???This Week in CBDC Chronicles
?? ?In a groundbreaking move, Louisiana has etched its name in the annals of crypto history by passing House Bill 488 , affectionately dubbed the "Blockchain Basics Act" or "Bitcoin Rights" bill. This legislative milestone, championed by the visionary Congressman Mark Wright, officially saw the light of day on June 19, 2024 ???.
??? Key Highlights of the Blockchain Basics Act:
? ?? Home Mining Rights: Green light for at-home digital asset mining
? ?? Self-Custody Protections: Safeguarding users' rights to self-custody
? ?? Bitcoin as Payment: Affirming Bitcoin's role in transactions
Dennis Porter, the CEO of Satoshi Action Fund, took to social media to trumpet the bill's passage, emphasizing its role in curbing CBDC influence ??. Louisiana now joins the ranks of Oklahoma, Montana, and Arkansas in embracing pro-Bitcoin policies ??.
Set to take effect on August 1, 2024, this law, inspired by the Satoshi Action Model Policy, showcases state-level innovation and Bitcoin's potential to bridge political divides, as noted by Congressman Wright ??.
????? As the U.S. Presidential Election looms, candidates' crypto stances are under the microscope ??. Republican frontrunner Donald Trump stands firm against CBDCs, while President Joe Biden leans towards regulatory measures. Louisiana's Blockchain Basics Act sets a bold precedent, potentially reshaping the landscape of state and federal cryptocurrency regulations ??.
??In a move to safeguard the integrity of its digital currency, Chinese banks are rolling out enhanced security measures for the digital yuan ??. The People's Bank of China (PBoC) has issued a clarion call to all banks participating in the e-CNY pilot: adopt cutting-edge security protocols or risk being left behind in the digital currency revolution ??.
?? Key Security Upgrades:
? ???♀? Advanced AML Systems: Banks must implement sophisticated anti-money laundering tools
? ??? Real-time Monitoring: Cutting-edge tech to flag suspicious transactions on the spot
? ?? Tech Partnerships: Banks joining forces with tech giants for innovative security solutions
? ??♀? Heightened Regulatory Oversight: PBoC tightens the reins with stringent compliance checks
? ?? Public Education Initiatives: Empowering users with knowledge to combat fraud
As the digital yuan surges in popularity, with transactions soaring past 1.8 trillion yuan ($249 billion) ??, the need for ironclad security has never been more pressing. The PBoC's strategic move aims to fortify trust in the e-CNY and ensure its use remains on the straight and narrow ???.
??North Carolina has joined the growing chorus of U.S. states taking a stand against Central Bank Digital Currencies (CBDCs) ????. The state's General Assembly has flexed its legislative muscle, passing a bill that would slam the door on state agencies and courts accepting "payment using central bank digital currency" ??.
?? The Numbers Speak Volumes:
? 109-4: The resounding vote in the Assembly
? 39-5: The clear mandate from the state Senate
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? 1 day: The lightning-fast journey from Senate to Assembly approval
???Now, all eyes turn to Democratic Governor Roy Cooper as the bill lands on his desk, awaiting its final fate ???. With Cooper's stance on CBDCs shrouded in mystery, the political world watches with bated breath ??.
?? Riding the Wave of CBDC Opposition:
North Carolina's move comes hot on the heels of Louisiana's similar stance, with Governor Jeff Landry recently signing a bill that not only bans CBDC acceptance but also safeguards individuals' and businesses' rights to embrace and self-custody digital assets ??.
??? The Federal Stage:
The CBDC debate isn't just a state affair. The CBDC Anti-Surveillance State Act's recent passage in the House of Representatives signals growing concerns at the national level about potential government overreach ???♂?.
As the 2024 presidential election looms on the horizon, the CBDC conversation is heating up ??. Will privacy concerns and fears of surveillance tip the scales? Or will the allure of financial innovation prevail? ??
?? The global financial landscape is poised for a potential shake-up as the BRICS alliance eyes a new digital currency that could challenge the long-standing dominance of the US dollar in oil trade. This development comes as the 50-year petrodollar agreement with Saudi Arabia, which mandated the use of US dollars for oil payments, ended in June 2024.
???? Saudi Arabia's recent induction into the BRICS alliance adds a new dimension to this shift. As one of the world's largest oil exporters, Saudi Arabia's potential adoption of a BRICS digital currency for oil trade could significantly impact the global financial system.
?? Key factors driving this change include:
?? The transition away from the petrodollar could take various forms:
?? However, challenges remain. Saudi Arabia's currency is still pegged to the US dollar, which could complicate a swift transition to a new system.
?? As BRICS nations continue to work on de-dollarization efforts, the potential for a BRICS digital currency to replace the petrodollar grows. This shift could reshape the global financial landscape, impacting everything from international trade to monetary policy.
That’s a wrap on this edition of the CBDC Chronicles. Share your thoughts and drop them in the comments section below or send me a direct message.
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See you in the next edition, until then, stay engaged and keep exploring! ?????