India Proposes Global Crypto Framework at G20 Summit

Indian PM Narendra Modi has called for global collaboration on formulating crypto regulations during the annual Group of 20 (G20) summit. 

India has stepped up to advocate for a thorough global framework for regulating crypto assets as it holds the G20's current presidency.

PM Modi stated that new technologies like blockchain will have an impact on the entire world. Therefore, the laws, rules, and frameworks governing it should not belong to a single nation or a collection of nations.

The G20 includes 19 countries and the European Union, representing the world’s major developed and emerging economies.

China Unveils Blockchain-Powered Data Exchange Platform

China continues to make strides in blockchain technology with the launch of a new blockchain-powered data exchange platform. Over 300 enterprises, including Alibaba Cloud and Huawei, participated in the exchange’s debut.

The new Hangzhou Data Exchange will enable the trading of enterprise information technology data using distributed ledger technology. 

This innovative platform is designed to facilitate secure and efficient data sharing among various stakeholders while maintaining data privacy and security.

Reserve Bank of Australia wraps up CBDC pilot program 

The Reserve Bank of Australia (RBA) has completed a successful pilot program exploring the potential use cases of a Central Bank Digital Currency (CBDC). 

The pilot program revealed four primary areas that could be improved by a CBDC, including the enablement of “smarter" payments where a tokenized CBDC enabled a range of complex payment arrangements that were not currently supported by existing payment systems.

The pilot focused on the tokenization of payments and demonstrated the viability of using a CBDC for efficient and secure transactions. Australia's RBA continues to study CBDCs as part of its ongoing efforts to understand the benefits and challenges of digital currencies.

Num Finance Launches Colombian Peso Stablecoin on Polygon

Num Finance, a leading blockchain financial services provider, has expanded its services by launching a Colombian Peso stablecoin on the Polygon network. 

The stablecoin, called nCOP is an overcollateralized, Polygon-based stablecoin and is aimed at the remittance market. Colombia receives over $6.5 billion a year in remittances.

The Colombian central bank has decided that it should impose holding and transaction limits on a future CBDC in order to protect the domestic financial system. 

Binance and Mastercard End Crypto Card Partnership in Latin America

Binance, one of the world's largest crypto exchanges, and Mastercard have decided to conclude their partnership related to crypto debit cards in Latin America. 

While this partnership initially aimed to provide crypto users with easier access to financial services, the two companies have chosen to part ways.

While Mastercard didn’t divulge the reason for the change, online reports like Bloomberg said it might be due to increased regulatory scrutiny of the crypto exchange.

That’s all for this edition of our crypto newsletter. Stay tuned for more exciting news and updates from the world of blockchain and crypto!