The rapid growth of mainstream attention toward cryptocurrencies has forced the hands of numerous governments to create their digital alternatives. Over the past few years, interest from various jurisdictions has been pointed towards central bank digital currencies (CBDCs) — digital versions of government-issued fiat. Given their capacity to use blockchain technology to facilitate a simplified fiscal policy — not to mention calibrate privacy features and even provide cross-border banking services to the unbanked — CBDCs continue to gain even more attention from various governments worldwide. Already, surveys show more than 80% of central banks are researching CBDCs, with some working …

While Japan’s CBDC plans are still in the research stage, Shinichi Uchida, an executive of the Bank of Japan (BOJ), has said simplicity will drive the central bank’s design thesis for the digital yen. According to Reuters, Uchida made this known during a speech delivered on Friday calling for modalities to be put in place to ensure the CBDC co-exists with existing private payment channels. For Uchida, vertical integration of the digital yen within the private sector payment matrix will require a simple CBDC design. Part of this simple design could involve creating a framework for people to use both …

Creditors from the now-defunct crypto exchange Mt. Gox have until Friday Japan time to vote on a rehabilitation plan that could pay back millions in lost Bitcoin (BTC). Figures including Blockstream founder Adam Back and former Mt. Gox CEO Mark Karpelès took to social media this week to remind crypto users of the looming deadline. Claimants representing more than half of the lost value of the Mt. Gox collapse as well as half of all creditors must vote for the proposed rehabilitation plan by Friday for all to receive compensation. The court will mark any missing votes as a “no” …

The Bank for International Settlements (BIS) continues investigating the development of the global central bank digital currency (CBDC), publishing a new joint report with seven central banks. Released on Thursday, BIS’ latest CBDC report refers to joint efforts with the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the United States Federal Reserve, Sveriges Riksbank and the Swiss National Bank to explore a retail CBDC. The report provides an executive summary of progress made by the investigation since the October 2020 publication of a report that pointed out the common foundational principles and …

Dolce & Gabbana knocking on the Dior of NFTs Luxury Italian fashion house Dolce & Gabbana is entering the nonfungible token (NFT) sector with a nine-piece collection of tokenized fashion items in collaboration with the Polygon-based UNXD marketplace. The firm was founded by designers Domenico Dolce and Stefano Gabbana in 1985 and has since evolved into a multinational giant that offers high-end fashion items for eye-watering prices. Dubbed “Collezione Genesi,” the collection consists of nine one-of-one NFTs that are up for auction starting Sept. 20. The NFTs depict illustrations and digital art of garments designed by Dolce and Gabbana, which …

Japanese financial conglomerate SBI Holdings is reportedly planning to set up one of the first funds in the country that will give investors exposure to crypto. According to a Bloomberg report on Thursday, SBI, aiming to have a crypto fund available by the end of November, will offer residents of Japan the opportunity to invest in Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC), XRP and others. Tomoya Asakura, a director and senior managing executive officer at SBI, said the company could see the fund growing to several hundred million dollars, with investors likely being required to deposit a …

Thailand's Bank of Ayudhya (BAY) — in which Mitsubishi UFJ Financial Group (MUFG) holds a 76.9% stake — participated in the latest funding round for the Asia-Pacific-focused crypto exchange Zipmex. The $41 million raise, which saw the participation of two publicly traded Thai media firms and overseas venture capital (VC) funds — in addition to BAY — accounts for the lion’s share of Zipmex’s total $52 million in funds raised to date. BAY’s corporate venture capital arm, Krungsri Finnovate, invests in startups across various fintech areas, including blockchain, lending, e-commerce and cross-border remittance. Commenting on the news of the Zipmex …

Japanese cryptocurrency exchange Liquid has secured $120 million in debt financing from FTX Trading after suffering a nearly $100-million hack last week. Announcing the news Thursday, Liquid Group and FTX Trading — the owner and operator of crypto exchange FTX — said that the new funds will help Liquid improve its balance sheet and contribute to the exchange’s licensing opportunities in the key jurisdictions of Japan and Singapore. The new funding also targets new capital generation, increasing liquidity, as well as improving Liquid’s customer support, the announcement notes. FTX CEO and founder Sam Bankman-Fried said that the new financing underpins …

Japan’s financial regulator, the Financial Services Agency (FSA), has started discussions around imposing stricter regulations for cryptocurrencies in an effort to provide better protection to Japanese investors. Back in July, the FSA established a dedicated section as well as a panel of financial experts to help the government oversee digital and decentralized finance. The agency will also be responsible for keeping track of developments in cryptocurrencies and central bank digital currency initiatives, as reported by Jiji Press. The financial regulator intends to have replaced and imposed the new crypto regulations by mid-2022. With the new regulations in place, the FSA …

Coinbase, the top crypto exchange in the U.S. has announced its official launch in Japan in partnership with banking giant Mitsubishi UFJ Financial Group (MUFG). The firm led by CEO Brian Armstrong announced on Aug. 19 that it will first launch retail trading products including “a suite of five top assets based on trading volume,” with more assets and products to be listed in the coming months. “We also plan to introduce more localized versions of globally popular services such as advanced trading, Coinbase for Institutions, and more in the future,” The partnership with Tokyo-based MUFG will see the bank …

The new commissioner of Japan’s Financial Services Agency (FSA), Junichi Nakajima, believes the country needs to think carefully before making Bitcoin (BTC) and other cryptocurrencies more accessible to the general public. Nakajima believes crypto assets like Bitcoin have the potential to benefit the public as a quick and cheap way to transfer money, he said in an interview with Bloomberg. However, most of the crypto assets are currently used for speculation and investment instead. That’s why the Japanese regulator believes careful consideration is required before making it easier for the general public to invest in crypto assets. Nakajima said that …

Sale Lilly and Scott W. Harold of the American policy think tank Rand Corporation have called on the United States and Japan to include crypto in the bilateral digital trade agreement between the two nations. In an opinion piece published in the Nikkei Asia on Wednesday, Rand Corporation analysts put forward arguments supporting their clamor for crypto to be a part of the digital trade deal. According to the article, the fact that both nations play host to two of the largest crypto markets in the world makes the exclusion of cryptocurrencies from the trade deal “somewhat surprising.” The U.S.–Japan …