Cryptocurrency has come a long way—from a fringe concept known only to tech-savvy circles to a key player in the global financial ecosystem. As digital assets gain more mainstream acceptance, governments and regulators worldwide are working to figure out how best to fold them into existing financial and legal frameworks.
President Sadyr Zhaparov made Kyrgyzstan one step closer to becoming part of the few countries operating central bank digital currencies (CBDCs). He signed on constitutional amendments, which introduced the legal framework for the digital som. This legislation outlines the future CBDC launch framework. Meanwhile, the National Bank of the Kyrgyz
AUSTRAC, Australia’s anti-money laundering regulator, moved against 13 cryptocurrency companies under its overall operation of cracking down on non-adherence to money laundering laws. Over 50 more companies continue to be watched. The probe, which commenced more than a year ago, aims to confirm that cryptocurrency exchanges and digital currency providers
In today’s digital era, money is evolving fast. From cash transactions to online payments, the way we handle money has drastically changed. As physical cash becomes less common, especially during the COVID-19 pandemic due to hygiene concerns and cash shortages, more people are turning to digital transactions. Since then, banks
On Monday, Brazil’s central bank unveiled its imminent central bank digital currency (CBDC), named “DREX,” which is set to launch next year. The purpose behind this initiative is to enhance the country’s financial services through the utilization of this digital currency. The central bank of Brazil revealed the new CBDC
Nigeria’s digital revolution took a bold step forward on Wednesday, May 3rd, as Prof. Ibrahim Pantami, Minister of Communications and digital economy, spearheaded the adoption of blockchain technology on a national level. BREAKING: The Federal Executive Council today approved @FMoCDENigeria’s National Policy on Blockchain. What this means is that @NigeriaGov
The Central Bank of Montenegro (CBCG) has agreed to work with cryptocurrency and blockchain solutions provider Ripple to create a plan and pilot project to introduce the nation’s first digital currency in the form of a Central Bank Digital Currency (CBDC) or national stablecoin. Montenegrin Prime Minister Dritan Abazovic first
Nigeria has significantly reduced the daily cap on cash withdrawals from ATMs to encourage the usage of ‘eNaira,’ the Central Bank of Nigeria’s digital currency (CBDC). Individuals and organizations, who violate the government-imposed restrictions will be penalized between 5% and 10%. To enhance digital currency circulation the central bank restriction
Indonesia’s Central Bank on Wednesday revealed a planned white paper for a digital rupiah currency that will utilize blockchain technology as the country experiences a spike in digital transactions since 2020. Its been a year since Bank Indonesia (BI) tried to expose the potential of introducing its own digital currency
Macau’s Executive Council proposed a bill that would have the intention to accept CBDC as a legal Tender. The government has not set a date or defined which digital currencies will accept. The Chinese special administrative region of Macau, which has a thriving gambling industry. It has declared its intention
