Blockchain Bites: Ripple’s Rebuff, DeFi’s ‘Degens’ and China’s CBDC

Both the U.S. and China are advancing on their central bank digital currency (CBDC) designs, there’s a new smart contract language for Bitcoin and the Department of Justice (DOJ) seized millions worth of crypto from addresses linked to terrorist organizations.

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Top shelf

Digital Dollars
The U.S. Federal Reserve is actively investigating distributed ledger technologies for use in digitizing the dollar, CoinDesk regulatory reporter Nikhilesh De said. “To enhance the Federal Reserve’s understanding of digital currencies, the Federal Reserve Bank of Boston is collaborating with researchers at the Massachusetts Institute of Technology in a multiyear effort to build and test a hypothetical digital currency oriented to central bank uses,” Federal Reserve Board Governor Lael Brainard said Thursday. While the monetary authority was long looking into a digital dollar, the coronavirus crisis and China’s ongoing experiments with a CBDC have provided impetus to “remain on the frontier of research and policy development.”

Trial Expansion
China is planning a major expansion of testing for its digital yuan. The Ministry of Commerce announced new trial sites for the digital currency/electric payment (DC/EP) including in Hebei province, the Yangtze river delta, Guangdong province and the cities of Beijing, Tianjin, Hong Kong and Macau. When the new trials might start was not disclosed, but the ministry reportedly said that the project design is hoped to be wrapped up by the end of this year.

Dark Markets
The U.S. DOJ announced the “largest ever seizure of terrorist organizations’ cryptocurrency accounts” on Thursday, including “millions of dollars” and 300 crypto accounts. In a press release Thursday, the DOJ announced it had investigated and…

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