Selected articles of the week:
The war in Ukraine has shown that cryptocurrencies can be used as an effective tool for financial transactions in war zones. After Putin’s declaration of war, crypto donations to Ukraine immediately exceeded $100 million. At the same time, the European Central Bank (ECB) expressed its concern about the use of cryptocurrencies to circumvent international sanctions. In response, the G7 and the EU announced measures to restrict the use of digital currencies for sanctions evasion. The regulatory aftermath of the ongoing war is characterized by an increased concentration and acceleration of the development and implementation of crypto regulatory frameworks worldwide.
The war in Ukraine has had a significant regulatory impact on crypto intermediaries such as exchanges as well as DeFi projects. An overview.
Blockchain technology can be used to make financial market infrastructures more transparent and efficient. The Monetary Authority of Singapore (MAS) wants to evaluate the economic potential and benefits of tokenized securities in combination with decentralized finance (DeFi) applications in a pilot project in collaboration with the local financial industry.
In a pilot project, Singapore’s central bank wants to explore the benefits and risks of digital securities and DeFi applications.
India is following China’s footsteps and is pushing ahead with the development of a central bank digital currency (CBDC). The annual report of the Indian central bank lays out a rough timetable for its introduction. Pilot projects are expected to be launched by the end of the year, using the new financial law to serve as the basis for a digital rupee.
India is ramping up their efforts surround a digital rupee managed by the central bank (CBDC), which is planned to launch in 2022-23.
Since the introduction of the new DLT law, it has been possible in Switzerland to offer shares to a wider audience without launching a traditional IPO. This week, the largest crowdfunding platform in Switzerland, WeMakIt, took advantage of this option. However, the project encountered headwinds from unexpected quarters.
Swiss crowdfunding platform WeMakeIt is turning to blockchain technology as it digitizes its company shares.
In addition: May turned out to be a tough month for the crypto industry. Increasing inflation put pressure on international markets. Potential bans on proof-of-work came up on the agenda of individual EU countries and the collapse of the largest algorithmic stablecoin put regulators on notice. Furthermore, inflation-plagued Argentina banned its financial institutions from offering crypto services.
A summarizing monthly review of what’s happening in the crypto markets in cooperation with the Swiss specialist 21Shares AG.
