Crypto Round-up: G20 Embraces International Collaboration for VDA Regulation; Ferrari drives up the crypto curve

In a sudden turn of events, Bitcoin (BTC) experienced a rapid surge, climbing from $27,900 to $30,000, triggered by a misleading report of a spot ETF approval shared by Cointelegraph. The post on social media platform X, which was deleted in half an hour, generated enough market buzz to cause nearly $100 million in liquidations within a single hour. However, this price rally was short-lived, as Bitcoin’s value subsequently plummeted back to $28,000 amid growing scepticism from analysts.

Apart from that, here are some of the top stories from the crypto industry
this week.

G20 adopts IMF-FSB Synthesis Paper on crypto regulation

The Group of Twenty (G20) has officially adopted the International Monetary Fund (IMF) and Financial Stability Board (FSB) synthesis paper on crypto regulation.

This marks a significant step toward establishing a global framework for regulating crypto assets and addressing the challenges and opportunities presented by digital assets.

By working together, member countries seek to create a more secure and conducive environment for the adoption of digital assets while mitigating risks associated with their use.

Japan Launches DCJPY, a Yen-Backed Digital Currency

Japan has announced the introduction of DCJPY, a digital currency backed by the Japanese yen. This initiative aims to drive financial innovation and promote the use of digital currencies in the country’s financial ecosystem.

By integrating a yen-backed digital currency, Japan is laying the foundation for a more efficient and accessible financial system, catering to the growing demand for digital payment solutions and decentralized financial services.

The leading issuer of the DCJPY, which will be backed by deposits in Japanese yen, will be the Aozora Bank, a commercial entity with 19 domestic branches in Japan.

Ferrari to Accept Crypto Payments for Its Cars in the US

Luxury car manufacturer Ferrari has announced to accept crypto payments for its vehicles in the United States. By integrating crypto transactions, Ferrari is catering to the evolving preferences of its tech-savvy clientele.

For its initial phase in the U.S., Ferrari has reportedly partnered with a major crypto payment processor, BitPay. BitPay will also verify the legitimacy of the digital currency, ensuring it does not originate from illicit activities, money laundering or tax evasion.

The luxury automaker plans to introduce crypto payments in Europe by the first quarter of 2024 and expand to other crypto-friendly regions after.

Mastercard Develops Technology to Tokenize CBDCs on Multiple Blockchains

Mastercard has unveiled a technology that enables the tokenization of Central Bank Digital Currencies (CBDCs) across multiple blockchain networks.

This development aims to enhance the accessibility and interoperability of CBDCs, allowing for seamless transactions and fostering the widespread adoption of digital currencies in various financial ecosystems.

By enabling the tokenization of CBDCs on multiple blockchains, Mastercard is contributing to the creation of a more inclusive and interconnected global financial infrastructure, paving the way for a future where digital currencies play a central role in everyday transactions.

Australia’s Reserve Bank Expresses Support for CBDC Adoption

The Reserve Bank of Australia (RBA) has reiterated the country’s openness to the potential adoption of a Central Bank Digital Currency (CBDC) as a cornerstone of the future of money.

Emphasizing the need for careful consideration and research, the RBA acknowledges the transformative potential of CBDCs in improving the efficiency and security of Australia’s financial system.

By embracing the possibilities of CBDCs, Australia aims to remain at the forefront of global financial technology developments and ensure the resilience of its monetary system in an increasingly digital world.

That’s all for this edition of our crypto newsletter. Stay tuned for more exciting news and updates from the world of blockchain and crypto!