In our “National Cryptocurrencies” section, we cover government-backed digital currencies and state initiatives related to blockchain technology. Here you will find news about central bank digital currencies (CBDCs), national crypto projects, and the role of digital money in modern economies. Read the “National Cryptocurrencies” section on ForkNews to stay informed about how countries are developing their own digital currencies.
The Bank of Korea (BOK) plans to issue guidance on cryptocurrency transactions, including a plan to issue a central bank digital currency (CBDC) in the first half of this year.
The Venezuelan News Agency (AVN) reports that the pre-sale of the national cryptocurrency El Petro raised more than $3.3 billion.
“Only me and the NBU are creating a national crypto in Ukraine,” said Mikhail Chobanyan, founder of KUNA Bitcoin Agency and co-founder of Bitcoin Foundation Ukraine. According to him, eUAH is a fake.
Venezuela's national cryptocurrency Petro was launched at the end of February and, as stated in its technical documentation, is backed by the country's oil reserves. The currency has previously been considered controversial due to its alleged evasion of US sanctions, with the Venezuelan president even sarcastically calling it “the kryptonite that will help the country fight Superman.”
RBI representatives have recognized the potential of Blockchain technology and digital assets for the financial system and believe that they should be actively used in the interests of the national economy. India's national regulator, the Reserve Bank (RBI), has created an inter-ministerial commission to study the use of government-owned cryptocurrencies as legal tender and the implementation of its CBDC. The interdepartmental group will present the first findings in June this year.
From the Marshall Islands to Russia, everyone is involved in the discussion of this year's top topic - cryptocurrency. After digital currencies took investors on a rollercoaster ride, central banks began to seriously consider issuing national cryptocurrencies. These currencies will not become second-rate players. In contrast, central bank support can have a significant impact on individual clients, commercial creditors and the international monetary system.
Bitfinex, the largest cryptocurrency exchange, issued a statement banning transactions with Venezuela's Petro, the world's first national cryptocurrency. The exchange views Petro as an attempt to circumvent US economic sanctions against the Venezuelan government.
In April, transactions for the purchase and sale of real estate in petro will be allowed, President Nicolas Maduro said. The government will also finance the construction of 236,000 new homes using funds from the pre-sale of oil-backed cryptocurrency.
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