Asia Express Weekly 🚋 The industry’s most important developments from East Asia: 🎉 180M digital yuan New Year airdrop 🤝 Exchanges donate to Turkey 💰 Laos CBDC proof-of-concept? 📈 Huobi lists FTX debtors’ coin Read the full roundup here:
China airdrops 180 million digital yuan to celebrate Lunar New Year to state-owned media Global Times, Chinese cities airdropped a total of 180 million digital yuan worth $26.6 million to boost consumption during the Lunar New Year celebrations between Jan. 22 and Feb. 5.
“While the [proof of address] method has its limitations and inaccuracies, it is the best method we have available for us to locate potentially impacted users. We estimate the total donations will be around $5 million USD ,” Binance stated.On Feb. 7, the Bank of the Lao People’s Democratic Republic and Japanese fintech company Soramitsu joined forces toa proof-of-concept for a CBDC in the country.
According to the Lao central bank, the objectives of the study are financial inclusion, cross-border remittances and the advancement of payment systems. Japanese government
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Unpacking India's CBDC Pilots as Country Prepares for Digital RupeeIN DEPTH: India is trialing two central bank digital currencies as part of a pilot program. Early into the program, the Reserve Bank of India has already identified several challenges. amitoj reports
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BIS to launch stablecoin monitoring project and up focus on CBDC experimentsCiting increased interest from G20 central banks, the BIS will push forward with CBDC research and development in 2023 and will also experiment with monitoring stablecoins.
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Russia’s Gazprombank recommends slow CBDC rollout fearing loss of incomeA Russian government-owned Gazprom subsidiary publicly proposed giving banks more time before implementing the “digital ruble.”
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India in ‘no hurry’ for CBDC as digital rupee pilot onboards 50k usersThe Reserve Bank of India doesn’t want to rush its central bank digital currency adoption in order to have full awareness of its potential impact in the future.
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Opinion | A CBDC Dollar Would Empower the Fed, Not AmericansFrom WSJopinion: Policy makers in Washington have a choice between preserving a bloated federal government or putting America back on a path to limited government, writes Sean Fieler
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ASIA Powell has spoken: bullish or bearish?A look at the day ahead in Asian markets from Jamie McGeever.
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