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Top Cryptocurrency News On July 24: Major Stories On Bitcoin, Crypto & Digital Currencies
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Central bank digital currency has many benefits and some risks, says RBI Deputy Governor T Rabi Sankar
Introduction of a central bank digital currency (CBDC) has the potential to provide significant benefits, such as reduced dependency on cash, higher seigniorage due to lower transaction costs, reduced settlement risk, a top RBI official said on July 22. A CBDC is the legal tender issued by a central bank in a digital form. It is the same as a fiat currency and is exchangeable one-to-one with the fiat currency. Only its form is different. “Introduction of CBDC would possibly lead to a more robust, efficient, trusted, regulated and legal tender-based payments option,” said deputy governor T Rabi Sankar at his keynote address at a webinar organised by the Vidhi Centre for Legal Policy, New Delhi. However, there are associated risks, Sankar said, adding these risks need to be carefully evaluated against the potential benefits. “It would be RBI’s endeavour, as we move forward in the direction of India’s CBDC, to take the necessary steps which would reiterate the leadership position of India in payment systems. CBDCs is likely to be in the arsenal of every central bank going forward,” Rabi Sankar said. Read full here.
13% of Americans traded crypto in the past year, survey finds
More than 1 in 10 Americans invested in cryptocurrency over the past year, according to a survey published by the University of Chicago, a sign of the popularity of digital currencies like bitcoin and ethereum.
Specifically, 13% bought or traded crypto in the past 12 months — by comparison, 24% of Americans invested in stocks over the same time period, according to the survey.
Investors were likely spurred by a run-up in crypto prices earlier this year. Indeed, most crypto investors (61%) bought in over the past six months, according to NORC, a research group at the university that published the survey.
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Bitcoin hit a high of around $63,000 in mid-April, a 116% jump from about $29,000 at the beginning of 2021.
Coinbase, the largest digital currency exchange in the U.S., went public in mid-April. And celebrities like Tesla and SpaceX chief executive Elon Musk have also expressed enthusiasm for crypto investments. In May, Tesla said it would accept bitcoin as payment for vehicle purchases. (Musk has since suspended those plans due to environmental concerns relative to bitcoin mining.)
Yet digital currencies can also fluctuate wildly in value.
As of Friday morning, bitcoin had fallen to around $32,000 — about half its April highs, but still a roughly 10% gain for the year.