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India crypto app CoinSwitch chief calls for regulatory ‘peace, certainty,’ Reuters says

India needs crypto rules to resolve regulatory uncertainty, protect investors and boost the sector, CoinSwitch CEO Ashish Singhal said on Sunday, as reported by Reuters. “Users don’t know what will happen with their holdings – is government going to ban, not ban,” Singhal, who co-founded CoinSwitch, told Reuters at the World Economic Forum in Davos. “Regulations will bring peace … more certainty,” he added. While India’s central bank has in the past voiced concerns and even supported a ban on …

ECB’s Lagarde says while crypto has no worth, she would back digital euro: Politico  

European Central Bank President Christine Lagarde said that while crypto assets have no value, she would “guarantee” a digital euro because the ECB would stand behind it, Politico reported today, citing an interview. “I have said all along the crypto assets are highly speculative, very risky assets,” Lagarde told Dutch television show College Tour in an interview to be aired on Sunday. “My very humble assessment is that it is worth nothing. It is based on nothing, there is no …

UK financial regulator advises against rush to add crypto markets, Financial Times says

Britain’s chief financial regulator cautioned in a speech on Friday against adding crypto markets to his agency’s territory too quickly amid a government plan to make the UK a crypto hub, the Financial Times reported. The UK’s chancellor, Rishi Sunak, revealed plans in April to regulate stablecoins and issue an NFT as part of a bid to position the UK as a crypto hub, The Block reported at the time. Still, the head of the Financial Conduct Authority (FCA), Charles …

House Republicans seek more analysis on a possible US CBDC in letter to the Fed

Republican members of the US House Committee on Financial Services have sent a letter to Federal Reserve Chair Jerome Powell outlining the tasks they see as most salient in the path toward a central bank digital currency (CBDC). The Fed released a discussion paper on a possible digital dollar in January of this year. In that paper, the Fed identified the pros and cons of a CBDC and invited public comments to open the discussion on how a CBDC could …

Here’s why central bankers are in El Salvador talking about bitcoin

On Sunday evening, El Salvador’s President Nayib Bukele tweeted that the nation will be hosting more than 40 countries this week to discuss topics including the Central American country’s bitcoin rollout.  “Tomorrow, 32 central banks and 12 financial authorities (44 countries) will meet in El Salvador to discuss financial inclusion, digital economy, banking the unbanked, the Bitcoin rollout and its benefits in our country,” the tweet said.  Many interpreted this to mean that El Salvador, which last year made bitcoin …

Crypto CEOs are courting Brazil’s central bank as legislation moves through National Congress

CEOs from two cryptocurrency exchanges were scheduled to meet with Brazil’s Central Bank president Roberto Campos Neto in the past few days, indicating that talks between industry and the government are ongoing even as the country waits for lawmakers to potentially approve a new crypto regulation law.  As spotted by Brazilian publication Portal do Bitcoin, an official agenda showed a videoconference scheduled between Campos Neto and three Binance executives on Friday afternoon to discuss “institutional matters.” Binance CEO Changpeng Zhao …

Chile’s central bank says it needs more time to study CBDCs

Chile is still considering whether to move forward with a central bank digital currency (CBDC), in spite of previously disclosed plans to have a proposal ready by early this year.  In a preliminary report issued on May 11, Chile’s central bank said it needs more time to make a decision about whether to issue a CBDC. Reuters reported last September that it had planned to reach such a determination around the beginning of this year.  “The bank considers that there …

Nigeria’s markets regulator publishes set of rules for digital assets

Nigeria’s markets regulator has published 54 pages of regulations for digital assets, as the country may be stepping back from an earlier ban on cryptocurrencies. Last February, the Central Bank of Nigeria (CBN) issued a letter telling regulated financial institutions in the country to “immediately” close accounts connected to cryptocurrency-related activities, The Block reported at the time. Still, Nigeria’s young, tech-savvy population has eagerly adopted cryptocurrencies, often using peer-to-peer trading offered by crypto exchanges to avoid the ban, Reuters noted …

Central African bank regulator reminds member states of crypto ban, Reuters reports

Central Africa’s regional banking regulator reminded member states on Friday of its ban on cryptocurrencies, just weeks after the Central African Republic (CAR) made bitcoin legal tender, Reuters said. The reminder came after a chaotic week for crypto when the linked meltdown of the algorithmic stablecoin UST and Terra’s native Luna asset resulted in big losses for many of those involved. It also led to stoppages of the Terra blockchain and market trading halts as the circulating supply of Luna …

Argentina’s central bank blocks financial institutions from offering crypto

Argentina’s central bank (BCRA) announced today that financial institutions cannot enable their clients to carry out operations using digital assets, just days after two banks said they had opened up crypto trading to their clients.  On May 2, the major private bank Banco Galicia and all-digital Brubank both announced they would offer crypto trading to customers through the investment portals on their websites. But now, the central bank said that financial entities in the country cannot allow this kind of …