With respect to FTX US, the debtors have identified roughly $181 million of digital assets, “$90 million of which was subject to unauthorized third-party transfers post-petition, $88 million of which is in cold storage under the control of the FTX Debtors, and $3 million of which is pending transfer to cold storage under the control of the FTX Debtors.” Source
Several nations trying to adopt CBDCs have maintained that digital currencies should only complement cash rather than outrightly replace them. Andrew Bailey, the Bank of England (BoE) governor, has shared his thoughts on the idea of the country’s central bank digital currency (CBDC) – the digital pound. Bailey believes that there might be no need for a wholesale CBDC. According to him, his reason borders on the fact that the country already enjoys a “wholesale central bank money settlement system with a major upgrade.” Digital Pound Is Not a Priority,…
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In its discussions, the Eurogroup observed that the digital euro should complement and not replace cash, be assigned a legal tender status, and ensure a high level of privacy. The group also added that the CDBC should be widely accessible to the public, guarantee access to central bank money for euro area users, and its design should consider environmental implications. Source
Andrew Bailey, the Bank of England (BoE) governor, expressed skepticism on the need for a digital pound shortly after finance ministers from eurozone countries backed further work on a digital euro. The BoE governor recently questioned the need for a wholesale central bank digital currency (CBDC) citing that there already is a “wholesale central bank money settlement system with a major upgrade.” In addition, Bailey also expressed that there are no plans to abolish cash when it comes to retail use. The BoE governor does not believe that retail payments…
Gate US, a blockchain and digital asset infrastructure provider has received licenses to operate its exchange platform in several US states. Gate US has set its sights on becoming the leading blockchain and digital asset infrastructure provider in the US and will provide digital asset trading services to retail and institutional clients. Dr. Lin Han, Founder and President of Gate US as well as Gate Group, says that “Gate US is committed to regulatory compliance. In alignment with such commitments, Gate US has proactively registered as a money services business…
The central bank of Georgia intends to publish a document detailing the concept of a national digital currency in the coming months. Other participating parties will use it to finalize their proposals for the pilot which the monetary authority plans to initiate in the first half of the year. Financial Authorities in Georgia Gear Up for Digital Currency Trials The National Bank of Georgia (NBG) is going to release a ‘digital lari’ whitepaper, allowing potential partners to fine-tune their proposals for the test phase of the project. A pilot version…
The finance ministers from the eurozone countries have released a statement on the introduction of the digital euro after a meeting in Brussels. The Eurogroup meets regularly to discuss political dimensions of the potential digital currency, it said. The Jan. 16 statement coincides with the release of a European Central Bank (ECB) “stock taking” document detailing the progress of digital euro design. The Eurogroup statement addressed the need for the European Central Bank and European Commission to inform the Eurogroup and EU member states of developments in the creation of…
U.S. Congress’ “first ever” subcommittee on digital assets has been created as part of the House Financial Services Committee. “We want to create a regulatory legal framework for digital assets … that makes America a leader from an innovation point of view but also protects consumers and investors,” explained Congressman French Hill, who will lead the digital asset subcommittee. US Lawmakers Form ‘Congress’ First Ever Digital Assets Subcommittee’ The U.S. House Committee on Financial Services has created a subcommittee on “Digital Assets, Financial Technology and Inclusion.” Congressman Patrick McHenry (R-NC),…
The Legislative Assembly of El Salvador approved the Digital Assets Issuance Law, a framework that will allow the country to issue crypto-related debt instruments. The approved law, which was passed thanks to the majority that President Nayib Bukele has in Congress, serves as a base for the issuance of the long-expected volcano bonds. El Salvador Passes Digital Bond Law El Salvador has taken another step in the way of integrating blockchain technology with the financial operations of the state. The Legislative Assembly finally passed the Digital Assets Issuance Law, which…