The Bahamas’ Sand Dollar is a distributed CBDC that was rolled out on October 20, 2020. The Bahamas is one of the first countries to move beyond pilot testing of its CBDC. It has a functioning blockchain ecosystem and is progressing in creating CBDC-specific legislation. As The Bahamas is an island nation and has many residents who do not have access to financial services, the Sand Dollar’s main objective is to provide greater financial inclusion across all the country.
Europe’s Digital Euro is a joint CBDC project of the EU member countries. As of February 2021, the European countries are more or less on the same stage of conceptualizing the legislative, technical, and business components necessary for a CBDC. The only exception is France, which has already conducted two pilot tests. Despite the countries’ independent efforts, the European Central Bank (ECB) will be the one responsible for the introduction of the Digital Euro. Christine Lagarde, President of…
Venezuela’s Petro, also known as Petromoneda, is an allegedly oil-backed CBDC introduced in 2018. Although actively pushed by the Maduro government, Petro has not been actively used by the Venezuelan citizens. Most of it was being immediately sold for US dollars or exchanged for goods and services. Despite the lack of adoption, the Venezuelan government managed to put together one of the most advanced CBDC projects, making Venezuela one of the first countries to introduce a CBDC legislation and…
In November 2020, Inca’s Investigation Team noticed unusual transaction patterns occurring in Compound protocol on Ethereum. These unusual transactions potentially indicate crypto whales moving large amounts of DAI across the Compound protocol to drive up the key DeFi adoption indicator – TVL.
Russia’s Digital Ruble is a CBDC designed to be an additional form of money equivalent to cash and non-cash rubles. Currently, the country is discussing the preferred architecture, model, and blockchain, and the government has already tested a CBDC prototype. From a technical standpoint, Russia has created a technical foundation for Venezuela’s CBDC (Petro), as we discuss further below. This suggests the country is in advanced stages of technological implementation.
While many exchanges have recently started to delist privacy coins, OKEx’s Monero (XMR) and ZCash (ZEC) markets remain active with abnormal trading patterns. XMR’s time of trade distribution on OKEx noticeably falls out of the common flow of activity observed on Binance and Huobi.