Singapore's central bank and police authorities have been working with banks to set uniform standards for vetting approaches when opening crypto accounts. The project has been ongoing for about six months, and a separate industry report outlining best practices in areas like due diligence and risk management could be published in the next two months. The report would cover stablecoins, NFTs, and gaming credits. The Monetary Authority of Singapore (MAS) stated that there are no rules stopping banks operating in the country from doing business with firms handling cryptocurrencies or other forms of digital assets. However, the banks will decide whether to accept these clients based on their risk appetites. This comes as US authorities have been cracking down on banks that serve crypto customers, leading to crypto companies scrambling to find banking partners and jurisdictions to conduct business.

Sri Lanka’s central bank has issued a warning about “the significant risks associated with using and investing in cryptocurrency.” The central bank reminded the public that “cryptocurrencies are unregulated investment instruments which are not recognized as an asset class in Sri Lanka.”

In the article, we will discuss the growing trend of central bank digital currencies (CBDCs) in Asia and their potential impact on the existing cryptocurrency ecosystem.

Renowned economist Nouriel Roubini, also known as "Dr. Doom," wrote an opinion editorial for MarketWatch in which he asserts that most US banks are technically near insolvency, and hundreds are already fully insolvent. Roubini highlighted how banks in America carry unrealized losses on securities amounting to $620 billion and said, "the 'unrealized' nature of these losses is merely an artifact of the current regulatory regime, which allows banks to value securities and loans at their face value rather than their true market value." He believes that the US economy may face a harder landing due to the credit crunch caused by banking stress and referred to it as a "house of cards." Roubini concludes that everyone should be preparing for the coming stagflationary debt crisis. (Bitcoin.com)

Today, countries representing over 95 percent of global GDP have begun to explore CBDCs. While most countries are years away from implementation, central banks in Asia, Africa, and the Caribbean have already paved the way.

The United Arab Emirates (UAE) central bank has announced that it will begin implementing its digital currency strategy with the help of partners G42 Cloud and R3. The first phase of the strategy will focus on three key pillars, including proof-of-concept work for bilateral central bank digital currency bridges with India, the soft launch of the M-bridge, and proof-of-concept work for domestic CBDC issuance covering wholesale and retail usage. The bank's governor, Khaled Mohamed Balama, stated that the CBDC initiative will likely bolster the country's position as a leading global financial hub and promote financial inclusion. The CBUAE has engaged in several digital currency initiatives, including a cross-border CBDC pilot with the Hong Kong Monetary Authority and the Bank of Thailand in 2022.

The Central Bank of Venezuela is lagging when it comes to delivering economic data this year, failing to publish the inflation numbers for the last four months. Venezuelan economists believe this delay might mean that the country is starting to enter a new hyperinflation period, with the government trying to hide it by not offering up the figures.

Central banks have no interest in using consumer personal data when offering digital cash, President of the European Central Bank Christine Lagarde said on a Bank for International Settlements Summit panel.

The Nigerian central bank has said the recently demonetized ₦200, ₦500 and ₦1,000 banknotes will remain legal tender until Dec. 31, 2023. The central bank statement, which reaffirms a Supreme Court ruling that extended the lifespan of the demonetized naira banknotes, followed a rebuke of the CBN by the outgoing Nigerian president, Muhammadu Buhari.

India and the United Arab Emirates (UAE) will collaborate on central bank digital currencies (CBDCs) by jointly conducting pilot(s), according to an announcement on Wednesday.