Politics

Jamaica Completes CBDC Trial, National Rollout Expected in Q1 2022

  • As part of the trial, the Bank of Jamaica issued 236 million JMD (around $1.6 million)worth of the CBDC.
  • During an event sponsored by the National Commercial Bank in December, 53 consumers were able to test person-to-person, cash-in, and cash-out CBDC transactions.
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  • As part of the trial, the Bank of Jamaica issued 236 million JMD (around $1.6 million)worth of the CBDC.
  • During an event sponsored by the National Commercial Bank in December, 53 consumers were able to test person-to-person, cash-in, and cash-out CBDC transactions.
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Binance Withdraws Crypto License Application in Singapore

  • The exchange's CEO explained on Twitter that the move was connected to Binance's recent acquisition of Singapore-regulated securities exchange HGX.
  • The exchange is also winding down its services in the area, with Singapore users no longer having the ability to deposit fiat or crypto to the platform.
U.S. Capitol Building, the home of Congress in Washington, D.C. Shutterstock

U.S. Congress to “Demystify” Crypto at Next Week Hearing

  • Representative Don Beyer, who back in July introduced a bill focused on regulating digital assets, will preside over the hearing.
  • The witnesses include Open Markets Institute's director of financial policy Alexis Goldstein, and Coin Center's director of research Peter Van Valkenburgh.
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France Completes 10-Month CBDC Trial

  • Led by Euroclear, the CBDC trial was conducted with the help of Banque de France, BNP Paribas, Crédit Agricole CIB, HSBC, and Société Générale.
  • As part of the test, almost 500 instructions in both primary and secondary markets were executed.
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U.K. Regulator to Spend £11M on Marketing Campaign Warning of Crypto Risks

  • The head of the FCA, Nikhil Rathi, made the announcement during a speech at the "Our Role and Business Plan" webinar on Thursday.
  • Rathi said the digital marketing campaign was necessary, as crypto investors are more likely to be young people drawn to social media.
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Italian Financial Regulator Says Binance is Unauthorized to Offer Investment Services

  • Italy's CONSOB has become the latest in a series of financial regulators to warn investors that Binance unauthorized to operate in their jurisdictions.
  • Earlier this month, Barclays warned it will be blocking payments to Binance, citing a notice published by the FCA in June.
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American CryptoFed DAO Becomes First Recognized DAO in the U.S.

  • Earlier this year, Wyoming recognized DAOs as a distinct form of LLCs.
  • The law made the American CryptoFed DAO the first legally recognized DAO in the U.S.
Binance CEO Changpeng Zhao speaking at an "Ask Us Anything" conference. Binance

Britain’s Financial Regulator Issues Consumer Warning to Binance

  • The FCA said Binance Markets Limited is not permitted to undertake any "regulated activities" in the U.K.
  • However, Binance will most likely be able to continue operating in the country as it's registered outside of the U.K.
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Nebraska Passes Bill to Allow Banks to Offer Crypto Services

  • First introduced in January, the bill has received an overwhelming support from Nebraska lawmakers, and has passed its final vote with 46 to 2.
  • It enables financial institutions to operate digital asset depository businesses, for which the state will provide "charter, operation, supervision, and regulation".
Nebraska flag. Shutterstock

Nebraska Advances Bill to Allow Banks to Offer Crypto Services

  • The bill aims to adopt the Nebraska Financial Innovation Act and create digital asset depository institutions.
  • The initiative could make Nebraska the second U.S. state to set up a formal charter for crypto-powered bans, the first being Wyoming.
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Binance Facing Fines Over Stock Token Offering

  • BaFin, Germany's financial regulator, warned investors Binance may have violated E.U. securities rules by not providing a prospectus for its stock tokens offering.
  • Considered an administrative offence, such a violation could be punished with a fine of $6 million, or 3% of Binance's annual revenue.
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EU Regulators Examining Binance’s Stock Tokens

  • The U.K. FCA is reportedly working with Binance to better understand the stock tokens, and what regulation may apply to them.
  • Binance said a prospectus was not required as the tokens were not settled in fiat currency, but in Binance USD (BUSD).
People's Bank of China. Shutterstock

China’s Central Bank Sees Crypto Assets as ‘Investment Alternatives’

  • China seems to finally recognise the investment potential of crypto, with a deputy governor of the PBoC stating that Bitcoin and stablecoins were investment alternatives.
  • The bank will "continue to maintain the current measures and practices", until it has figured how to prevent digital assets from creating a serious financial risk.
Building of the central bank of the republic of Turkey in Galata district, Istanbul, Turkey, 16 December 2015. Shutterstock

Turkey’s Central Bank Bans Use of Crypto For Payments

  • The Central Bank of the Republic of Turkey will also prevent payment providers from providing fiat onramps for crypto exchanges.
  • Citizens who exclusively use payment providers as fiat-to-crypto gateways now have two weeks to clear their balances.