Daily Digest - 20 June 2023

Headlines

▌IMF is developing a central bank digital currency platform

The International Monetary Fund (IMF) is developing a central bank digital currency platform. IMF Managing Director Kristalina Georgieva said the IMF was developing the platform to facilitate easier transactions between countries. CBDCs should not be fragmented national propositions, and for more efficient and fairer transactions we need systems that connect countries: we need interoperability. It is for this reason that the IMF is developing a global CBDC platform.

Policies

▌Guangzhou issued the first batch of digital RMB housing provident fund loans

The Guangzhou Housing Provident Fund Management Center used digital RMB to issue the first batch of loans, marking the official implementation of the application of digital RMB loan issuance for housing provident funds in Guangzhou, realising the full coverage of digital RMB applications in major business scenarios such as housing provident fund deposits, withdrawals, and loans.

▌Former US SEC consultant: Issues of legal principles may end the encryption crackdown led by the SEC chairman

JW Verret, a former consultant to the US Securities and Exchange Commission (SEC) and an associate professor of law at George Mason University, said on The Scoop podcast that issues of legal principles may end the encryption crackdown led by SEC Chairman Gary Gensler. JW Verret said the principle involves "how courts look at what executive agencies do in so-called independent agencies, and consider whether what they do crosses the line," and some agencies, such as the SEC, get broad mandates from Congress to regulate certain area, yet the details are often vague, leading to a significant expansion of its regulatory scope through rulemaking over the years.

Blockchain Application

▌Osmosis updates the token economics model and reduces the token inflation rate by 50%

Osmosis, the largest decentralised exchange in the Cosmos ecosystem, announced a major update of its token economics model OSMO2.0, and its inflation rate has dropped significantly. Following a community governance vote, the platform reduced its inflation rate by 50%, marking a transition from its early token distribution phase and a commitment to ensure the long-term sustainability of the native OSMO token. This adjustment allows Osmosis to strike a balance between growth and stability, ensuring a smoother distribution of tokens over time, with an inflation rate of approximately 11% for OSMO after the reduction.

Cryptocurrency

▌Changpeng Zhao: Although Binance failed to obtain a license, the Dutch attitude towards cryptocurrencies is still "pretty progressive"

According to a tweet, Binance CEO Changpeng Zhao believes that although Binance failed to register as a virtual asset service provider (VASP), the Dutch attitude towards cryptocurrencies is still "pretty progressive." Changpeng Zhao further added that Binance is a large and complex platform that has obtained 50 virtual asset service provider licenses. Binance hopes that the Netherlands should provide better access services for cryptocurrencies, but considering all factors, attitudes towards cryptocurrencies in the Netherlands are still "pretty progressive".