26 articles found
📣 New Zealand's Central Bank Governor Criticizes Stablecoins
At a parliamentary committee session, New Zealand central bank governor Adrian Orr voiced his skepticism towards stablecoins, labeling them as inherently unstable. He argued that their reliability is solely contingent on the financial reserves of the issuing entity. The governor also dismissed the notion of Bitcoin or any similar cryptocurrency as a viable substitute for fiat money or a store of value.
🔥 Under-the-Radar Crypto Trading Flourishes in China
Introducing Drex: Brazil's CBDC receives Its distinct identity
Brazil's Central Bank has officially christened its digital currency as 'Drex', moving away from its previous moniker, the digital real. The visual identity of Drex has also been released, featuring two arrows, with one integrated into the uppercase 'D', illustrating the transition of Brazil's conventional fiat currency to its digitalized form. Does the green hue symbolize perpetual growth?
📣 Elon Musk Shows Little Interest in Cryptocurrencies
Elon Musk has shared his relatively indifferent stance towards cryptocurrencies, considering money primarily as a database for resource distribution. He opined that fiat currencies are quite capable of serving this purpose effectively, provided that governments don't abuse the system and fuel inflation.
Singapore High Court: Cryptocurrency Equated with Fiat Money
In a pivotal ruling on July 25, Judge Philip Jeyaretnam of the Singapore High Court declared cryptocurrency as personal property, placing it on par with fiat money. Judge Jeyaretnam's elucidation is notable for the legal status of digital assets. It was stemmed from a case where ByBit accused its former employee, Ho Kai Xin, of illicitly transferring approximately 4.2 million USDT from the company's coffers to personal accounts. The court mandated Ho to return the funds to cryptocurrency exchange.