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Cryptocurrency News Digest: June

The June edition of the Exeno News Digest is out. This month, we cover two of the world’s leading economies’ CDBC strategies, the recent cryptocurrency developments in India, and how Ethereum is being used for crypto-backed loans.

Cryptocurrency News Digest

Cryptocurrency is increasingly making the global headlines. We’re overjoyed by it; after all, we do believe cryptocurrency is the future. That’s why we launched the Exeno store. Using an innovative approach, our e-commerce platform lets you purchase goods directly with crypto, without the need for FIAT conversion. Quite handy, as the recent news shows digital currencies are becoming increasingly widespread. Let’s dive into the details! 

The Bank of France and Swiss National Bank to test CBDC for wholesale lending 

On June 10th, The Bank of France and the Swiss National Bank revealed their joint plans for CBDC adoption. The initial trial will not focus on regular public transactions, but rather on the bank-to-bank wholesale lending market. The main participants are Switzerland’s UBS, Credit Suisse, and France’s Natixis.  

The banks’ collaboration on CDBC testing is likely the next step towards European and global adoption of digital currency. It comes at a time of intense discussions surrounding the digital euro, demonstrating that the digital currency movement has truly made it to the old continent. 

The highly anticipated experiment will mark the first thorough test of the digital euro and digital Swiss franc. Many countries plan to follow suit shortly, aware of the benefits that come with digital currencies. 

India is about to move from completely banning Bitcoin to regulating it 

The New Indian Express has claimed that the Indian government plans to change its stance on bitcoin, moving towards regulating the cryptocurrency instead of banning it. The July parliamentary session is said to discuss legislation classifying cryptocurrencies as alternative assets. Indian crypto experts are likely already in talks with the finance ministry, negotiating fair regulation. The news comes as the Reserve Bank of India has instructed private banks to cease avoiding transactions using virtual tokens, per the recent ruling of the Supreme Court. However, the specifics regarding cryptocurrency regulations are currently still up in the air. 

This major change in India’s stance on crypto may be related to El Salvador’s recent adoption of Bitcoin as legal tender. Businesses operating in the country are now legally obliged to accept the cryptocurrency. The change reflects a wider need for crypto to be a legal and convenient payment method

Crypto custody bank Anchorage Digital now offers Ethereum-backed loans for institutions  

Digital bank Anchorage is expanding its range of services to include crypto-backed loans for institutional clients. The addition of this USD line of credit backed by Ethereum was realised through a partnership with BankProv, one of the oldest commercial banks in the United States.

The client’s ETH assets held in the bank will be used as collateral should they fail to repay the loan in USD. Consequently, the amount one can be expected to borrow grows with the size of their ETH holdings. 

Anchorage’s new collateral management strategy is a great example of how cryptocurrency can be used within the traditional financial system. Not wanting to be left behind, other banks are now likely to join the next-generation high-tech banking club. 

Get ready for the new crypto facts and news on Exeno

Sources:  

https://www.reuters.com/business/finance/french-swiss-central-banks-trial-wholesale-digital-currencies-2021-06-10/

https://www.newindianexpress.com/business/2021/jun/10/after-el-salvador-india-may-move-to-classify-bitcoin-as-an-asset-class-2314097.html

https://cointelegraph.com/news/digital-bank-anchorage-offers-ethereum-backed-loans-to-institutions

https://medium.com/anchorage/anchorage-digital-adds-ethereum-backed-loans-for-institutional-clients-264fc26225d9

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