Weekly Digest: From Crypto at Congress to new CBDCs (6-Dec-2021 to 12-Dec-2021)
This last week saw the continuation of global Central Bank Digital Currency (CBDC) trails as well as calls for clearer regulations in across the crypto space. Reddit also made headlines this week with its introduction of community-owned tokens, and Bitcoin rises over $50,000.
Top executives from six major cryptocurrency firms, including Coinbase and Circle, met with US Congress this week to urge lawmakers to provide clearer regulations surrounding the multi-trillion dollar industry. The executives called for the amendment of existing rules, asking Congress to work with them to create tailored and bespoke regulations for the industry that would avoid unnecessary risks.
French and Swiss Central Banks prepare for their own CBDC
The central banks of France and Switzerland have hailed their first trial of cross-border digital currency (CBDC) to be a success. The venture called Project Jura is one of the latest trials of central banks creating their own digital currency to combat the threat of decentralised crypto assets.
Reddit introduces ETH-based Community Points program
The popular social media platform announced its Community Points beta program allowing users to “own a piece” of their community with “custom tokens” for subreddits. “Community Points are the first step towards a different future for online communities,” Reddit’s description of the new program states. “These tokes live on blockchain, which means they are truly owned by the community. Over time, your community will benefit from even greater control and independence… on and off Reddit.”
Australian Treasurer Josh Frydenberg mentioned in an interview with 7News that the Australian Government is working with Reserve Bank of Australia (RBA) to “look into the feasibility of introducing a Central Bank Digital Currency (CBDC)” he said. This announcement follows Australia’s plan to roll out new cryptocurrency regulations aimed to place the country among “a handful of lead countries in the world” said Frydenberg.
OVER THE WEEKEND – Bitcoin bounces back past $50k
On Sunday Bitcoin rose 2.1% to $50,445.34 making a slight comeback after last week’s dramatic drop. Bitcoin still sits up 81.9% from this year’s low of $27,734 from January. Projections are looking less likely for the coin to surpass $100,000 as was previously anticipated.