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The global wave of CBDC is coming, and many central banks are actively laying out digital money.
Regulatory Dynamics
The People's Bank of China has released the draft of the amended "Law of the People's Bank of China" for public consultation. This draft provides a legal basis for the issuance of digital RMB, while clearly stipulating that no unit or individual may produce or sell token vouchers and digital tokens, in order to prevent the risks associated with virtual currencies.
The U.S. Commodity Futures Trading Commission recently released new guidelines for the cryptocurrency derivatives market. The guidelines require futures commission merchants to handle customer funds with caution and restrict the storage locations of customers' virtual currencies. Regulators also emphasized that customer funds must be stored in clearly labeled accounts and prohibited the transfer of funds between accounts.
Federal Reserve Chairman Powell stated during a discussion hosted by the International Monetary Fund that central bank digital currencies (CBDCs) are expected to improve the U.S. payment system. He pointed out that CBDCs could bring faster and lower-cost payment transactions and help modernize payment infrastructure. However, Powell also mentioned that the Federal Reserve is not in a hurry to launch its own CBDC.
The Central Bank Digital Currency Research Institute has signed a strategic cooperation agreement with the Agricultural Credit Bank's Funds Clearing Center, and both parties will collaborate on the application of the digital renminbi. The Agricultural Credit Bank stated that it will provide a digital renminbi interconnectivity platform service for small and medium-sized banking financial institutions, promoting the research and pilot work of the digital renminbi in rural areas.
The Central Bank of the Bahamas has officially launched a state-supported virtual currency called "Sand Dollar," making it the first country in the world to officially introduce a CBDC. This digital currency can be transferred via mobile phones, and residents of the Bahamas can use it at any merchant, with transaction fees being almost negligible.
The Financial and Capital Market Commission of Latvia has issued a warning, pointing out that fraud related to digital currency investment schemes is becoming increasingly serious. As the country has not yet regulated the issuance and circulation of digital currencies, such scams have the opportunity to thrive. Regulatory authorities remind investors to exercise caution when investing in cryptocurrencies.
Burkhard Balz, a member of the Executive Board of the German Central Bank, stated that the introduction of a European digital currency is not only a technical decision but also a political one. He emphasized the need for a comprehensive analysis and evaluation of CBDCs, considering their impact on financial stability, the banking system, and consumer behavior, and supports international cooperation among central banks in this area.
The Huizhou police have cracked the country's first case of operating a money-laundering platform using USDT. Investigators remind that one should be vigilant and pay attention to the new type of money-laundering platforms using USDT digital currency channels. These models are essentially designed channels for illegal gambling websites to evade crackdowns, facilitate payments, and launder money.
Industry News
A well-known payment company has announced that it will allow customers to buy, sell, and hold cryptocurrencies like Bitcoin using its online wallet. Starting from early 2021, users will also be able to use cryptocurrencies for shopping at numerous merchants on the company's network. It is reported that the company is considering acquiring cryptocurrency firms including BitGo to expand its influence in the digital currency space.
Renowned entrepreneur Jack Ma recently stated that digital currency could redefine the concept of money. This viewpoint has sparked widespread discussion in the industry about the future development and potential impact of digital currency.