The International Monetary Fund (IMF) has announced they are working diligently to create a global infrastructure that would ensure interoperability between digital currencies issued by national central banks. This platform is intended to prevent underutilization of these central bank digital currencies (CBDCs), according to Managing Director Kristalina Georgieva. Of the 14 central banks exploring the possibility of issuing a national digital tender, ten are reportedly nearing completion. Despite the potential benefits of CBDCs, uncertainty remains regarding regulation and organization.
In other regulatory news, France’s top markets regulator, the Autorité des Marchés Financiers (AMF), is voicing their support for globally coordinated rules when it comes to decentralized finance (DeFi). The AMF published a paper sharing this sentiment, noting that a global approach towards regulation could both protect investors and foster innovation, due to the cross-border nature of DeFi activities.
Meanwhile, Crypto.com has come under scrutiny for allegations of operating internal proprietary trading and market-making teams. A Financial Times report cites five people with direct knowledge of the matter, who suggest executives once denied these practices. Crypto.com responded by stating that their internal market-making operation is treated the same as third-party market makers.
Binance Markets Limited (BML), the UK-based subsidiary of Binance, recently canceled its registration with the Financial Conduct Authority (FCA). Binance’s Sub-Regional Manager for Growth in the UK and Europe, Ilir Laro, has stated that the cancellation will not have any operational impact, as BML never conducted any business.
In payments news, crypto payments firm Wyre is set to shut down in July due to market conditions. Users can withdraw assets from the platform through Wyre’s dashboard until July 14, with a separate process for remaining asset recovery to be provided on the company’s website and blog.
Ethereum core developers are reportedly considering raising the maximum validator balance. This change could improve the network’s efficiency by achieving finality within a single slot while still promoting decentralization.
The Hong Kong government’s investment in Web3 and blockchain technologies has resulted in more than 150 Web3 firms setting up operations in Cyberport within the past year. Cyberport was established by the government to promote innovation and is home to 1,900 enterprises.
Lastly, Twitter has suspended the account of a popular memecoin-linked, AI-powered bot called ‘Explain This Bob’ after Elon Musk referred to it as a “scam crypto account.” This suspension led to a decrease in the price of the associated Bob Token.
Source: Cryptonews
