Government

China’s National Cryptocurrency on its Way, Could Oppose Facebook’s Libra

  • China is leading the state-backed cryptocurrency race as they are afraid that Libra could extend the American financial hegemony.
  • The People’s Bank of China will issue both the cryptocurrency and the digital wallets needed for its CBDC usage.

Bank of China’s Digital Yuan “Progressing Smoothly”

  • During the PBoC's annual work conference, China's central bank stated that the development of its CBDC was "progressing smoothly".
  • The central bank further stated that it will "continue to steadily advance the development of legal digital currencies" in 2020.

South Korea’s Central Bank to Establish a CBDC Task Force in 2020

  • The head of Bank of Korea's Banking and Finance Bureau believes that CBDCs will not bring benefits to developed economies.
  • Possibilities involving CBDCs are researched in the U.S. and Europe, while China may soon see the rise of a “digital yuan”.

U.N. to Use Blockchain to Prevent Hong Kong Migrant Workers Exploitation

  • The new tool is created by Diginex and the International Organization for Migration.
  • The United Nations' goal is for the new tool to serve as a practical solution for businesses to adopt ethical recruitment practices.

South African FSCA Updates Stance on Karatbars

  • The Financial Sector Conduct Authority in South Africa has loosened on its aggressive stance on the Karatbars project.
  • The agency has noted that the two products Karatbars markets in the country are outside of its jurisdiction.

SEC Chairman Optimistic on Crypto, Blockchain Technology

  • The SEC is rather positive on the advancement of the digital world and according to its chairman they should not go against it.
  • Still, the agency is conducting a measured approach, carefully assessing digital assets and taking actions against illegal activities.

Bank of China Issues $2.8B in Blockchain-Based Bonds

  • The bonds are issued with the goal of stimulating small and micro-sized businesses in the industry.
  • The Bank of China also stated that it had lent 404 billion Yuan to more than 410,000 small and medium-sized enterprises by this September.

Russia Considering Ban on Crypto as Means of Payment

  • The Bank of Russia, the country's central bank, said it will support a ban on crypto as a means of payment.
  • Currently, cryptocurrencies are often used to purchase goods and services in the country, as well as a way to pay salaries to some freelancers.

Indian Government to Issue National Strategy on Blockchain Adoption

  • The Indian government has finally recognized the potential of blockchain technology.
  • The country's minister of state for electronics and IT said that blockchain has potential in sectors such as governance, banking, finance and cybersecurity.

Swiss Government Calls for Improved Blockchain Regulatory Framework

  • The Swiss Federal Council has adopted a proposal, which focuses on increasing legal certainty and removing barriers for blockchain-based applications.
  • The Council has proposed specific amendments to nine federal acts, which cover both civil and financial market laws.