Central banks have been looking into issuing their own central bank digital currencies (CBDC) and the UK has their eyes set on one of their own. China has been in the lead among major economies for years as they have already started extensive testing on a pilot last year. But now the UK is hot on their heels with ideas for their own CBDC. Of Course, a lot more planning and research is involved when structuring a new digital version of a major economy’s currency. And the UK is doing all the necessary research to ensure a smooth-running operation.
Turkey Says “No Thanks” and Bans Crypto Payments
Turkey has now announced that they are introducing a ban on payments using cryptocurrency. The Bitcoin price has dropped somewhat since the announcement and currently sits at around $56k, down from an all-time high of above $63k last week. The Central Bank of the Republic of Turkey (CBRT) has warned that cryptocurrencies or other crypto assets will be prohibited as a form of payment, both directly and indirectly, for the purchase of goods and services within the country. This ban will come into effect on the 30th of April, 2021.
Kraken CEO Warns of Crackdown on Cryptocurrency
Jesse Powell, CEO of Kraken, which is the fourth largest cryptocurrency exchange in the world in terms of volume, fears that a “crackdown” on cryptocurrencies is imminent. There have been some recent warnings from various officials about the use of cryptocurrencies for money laundering and the financing of terrorist organizations. U.S. Treasury Secretary Janet Yellen, and European Central Bank President Christine Lagarde, have brought these concerns to light.