House Republicans Advance Bill to Block Federal Digital Dollar Development
The House Financial Services Committee has approved legislation preventing the Federal Reserve from creating a central bank digital currency (CBDC), citing privacy concerns. The CBDC Anti-Surveillance State Act, led by Rep. Tom Emmer, aims to protect citizens from potential government surveillance of financial transactions.
Tom Emmer Named Vice Chair of Digital Assets Subcommittee, Signaling New Era for Crypto Oversight
Rep. Tom Emmer's appointment as vice chairman of the House Digital Assets Subcommittee marks a significant shift in cryptocurrency regulation leadership. His strong pro-crypto stance and track record of legislative initiatives, including the CBDC Anti-Surveillance State Act, position him to shape the future of digital asset policy.
Oklahoma Senator Introduces Groundbreaking Bitcoin Payment Legislation
Oklahoma State Senator proposes the Bitcoin Freedom Act, enabling voluntary Bitcoin adoption for wages and payments across the state. The legislation aims to provide financial sovereignty while opposing CBDCs, building on the state's existing support for cryptocurrency innovation.
China's Latest Crypto Crackdown: New Rules Target Cross-Border Transactions
China unveils strict regulations requiring banks to flag and potentially block crypto-related cross-border transactions, adding to its existing restrictions on cryptocurrency activities. While China maintains its hardline stance, other nations have taken varied approaches to crypto regulation, with some previously restricted countries now considering legalization.
Cambodia Embraces Regulated Stablecoins While Maintaining Bitcoin Ban
Cambodia's central bank has authorized commercial banks to handle specific cryptocurrency services, focusing exclusively on backed digital assets while maintaining restrictions on Bitcoin. The groundbreaking directive includes strict consumer protection measures and requires explicit regulatory approval for crypto-related services.
Japan Eyes Bitcoin Integration into National Reserves Amid Economic Strategy Shift
Japanese lawmaker proposes incorporating Bitcoin into national foreign exchange reserves, marking a potential turning point for cryptocurrency adoption at government level. The initiative emerges as Japan explores innovative financial strategies following its recent drop to fourth-largest economy globally.
Bank of England Explores Zero-Knowledge Proofs for Digital Pound Privacy
The Bank of England is investigating privacy-enhancing technologies, including zero-knowledge proofs, for its digital pound initiative. The research aims to give users better control over personal data while maintaining regulatory compliance, with the central bank partnering with MIT's Digital Currency Initiative.
Central Banks Abandon CBDCs in Favor of Instant Payment Systems
According to the OMFIF Future of Payments 2024 survey, central banks are shifting away from CBDCs with only 13% support, while 47% now favor Instant Payment Systems for cross-border transactions. The trend indicates a clear preference for practical, proven solutions over experimental approaches in modernizing international payments.
Brazil Considers $18.6 Billion Bitcoin Reserve in Pioneering Financial Strategy
Brazilian lawmaker proposes groundbreaking bill to allocate 5% of national reserves to Bitcoin, aiming to hedge against economic risks and support the country's digital currency initiatives. The legislation would position Brazil among the first nations to integrate cryptocurrency into sovereign reserves while promoting blockchain education and crypto sector development.
Former Chinese CBDC Chief Ousted from Communist Party Amid Massive Corruption Scandal
Yao Qian, who pioneered China's digital yuan research, has been expelled from the Communist Party following allegations of extensive bribery involving cryptocurrency and other assets. Despite the scandal, China's CBDC program continues to thrive, processing nearly $1 trillion in transactions through June 2024.