Chinese President Xi Jinping expressed his support for central bank digital currencies (CBDCs) during his address at the 2023 Shanghai Cooperation Organisation (SCO) Summit. He proposed expanding the use of local currency settlements among SCO countries and promoting the establishment of SCO development banks. Despite the constant promotion of the digital yuan CBDC, experts have noted that it has struggled to gain traction.
The developers of Chinese cross-chain bridge protocol Multichain announced that the service has been temporarily stopped and funds have been drained from the protocol, amounting to over $126 million. This is not the first time Multichain has been hacked, as it was previously targeted in July 2021. The CEO of Multichain, Zhao Jun, has been missing for nearly two months, with rumors suggesting he may have been arrested by Chinese police.
The Monetary Authority of Singapore (MAS) will require Digital Payment Token (DPT) providers to place clients’ assets in a statutory trust by the end of the year. The MAS also prohibits DPTs from offering crypto lending and staking services to retail investors. However, these services will still be allowed for institutional and accredited investors.