The CZ and Binance episode had given the crypto sector some tremors but the prices bounced back immediately. It is a wait-and-watch until the world knows what will come of CZ. However, the best to come out is that most people do not think the Binance episode would veer the CTC way.
Apart from that, here are some of the top stories from the crypto industry this week.
India's Progress in G20's Crypto Regulation Roadmap
India's Finance Minister Nirmala Sitaraman has recently updated on the implementation of the G20's crypto regulation roadmap, signalling the country's proactive approach to global standards.
Sitaraman emphasised that the G20 has formally adopted the crypto regulation roadmap, which outlines a framework for addressing the associated risks and opportunities of crypto assets. She added that there is yet to be a timeline for countries to implement the roadmap, but the presidency of Brazil will provide more clarity.
The International Monetary Fund (IMF), the Financial Stability Board (FSB), and the Financial Action Task Force (FATF) have been entrusted with providing regular updates to the G20 member nations on the progress and implementation of the ‘roadmap on Crypto Assets’.
South Korea Aims for Digital Currency Pilot Program by 2024
South Korea plans to introduce a digital currency pilot program in 2024. The Bank of Korea (BOK), South Korea’s central bank has said it will invite 100,000 Korean citizens to purchase goods with deposit tokens as part of its central bank digital currency (CBDC) pilot.
Under the pilot, selected participants can purchase goods using deposit tokens issued by commercial banks, operating similarly to vouchers in retail stores. Recruitment for participants is expected to begin around September to October of the following year, with the project spanning three months.
The pilot, testing retail and wholesale CBDCs, will include private banks and public institutions, while the BIS will provide expert technical support.
New Zealand Dollar Stablecoin Goes Live on Local Crypto Platform
A New Zealand dollar-backed stablecoin has been launched via crypto exchange Easy Crypto and Australian blockchain development firm Labrys.
The stablecoin provides users with access to a digital asset pegged to the NZ dollar, potentially enhancing the ease and efficiency of transactions within the crypto space in the country.
It’s initially live on Ethereum but has plans to expand to Polygon, the BNB Smart Chain, Arbitrum, Optimism and Coinbase’s Base. The stablecoin was introduced as it was harder for New Zealanders to maximize their profits when using U.S. dollar-pegged tokens.
Nigeria's Embrace of AI in Payment Systems
Nigeria's National Information Technology Development Agency (NITDA) advocates integrating artificial intelligence (AI) into payment systems.
This initiative aims to garner global recognition by leveraging AI technology to enhance the efficiency, security, and accessibility of payment networks in Nigeria.
It has been observed that financial technology can help drive Nigeria’s performance in the industry and environmental, social and governance sectors, especially with the application of a developmental regulation approach and enabling policies co-created by the tech ecosystem.
Circle and SBI Holdings Collaborate for USDC Circulation in Japan
Circle is teaming up with Tokyo-based financial services firm SBI Holdings to boost the adoption of USDC and Web3 services in Japan.
The partnership signifies a concerted effort to expand the utility and adoption of USDC in the Japanese market, potentially advancing the country's digital asset landscape.
To initiate the circulation of USDC into Japan, SBI Holdings is seeking registration as an electronic payment instruments service, which is subject to approval by Japanese authorities.
SBI Holdings CEO and President Yoshitaka Kitao hopes it will be a step toward mass stablecoin adoption in the country.
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!
