Home > NEWS > Anti-CBDC bill in the US, no algo stablecoins for Canada: Law Decoded, Feb. 20–27

Anti-CBDC bill in the US, no algo stablecoins for Canada: Law Decoded, Feb. 20–27

United States Representative Tom Emmer introduced legislation in the U.S. House of Representatives that could prevent the Federal Reserve from issuing a central bank digital currency.

Last week, information such as inspections was relatively quiet, but there were some special regional dynamics at the regulatory level. Tom Emmer, a US congressman abroad, has given a law in the US House of Representatives that may block the sale of central bank digital currency (CBDC) at Fed meetings. According to the Arkansas lawmaker, the bill could ban Fed meetings from selling digital dollars to everyone "immediately", prohibit central banks from implementing fiscal policies under the CBDC, and require clarity on projects related to digital dollars.

The Australian securities administrator issued a notice describing its expected new service commitment to find a Canadian-registered encrypted asset trading website. A new performance pledge involves asset segmentation, financial leverage, asset clarity, clarity and many other issues. Most notably, it is expected to strictly prohibit algorithm stable numbering.

In the joint declaration of the three US institutions, some people suggested that commercial banks do not have to establish a new risk control standard to deal with the interest rate risk caused by the vulnerability of the market for the sale of encrypted assets. The Federal Reserve meeting, the Federal Deposit Insurance Corporation and the Bureau of Monetary Engineering Supervisors issued a statement reminding financial institutions to apply existing risk control standards when faced with interest rate risks related to login passwords.

By July 2023, the Financial Stability Board, the International Monetary Fund (IMF) and the Bank for International Settlements will submit documents and recommendations to regulate the world's login password control framework. The announcement was made through the meaning of the world's 20 largest economies, a system of economic development known as the G20.

The International Monetary Fund says it is not encrypted as legal tender

The IMF Executive Board approved an existing policy framework for encrypted assets that does not give official online currency or legal tender influence to encrypted assets. The industry report "key points of current policies for the reasonableness of encrypted assets" establishes a framework of nine existing policy standards related to macro-finance, legal and regulatory regulation, and international coordination. According to the first standard, maintaining the long-term stability of currency sovereignty "does not grant the official online loan currency or legal tender influence of encrypted assets".

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The small expression is regarded as an accounting proposal and has consequences.

The judge of the District Court of the Southern District of New York ruled that small expressions such as rocket ships, stock data charts and wallets illustrate the accounting benefits of the investment. Victor Masant, the chief judge of the federal government, confirmed Dapper Labs's resolution to dismiss the revised complaint, alleging that the company's NBA Top Shoot violated safety laws and regulations at all times. Machine pioneer Masant wrote: "although the literal word 'profit' is not included in all tweets, but the small expressions of 'rocket ship', 'stock data chart' and 'wallet' represent one thing objectively: the economic development gains invested."

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SEC questions Binance.US 's bid for Voyager assets

The Foreign Securities and Exchange Commission (SEC) boycotted Binance.US 's recovery of bankrupt encrypted currency credit company Voyager Digital exceeding $1 billion in assets. SEC has announced an investigation into whether Binanc.US and related borrowers have violated the risk control system and registration provisions of the Federal Securities Act. The agency stressed that the safety of assets resulting from the planned recovery is particularly worrying. According to regulators, the information provided in the planned Voyager asset recovery is not enough to outline whether Binance.US or a third party in the relationship can browse customers' wallet keys and control anyone who can browse such wallets.

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Nigeria talks with companies headquartered in New York on CBDC renovation

After repeatedly trying to create an efficient digital currency, Nigeria's central bank has asked a New York technology company to update its basic technology. According to industry insiders, the Nigerian financial government has discussed with the company's New York-based Technology Co., Ltd. R3 to develop a new and comprehensive plan for improvement. Although Nigeria is one of the first countries to run CBDC in China, the progress of eNaira in Nigeria is slow from the beginning, and the selection rate of population is very low. According to some sources, the frontier-breaking project is desperate, with only 0.5 per cent of Nigerians using CBDC.

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by wjb news
© 2023 WJB All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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