Brazil’s Central Bank Unveils its CBDC Digital Currency

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The Brazilian central bank, known as Drex, has officially launched its CBDC digital currency. The abbreviation “Drex” indicates the shift of the national money, real, to its digital counterpart, and the color change from blue to light green represents the “transaction completed” message. The acronyms “D” and “r” stand for Real Digital, “e” is for electronic, and “x” stands for modernity and connectivity. With the Russian Central Bank displaying its digital ruble logo in four basic color combinations, the CBDC has the capacity to stop bank runs in both Brazil and Russia.

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The Monetary Authority of Singapore (MAS) issued a payments license, allowing the platform to deliver digital payment token services to institutional and accredited investors. Following Circle, Independent Reserve, Paxos, Revolut, and DBS Vickers, this is the country’s eighth digital payment token service provider. Singapore also intends to solidify its position as a crypto center with financing pledges and further business laws pertaining to client safeguards. MAS has allocated $112 million (about $150 million Singapore dollars) to assist the financial technology industry, particularly those in Web3. In July, the regulator issued new regulations mandating crypto service providers to store client funds in a statutory trust by the end of the year and prohibiting crypto providers from assisting lending or staking of retail consumer assets. Singapore-based crypto businesses ranked third in the second quarter of 2022, after only the United Kingdom

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