Inflation has been a major concern for investors in recent months, but it has started to come down in recent weeks. This could be making investors more confident in the overall economy, and therefore more willing to invest in riskier assets like cryptocurrencies.
Overall, the crypto market is expected to remain relatively flat shortly. However, there are a few positive factors that could lead to some upside in the coming weeks. These factors include the ongoing decline in inflation and the potential approval of a Bitcoin ETF in the United States.
Jinan Takes Giant Step Towards CBDC Adoption
Jinan is leading the way in China’s adoption of the digital yuan by making it possible to pay for bus rides with the CBDC on all of its routes. This is a major step forward for the digital yuan and could lead to its wider adoption in China.
Jinan is one of the first cities in China to make it possible for citizens to pay for bus rides with the digital yuan by updating all of its card readers and bus route software. This is according to the local media outlet Shunwang-Jinan Daily.
Jinan is offering a way for passengers to save money on bus rides by paying with the digital yuan. Passengers can get up to two discounted rides per day and a maximum of six discounted rides in a month. This is a limited-time promotion to encourage the use of the CBDC.
Hong Kong to Join Stablecoin Race
Hong Kong is considering launching a stablecoin called HKDG that would be backed by its foreign exchange reserves. This would make HKDG a more stable option than other stablecoins, which are often not backed by anything.
A new report was co-authored by a few experts, including Wang Yang, Cai Wensheng, Lei Zhibin, Wen Yizhou, and Wang Yang, suggesting that Hong Kong should launch its stablecoin, HKDG, backed by its foreign exchange reserves. Wu Blockchain was the first to report the news.
The experts are confident that a Hong Kong Dollar-pegged stablecoin can make a difference in Hong Kong’s financial landscape. They believe that it can make financial services more accessible, payments faster and cheaper, and the fintech industry more robust.
UK Crypto Firms Must Comply with FCA Rules
The FCA, the UK financial regulator, is taking a cautious but progressive approach to regulating crypto assets. In a July 4 letter, the FCA outlined several legal ways for firms to promote these products to consumers.
This is a move to ensure that consumers are protected from the risks associated with crypto assets, while also allowing firms to market these products in a way that is consistent with the FCA’s mission to promote fair and orderly markets.
Companies that want to advertise crypto assets in the UK have a few options. They can register with the FCA’s MLRs, be authorized by the FCA, or get approval from a specifically authorized individual.
India’s Solution for Cross-Border Payments
The Reserve Bank of India (RBI) is in discussion with other central banks to use its central bank digital currency (CBDC), the “digital rupee”, for cross-border payments. This could make international trade and investment more efficient and less costly.
The RBI is reportedly looking to use its CBDC, the digital rupee, to make foreign trade more efficient and less costly. RBI Governor Shaktikanta Das has discussed these plans in multiple public statements, according to a June 27 article in The Economic Times.
Bitcoin Mining Booms in UAE
The UAE is a country that is rapidly becoming a major player in the global Bitcoin mining industry. The country has several factors that make it attractive to miners, including its pro-Web3 stance, its abundance of free trade zones, and its growing contribution to the Bitcoin mining hash rate.
Marathon Digital and Zero Two announced in May that they would be building two mining sites in Abu Dhabi. These sites are expected to have a combined capacity of 250 MW, which would make them the largest Bitcoin mining operations in the Middle East. This announcement marked the start of the UAE’s mining adventure.
Abu Dhabi is well-positioned to become a major player in the global cryptocurrency mining industry. The emirate has abundant energy resources, thanks to its oil and gas reserves, and a convenient location, as it is located in the Middle East, which is a time zone that is convenient for miners around the world.