NAB Releases Stablecoin on Ethereum Blockchain
National Australia Bank (NAB) has conducted its first intra-bank cross-border transaction using its own stablecoin via Ethereum. The transaction, which was part of a NAB pilot for an AUD-backed stablecoin, involved deploying stablecoin smart contracts for seven major global currencies. This showcased the potential to shorten cross-border transactions from days to minutes, indicating the growing mainstream adoption of stablecoins and blockchain technology.
Reserve Bank of India (RBI) and Central Bank of the UAE Sign Agreement for CBDC Transactions
The Reserve Bank of India (RBI) and the Central Bank of the UAE (CBUAE) will conduct a proof-of-concept and pilot of a bilateral central bank digital currency (CBDC) bridge to facilitate cross-border CBDC transactions. The collaboration is expected to reduce costs, increase efficiency of cross-border transactions, and strengthen economic ties between the two countries.
Regulation of Stablecoins Delayed by House Financial Chair Following USDC Depegging
Maxine Waters, the Chair of the House Financial Services Committee, has announced that she will prioritize a new stablecoin bill after the recent banking collapse that caused USDC to fall from its dollar peg. The passage of the bill had been delayed due to an anticipated shift in the House majority to Republicans.
UK Treasury's Budget Proposes Separate Reporting for Crypto Assets in Taxation Documents
The UK Exchequer's spring 2023 budget states that taxpayers will need to report their cryptocurrency assets separately in tax documents for the tax year 2024-25. The budget also addresses the issue of tax avoidance and the government's plans to introduce new criminal offenses for tax evaders. Furthermore, the government will consult on expediting the disqualification of directors of companies involved in promoting tax avoidance.
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