The People’s Bank of China (PBOC) released more details about its crypto-asset ban. The notice clarifies that crypto-assets are not legal tender in China, and reiterates what has been in place for years, namely, that all crypto-asset related activity is illegal, including derivative transactions and overseas virtual currency exchanges serving Chinese residents. The PBOC said it has also improved its systems to step up monitoring of crypto-related transactions and root out speculative investing.
“Circle announced that it is partnering with financial data aggregator Plaid to make it easier for consumers to move their money out of the bank and into Circle’s USDC stablecoin. Like its partnership with Visa, working with Plaid is another way for Circle to become more deeply integrated with networks that allow users to move faster between fiat and dollar-backed crypto tokens via the Automated Clearing House (ACH) network.”
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At the September 28-30 CordaCon2021, I’ll be providing an overview of recent retail #CBDC developments. You can register for the event here: https://www.cordacon.com
On October 4 I’ll be providing an overview of international work on retail CBDC and evolving thinking on motivations, system design and safeguards at The CBDC Conference. You can register for this and the full three-day (October 4-6) event here: https://www.cbdc-conference.com/index.php