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Bank of Spain to Launch Experimental Wholesale CBDC Digital Token Program

The Bank of Spain is seeking the collaboration of organizations interested in participating in an experimental test on a wholesale central bank digital currency (CBDC). The institution clarified this new program has no relation with the current investigation on a possible digital euro, and has the objective of examining the real possibilities and advantages of using a CBDC in the field. Bank of Spain to Experiment With Its Own CBDC The Bank of Spain has recently revealed it will launch its own experimental program with a wholesale CBDC. A document issued on Dec. 5 announces this digital token program, and explains that the institution is seeking the collaboration of companies in the industry, that will be able to formulate their proposals on this matter. The institution clarified that this program has no relation to ongoing efforts by the European Union on the research of the digital euro. The objective of this new program is to pinpoint the feasibility of using such a currency and
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DeFi-Related Financial Crime Will Be Assessed: FinCEN Acting Director

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The crypto industry has been dealing with nothing but mishaps throughout 2022. As this year comes to an end, it would go down as one of the worst years. Hacks and attacks on DeFi platforms have been detrimental to the entire market. A whopping $3 billion was wiped out of the market this year. The lack of regulatory clarity in the U.S. has been troublesome for businesses, investors, traders, and the regulators themselves. While 2022 recorded the biggest hacks in the history of crypto , 2023 is speculated to be even worse. However, proper regulations could save the ecosystem. Therefore, the Financial Crimes Enforcement Network [FinCEN] revealed that it is “looking carefully” at the DeFi space. The agency will soon be seeking feedback from the banking industry for the same. Speaking at the American Bankers Association’s Financial Crimes Enforcement Conference, Himamauli Das, FinCEN’s acting director wanted to assess how DeFi was curbing the agency’s efforts in curbing financial crime.
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Oryen Network Fairing Better Than Cardano Or Polkadot Despite Bear Market Blues

Join Our Telegram channel to stay up to date on breaking news coverage The market has taken notice of the 250% price rise that The Oryen Network saw in its presale. The currency currently ranks among the top altcoins after outpacing well-known cryptocurrencies like Cardano and Polkadot in market valuation. You understand the value of diversifying your portfolio with various assets, some of which carry a higher level of risk than others but have the potential to provide high rates of return on your capital. Fresh on the scene, Oryen (ORY) is already giving Polkadot and Cardano a run for their money to claim the lead in this battle for passive income generation, making an investment in Oryen Network worthwhile. Oryen Network  Staking is a core part of the Oryen ecosystem. Users secure assets inside the system by staking their ORY, which generates yields and provides stability to the system. The design of the protocol with the end user in mind is to provide a stable and fixed re
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Spain’s central bank to experiment with wholesale CBDCs

The Bank of Spain said the study can help determine to what extent it can adapt to the "needs and demands of an increasingly digital society.” Spain’s central bank, the Bank of Spain (BDE) said it intends to launch an experimental program to begin testing wholesale Central Bank Digital Currencies (CDBCs) and is seeking collaboration proposals from local finance and technology institutions. The bank will focus on three main areas with the program that seeks to simulate the movement of funds, experiment with the liquidation of financial assets, and analyze the benefits and drawbacks of introducing a wholesale CBDC to its current processes and infrastructure according to a translated Dec. 5 statement. A wholesale CBDC refers to a digital currency typically for use by banks to keep reserves with a central bank, as compared to a retail or general-purpose CBDC that’s open to use by the public. The program is “exclusive” to the BDE and it stated it was unrelated to work being undertaken
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FTX latest news: forensic team hired; US lawmakers investigation into other exchanges

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Join Our Telegram channel to stay up to date on breaking news coverage To locate customers’ missing billions, FTX has hired a forensics team According to reports, the new management of the bankrupt cryptocurrency exchange FTX has hired a group of financial forensic investigators to find the missing customer cryptocurrency valued at billions of dollars. As per a Dec. 7 Wall Street Journal article, financial advisory firm AlixPartners was chosen for the job and is run by Matt Jacques, a former chief accountant for the Securities and Exchange Commission (SEC). As part of the restructuring work being done by FTX, the forensics firm will reportedly be tasked with carrying out “asset-tracing” to find and recover the missing digital assets. Hackers stole over $450 million worth of assets Hackers stole over $450 million worth of assets from wallets owned by FTX and FTX.US on November 11. Sam Bankman-Fried, a former CEO, claimed in an interview with cryptocurrency blogger Tiffany F
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JPMorgan Chase CEO Jamie Dimon Likens Crypto to Pet Rocks — Calls for More Regulation

JPMorgan Chase CEO Jamie Dimon says crypto tokens are like pet rocks. The executive also believes crypto regulation should be strengthened, stating: “The regulators who beat up on banks should maybe focus a little more on crypto.” JPMorgan Chase’s Jamie Dimon Compares Crypto to Pet Rocks The chairman and CEO of global investment bank JPMorgan Chase, Jamie Dimon, talked about crypto and its regulation following the collapse of crypto exchange FTX in an interview with CNBC Tuesday. He was asked whether the FTX meltdown is contained and does not matter or whether he believes it is a symbol of something larger that is happening in the economy. The JPMorgan boss said: Crypto is a complete sideshow, okay, and you guys spend too much time on it. I’ve made my views perfectly clear about crypto tokens are like pet rocks, and people are hyping this stuff up. Pet rocks are just rocks in custom cardboard boxes, marketed as live rocks in 1975. Over 1 million pet rocks were sold for $4 each and
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Bank of Russia Set to Ban Miners from Local Crypto Sales

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A Dec 7 release from local news outlet Interfax has unveiled the Bank of Russia’s awaited stance on the crypto mining industry. Amid the country’s fresh spotlight on crypto, Russia is imposing new measures on native miners. Russia’s Crypto Mining Bill Per the report, the Russian central bank is not opposed to giving the legal green light to crypto miners. However, the institution believes miners should not be able to sell digital tokens to Russian residents. Instead, miners should trade with foreign exchanges alone. A decision that might hamper miners already stifled by sanctions on the warring country. In mid-November, the lower house of the Federal Assembly of Russia received a bill proposing the legalization of crypto mining. The bill explored a legal definition of mining as it pushed for the nation’s economy to incorporate digital assets. While the BoR has had an unfavorable view of the crypto industry thus far, they somewhat supported the draft bill. The proposal had or
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