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13.07. [News of the day] • Vietnam is planning a CBDC pilot project through state-owned banks • and other articles

4 min read
CBDC
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Welcome to today’s overview of crypto newss:

MARKETS

Despite the minimal volume of trades, BTC really added value over the weekend. BTC rose from about $ 33,000 to $ 34,000 on Sunday and continued to rise yesterday. This peaked at a daily high of just under $ 34,800. At this point, however, the bears intervened and prevented further growth.

In the following hours, the value of BTC began to decline and lost more than $ 2,000. As a result, the price of BTC dropped to a minimum of around $ 32,600. Since then, it has rebounded and recovered $ 33,000, but on a 24-hour scale, BTC is still more than 3% lower.

Altcoins also imitated the movement. An example is ETH, which fell from $ 2,150 to $ 1,980 in one day. The second largest cryptocurrency thus broke the $ 2,000 mark for the first time in more than two weeks. However, the ETH has also responded well to this decline and is currently above this particular level.

Cryptocurrencies

British police confiscated additional cryptocurrencies worth $ 250 million

The British Metropolitan Police announced today that they had seized almost 180 million pounds (about 250 million USD) of cryptocurrencies as part of an ongoing investigation into international money laundering.

It is not clear which cryptocurrencies are affected by the seizure. Police declined to say whether it was BTC, as reported by some news sites, or whether it was another cryptocurrency. The new raid comes after the previous seizure of 114 million pounds ($ 150 million) in cryptocurrency at the end of last month.

China is exploring ways to classify cryptocurrency offenses

The Shanghai Prosecutor’s Office organized a seminar bringing together judges, police, prosecutors and scientists to discuss how cryptocurrency offenses fit into China’s current legal framework.

The prosecutor’s office said in a statement on Monday that there were uncertainties regarding the categorization of cryptocurrencies. Some consider them data, while others consider them property, which could lead to various charges of theft, robbery, fraud and money laundering.

Yu Haisong, head of the criminal cases department at the Supreme Court’s research office, said at the seminar that virtual assets are property assets, but that it remains unclear in the law whether they can actually be classified as assets.

Banks, crypto exchanges, companies

Gemini plans to defeat Binance through compliance, wants to become the “fastest turtle” in the race

Gemini co-founder Cameron Winklevoss said the company expects to overtake the current largest crypto exchange by volume, Binance, and predicts that their emphasis on compliance will win as regulators increasingly combat unregulated exchanges.

Comments come at a time when Binance is facing increasing pressure from regulators, e.g. At the end of June, the Financial Conduct Authority informed Binance that it was not authorized to carry out regulated activities in the country. A bank blockade ensued when several high-level banks curtailed their customers’ activities with the stock exchange.

The Binance problem continues because Clear Junction is downloading

Binance has faced a number of regulatory issues in recent weeks. Following similar steps by Barclays and Santander, Clear Junction, a player in the field of payments, also suspended its activities at Binance.

The Financial Conduct Authority, or FCA, heads the UK’s regulatory oversight of finance. At the end of June 2021, the FCA decided that Binance Markets Limited, or BML, must cease its activities in the United Kingdom. Against this FCA move, Binance noted that BML is a separate entity.

Following the FCA report and other regulatory concerns regarding Binance, Barclays has suspended the possibility for customers to use payment cards for Binance’s activities. Subsequently, the British branch of Santander decided to suspend the interaction of customers with the cryptobourse.

CBDC, Regulation

The UAE has announced a plan to launch the CBDC

The United Arab Emirates plans to introduce the central bank’s digital currency as early as 2023, according to Gulf News in a plan for the economic future of the Gulf state. This plan for 2023-2026 includes seven objectives, including the introduction of the CBDC, to place the UAE among the world’s top ten countries in the digital transformation of the financial sector.

The key focus will be on artificial intelligence and big data payments and insurance solutions, which will also be linked to the country’s digital identification infrastructure service, UAE Pass, which gives citizens access to multiple government services through a single application.

Gulf News also announced the launch of a survey entitled “Survey of Future Expectations and Needs of Partners” to help the UAE achieve the goal of “becoming the best country in the world” set for the centenary of 2071. This survey, which will take place on 15 July , you can now participate online.

Vietnam is planning a CBDC pilot project through state-owned banks

According to the July 12, 2021 issue of the Nikkei Asia, the Vietnamese government’s decision to examine the development of the CBDC follows Prime Minister Nguyen Xuan Phuc’s June 942 decision. The goal of the strategy is to create a digital government between 2021 and 2025.

Binh Nguyen Thanh, Fintech-Crypto Hub coordinator at RMIT University Vietnam, said that an e-Government growth strategy could facilitate the construction of the CBDC. Thanh also suggested that the Vietnamese government could monitor ongoing digital currency initiatives in other countries.

Thanh also said that Vietnam was working to set up a fintech regulatory sandbox, which could include a digital currency pilot project. CBDC, on the other hand, is not a substitute for a Vietnamese dong.

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