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Opening Remarks at Peer-Learning Series on Digital Money/Technology: Central Bank Digital Currency and the Case of China

Krishna Srinivasan, Asia and Pacific Department Director, IMF

July 7, 2022

Good morning, everyone, and good evening if you’re in the Western Hemisphere. Thank you for joining in today’s event on Central Bank Digital Currency and the Case of China. As Alfred indicated, this is the second event in our new series of events on digital money and technology in the Asia-Pacific region.

Digital money and technologies can significantly change the landscape for financial systems and bring important benefits to the public at large. Among other things, they could foster financial inclusion, create new value-added in the economy, and reduce transaction costs, including across borders. The digital money/technology series covers a broad range of topics, and so allow me to make a few general points.

As with any innovation, the challenge is to find the right balance between fostering innovation and maintaining stability and protection for consumers and investors. We will hear about CBDCs in greater detail today, but let me also highlight the critical point we find ourselves in for crypto assets. For example, the recent crypto market crash— triggered by the de-pegging of a large algorithmic stablecoin and exacerbated by the collapse of over‑leveraged financial institutions in digital asset banking and trading—highlights the risks created by regulatory shortcomings. As the size of digital assets grow, without proper regulation, the systemic risks that the sector poses will increase.

The stakes are particularly high for Asia and the Pacific, where many people see digital finance as an opportunity to build and exploit new drivers of growth and innovation. Several countries in the region are at the cutting edge of new developments stemming from the rise of private and public digital assets. New crypto assets and associated products and services proliferated in the region with transaction volumes of crypto assets in many countries among the highest in the world.

Policy makers are keen to monitor the risks emanating from the digital finance sector, with many activities still unregulated but expected to have broader impact. We can and should learn from each other’s experiences. This peer-learning series thus highlights the experiences of countries in the region in regulatory guidance for the development of digital finance. Today’s event focuses on China’s experience with central bank digital currency, the e-CNY.

The IMF has set out an ambitious agenda for understanding the implications of fintech and digital assets for the global economy. For the Asia and Pacific Department, our goal will be to monitor and advise on these rapidly evolving areas for our member countries, and establish much closer interaction with member countries and key stakeholders. In particular, we’ll strive to provide timely advice and capacity development assistance to small states, low-income countries, and emerging markets and developing countries in coordination with the IMF’s Monetary and Capital Market Department.

As such, a lot of analytical work is underway on a broad set of issues. As it related to CBDCs, I want to highlight a survey of 36 Asian economies we conducted earlier this year to help us understand the steps countries have taken in their consideration of CBDCs and how crypto falls into this landscape. The note summarizing the survey will be released later this year, but for now let me share four key findings with you:

Finally, while there is a significant interest in CBDCs, very few countries are actually likely to issue them in the near to medium terms. Most countries in the region have shown interest, with work ranging from preliminary research and development to launching live pilots.

Third, the decision to adopt or explore CBDCs is closely linked with the rapid increase in the use of crypto assets in the economy, as well as attempts at regulation. For example, in Indonesia, the Philippines, and Vietnam, the uptick in crypto usage for remittances and investment among individuals has policymakers considering the tangible benefits of technological innovation, including lower cost and improvements in payment systems.

Second, several factors drive CBDC interest: The higher income countries seek to enhance the efficiency and safety of the payment system, while emerging market economies are looking to promote financial inclusion and financial stability. Some countries simply do not want to fall behind the curve, either because of regional peers or the private sector.

First, we find that the Asia and Pacific region is at the forefront of the CBDC exploration, and interest in CBDCs continues to rise. Even though no Asian country has formally launched a CBDC yet, China and India—the world’s most populous countries—are frontrunners for doing so in the near future. Other economies, including Hong Kong Special Administrative Region and Singapore are relatively advanced in their work on CBDC, while some countries including Japan, Korea, and Australia have done extensive research.

Let me also use this forum to highlight that in addition to our work on CBDCs, we have done several studies on private digital assets, including empirical analyses on the drivers of crypto asset adoption across countries and the impact of policy actions.

Regarding the effect of policy on adoption, we find that crypto bans reduce crypto activities in the short term. However, because bans are difficult to enforce, the effect diminishes over the long term, even when regulations are strict. Also interesting, announcing a plan to issue a CBDC, likewise, dampens crypto activities.

Our research also shows that the crypto market can increase dollarization, as U.S. dollar stablecoins crowd out local currencies in crypto markets. This effect is stronger in countries with higher inflation and currency instability. The study points to regulated, local‑currency-backed stablecoins issued by the private sector as an alternative to retail CBDCs.

We find that the rate of crypto adoption is greater in countries with higher digital penetration and remittances as well as weaker macroeconomic fundamentals—such as high inflation. Informality, corruption and the degree of capital controls are also positively associated with higher crypto adoption. These highlight the importance of implementing proper tracking of crypto activities and improving regulations.

Looking forward, we have several analytical projects at various stages of execution.

We’re also planning a series of more technical CBDC research to our support our capacity development efforts. This includes CBDC infrastructure and design options for emerging markets and developing economies. It also includes a framework for deciding if and how to adopt a CBDC, and the implications for monetary policy and cross-border transmission of shocks.

For the Pacific Island countries, we are undertaking analytical work to examine the prospects for digital currencies (including CBDCs) and to set up a framework to help the countries assess the costs and benefits of digital currency adoption as well as potential policy implications.

Given the importance of these topics for our membership and the IMF, digitalization is now regularly discussed with the authorities during our annual Article IV dialogues and covered in corresponding IMF staff reports. In particular, the Article IV consultations will focus on digital money issues for countries at the forefront of these issues (such as some Pacific Island countries and we will continue to closely cover developments in China) and countries with the potential to adopt CBDCs and/or encounter other digital finance issues soon.

I am very pleased that today we can bring together colleagues and friends from the People’s Bank of China and the Hong Kong Monetary Authority, as a well as international experts on these issues. China’s experience and pilots with the e-CNY could hold useful lessons for other countries as they search for ways to navigate the fast-changing digital finance landscape.

I am sure that this series of events in general and today’s event on CBDC and the case of China in particular will be very useful for us all. Thank you.

Let me now pass the baton to the moderator Yiping Huang.

https://www.imf.org/en/News/Articles/2022/07/07/sp070722-central-bank-digital-currency-and-the-case-of-china

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With cross-border payments representing a multi-trillion-dollar corridor, that’s where the largest capital will flow and the greatest returns will come from.

At this point, you’re the gatekeeper to the digital economy. Everything else follows or fades away once regulations take effect.

You either see it or you won’t until it’s too late.

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Custom AI assistants that print money in your sleep? 🔜

The future of Crypto x AI is about to go crazy.

👉 Here’s what you need to know:

💠 'Based Agent' enables creation of custom AI agents
💠 Users set up personalized agents in < 3 minutes
💠 Equipped w/ crypto wallet and on-chain functions
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💠 Integrates with Coinbase’s SDK, OpenAI, & Replit

👉 What this means for the future of Crypto:

1. Open Access: Democratized access to advanced trading
2. Automated Txns: Complex trades + streamlined on-chain activity
3. AI Dominance: Est ~80% of crypto 👉txns done by AI agents by 2025

🚨 I personally wouldn't bet against Brian Armstrong and Jesse Pollak.

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Key Takeaways:

🔹️Spot XRP ETF approval odds increased by Bloomberg analysts.

🔹️The SEC's positive engagement boosts confidence.

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Musk Turns On Starlink to Save Iranians from Regime’s Internet Crackdown

Elon Musk, the world’s richest man and a visionary behind SpaceX, has flipped the switch on Starlink, delivering internet to Iranians amid a brutal regime crackdown.

This move comes on the heels of Israeli strikes targeting Iran’s nuclear facilities, as the Islamic Republic cuts off online access.

The former Department of Government Efficiency chief activated Starlink satellite internet service for Iranians on Saturday following the Islamic Republic's decision to impose nationwide internet restrictions.

As the Jerusalem Post reports, that the Islamic Republic’s Communications Ministry announced the move, stating, "In view of the special conditions of the country, temporary restrictions have been imposed on the country’s internet."

This action followed a series of Israeli attacks on Iranian targets.

Starlink, a SpaceX-developed satellite constellation, provides high-speed internet to regions with limited connectivity, such as remote areas or conflict zones.

Elizabeth MacDonald, a Fox News contributor, highlighted its impact, noting, "Elon Musk turning on Starlink for Iran in 2022 was a game changer. Starlink connects directly to SpaceX satellites, bypassing Iran’s ground infrastructure. That means even during government-imposed shutdowns or censorship, users can still get online, and reportedly more than 100,000 inside Iran are doing that."

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Musk confirmed the activation, noting on Saturday, "The beams are on."

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Adding to the tension, Israeli Prime Minister Benjamin Netanyahu addressed the Iranian people on Friday, urging resistance against the regime.

"Israel's fight is not against the Iranian people. Our fight is against the murderous Islamic regime that oppresses and impoverishes you,” he said.

Meanwhile, Reza Pahlavi, the exiled son of Iran’s last monarch, called on military and security forces to abandon the regime, accusing Supreme Leader Ayatollah Ali Khamenei in a Persian-language social media post of forcing Iranians into an unwanted war.

Starlink has been a beacon in other crises. Beyond Iran, Musk has leveraged Starlink to assist people during natural disasters and conflicts.

In the wake of hurricanes and earthquakes, Starlink has provided critical internet access to affected communities, enabling emergency communications and coordination.

Similarly, during the Ukraine-Russia conflict, Musk activated Starlink to support Ukrainian forces and civilians, ensuring they could maintain contact and access vital information under dire circumstances.

The genius entrepreneur, is throwing a lifeline to the oppressed in Iran, and the libs can’t stand it.

Conservative talk show host Mark Levin praised Musk’s action, reposting a message stating that Starlink would "reconnect the Iranian people with the internet and put the final nail in the coffin of the Iranian regime."

"God bless you, Elon. The Starlink beams are on in Iran!" Levin wrote.

Musk, who recently stepped down from leading the DOGE in the Trump administration, has apologized to President Trump for past criticisms, including his stance on the One Big Beautiful Bill.

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GENIUS Act lets State banks conduct some business nationwide. Regulators object

The Senate passed the GENIUS Act for stablecoins last week, but significant work remains before it becomes law. The House has a different bill, the STABLE Act, with notable differences that must be reconciled. State banking regulators have raised strong objections to a provision in the GENIUS Act that would allow state banks to operate nationwide without authorization from host states or a federal regulator.

The controversial clause permits a state bank with a regulated stablecoin subsidiary to provide money transmitter and custodial services in any other state. While host states can impose consumer protection laws, they cannot require the usual authorization and oversight typically needed for out-of-state banking operations.

The Conference of State Bank Supervisors welcomed some changes in the GENIUS Act but remains adamantly opposed to this particular provision. In a statement, CSBS said:

“Critical changes must be made during House consideration of the legislation to prevent unintended consequences and further mitigate financial stability risks. CSBS remains concerned with the dramatic and unsupported expansion of the authority of uninsured banks to conduct money transmission or custody activities nationwide without the approval or oversight of host state supervisors (Sec. 16(d)).”

The National Conference of State Legislatures expressed similar concerns in early June, stating:

“We urge you to oppose Section 16(d) and support state authority to regulate financial services in a manner that reflects local conditions, priorities and risk tolerances. Preserving the dual banking system and respecting state autonomy is essential to the safety, soundness and diversity of our nation’s financial sector.”

Evolution of nationwide authorization

Section 16 addresses several issues beyond stablecoins, including preventing a recurrence of the SEC’s SAB 121, which forced crypto assets held in custody onto balance sheets. However, the nationwide authorization subsection was added after the legislation cleared the Senate Banking Committee, with two significant modifications since then.

Originally, the provision applied only to special bank charters like Wyoming’s Special Purpose Depository Institutions or Connecticut’s Innovation Banks. Examples include crypto-focused Custodia Bank and crypto exchange Kraken in Wyoming, plus traditional finance player Fnality US in Connecticut. Recently the scope was expanded to cover most state chartered banks with stablecoin subsidiaries, possibly due to concerns about competitive advantages.

Simultaneously, the clause was substantially tightened. The initial version allowed state chartered banks to provide money transmission and custody services nationwide for any type of asset, which would include cryptocurrencies. Now these activities can only be conducted by the stablecoin subsidiary, and while Section 16(d) doesn’t explicitly limit services to stablecoins, the GENIUS Act currently restricts issuers to stablecoin related activities.

However, the House STABLE Act takes a more permissive approach, allowing regulators to decide which non-stablecoin activities are permitted. If the House version prevails in reconciliation, it could result in a significant expansion of allowed nationwide banking activities beyond stablecoins.

Is it that bad?

As originally drafted, the clause seemed overly permissive.

The amended clause makes sense for stablecoin issuers. They want to have a single regulator and be able to provide the stablecoin services throughout the United States. But it also leans into the perception outside of crypto that this is just another form of regulatory arbitrage.

The controversy over Section 16(d) reflects concerns about creating a regulatory gap that allows banks to operate interstate without the oversight typically required from either federal or state authorities. As the two Congressional chambers work toward reconciliation, lawmakers must decide whether stablecoin legislation should include provisions that effectively reduce traditional banking oversight requirements.

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If you find value in my content, consider showing your support via:

💳 PayPal: 
1) Simply scan the QR code below 📲
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Dubai regulator VARA classifies RWA issuance as licensed activity
Virtual Asset Regulatory Authority (VARA) leads global regulatory framework - makes RWA issuance licensed activity in Dubai.

Real-world assets (RWAs) issuance is now licensed activity in Dubai.

~ Actual law.
~ Not a legal gray zone.
~ Not a whitepaper fantasy.

RWA issuance and listing on secondary markets is defined under binding crypto regulation.

It’s execution by Dubai.

Irina Heaver explained:

“RWA issuance is no longer theoretical. It’s now a regulatory reality.”

VARA defined:

- RWAs are classified as Asset-Referenced Virtual Assets (ARVAs)

- Secondary market trading is permitted under VARA license

- Issuers need capital, audits, and legal disclosures

- Regulated broker-dealers and exchanges can now onboard and trade them

This closes the gap that killed STOs in 2018.

No more tokenization without venues.
No more assets without liquidity.

UAE is doing what Switzerland, Singapore, and Europe still haven’t:

Creating enforceable frameworks for RWA tokenization that actually work.

Matthew White, CEO of VARA, said it perfectly:

“Tokenization will redefine global finance in 2025.”

He’s not exaggerating.

$500B+ market predicted next year.

And the UAE just gave it legal rails.

~Real estate.
~Private credit.
~Shariah-compliant products.

Everything is in play.

This is how you turn hype into infrastructure.

What Dubai is doing now is 3 years ahead of everyone else.

Founders, investors, ecosystem builders:

You want to build real-world assets onchain.

Don’t waste another year waiting for clarity.

Come to Dubai.

It’s already here.

 

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🙏 Donations Accepted 🙏

If you find value in my content, consider showing your support via:

💳 PayPal: 
1) Simply scan the QR code below 📲
2) or visit https://www.paypal.me/thedinarian

🔗 Crypto – Support via Coinbase Wallet to: [email protected]

Or Buy me a coffee: https://buymeacoffee.com/thedinarian

Your generosity keeps this mission alive, for all! Namasté 🙏 Crypto Michael ⚡  The Dinarian

 

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