BitDigest October 14 · Issue #762
- Crypto prices inch downwards in 24-hour trading
- The Financial Stability Board issues recommendations to provide oversight and clarity for stablecoins
- Russia and Australia announce efforts to actively investigate CBDC
DCEP: A Libertarian Dream or Tyrannical Nightmare
I am a big proponent and advocate of digital currencies, but I try to be pragmatic and one of the sayings we have repeated in our office for the past several years is that the use of digital currencies by sovereign nations would lead to a ‘libertarian dream becoming a tyrannical nightmare.”
Trustnodes has authored an opinion piece that warns of China’s Digital Currency Electronic Payments (DCEP) being a “Totalitarian Nightmare.” They explain that there is “nothing crypto” about the DCEP calling it a “master and slave system with the central and commercial banks sharing one ledger, but the central bank is the master in as far as it can print however much yuan it wants in that ledger, while the commercial banks are the slaves in as far as they can only read what orders the central bank has given.” This master – slave structure cascades to a similar relationship between the banks and general public. Trustnodes conclusion is that the DCEP is about surveillance giving the Chinese government “absolute power over 1.4 billion people.”
The Headlines
FSB Calls for Oversight of Global Stablecoins
G7 Issues Ransomware Warning for Virtual Assets
OECD Highlights Crypto in G20 Tax Update
ECB Releases Public Questionnaire on Digital Euro
Russia Investigating Issuance of Digital Ruble
Russia to Limit Purchase of Crypto by Unqualified Investors
Spain Preparing Bill to Force Disclosure of Crypto Assets
Reserve Bank of Australia Watching CBDC Developments
Germany Building Blockchain Energy Registry
Russia Blocking access to LocalBitcoins' Servers
Marathon Announces JV to Access Low Cost Energy
Fidelity Issues Bitcoin Investment Thesis Part 2
Chainalysis Revenue Up 100%
Stone Ridge Announces $110 Million in Bitcoin in Treasury Reserves
Revolut Close to Applying for Californian Bank Charter
Thoughts on the Ecosystem
US Sending Message with BitMEX
‘DeFi’ the New ‘Blockchain’ for Investors
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