Bank of Israel steps up CBDC efforts with reported tests on Ethereum

The Bank of Israel has experimented with using Ethereum and nonfungible tokens for a pilot as part of its ongoing digital shekel research, a local report claims. Israel's central bank has allegedly completed a pilot — under the radar — for a central bank digital currency (CBDC) using Ethereum's technology.

Rwanda Central Bank Joins CBDC Bandwagon After Announcing Digital Currency Research

The National Bank of Rwanda (NBR) has become the latest African central bank to join the digital currency movement after an employee confirmed the institution is studying the possibilities of issuing its own digital currency.

Grayscale's Parent Company DCG Plans to Purchase $50M Shares of Ethereum Classic Trust

Digital Currency Group (DCG), the parent company of the cryptocurrency asset management company Grayscale, announced the firm will buy Grayscale Ethereum Classic Trust shares with a total value of $50 million.

Bank of Israel Has Coducted Digital Currency Shekel Crypto Testing

Israel announced that the country has already conducted a pilot test on its digital shekel as part of its efforts to issue the Central Bank Digital Currency for public use.

Chris Giancarlo: US risks becoming 'backwater' without central bank digital currency

The former CFTC chairman weighs in on what a US CBDC might look like, as well as the benefits it could bring to American citizens. One of the few high-profile public officials to have served under both the Obama and Trump administrations, Chris Giancarlo is a former Wall Street executive-turn-regulator who is widely-respected by nearly all parties on Capitol Hill.

Bank of Israel deputy governor confirms digital shekel pilot is underway

Despite the pilot, the central bank's deputy governor said he was apprehensive about launching a full-scale CBDC in Israel, and referred to Bitcoin as a "pyramid scam." The Bank of Israel has reportedly already issued a central bank digital currency through a pilot test of a digital shekel.According to a Monday report from the Jerusalem Post, Bank of Israel deputy governor, Andrew Abir, said the financial institution had started to conduct a pilot program for a digital shekel.

Digital Currency Group Buying $50M of Ethereum Classic Grayscale Shares

The $50 million purchase comes amid questions about the viability of DCG's flagship Bitcoin Trust investment product.

Banque de France tests digital currency-based securities settlement

The Bank of France has completed a central bank digital currency pilot for securities transactions in collaboration with Swiss crypto bank SEBA.

Sichuan Shutdown Order Cripples Chinese Bitcoin Mining Pools

China’s crackdown on popular cryptocurrencies continues, while the state’s own digital currency gets more visibility.

Over 3,000 ATMs in Beijing can now convert digital yuan into cash

The Agricultural Bank of China previously debuted digital yuan ATMs this January. China continues apace with the adoption of its central bank digital currency (CBDC) as major banks launch a significant batch of digital yuan-powered ATMs.The digital yuan — a CBDC controlled by The People’s Bank of China — is now available for deposit and withdrawals at over 3,000 ATMs across Beijing, state-run Xinhua news agency reported Friday.According to the report, the Beijing branch of the Industrial and Commercial Bank of China has become the first bank to fully enable the digital yuan exchange in the Chinese capital city by setting up more than 3,000 digital currency-compatible ATMs.The Agricultural Bank of China (ABC), another major bank involved in China’s CBDC tests, has also deployed more than 10 ATMs in the Wangfujing area, a major shopping street in Beijing.

China’s Digital Yuan is Now Available at 3000+ ATMs in Beijing

China has expanded its digital currency experiment with a roll-out of digital yuan conversion feature at more than 3,000 ATMs in Beijing.

Four Cryptos To Consider Besides Bitcoin (BTC) – eToro

Want to dabble in digital currency, but don’t know where to start? Get familiar with some of the top performing altcoins.

Bitcoin Energy ‘Shortcomings’ Will Not Deter Digital Currency Research: Bank of England

But the UK’s central bank still hasn’t decided if it will release one.

Flexa AMP cryptocurrency hits new highs on Coinbase listing — Up 1,700% in 2021

The payment system's in-house token passes $0.11 as partner Shopify plans to reach out to Facebook and Google merchants. The in-house token of cryptocurrency payments app Flexa, AMP, has hit new all-time highs after being listed on major exchange Coinbase.Data from Cointelegraph Markets Pro and TradingView showed AMP/USD reaching $0.11 per coin for the first time on June 17.AMP nears $0.12 as best-performing altcoinFlexa, which describes itself as the “first ever digital currency payment option for brick-and-mortar retail,” aims to offer a blanket solution for cryptocurrency acceptance and spending.

Indonesia's central bank marshals staff to enforce crypto payments ban

Indonesia’s central bank is sending supervisors out to ensure local financial institutions aren’t defying the nationwide ban of crypto payments this bull season. Indonesia’s central bank governor, Perry Warjiyo, is mobilizing official supervisors to enforce the country’s ban on financial institutions using crypto assets as a means of payment.During a virtual seminar on Tuesday, June 15, Warjiyo reiterated that local financial firms and payment provided are prohibited from facilitating the use of cryptocurrency to settle payments or as an instrument used in other financial services.The central bank governor emphasized that crypto assets are “not legitimate payment instruments under the constitution, Bank Indonesia Law, and Currency Law,” noting that field supervisors will be sent out to ensure that local financial institutions adhere to the policy.Bank Indonesia prohibited financial institutions from using crypto for payments in late 2017, with the central bank halting payment processors from using cryptocurrency to settle transactions the previous year.Despite the central bank’s prohibition of crypto for payments and its early 2018 warnings against virtual currency, Indonesia’s Commodity Futures Trading Regulatory Agency issued regulations in February 2019 that legitimized cryptocurrencies as speculative commodities and paved the way for cryptocurrency derivatives to be traded on local stock exchanges.The guidelines provided a legal framework for “the trading of crypto assets as commodities that could become the subject of futures contracts and other derivative contracts traded in the stock market.”Warjiyo’s warning emphasizing the ban comes just weeks after he announced Bank Indonesia is working on a central bank digital currency (CBDC).

Digital euro could drain 8% of bank deposits, Morgan Stanley says

Banks in smaller countries like Latvia, Estonia and Greece could be impacted harder by the digital euro, analysts said. Analysts at the American multinational investment bank Morgan Stanley have estimated the likely changes in eurozone banks’ deposits should a digital euro be widely adopted.According to the analysts, a European Union central bank digital currency (CBDC) could suck away 8% of customer deposits from eurozone banks, Reuters reports Wednesday.

Experts: Regulatory Uncertainty and Slow Embrace Hampering Crypto Growth in Kenya

Regulatory uncertainty and the slow embrace of cryptocurrencies continue to be key impediments to the growth of Kenya’s digital currency market, experts say.

China debuts blockchain-based digital yuan salary payments in Xiong’an

China reportedly implemented the country’s first blockchain-powered digital yuan transactions in the Xiong’an New Area. China is progressing with its central bank digital currency (CBDC) tests, debuting blockchain-enabled salary payments in the digital yuan.According to the official website of the Xiong’an New Area, the People’s Bank of China (PBoC) has successfully completed the nation’s first on-chain wage payouts in the digital yuan.Announcing the news on Saturday, Xiong’an authorities said that the pilot involved guidance and support from the Shijiazhuang-based PBoC branch, the Bank of China Hebei Xiong’an branch, as well as the National Development and Reform Commission.The new CBDC pilot used a blockchain-based payment platform to distribute salaries to workers on spring afforestation projects in Xiong’an. Engineering subcontractors made payments directly to builders’ digital wallets from a public wallet and recorded the relevant data on a blockchain.According to the announcement, blockchain-based salary payouts significantly simplified the wage payout process.

The CBN Says Nigeria Will Have a Digital Currency Before End of Year

Nigeria is likely to have its own central bank digital currency (CBDC) by the end of the year, an official with the Central Bank of Nigeria (CBN) has said.

‘Bitcoin is the king of crypto and it’s here to stay’ says eToro CEO

Some regions may want to ban Bitcoin, but industry experts say BTC is here to stay While countries like El Salvador have welcomed Bitcoin (BTC) with open arms, other regions are pushing to legally ban the digital currency.

France and Switzerland Launches Cross-Border Central Bank Digital Currency Trials

The Central Bank of France and Switzerland have launched a joint cross-border CBDC trial.

Nigeria's central bank plans CBDC pilot launch before the end of 2021

The Central Bank of Nigeria says it is gearing up to test a sovereign digital currency to ease foreign remittance restrictions. Rakiya Mohammed, an IT specialist at the Central Bank of Nigeria (CBN) has announced that the apex bank is making efforts to float a central bank digital currency in the country.According to a report by People’s Gazette, Mohammed made this known after the Bankers Committee meeting held in Abuja on Thursday, telling reporters:“Before the end of the year, the Central Bank will be making a special announcement and possibly launching a pilot scheme in order to be able to provide this kind of currency to the populace.”Back in May, CBN governor Godwin Emefiele had stated that digital currencies will “come to life” in Nigeria despite the current ban.Indeed, Nigeria’s central bank banned commercial banks and other financial institutions from servicing crypto exchanges in February citing debunked claims of cryptocurrencies being primarily used for illicit transactions.According to Mohammed, the CBN’s digital currency will act complementary to naira cash notes.

Multi-trillion asset manager State Street launches digital currency division

The second-oldest continuously operating US bank, State Street, has launched a new division dedicated to cryptocurrency and digital assets. Multi-trillion dollar asset manager, State Street Corporation, has become the latest financial institution to announce the launch of a dedicated digital finance division.State Street, the second-oldest continually operating bank in the United States, announced the move on Thursday, June 10, highlighting the division’s focus on cryptocurrency, blockchain technology, central bank digital currencies (CBDCs), and tokenization.”The financial industry is transforming to a digital economy, and we see digital assets as one of the most significant forces impacting our industry over the next five years,” asserted State Street CEO and chairman, Ron O’Hanley.

IMF plans to meet with El Salvador’s president, potentially discussing move to adopt Bitcoin

The International Monetary Fund has previously spoken out against smaller nations like the Marshall Islands recognizing a digital currency as legal tender. The International Monetary Fund has said El Salvador’s recent decision to make Bitcoin legal tender in the country may raise legal and financial concerns.In a Thursday press briefing from the International Monetary Fund, or IMF, spokesperson Gerry Rice said the group was already in discussions with lawmakers in El Salvador over a loan to support the country’s economy, having approved emergency funds related to the pandemic last year.

BIS joins France and Switzerland's central banks on cross-border CBDC project

The central bank digital currency project will test cross-border settlement between French and Swiss fiat currencies. The Bank of France and the Swiss National Bank are teaming up with the Bank for International Settlements’ Innovation Hub to test a wholesale central bank digital currency (CBDC) system dubbed “Project Jura.”According to a release by the Bank of France on Thursday, the Project Jura pilot study will also draw participation from a private consortium led by global service company Accenture.

Elizabeth Warren compares 'bogus' crypto to 'legitimate' CBDCs in senate hearing

"The threats posed by crypto show that congress and federal regulators can't continue to hide out, hoping crypto will go away," said the Massachusetts senator. Democratic Senator Elizabeth Warren did not mince words when it came to criticizing crypto, but seemed to consider a federally-backed digital currency as a possible solution to address problems around financial inclusion in the United States.At a Wednesday session of the Senate Banking Committee discussing a US government-backed central bank digital currency, or CBDC, Warren said the recent explosion in cryptocurrencies had helped many people understand the foundational technology on which digital currencies were based.

Hong Kong to Connect Digital Yuan With Domestic Payments System in Cross-Border Trials

Financial authorities in Hong Kong have announced a second phase of trials for mainland China’s digital currency.

Hong Kong includes central bank digital currency in fintech strategy

Research into central bank digital currencies will play a significant role in Hong Kong’s fintech development efforts. The Hong Kong Monetary Authority (HKMA) has published its “Fintech 2025” strategy with central bank digital currencies (CBDC), both retail and wholesale, included in the digital finance innovation package.Unveiling the fintech strategy via a release issued on Tuesday, CBDCs will reportedly play a part in the city administration’s goal of promoting comprehensive digital finance adoption by 2025.Concerning its plans for central bank digital currencies, the HKMA revealed that it would increase its research efforts to ensure Hong Kong’s readiness to float both retail and wholesale CBDCs.According to the announcement, the HKMA is collaborating with the Bank for International Settlement to research a retail digital Hong Kong dollar currency.

Ruffer Cashes Out Over $1 Billion Profits from Bitcoin Investment to Conservative Assets

Ruffer, a UK-headquartered asset management company, stated that the company started investing in bitcoin in November last year, and now it has similarly quickly made a profit of $1.1 billion from this encrypted digital currency.

Ghana Apex Bank Says To Launch Central Bank Digital Currency

The Bank of Ghana Governor, Ernest Addison said the agency is now “in the advanced stages” of introducing its CBDC.

Kalashnikov Eyes Digital Ruble Settlements as Russia Aims to Replace ‘Dirty Money’

Kalashnikov Group, the Russian firearms manufacturer, is ready to transition to settlements in digital currency.

Rise of ‘Artificial Currencies’ Could Threaten Stability of Financial System, Says European Central Bank

Despite being years away from any launch of its own digital currency, the European Central Bank (ECB) says governments that fall behind on the digital asset craze may experience threats to their financial systems.

Ghana gearing for central bank digital currency pilot

Ghana is striving to become the first African nation to float a central bank digital currency. The Bank of Ghana (BoG) is reportedly moving towards the introduction of a central bank digital currency (CBDC) experiment.Speaking during a news conference in Ghana’s capital, Accra, on Monday, Ernest Addison, governor of the country’s central bank revealed that the BoG was in the advanced stages of creating a CBDC.As part of his address, Addison said that the planned e-cedi will pass through developmental and evaluation phases before a decision will be made on a national rollout.According to the BoG governor, the final stage will involve a pilot study to finalize issues concerning feasibility before the CBDC goes into national circulation.Detailing the process made so far, Addison said that the design phase is already nearing completion with the implementation team on standby for phase two.

Crypto Consolidation Continues — Bitcoin’s Attempt to Rise Above Psychological Levels Falls Short

Digital currency markets have slid in value over the last 12 hours as the entire crypto-economy has lost over 7% during the last 24 hours.

China's Hainan Province Cautions Citizens Against Illegal Crypto Trading

China's Hainan Province has banned illegal crypto offerings, upholding the country's early ban on digital currency-related activities.

Standard Chartered Expands Business by Joining Crypto Family

Standard Chartered, the British multinational bank (MNB), announced Wednesday that the corporation has joined and followed the cryptocurrency trend.

Beijing to Disperse $6 Million in Digital Yuan in a Red Envelope Lottery

China’s central bank digital currency (CBDC) continues to gain further ground as the Beijing Local Financial Supervision and Administration Bureau revealed 40 million worth of the country’s digital yuan ($6.3 million) will be distributed to Chinese citizens.

China Hands Out $6.2M for Digital Yuan Tests as Russia Says CBDC are the Future

China's authorities with came with a decision to hand out another sizeable amount of $6.2 million in digital currency to citizens of Beijing.

European Central Bank Warns Countries that Fail to Launch Their Own Digital Currency

The European Central Bank has warned the tech sector may outpace governments if they don’t jump on the digital currency bandwagon soon.

China to Gives Away $6.2 Million in Latest Digital Currency Trial

200,000 residents of Beijing will be able to win a “red envelope” containing 200 yuan worth of China’s central bank digital currency.

China to hand out $6.2M in new digital yuan trial in Beijing

Beijing residents should apply to participate in the lottery until midnight on June 7. The Chinese government is launching another digital yuan lottery to stimulate its ongoing digital currency trials, this time in the capital of Beijing.The Beijing Local Financial Supervision and Administration officially announced Tuesday that the government will distribute 40 million digital yuan ($6.2 million) to Beijing residents as part of a new digital currency pilot.Starting in June, the program features “red envelopes” — a traditional way of gifting money — with each providing a free online wallet containing 200 digital yuan ($31).

$6.2 Million Worth of Digital Yuan is Officially Piloted in Beijing

The Chinese digital renminbi is officially piloted in the capital of China-Beijing.

Dogecoin Here To Stay, Says ‘Crypto King’ Barry Silbert – But There’s a Catch for Investors

Barry Silbert, the CEO of Digital Currency Group, says that he believes Dogecoin (DOGE) has staying power.

Central Bank of Brazil Issues Guidelines for Its CBDC

The Central Bank Of Brazil, the highest monetary authority of the country, has released a note listing the general guidelines for the design of a hypothetical central bank digital currency (CBDC) for the country.

Sichuan Energy Officials Plan to Meet in June to Discuss Bitcoin Mining Implications

Ever since government officials in China started talking about cracking down on bitcoin mining and reiterating crypto guidelines from 2017, digital currency proponents and the media have been focused on this region.

Bitcoin’s Price Regains Some Losses, Signals Still Show Indecisive Crypto Markets

Digital currency market prices have been dropping during the last few days as the crypto economy now rests at $1.53 trillion in value.

Circle Captures $440 Million in Financing, Rumors of SPAC Deal Follow

The Boston-based cryptocurrency finance firm Circle has announced the company has raised $440 million in financing in order to “drive market expansion and growth.” The investment was led by prominent finance firms like Digital Currency Group, Fidelity Management and Research Company, and FTX.

USDC-Creator Circle Snares $440 Million in Funding Round

The cash came from a number of high-profile backers, including Digital Currency Group and FTX.

OKex embraces Brazil’s official fast payments system PIX, as CBDC draws nearer

OKEx, Crypto.com, and LocalBitcoins have integrated Brazil’s PIX instant payments system. Increasing numbers of offshore cryptocurrency exchanges are embracing Brazil’s instant payments infrastructure, PIX.On May 28, OKEx announced a strategic partnership with local payments firm CuboPay, allowing it to facilitate Tether ($USDT) purchases in exchange for Brazilian real via PIX.The news follows similar moves from rival exchanges, including Crypto.com peer-to-peer platform Localbitcoins.The integrations come as the Central Bank of Brazil, or BCB, published preliminary guidelines for a central bank digital currency, or CBDC, on May 25.The announcement emphasizes that the CBDC will operate “as an extension of the physical currency,” and is intended to improve the retail payment system, foster new business models, and bolster Brazil’s participation in regional and global trade through increasing the efficiency of cross-border transactions.Research into a CBDC was authorized as part of a broader move from Brazil’s central bank to modernize the country’s payments sector, including the launch of PIX in November 2020.

Bank of Canada Says Its Digital Currency Will Be Greener Than Bitcoin

The Bank of Canada says it won’t have to rely on “wasteful methods of mining technologies” when issuing its national digital currency.

Utopia P2P’s Crypton: Combining privacy and staking rewards in one Cryptocurrency

One and a half years after launch, Crypton (CRP), the privacy-focused digital currency of the Utopia Peer-to-Peer Ecosystem, is quietly shaping up to become one of the most explosive coins of the yearThe post Utopia P2P’s Crypton: Combining privacy and staking rewards in one Cryptocurrency appeared first on AMBCrypto.

Utopia P2P’s Crypton: Privacy and Staking Rewards in One Cryptocurrency

Disclaimer: The text below is a press release that was not written by Cryptonews.com. One and a half years after launch, Crypton (CRP), the privacy-focused digital currency of the Utopia Peer-to-Peer Ecosystem, is quietly shaping up to become one of the most explosive coins of the year.

Bank of Canada sees no strong case for a digital dollar — for now

Amid the global CBDC race, the Canadian central bank does not currently see a strong case for issuing a state digital currency. The Bank of Canada does not see a strong reason for issuing a central bank digital currency, or CBDC at the moment.Timothy Lane, the Bank of Canada’s deputy governor and head of research at the bank’s fintech and crypto department, spoke on CBDC issues at a Wednesday panel, Reuters reports.According to the official, the Canadian central bank is now focused on CBDC implementations in more concrete terms, thinking about how it might work and look.

South Africa Reserve Bank Commences Retail CBDC Feasibility Study

The South African Reserve Bank (SARB) says it has commenced a feasibility study for a general-purpose retail central bank digital currency (CBDC).

'COVID-19 Accelerated Digital Currency Adoption': The Economist Intelligence Unit

New data suggests that the pandemic has accelerated the trend towards adopting digital currencies.

Bank Indonesia Plans to Launch its Central Bank Digital Currency

Bank Indonesia is planning to launch its central state digital currency in response to the increasingly prosperous cryptocurrency market.

Central Bank of Nigeria Governor Says “Digital Currency Will Come to Life” but Attacks Volatile Cryptocurrencies

Central Bank of Nigeria (CBN) governor, Godwin Emefiele, says digital currency “will come to life even in Nigeria” just a few months after the central bank ordered banks to stop serving the crypto industry.

Indonesia to Launch a Digital Rupiah Currency

Indonesia's central bank pushes forwards towards launching a central bank digital currency amid accelerated efforts to reduce cash transactions.

Naver, Kakao, LG ‘Will Bid to Participate’ in South Korean CBDC Pilot

The Bank of Korea (BOK), South Korea’s central bank, is set to pilot its prototype digital KRW beginning in August as the country increases the pace of its central bank digital currency (CBDC) adoption plans.

South Korea to Build a Pilot Platform for CBDC

Bank of Korea draws near developing a central bank digital currency by launching a pilot platform to test the digital won's capabilities.

This country takes the first steps toward CBDC

South Africa has taken its initial steps towards a central bank digital currency [CBDC].

Bank of Indonesia joins central bank digital currency race

After banning crypto payments back in 2017, Indonesia is looking to allow payments in a digital rupiah currency.

South Africa's central bank begins preliminary study for retail CBDC

The South African Reserve Bank has begun exploratory studies on central bank digital currencies. South Africa is the latest country to begin exploring the possibility of creating its own sovereign digital currency.According to a release issued on Tuesday, the South African Reserve Bank has begun preliminary feasibility studies about the “desirability and appropriateness” of a retail central bank digital currency.As part of its announcement, the SARB defined a retail CBDC as a cash-complimentary sovereign digital currency issued by the central bank suitable for electronic payments.“The objective of the feasibility study is to consider how the issuance of a general-purpose CBDC will feed into the SARB’s policy position and mandate,” South Africa’s central bank stated in its announcement.According to the SARB, the preliminary study will focus on issues surrounding a potential CBDC issuance for retail use in South Africa:“The feasibility study will include practical experimentation across different emerging technology platforms, taking into account a variety of factors, including policy, regulatory, security and risk management implications.”South Africa’s CBDC study is expected to last until 2022 and will potentially align with the existing institutional digital payments pilot under the aegis of “Project Khokha.”Like other central banks currently studying CBDCs, the SARB also stated that its current exploratory studies were in no way an indication of plans to issue a digital rand in the future.Back in June 2018, the SARB launched a pilot test for Project Khokha — the country’s tokenized fiat interbank payment system.

South Korea Seeks Tech Partner to Build the Pilot Program for CBDC

South Korea's central bank on Monday said it would choose a technology supplier to build a pilot platform for a digital currency, moving a step closer to creating a central bank-backed digital currency.

Ugandan FIA Urges Central Government To Regulate Cryptocurrencies

Uganda's FIA urges the central government for comprehensive regulation of the digital currency industry nationwide.

Bank of Korea Seeking Technology to Develop Digital Currency

South Korea’s monetary policy regulator is taking steps to create its own digital coin.

South Korea to Kick Off Digital Currency Experiment This Summer

The Bank of Korea will launch a pilot program for its central bank digital currency, but actual issuance is still under question.

Bitcoin Adoption Picks up Steam in Peru After Presidential Ballot

Peru, a country not commonly associated with bitcoin or cryptocurrencies, is experiencing a sizable surge in digital currency adoption following the first round of its presidential ballot process.

Crypto Markets Lose Billions, Weak Hands Capitulate, Stablecoin Market Surpasses $100 Billion

Digital currency markets have shed billions once again, as the entire crypto-economy has been cut down from well over $2 trillion to today’s $1.44 trillion market valuation.

CBDC in US Context, Bitcoin's Value Based on 'Wishful Thinking' + More News

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news. CBDC news Federal Reserve Chair Jerome Powell announced that the US central bank will issue a research paper on a USD central bank digital currency (CBDC), along with asking for public opinion.

Crypto Prices Consolidate, Analysts Blame Bitcoin Market Rout on ‘Overleveraged Positions’

Digital currency markets have been consolidating after taking some heavy losses during the last few days.

‘Bitcoin Is Dead’- Crypto Market Carnage Invokes Haters and BTC Obituaries

Digital currency markets have shed billions in value over the past week and during the market carnage, bitcoin haters have come out in flocks.

Cuban Central Bank Issues Warning on the Rising Number of Crypto-Related Ponzi Cases

Cuba has witnessed some exciting times in the last few months as far as nationwide digital currency acceptance, but the road toward this goal is still under construction.

Mecum Auctions Now Accepts Digital Currency Payments for Collector Cars

The popular collector car auction company Mecum Auctions has announced the company is now accepting crypto assets for payments.

Crypto Markets Take Deep Losses, Global Trade Volumes Skyrocket, Elon Battles Crypto Twitter

Bitcoin and a slew of digital currency markets are seeing significant losses on Sunday as a majority of coins are down between 2-15% during the last 24 hours.

Central Bank of Bahrain and JPMorgan to work on digital currency settlement pilot

The Central Bank of Bahrain expects that its digital currency collaboration with JPMorgan and Bank ABC could extend to a CBDC. The government of Bahrain, the third-richest Arab country, is working with American investment bank JPMorgan Chase on a digital currency settlement pilot.The Central Bank of Bahrain officially announced Tuesday that the bank is now collaborating with JPMorgan and the Arab Banking Corporation BSC, or Bank ABC, in a pilot scheme to introduce an instant cross-border payment solution based on digital currency technology.Aiming to cut settlement processing time, the new digital currency pilot will involve transferring funds from and to Bahrain in US dollars for payments from buyers and suppliers.

Bitcoin Markets Blood Red After Tesla Announcement, Crypto Economy Sheds Billions

Digital currency markets have seen better days, as billions of dollars were shaved off the entire crypto-economy after Tesla revealed it would not be accepting bitcoin over environmental concerns.

Hong Kong to expand pilots for cross-border use of digital yuan

The first phase of tests for use of the digital yuan across borders has been successful, the Hong Kong Monetary Authority has said. The Digital Currency Institute of the People’s Bank of China and the Hong Kong Monetary Authority are quickly moving forward with their joint testing of the use of the digital yuan for cross-border payments.According to Bloomberg, this week, the HKMA staff confirmed that the first phase of testing for the currency’s cross-border use had been successful.

Diem parters with Silvergate bank to launch stablecoin in the US

Facebook-initiated Diem Association announces a new model of its upcoming stablecoin that is set to be issued by California state-chartered bank Silvergate. Facebook-backed digital currency project, the Diem Association, has partnered with cryptocurrency-friendly bank Silvergate to launch a stablecoin pegged to the United States dollar.Diem announced Wednesday a new model of its upcoming stablecoin, relocating its main operations from Switzerland to the United States and withdrawing its application for a payment system license from the Swiss Financial Markets Authority.The association, which comprises of 26 financial firms including Nasdaq-listed cryptocurrency exchange Coinbase, is now planning to move forward with its USD stablecoin plans through Silvergate bank, which is set to be the issuer of the Diem USD and will manage the Diem USD reserve.Diem Networks US, Diem’s wholly-owned subsidiary, will run the Diem Payment Network, a permissioned blockchain-based payment system facilitating Diem stablecoin transactions.While Silvergate is a California state-chartered bank and a member of the Federal Reserve, Diem Networks US is seeking to register as a money services business with the US Department of the Treasury's Financial Crimes Enforcement Network, the announcement notes.“We believe in the future of US dollar backed stablecoins and their potential to transform existing payment systems,” Silvergate CEO Alan Lane said.

What Does the Digital Pound Mean for Britain?

The Bank of England recently announced the formation of a special task force meant to look into the notion of introducing a central bank digital currency (CBDC).

Ethereum Options Trade Volume Exceeds Bitcoin’s, Deribit Introduces a $50K ETH Strike for 2022

Last week, ethereum options volume surpassed bitcoin’s for the first time on the digital currency derivatives exchange Deribit.

UBS Has A Crypto Plan, Ethereum ETF + More News

Source: iStock/Rafael_Wiedenmeier Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news. ___________ Banking news Swiss banking giant UBS Group AG is in the early stages of planning to offer wealthy customers digital currency investments and is exploring several alternatives, Bloomberg reported,

Alipay set to allow users test China's digital yuan

China’s e-payment giant will allow some users to link their accounts to the country’s digital yuan app. Alipay, the mobile payment platform owned by Ant Group, is set to allow some of its users to participate in the emerging digital yuan commerce ecosystem. According to a report by China Securities Journal on Monday, this new feature is a result of MYbank’s participation in the country’s expanded digital currency electronic payment testing protocols. The news further cements Ant Group’s participation in China’s central bank digital currency project.

Iran seems to be attempting to ban foreign-mined cryptocurrencies for payments

A difficult-to-enforce ban may actually be part of a larger sanctions-avoidance strategy. In a broader effort to circumvent the effects of sanctions, Iran may be attempting one of the first instances of digital currency protectionism.  According to a Tweet from news outlet Iran International, The Central Bank of Iran announced a decision from the Cabinet on Wednesday decreeing that digital currencies traded in the country must have been mined, or “extracted” there as well, barring the exchange of digital assets mined abroad. While many observers have pointed out that enforcement would be nearly impossible, blockchain lawyer and advisor Fatemeh Fannizadeh noted that the ban may be aimed primarily at banks and forex entities using crypto to pay for imports: I don't think it will be enforced on an individual level.

Poland Should Introduce CBDC To Protect Its Economy - Stock Exchange CEO

Poland's central bank will need to issue its central bank digital currency (CBDC), the digital zloty, to prevent other countries from imposing their own digital currencies on the Polish economy, Marek Dietl, CEO of the state-controlled Warsaw Stock Exchange (WSE), said during a recent panel discussion.

Electronic Transactions Association Proposes 7 Guiding Principles for a Digital Dollar

The Electronic Transactions Association (ETA) has put forward a set of guiding principles to be considered in the creation of a US central bank digital currency (CBDC), also referred to as digital dollar.

Fintechs Invited to Work on Georgia’s Central Bank Digital Currency

National Bank of Georgia (NBG) has issued a call for companies in the fintech sector, financial institutions and technology firms to support its efforts to create a digital currency.

Crypto on the casino floor? Las Vegas resort partners with Gemini

Some Las Vegas casinos have only been allowed to return to full capacity this week. A Las Vegas casino-resort which aims to open for business next month has just partnered with major cryptocurrency exchange Gemini. In an announcement today, Resorts World Las Vegas said it would be allowing customers to use their Gemini wallets “to enhance the integrated resort experience.” President Scott Sibella said the move was part of an effort to integrate “innovative technology conveniences” across the resort. Gemini co-founder and CEO Tyler Winklevoss hinted that patrons would be able to convert fiat into crypto at the resort, meaning that some may have the ability to win at a casino game, then invest those funds into digital currency.

Digital Currency Group backs South Korean crypto exchange operator

Streami, the company behind the popular GOPAX exchange, has received direct funding from Digital Currency Group.

South Korean Bitcoin miners can deduct electricity costs from crypto tax filings

Crypto miners will be able to deduct electricity costs as business expenses when filing cryptocurrency taxes starting in 2022. Crypto investors involved in cryptocurrency mining may enjoy a significant tax break when the country’s digital currency tax regime commences in 2022. According to a report by Pulse News, South Korea’s Ministry of Economy and Finance on Wednesday announced additional details of the country’s impending crypto tax law, which included a provision for crypto miners to report operating expenses as tax deductibles. These expenses cover electricity bills, with miners needing to prove how much electricity they utilize in their operations. While South Korea is not a major crypto mining hub, there have been reports of a significant uptick in cryptocurrency mining activities in the country.

Kazakhstan opens public consultation for central bank digital currency

The potential national digital currency in Kazakhstan is not intended to replace either cash or cashless payments, the central bank stressed.

National Bank of Georgia Considers Launching Its Own Central Bank Digital Currency

The National Bank of Georgia believes that the CBDCs have become essential for the financial ecosystem to improve financial inclusion and enhance domestic payment systems.

Crypto VC Giant Ramps Up Bitcoin Investment by $500,000,000

Crypto-focused venture capital giant Digital Currency Group (DCG) is snapping up another $500 million worth of Grayscale Bitcoin Trust (GBTC) shares.

Georgia's central bank is exploring 'Digital Gel' CBDC

The Republic of Georgia's central bank has invited fintech firms and others to participate in the CBDC project. The National Bank of Georgia said that it is considering launching a central bank digital currency. In an announcement today, the central bank hinted at the issuance of a central bank digital currency, or CBDC, in an effort “to enhance efficiencies of the domestic payment system and financial inclusion.” The National Bank of Georgia, or NBG, said it would be inviting fintech firms and other financial institutions to participate in the project, named Digital Gel after the symbol for the country’s fiat currency, the lari. “CBDC holds the promise to unlock the tremendous value of innovative business models for the benefit of society,” said the announcement.

Bahamas central bank prepares national Sand Dollar push this summer

The Bahamas is beginning a push for national digital currency adoption this summer, the central bank's governor, John Rolle, said. The Central Bank of the Bahamas is preparing a national push for its digital currency this summer to get more Bahamians signing up for the Sand Dollar. In another move toward the adoption of the Bahamas’ central bank digital currency, the CBOB is now focused on connecting mobile Sand Dollar wallets with commercial banking systems, CBOB Governor John Rolle announced. According to a Wednesday report by the Nassau Guardian, Rolle said that the Bahamian government has initiated a number of measures to prepare itself and the Sand Dollar ecosystem. “There is a focus now on enrolling individuals on those various platforms.

Digital Yuan Launch Draws Near: JD.com Employees Paid in e-CNY, Tencent, Ant, Mastercard Engage With PBoC

China, the world’s most populous country, has jumped leaps and bounds in comparison to a great number of other countries when it comes to the creation of a central bank digital currency.

Crypto donors to star-studded benefit raise $440K for autism awareness

Thanks to support from Nexo, viewers were able to donate in cryptocurrency to the "ColorTheSpectrum" live stream last week. On April 30, a virtual benefit co-hosted by American TV star Jimmy Kimmel and NASA engineer-turned-YouTuber Mark Rober raised over $3 million in donations to support NEXT for AUTISM, a charity dedicated to addressing the needs of people with autism and their families across the United States.  The interactive livestream featured a wide range of well-known entertainers, comedians, musicians, and athletes, among them Jon Stewart, Conan O’Brien, Chris Rock, Adam Sandler and Charlize Theron. The virtual benefit was also brought a step forward into the digital currency era, with crypto lender Nexo and The Giving Block offering a payment channel for viewers to donate to the charity using a wide range of crypto assets.

Marlton Applauds Decision to Increase Digital Currency Group’s Authorized Purchase of GBTC Shares for $750 Million 

Investment management firm, Marlton, has applauded the recent decision to authorize the purchase by Digital Currency Group (DCG) of up to a total of $750 million worth of shares of Grayscale Bitcoin Trust (GBTC).

Grayscale parent firm DCG to expand GBTC buy limit by $500M

Digital Currency Group has purchased a total of $194 million worth of GBTC shares so far. Digital Currency Group, the parent company of digital asset manager Grayscale Investments, is now authorized to purchase up to $750 million worth of shares of Grayscale Bitcoin Trust. The company announced Monday that DCG increased its prior authorization to buy up to $250 million worth of GBTC shares by an extra $500 million. The share purchase authorization does not obligate DCG to acquire any certain amount of shares in any period, and it may be expanded, modified or discontinued at any time, DCG noted.

Digital Currency Group Buying $750 Million in GBTC Shares

Digital Currency Grop is ramping up its investments into Grayscale's Bitcoin Trust, just as the trust runs into hot water.