tl;dr
The Bank for International Settlements (BIS) and seven other central banks have published two papers on the legal and design considerations of central bank digital currencies (CBDCs). The papers explore privacy, interoperability, financial crime checks, cybersecurity, and more. They also discuss the...
The Bank for International Settlements (BIS) and seven other central banks have published two papers on the legal and design considerations of central bank digital currencies (CBDCs). The papers explore privacy, interoperability, financial crime checks, cybersecurity, and more. They also discuss the legal classification of a retail CBDC, privacy issues, and the security risks associated with centralized and decentralized CBDC designs.
Meanwhile, Schuman Financial has launched the first stablecoin under the Markets in Crypto Assets (MiCA) framework in France, called EURØP, which is euro-denominated and backed by cash and cash equivalents.
Schuman Financial obtained an Electronic Money Token (EMT) license by the French Autorité de Contrôle Prudentiel et de Résolution (ACPR) under MiCA, making it the first stablecoin issuer licensed under the European framework in France.
MiCA has changed the stablecoin sector across the EU, requiring stablecoin issuers to obtain a license from the relevant member state authorities to serve European users.
Despite stablecoins being a $198 billion market, the euro has failed to make its mark, with the top 10 stablecoins, accounting for 94% of the overall market cap, all being backed by U.S. dollars.
Russia's new law now treats digital assets as property and caps the tax on digital asset profits at 15%, amid a delay in the implementation of CBDC.