Research and development of the multinational central bank, the "close supervision" of the cryptocurrency is underway

By the end of the year, many mid-sized banks had announced the latest developments in their research and development in the area of ​​digital banking and working hours. Other related questions have also been published.

India: pilot project will start in April next year

Vasudevan, director of payments and real estate at the Central Bank of India, recently revealed that India has been successful. The potential of central bank digital currencies has been extensively explored, including for achieving potential goals, establishing distribution and analysis processes, and improving sales capacity. .

Regarding how financial institutions in India are harnessing digital advantages, the head of the financial institution said, “We are now investigating whether financial institutions can a bank provide the services associated with the benefits directly through an intermediary, but more importantly, the technology is decentralized. ”Or make sure to use 'semi-centralization'.

Brazil: Release scheduled for 2024

In November, Brazilian Roberto Netu, the company's chief financial officer, confirmed that the medium-term digital pilot project would start in 2022. In September this year, Fabio Araujo, chief financial officer of the Central Bank of Brazil, told the Brazilian Senate that "the digital banking system can begin to be tested in early 2022 and will be launched in 2024."

Peru: start of R&D work

Peruvian Central Bank President Julio Velarde also announced this month that the Peruvian Central Bank has started researching and developing a digital banking institution. However, he also pointed out that the national R&D project still lacks the necessary resources and there is still a long way to go before it can be designed and completed.

Japan: An independent business community promoting digital advantages.

The Bank of Japan's digital assets have entered the proof-of-concept phase since April of this year. These tests are expected to begin in April 2022.

On November 24, a joint venture of about 70 Japanese companies announced that they would try out the digital currency to yen over the next several months, including those announced for fiscal year 2022. Release.

As promoters of the partnership, staff at DeCurret, a local currency exchange office in Japan, temporarily named the digital currency "DCJPY" and backed it up with a deposit. In banks, use a collaborative platform for large remittances and exchanges.

Toshihide Endo, Director of the Financial Services Agency of Japan and current consultant for DeCurret, said: monetary system.

Many countries are tightening cryptocurrency controls.

As central bank research and development on digital currencies has accelerated in some areas, oversight of private cryptocurrencies has shown signs of tightening.

According to local media, the Central Bank of India is expected to present a cryptocurrency regulation bill at the November 29 "Cryptocurrency and Official Digital Currency Regulation Act 2021" spring conference. ", which aims to ban private cryptocurrencies in India. home delivery.

It is understood that the Home Office, the Ministry of Finance and the Central Bank of India have repeatedly discussed the need for cryptocurrency regulation. Bank of India Chairman Shaktikanta Das added that the private cryptocurrency sector is unregulated by the government, so big business and the economy are at risk for all currencies.

The signal of close monitoring is fueling fears in the Indian cryptocurrency exchange market. On November 24, according to the Indian cryptocurrency exchange WazirX, Bitcoin fell more than 20%, from 4.3 million Indian rupees (around 57,700 US dollars) to 3.35 million Indian rupees (around 45 million US dollars).

Coincidentally, Brazil is still considering ways to strengthen the regulation of its own cryptocurrencies by law. Brazil's CFO Roberto Neto said the Brazilian central bank is considering sending a bill to the Senate to use cryptocurrency assets as fixed assets for regulatory purposes.

According to statistics from the Central Bank of Brazil, Brazilians bought $ 4.27 billion worth of cryptocurrency by 2021, and as of last August, Brazilians have held a total of $ 40 billion in crypto assets.

According to insiders, there is a link between the centralization of digital banking and the strengthening of the regulation of private cryptocurrencies, which will not only help to eliminate the illegal activities that affect the cryptocurrency industry, but will also be useful. in the future. When launching a central bank digital currency.