​A United States legislator has proposed a bill requiring blockchain implementation at U.S. borders for security and efficiency.Rep. Nancy Mace (R-S.C.) introduced the bill this week to “cut the red tape and modernize border security.” The bill, titled ‘Border Security and Blockchain Technology Act,’ is co-sponsored by Rep. Byron Donalds (R-Fla.).

The Banco Central de Chile recently published its second report exploring the concept of a central bank digital currency (CBDC). It ultimately found there’s no need for one due to high levels of financial inclusion in the country (85-87%), but said it would prepare nonetheless. The report was the second of its kind and included 450 responses and the findings of eight working groups. Innovation, efficiency, and concerns about acceptance Survey respondents cited financial innovation, alternatives to electronic payments, a desire to encourage competition, lowering costs associated with payments, and enhancing efficiency as benefits of a CBDC. The roundtable consultations found greater efficiency in remittances, programmable payments and smart contracts, digital public money, and settling payments digitally as motivations. However, consumer acceptance of a CBDC was seen as a major challenge. Chile has two credit or debit cards per capita, e-wallets are widely available, and around 95% of the adult population has a bank account with Banco Estado. The usual concerns about bank deposits leaving accounts and the potential economic impacts were also raised. ​CBDCs march on While Chile has opted not to go forward with a CBDC for now, many other countries have reached the opposite conclusion. China’s digital yuan is live, BRICS countries are considering blockchain-based stablecoin settlements, and countries from Israel to South Africa are designing and testing CBDCs. Russia and Iran are even developing a CBDC to settle payments since they are currently locked out of SWIFT. Across the world, most studies and surveys find similar pros and cons to CBDCs. Efficiency, faster and cheaper payments, and programmable money are almost universally seen as positives, but concerns about reduced bank deposits and consumer uptake are almost always listed as drawbacks. Among citizens, attitudes to CBDCs differ widely. In developing nations, they tend to be seen in a more positive light, while citizens in the United States, Canada, the United Kingdom, and elsewhere have concerns about privacy and government control. Many of the concerns and downsides related to CBDCs can be mitigated by operating them on scalable public blockchains like BSV. Doing CBDCs this way would also eliminate many technical issues, such as cross-border settlement and efficient exchange. However, where CBDCs are being implemented, they are being done on private ledgers controlled by the central banks themselves.

​Keen on embracing digitization, Kazakhstan has unveiled a new artificial intelligence (AI) committee to lead the country’s efforts in the space.Operating under the Ministry of Digital Development, Innovation, and Aerospace Industry, the newly minted Artificial Intelligence and Innovation Development Committee is made up of technology, legal, and ethics experts drawn from a pool of applicants.

One of the biggest concerns regarding central bank digital currencies (CBDCs) is the disintermediation of retail banks and the economic impacts of reduced deposits.Last week, the Deutsche Bundesbank released a report containing the survey results on the possible impacts of bank disintermediation by the digital euro. It explored how households would react to the CBDC and combined the answers with an economic model to test the effect on banks.

​Dubai is leaving no stone unturned in its quest to increase artificial intelligence (AI) adoption metrics in the region, launching a new blueprint to integrate the technology into everyday life.

As the digital economy surges forward, the promise of stablecoins as a pivotal tool in the financial landscape becomes increasingly apparent. However, amidst the excitement and innovation, countries in the Asia-Pacific region grapple with a complex web of regulations and compliance challenges.

“Financial innovations can scale more rapidly than ever thought possible for reasons nobody could have predicted,” warned former Chair of the Commodity and Futures Trading Commission (CFTC) Timothy Massad in a recent paper for the Brookings Institute, pressing home the urgent need for more robust and comprehensive stablecoin regulations.

India’s private sector lender, IndusInd Bank, has collaborated with climate-tech company Circularity Innovation Hub (CIH) to successfully execute the Reserve Bank of India’s (RBI’s) programmable central bank digital currency (CBDC) pilot. The pilot project will be executed as an alternate form of CBDC where the bank can program the end use of funds that would be disbursed to farmers instead of the generation of carbon credits, IndusInd said in a statement.

Bull flags are historically associated with more upside momentum, but Bitcoin price could still use a catalyst before rallying to new highs.

OpenAI, makers of ChatGPT, has launched an office in Japan in a strong show of intent to expand its artificial intelligence (AI) offerings into new markets.

​Nigeria and the United States have pledged to collaborate in advancing the digital economy and emerging technology, including artificial intelligence (AI).Speaking after a four-day event focused on Nigeria’s AI strategy, Arthur Brown, the deputy chief of mission at the U.S. Embassy in Abuja, said the American government will support the West African nation to develop infrastructure and drive research and innovation

​The Hong Kong Monetary Authority (HKMA) recently provided banks with guidance on using blockchain technology.While it provided risk assessment topics for consideration, the HKMA emphasized the need to consider each solution individually. It said banks must take steps to mitigate the risks associated with using public blockchains.

Last week, hundreds of key players in the digital currency industry descended on Paris to hear more about the European Union’s famous regulatory clarity.

United Kingdom trade organization, UK Finance, has announced that 11 of its members are participating in an experiment focusing on the U.K. Regulated Liability Network (RLN), a platform designed to foster innovation in financial transactions.

The price of Bitcoin briefly went under $60,000 for the second time this week after reports of explosions at an airport in central Iran.

The Bitcoin halving of 2024 is set to fundamentally transform the mining industry, challenging profitability and prompting a strategic reevaluation of energy use and operational efficiency.

​The United Kingdom is getting ready to introduce new legislation for digital assets and stablecoins by June or July 2024, according to Economic Secretary Bim Afolami.Speaking at the Innovate Finance Global Summit in London on Monday, Afolami stated that the government is preparing legislation encompassing stablecoins and a range of digital asset activities.

​Stablecoins are increasingly gaining traction in cross-border payments, with payment giants like Visa (NASDAQ: V) and PayPal (NASDAQ: PYPL) among those exploring them, a new report claims.

Bitcoin scores an accidental multiyear high as BTC price volatility sends altcoins shooting lower.

​Few countries globally have been bedeviled by currency woes more than Zimbabwe. In the past two decades, the Southern African country has tried five currencies, but none has made its mark. The latest attempt is the Zimbabwe Gold, or ZiG, with the government promising the people that this time, it will be different.