Kiffmeister’s #Fintech Daily Digest (05/24/2021)*

Banco Central do Brasil guidelines for the potential development of the digital real

Banco Central do Brasil published its guidelines for the potential issuance of retail central bank digital currency (CBDC). The project will focus on an unrenumerated digital real that will operate on a two-tier business model, with an eye towards cross-border interoperability and integration.

South Korea’s central bank moves to develop pilot digital currency

The Bank of Korea launched an open bidding process to select a technology supplier partner to research the practicalities of launching a distributed ledger technology-based two-tier central bank digital currency (CBDC) in a test environment. It’s slated to begin in August and continue through June of next year.  

China crypto mining business hit by Beijing crackdown

Crypto-asset miners have halted all or part of their China operations after Beijing intensified a crackdown on bitcoin mining and trading. Huobi suspended both crypto-mining and some trading services to new clients from mainland China to focus on overseas businesses. BTC.TOP, a crypto mining pool, also announced the suspension of its China business citing regulatory risks, while crypto miner HashCow said it would halt buying new bitcoin mining rigs. 

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