NFT News by Thebittimes.Com

The latest financial stability report from the People’s Bank of China reveals a distinct section for crypto - assets . According to the report released on Dec. 22, the strategic inclusion of this section aims to bridge data gaps, alleviate fragmentation, and eradicate regulatory arbitrage while addressing the role of the Financial Stability Board (FSB) in a comprehensive paragraph focusing on the regulation of crypto assets. The report reveals that the cryptocurrency market constitutes 1% of the global financial system, emphasizing its relatively confined association with traditional finance while highlighting several potential risks associated with cryptocurrency regulatory arbitrage, citing concerns about susceptibility to hacker attacks, market manipulation, and defi governance mechanisms. You might also like: China accelerates CBDC pilot with cross-border precious metals transaction Notably, the report highlights specific instances, such as the Terra ecosyst...

Join Our Telegram channel to stay up to date on breaking news coverage From 35 in May 2020, at least 114 central banks—representing 58% of all nations, which also produce 95% of the world’s GDP—are now studying central bank digital currencies (CBDCs). And a group of Bank of America cryptocurrency analysts are openly positive on the technology. ‘Digital currencies appear inevitable,’ says the conclusion of a recent research study. We see distributed ledgers and digital currencies like stablecoins and CBDCs as a logical development of the current financial and payment systems . The research analyzes the potential advantages and disadvantages of CBDCs—both in terms of their issuance and non-issuance—as well as various distribution strategies. The report includes a number of case studies that focus on the growth and difficulties of CBDC in particular economic blocs and countries. The outdated infrastructure and various inefficiencies of t...

Join Our Telegram channel to stay up to date on breaking news coverage Fundamentals of the global economy Despite the emergence of new issues, the economy is still recovering from the COVID-19 outbreak. Now that inflation is out of control, central banks are attempting to address the problem by hiking interest rates. The consumer price index (CPI) statistics for the United States, which was published on October 13 and came in higher than predicted (8.2% year-over-year), had a negative effect on the price of bitcoin. However, the global economy is also dealing with the energy crisis, which is impacting Europe more than the United States because of its heavy reliance on Russian natural gas and raw materials. This issue is not limited to inflation. The conflict in Ukraine and the following sanctions against Russia increase geopolitical unrest and economic uncertainty on the eastern side. Additionally, one of the largest economies in the world is being threatened by the Evergrand...