT Provider: The exchange had previously received in-principle approval in March 2020.
NYAG shuts down Coinseed for converting customer funds into DOGE without consent: New York Attorney General Letitia James ends operations for Coinseed following complaints that client funds had been converted to DOGE without their knowledge.
Former CFTC brass joins Andreessen Horowitz as an advisor: The company has brought former United States CFTC commissioner Brian Quintenz aboard its operation.
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