A Deutsche Bank report has warned that central bank digital currencies (CBDCs) will replace cash in the long run—and unless the U.S. and Europe step up their game, they could be forced to rely on digital assets rolled out by the likes of Sweden and China.
U.S. election: How will Biden’s win affect Bitcoin?
Crypto experts say it doesn’t matter what the 77-year-old thinks about digital assets—instead, we should focus on who he appoints to key positions
he question now is where Biden’s ascension to the Oval Office leaves Bitcoin. Will the presumed Democratic president-elect adopt a less hostile attitude toward digital assets than Donald Trump, who publicly declared that he was “not a fan” of cryptocurrencies? And will his new administration pursue a central bank digital currency (CBDC) with greater urgency than the U.S. Treasury under Steven Mnuchin, who said a digital dollar wasn’t needed until 2025?
Blockchain bill passes the House for the first time
Rep. Darren Soto, who authored the Blockchain Innovation Act, says the technology ‘has an incredible amount of potential for innovation and economic growth’
Soto said the cross-departmental study into blockchain would serve as an “educational function” for members of Congress, and ultimately pave the way for “more actionable, blockchain-focused legislation.” He added:
China’s digital yuan is coming to Beijing, Hong Kong
The country announced a major expansion of its central bank digital currency test, taking it from four cities to the capital, economic engine Hong Kong, and several provinces including wealthy Guangdong
China’s Commerce Ministry said on Aug. 14 that it is expanding its central bank digital currency experiment to the capital and some of the country’s wealthiest regions, the Wall Street Journal reported.