Press Release Bitcoin (BTC), the world’s largest cryptocurrency, has recovered some of its losses and gained modest traction around the $23,500 level as the crypto market regains impetus following continuous progress in the industry. Currently, Bitcoin and Ethereum are trading at $23,516.89 and $1,649.09, respectively.
However, the ongoing recovery of Bitcoin’s price could be attributed to the recent advancements in the cryptocurrency industry. Notably, the Australian central bank has expressed its willingness to investigate the adoption of Central Bank Digital Currencies (CBDCs) in the country. This move could have significant implications for the CBDC plans of other Commonwealth nations.
Moreover, France is making strides to take the lead in cryptocurrency regulation within the European Union. Meanwhile, China is showing strong support for Hong Kong’s emerging cryptocurrency policies and the country’s efforts to legalize digital assets. These efforts are seen as significant developments that have helped to minimize losses in the cryptocurrency markets.
The possibility of higher interest rate hikes and increased regulatory scrutiny in the cryptocurrency sector may disappoint investors in the coming weeks, serving as negative news. This is another significant reason hindering any further gains in BTC values.
Australian Central Bank shows interest in CBDC The Reserve Bank of Australia and the Digital Finance Cooperative Research Centre, an Australian financial research center, have jointly announced that Australia’s central bank will begin a live pilot of a central bank digital currency in the coming months.
On March 2, the RBA announced that it is collaborating with the DFCRC to investigate the applications and financial benefits of a central bank digital currency (CBDC) in Australia.
However, the pilot project is set to commence on March 31 and end on May 31, with a final report on the findings to be released on June 30. The report will include an evaluation of the various use cases developed during the pilot and any potential benefits and drawbacks of a central bank digital currency in Australia.
France Toughens Crypto Rules for New UsersFrench senators have passed stricter laws for cryptocurrency firms, which now only require President Emmanuel Macron’s signature to become law. The French National Assembly passed legislation by a vote of 109 to 71 that imposes stricter conditions on new players intending to enter the French cryptocurrency industry.
This move is considered a setback for the cryptocurrency industry and may have a negative impact on crypto values.
On the other hand, Abu Dhabi is working to attract various digital asset companies, including cryptocurrency exchanges, digital wallets, and blockchain firms, by providing a favorable regulatory environment and attractive tax incentives.
As a result, this move is seen as a significant win for the cryptocurrency market, which may soon receive a boost.
Bitcoin Price The current trading price of Bitcoin stands at $23,450, with a 24-hour trading volume of $22.8 billion. Over the last 24 hours, Bitcoin has experienced a 1.29% decline. It is currently ranked first on CoinMarketCap, with a live market cap of $452 billion. Bitcoin has a total supply of 21,000,000 BTC coins, » …
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