Crypto News
Nasdaq files to list 21Shares Dogecoin ETF
The United States exchange Nasdaq has asked regulators for permission to list a 21Shares exchange-traded fund (ETF) holding the popular memcoin Dogecoin, regulatory filings show. The move follows 21Shares’ April 10 filing of its initial proposal to launch its Dogecoin ETF, shortly after similar applications from rivals Bitwise and Grayscale. The asset manager has also sought regulators’ permission to list ETFs holding other cryptocurrencies, including Solana (SOL), XRP (XRP), and Polkadot (DOT). Nasdaq must gain approval from the Securities and Exchange Commission (SEC) before it can list and trade the fund. The request amounts to a regulatory review process that could determine whether Dogecoin becomes accessible to a broader range of investors through an ETF structure.Crypto ETFs scheduled for SEC review. Source: Eric Balchunas/BloombergRelated: 21Shares files for spot Dogecoin ETF in the USOnslaught of altcoin ETFsFund issuers requested to list dozens of altcoin ETFs after US President Donald Trump instructed the SEC to take a friendlier stance toward cryptocurrencies after his second term began in January. As of April 21, more than 70 crypto ETFs were awaiting the SEC’s review. The list includes alternative layer-1 (L1) native tokens, such as SOL and Sui (SUI), as well as memecoins such as Bonk (BONK) and Official Trump (TRUMP). While exchanges such as Nasdaq seek to list more crypto ETFs, they are also pushing for firmer US regulatory oversight of digital assets. In an April 25 comment letter, Nasdaq urged the SEC to hold digital assets to the same regulatory standards as securities if they constitute “stocks by any other name.”Dogecoin network metrics. Source: Bitinfocharts.comDogecoin utilityDogecoin (DOGE) is a popular memecoin with a market capitalization of nearly $26 billion as of April 29, according to CoinGecko. It is distinct from most other memecoins because DOGE is the native token of the Dogecoin network. The proof-of-work blockchain network is designed as a faster, cheaper alternative to Bitcoin (BTC) for peer-to-peer payments. It processed more than 40,000 transactions in the past 24 hours, according to data from Bitinfocharts.com.In September 2024, blockchain developers QED Protocol and Nexus tipped plans to launch a layer-2 (L2) scaling solution designed to bring smart contracts to Dogecoin.Magazine: Altcoin season to hit in Q2? Mantra’s plan to win trust: Hodler’s Digest, April 13 – 19
Published Date: 2025-04-29 17:57:25Creator: Cointelegraph by Alex O’Donnell
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UK gov't proposes crypto rules in response to scams
The United Kingdom’s Treasury and Chancellor of the Exchequer, Rachel Reeves, have proposed new crypto rules aimed at “support[ing] innovation while cracking down on fraudsters.”In an April 29 notice, the UK government announced draft rules for cryptocurrencies, including Bitcoin (BTC) and Ether (ETH), that would bring “crypto exchanges, dealers and agents” in line with regulations, as many residents were “exposed to risky firms and scams.” It cited discussions with US government officials, including a proposed US-UK cross-border sandbox from the Securities and Exchange Commission’s Hester Peirce.“Today’s announcement sends a clear signal: Britain is open for business — but closed to fraud, abuse, and instability,” said the notice. “The government will bring forward final cryptoasset legislation at the earliest opportunity, following engagement on the draft provisions with industry.”Related: UK trade bodies ask government to make crypto a ‘strategic priority’Treasury and Reeves said the UK was committed to making the country a “global hub for digital asset technologies,” referencing the goals of the previous government under the Conservative Party. A 2023 consultation paper from Treasury proposed “bringing a wide range of cryptoasset activities” — including trading and issuing stablecoins — in line with UK regulations.Praise from industryIn a statement shared with Cointelegraph, Ian Silvera, the associate director for the self-regulatory trade association CryptoUK, called the government announcement a “very much welcomed and a big victory” for crypto firms. However, he added that the industry could also benefit from regulatory clarity on liquid staking and DeFi.“Though there has been good regulatory progress from the [Financial Conduct Authority], which published its crypto roadmap late last year, the UK government first committed to becoming a global crypto hub in 2022,” said Silvera. “Progress has been slow since then, but as the Chancellor has recognised herself the mainstreaming of the industry has continued, with now 12% of all UK adults owning some sort of crypto, up from 4% in 2021.”The FCA plans to publish final rules on crypto sometime in 2026, setting the groundwork for the UK regulatory regime to go live. The roadmap to greater regulatory clarity in the UK could follow the European Union, which started to implement its Markets in Crypto-Assets (MiCA) framework in December.Magazine: Financial nihilism in crypto is over — It’s time to dream big again
Published Date: 2025-04-29 15:08:19Creator: Cointelegraph by Turner Wright
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AI has a trust problem — Decentralized privacy-preserving tech can fix it
Opinion by: Felix Xu, co-founder of ARPA Network and Bella ProtocolAI has been a dominant narrative since 2024, but users and companies still cannot completely trust it. Whether it’s finances, personal data or healthcare decisions, hesitation around AI’s reliability and integrity remains high.This growing AI trust deficit is now one of the most significant barriers to widespread adoption. Decentralized, privacy-preserving technologies are quickly being recognized as viable solutions that offer verifiability, transparency and stronger data protection without compromising AI’s growth.The pervasive AI trust deficit AI was the second most popular category occupying crypto mindshare in 2024, with over 16% investor interest. Startups and multinational companies have allocated considerable resources to AI to expand the technology to people’s finances, health, and every other aspect.For example, the emerging DeFi x AI (DeFAI) sector shipped more than 7,000 projects with a peak market cap of $7 billion in early 2025 before the markets crashed. DeFAI has demonstrated the transformative potential of AI to make decentralized finance (DeFi) more user-friendly with natural language commands, execute complex multi-step operations, and conduct complex market research.Innovation alone hasn’t, however, solved AI’s core vulnerabilities: hallucinations, manipulation and privacy concerns.In November 2024, a user convinced an AI agent on Base to send $47,000 despite being programmed never to do so. While the scenario was part of a game, it raised real concerns: Can AI agents be trusted with autonomy over financial operations?Audits, bug bounties and red teams help but don’t eliminate the risk of prompt injection, logic flaws or unauthorized data use. According to KPMG (2023), 61% of people still hesitate to trust AI, and even industry professionals share that concern. A Forrester survey cited in Harvard Business Review found that 25% of analysts named trust as AI’s biggest obstacle.That skepticism remains strong. A poll conducted at The Wall Street Journal’s CIO Network Summit found that 61% of America’s top IT leaders are still experimenting with AI agents. The rest were still experimenting or avoiding them altogether, citing lack of reliability, cybersecurity risks and data privacy as top concerns.Industries like healthcare feel these risks most acutely. Sharing electronic health records (EHR) with LLMs to improve outcomes is promising, but it is also legally and ethically risky without airtight privacy protections.For example, the healthcare industry suffers adversely from data privacy breaches. This problem compounds when hospitals share EHR data to train AI algorithms without protecting patient privacy.Decentralized, privacy-preserving infrastructureJ.M. Barrie wrote in Peter Pan, “All the world is made of faith, and trust, and pixie dust.” Trust isn’t just a nice to have in AI — it’s foundational. AI’s projected economic boon of $15.7 trillion by 2030 may never materialize without it.Enter decentralized cryptographic systems like zero-knowledge succinct non-interactive arguments of knowledge (ZK-SNARKs). These technologies offer a new path: allowing users to verify AI decisions without revealing personal data or the model’s inner workings.By applying privacy-preserving cryptography to machine learning infrastructure, AI can be auditable, trustworthy and privacy-respecting, especially in sectors like finance and healthcare.Recent: Blockchain’s next big breakthroughs: What to watchZK-SNARKs rely on advanced cryptographic proof systems that let one party prove something is true without revealing how. For AI, this enables models to be verified for correctness without disclosing their training data, input values or proprietary logic.Imagine a decentralized AI lending agent. Instead of reviewing full financial records, it checks encrypted credit score proofs to make autonomous loan decisions without accessing sensitive data. This protects both user privacy and institutional risk.ZK technology also addresses the black-box nature of LLMs. By using dynamic proofs, it’s possible to verify AI outputs while shielding both data integrity and model architecture. That’s a win for users and companies — one no longer fears data misuse, while the other safeguards its IP.Decentralized AI We’re entering a new phase of AI where better models aren’t enough. Users demand transparency; enterprises need resilience; regulators expect accountability.Decentralized, verifiable cryptography delivers all three.Technologies like ZK-SNARKs, threshold multiparty computation, and BLS-based verification systems aren’t just “crypto tools” — they’re becoming the foundation of trustworthy AI. Combined with blockchain’s transparency, they create a powerful new stack for privacy-preserving, auditable and reliable AI systems.Gartner predicted that 80% of companies will be using AI by 2026. Adoption won’t be driven by hype or resources alone. It will hinge on building AI that people and companies can actually trust.And that starts with decentralization.Opinion by: Felix Xu, co-founder of ARPA Network and Bella Protocol.This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Published Date: 2025-04-29 15:00:00Creator: Cointelegraph by Felix Xu
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Bitcoin 'hot supply' nears $40B as new investors flood in at $95K
Key points:Bitcoin’s most recently-moved supply segment is increasing as higher prices see an influx of “speculative capital.”“Hot supply” has doubled in just five weeks versus local lows in March.Active address numbers have yet to mimic a classic bull market comeback.Bitcoin (BTC) short-term holders (STHs) are back in the game as a “speculative capital” enters the market.In an X thread on April 29, onchain analytics firm Glassnode reported a surge in Bitcoin’s so-called “hot capital.”Bitcoin sees “surge in capital turnover”New investors are entering the market as BTC price action circles its highest levels in several months.Glassnode reveals that the sum of coins which last moved up to a week ago has reached its largest figure since early February.“This metric captures short-term holder activity and is a proxy for speculative capital entering the market,” it explains.In the past week alone, hot capital has shot up by over 90% to near $40 billion. Since local lows in late March, hot capital has increased by $21.5 billion, a “surge in capital turnover” which underscores a sea change in market sentiment.“BTC hot capital bottomed at $17.5B on 23 Mar - its lowest level since Dec,” Glassnode summarizes. “In just 5 weeks, it has added over $21.5B, suggesting a rapid shift from dormancy to speculation among newer market entrants.”Bitcoin “hot supply” data. Source: Glassnode/XBTC bull market comeback in progressAs Cointelegraph continues to report, STH investors have recently returned to aggregate profit as price hovers near $95,000.Related: Bitcoin in 'critical zone' as triple breakout meets $93.5K support battleAnalyzing overall network participation, however, Glassnode suggested that a full bull market comeback has not yet taken place.“Signs of early FOMO are emerging, with the Hot Capital Share ticking higher and profitability metrics like Percent Supply in Profit (86%) and NUPL (0.53) expanding notably,” it wrote in an introduction to its latest “Market Pulse” analysis piece released on April 28.“However, while on-chain activity such as transfer volume and fees are recovering, daily active addresses remain suppressed, suggesting that full organic network engagement is still rebuilding.”Bitcoin active addresses (7-day simple moving average). Source: GlassnodeEarlier this week, other sources reported on the potential dangers of “FOMO” when it comes to an enduring BTC price recovery.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.New analysis on April 29 from Axel Adler Jr., a contributor to onchain analytics platform CryptoQuant, shows
Published Date: 2025-04-29 14:45:00Creator: Cointelegraph by William Suberg
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$649B stablecoin transfers linked to illicit activity in 2024: Report
Cryptocurrency compliance firm Bitrace found that $649 billion worth of stablecoins flowed through addresses classified as high-risk in 2024, according to an April 29 report.Bitrace defines high-risk blockchain addresses as those used by illegal entities to receive, transfer or store stablecoins.Crypto compliance firms typically score crypto wallet addresses based on their likelihood of involvement in illicit activities. The higher the risk, the higher the likelihood of foul play, and the less likely compliant crypto businesses are to accept the assets.Per the report, the amount accounted for roughly 5.14% of all stablecoin transaction volume in 2024. This is down 0.8% from 5.94% the previous year, but significantly higher than the 2.8% reported in 2022 and 1.63% in 2021.Proportion of high-risk stablecoin transactions. Source: BitraceRelated: Americans lost $9.3B to crypto fraud in 2024 — FBITron USDT tops high-risk transactionsTron-based USDt (USDT) dominates high-risk stablecoin transactions, with Bitrace data indicating that well over 70% of the volume moved on the network. The remaining high-risk stablecoin transactions are mostly Ethereum-based USDt and a small amount of USDC (USDC).A likely explanation for the prevalence of USDT is likely due to its larger market capitalization and adoption compared with other stablecoins. At the time of writing, CoinMarketCap shows that USDt has a market cap of over $148 billion, while USDC stands at over $62 billion.Tron’s prevalence is not as easy to explain. Ethereum remains the more popular choice for most stablecoin users, with DefiLlama showing nearly $124.3 billion worth of stablecoins circulating on the network. Tron ranks second, with about $71 billion — almost 43% less than Ethereum.When comparing USDT balances alone, Tron holds slightly more than Ethereum: 47.4% of USDT supply, versus Ethereum’s 45.44%.High-risk inflows by stablecoin type. Source: BitrueRelated: Tether stablecoin issuer and Tron launch financial crime unitCrypto gambling continues its riseBitrace also reported that in 2024, online gambling platforms processed $217.8 billion worth of stablecoins — a 17.5% increase over the previous year.Once again, USDT also dominated this type of activity. Still, USDC’s market share is rapidly rising, clocking in at 13.36% in 2024.Stablecoin inflows to gambling platforms. Source: BitrueThe data follows recent reports that crypto casinos generated more than $81 billion in revenue in 2024, even as regulators in key jurisdictions continued to block access to the platforms, according to a new report.Magazine: Ridiculous ‘Chinese Mint’ crypto scam, Japan dives into stablecoins: Asia Express
Published Date: 2025-04-29 14:28:14Creator: Cointelegraph by Adrian Zmudzinski
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Is XRP price going to crash again?
Key takeaways:XRP trades over 120% above its realized price, flashing heightened correction risk.A rising wedge breakdown on the 4H chart could send XRP toward $1.89 by mid-May.Weekly falling wedge pattern and 50-week EMA support suggest a possible 25% recovery to $2.92 by June.XRP (XRP) price has rebounded by over 40% in the last three weeks to reach over $2.28 on April 29, but it’s still trading over 30% below its local high of $3.39.XRP/USD daily price chart. Source: TradingViewWill XRP’s price sustain the recovery or drop further in the coming days?XRP’s rising wedge flashes selloff risksXRP is showing signs of a potential breakdown as a rising wedge pattern forms on its 4-hour chart, raising the risk of a sharp short-term correction.As of April 29, XRP trades around $2.29, hovering near the wedge’s upper resistance. The pattern, defined by converging upward-sloping trendlines, typically signals weakening bullish momentum and a likely trend reversal. XRP/USD four-hour price chart. Source: TradingViewA confirmed breakdown below the wedge’s lower support could push XRP toward $1.89, down about 17% from current levels, by mid-May.Supporting the bearish outlook is XRP’s relative strength index (RSI), which sits near 60, indicating that it’s approaching overbought territory, which may lead to profit-taking by traders.XRP realized price is near $1 XRP’s current realized price (aggregated) of $1.02 represents the average acquisition cost of all circulating tokens. It serves as a key indicator of market sentiment, helping to identify periods of overvaluation or undervaluation.As of April 29, XRP was trading around $2.28, more than 120% above its realized price. Historically, when XRP trades far above its realized price, it tends to reflect speculative euphoria and elevated risk.XRP realized price aggregated. Source: TradingViewIn early 2018 and mid 2021, huge divergences between XRP’s spot and realized price preceded sharp corrections toward the realized price target, as shown above. In 2025, the gap between spot and realized price has increased similarly.If bullish momentum weakens, XRP may face increased selling pressure, potentially retracing toward the realized price level near $1.02, down by over 50% from the current price levels.XRP falling wedge could save the bulls XRP is flashing signs of bullish continuation as it holds firmly above its 50-week exponential moving average (EMA) near $1.67, a level that acted as resistance throughout the 2022–2024 bear cycle and is now serving as strong support.XRP/USD weekly price chart. Source: TradingViewAdditionally, XRP is forming a classic falling wedge pattern on the week chart, a structure often associated with bullish reversal breakouts. The tightening price range suggests declining selling pressure, with a potential breakout looming if bulls manage to push price above the wedge’s upper trendline.Related: XRP futures open interest surges by 32% — Are traders bullish or bearish?A successful breakout could target the $2.92 level by June, marking a 25% rally from the current price. Supporting this outlook, the RSI has bounced from the midline, indicating a potential return of buying momentum.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Published Date: 2025-04-29 13:56:46Creator: Cointelegraph by Yashu Gola
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Ethereum price has several reasons to break $2,000 next
Key takeaways:Strong Ethereum ETF inflows signal high institutional demand.Ethereum’s $51.8B TVL and 30% DEX weekly volume rise show robust network strength.A bull flag pattern on the ETH’s four-hour chart targets $2,100.Ether’s (ETH) price rose to a new range high at $1,860 on April 28, its highest value since April 2.Several analysts argue that the ETH price needs to hold above $1,800 to increase the chances of rising higher.“Once ETH confirms this 4H close above resistance [$1,800], Ether and altcoins will finally get their time to shine,” trader Kiran Gadakh said in an April 29 post on X. “I can feel it in my bones, $2,000 ETH coming fast.” ETH/USD 12-hour chart. Source: Kiran GadakPopular analyst Nebraskangooner opined that if ETH faces high volume rejection from the $1,800 level, it might drop to test support levels around $1,600.Source: NebraskangoonerEthereum ETF demand returnsSeveral data metrics suggest that Ether is well-positioned to break out toward $2,000 in the following days or weeks.One factor supporting Ether's bull case is resurgent institutional demand, reflected by significant inflows into spot Ethereum exchange-traded funds (ETFs).On April 28, Ethereum ETFs saw a net inflow totaling $64.1 million. This followed inflows totalling $151.7 million during the week ending April 25, the highest since February 2025. Spot Ethereum ETF netflows. Source: SoSoValueThe increase in institutional demand was reinforced by net inflows of $183 million into Ethereum investment products last week, ending an eight-week streak of outflows, as reported by CoinShares. This trend reflects growing confidence among traditional finance players, as observed by market analysts like CoinShares' head of research, James Butterfill, who noted:“We believe concerns over the tariff impact on corporate earnings and the dramatic weakening of the US dollar are why investors have turned toward digital assets, which are being seen as an emerging safe haven.”Institutional buying creates sustained upward pressure on Ether’s price by absorbing the available supply.Strong Ethereum onchain activity is backEthereum remains the undisputed top layer-1 blockchain with more than $51.8 billion in total value locked (TVL) on the network, according to data from DefiLlama. The chart below shows that Ethereum's TVL has increased by approximately 16% over the last seven days.Ethereum TVL and daily DEX volumes. Source: DefiLlamaAave was among the strongest performers in Ethereum deposits, with the TVL rising 13.5% over seven days. Other notable increases included Lido (12%), EigenLayer (13%), and Ether.fi (12%).Compared to other top-layer networks, the Ethereum network towers above its rivals in terms of TVL growth in the daily and weekly time frames, except SUI, which has seen a 47% increase in its TVL over the last seven days.Ethereum’s daily DEX volumes have increased by more than 30% over the last week, to $1.65 billion. However, this is significantly lower than the 78% and 44% increases on SUI and Solana, respectively. Related: Ethereum Foundation shuffles leadership, splits board and managementETH price bull flags targets $2,100The ETH/USD pair has a good chance of resuming its upward momentum despite the rejection at $1,860, as the chart shows a classic bullish pattern.Ether’s price action over the past week has led to a bull flag pattern on the four-hour chart, as shown in the figure below. A four-hour candlestick close above the flag’s upper boundary at $1,800 on April 29 suggests the start of an upward move.The flagpole’s height sets the target, which projects Ether’s price ascent to $2,100 or approximately a 15% increase from the current price.ETH/USD 4-hour chart w/ bull flag pattern. Source: Cointelegraph/TradingViewAnother bullish indicator is the relative strength index, which is moving within the positive region at 60, suggesting that the market conditions still favor the upside.As Cointelegraph reported, increased demand from the $1,700 area (at the 20-day SMA) should serve as a solid foundation for ETH price to reach the $2,110 level, eventually topping out at $2,500.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Published Date: 2025-04-29 13:33:11Creator: Cointelegraph by Nancy Lubale
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Here’s what happened in crypto today
Today in crypto, the US Department of Justice has requested a 20-year prison sentence for Alex Mashinsky, the co-founder and former CEO of defunct crypto lender Celsius, a crypto group petitioned the White House to drop charges against crypto devs, including Tornado Cash’s Roman Storm, and Arizona’s House passed two crypto reserve bills.US DOJ requests 20-year sentence for Celsius founder Alex MashinskyAlex Mashinsky, the founder and former CEO of the now-defunct cryptocurrency lending platform Celsius, faces a 20-year prison sentence as the US Department of Justice (DOJ) seeks a severe penalty for his role in a multibillion-dollar fraud.The DOJ on April 28 filed the government’s sentencing memorandum against Mashinsky, recommending a 20-year prison sentence for his fraudulent actions, which led to billions of dollars in losses for Celsius customers.The 97-page memo mentioned that Celsius users were unable to access approximately $4.7 billion in crypto assets after the platform halted withdrawals on June 12, 2022.“The Court should sentence Alexander Mashinsky to twenty years’ imprisonment as just punishment for his years-long campaign of lies and self-dealing that left in its wake billions in losses and thousands of victimized customers,” the DOJ stated.In addition to the investor losses, the DOJ noted that Mashinsky has personally profited from the fraudulent schemes in his role.As part of his guilty plea in December 2024, Mashinsky admitted that he was the leader of the criminal activity at Celsius, that his crimes resulted in losses in excess of $550 million, and that he personally benefited more than $48 million, the DOJ said.An excerpt from the government’s sentencing memorandum against Celsius founder Alex Mashinsky. Source: CourtListenerThe DOJ highlighted that Mashinsky’s guilty plea showed that his crimes were “not the product of negligence, naivete, or bad luck,” but rather the result of “deliberate, calculated decisions to lie, deceive, and steal in pursuit of personal fortune.”Crypto group asks Trump to end prosecution of crypto devsThe DeFi Education Fund has led an April 28 petition to White House crypto czar David Sacks asking to end what it claimed was the “lawless prosecution” of open-source software developers, including Roman Storm, a creator of the crypto mixing service Tornado Cash.The group urged President Donald Trump “to take immediate action to discontinue the Biden-era Department of Justice's lawless campaign to criminalize open-source software development.” They said that in Storm’s case, who was charged in August 2023 with helping launder over $1 billion in crypto through Tornado Cash, the Department of Justice is attempting to hold software developers criminally liable for how others use their code, which is “not only absurd in principle, but it sets a precedent that potentially chills all crypto development in the United States.”Source: DeFi Education FundThe petition has so far attracted over 250 signatures from industry executives and developers.Meanwhile, lawyers for executives of the crypto mixer Samourai Wallet, charged with money laundering and unlicensed money transmitting, said prosecutors are mulling whether to dismiss the case after Deputy Attorney General Todd Blanche shuttered the DOJ’s crypto team earlier this month.Arizona legislature moves forward with Bitcoin reserve billsLawmakers in the Arizona House of Representatives have voted to pass two bills that could allow the state to adopt a reserve using Bitcoin (BTC) or other cryptocurrencies.In a third reading on April 28 of the Senate Bill 1025 (SB1025), a proposal to amend Arizona’s statutes to allow for a strategic BTC reserve, 31 members of the Arizona House voted in favor of the bill, with 25 opposed. A similar bill, SB1373, to establish a state-level digital assets reserve, passed with 37 lawmakers in favor and 19 voting nay.“This bill basically takes the approach that probably 15 other states are considering the same legislation nationwide that allows the treasurer to invest up to 10% into, probably mainly Bitcoin but other things as well,” said State Representative Jeff Weninger on SB1025. “I think this probably would start as a ‘may’ for the foreseeable future, but as things continue to pivot towards Bitcoin and these things, would have that already in place in the future.”Voting for SB1025 in the Arizona House of Representatives on April 28. Source: Arizona State Legislature
Published Date: 2025-04-29 13:29:28Creator: Cointelegraph by Cointelegraph
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CBDCs ‘costly fiat copy’, not fintech success so far: Ex-Binance exec
The United States’ rejection of a central bank digital currency has not halted the progress of CBDCs globally, but their success has been questionable so far, according to a former Binance executive.Global CBDC projects have not failed, but they have also not become what they were anticipated to be, according to Olga Goncharova, CEO at the consulting firm Rizz Go and former director of government relations in the Commonwealth of Independent States at Binance.“CBDCs were conceived as a technological breakthrough, but so far they look like expensive imitations of existing traditional fiat currencies that citizens and businesses already use through online banking and payment apps,” Goncharova told Cointelegraph at the Blockchain Forum in Moscow.Olga Goncharova during a panel on Web3 geopolitics at the Blockchain Forum 2025 on April 23. Source: Blockchain ForumThough some of the CBDC-like creatives date back to the 1990s, modern initiatives are yet to offer users a real added value compared to traditional payment channels, she said.CBDC leaders like China struggle with adoption“Today it is clear that the expectations around CBDCs were overestimated,” Goncharova claimed, adding that none of the jurisdictions worldwide have succeeded in the mass adoption of retail CBDCs.“Even in China, where the digital yuan project has been moving longer and more actively than others, its share in the payment system remains minimal,” she added, referring to multiple online reports suggesting that China’s CBDC has been struggling amid slow adoption.Source: Mercator Institute for China StudiesWith China’s CBDC early-stage research starting in 2014, China’s digital yuan is known as one of the biggest CBDC projects worldwide, offering an electronic version of the Chinese yuan intended for online and offline transactions.Related: China selling seized crypto to top up coffers as economy slows: ReportThe Chinese government has been actively promoting the use of the digital yuan. Still, some reports declared China’s digital project a failure in late 2024, referring to the downfall of Yao Qian, the first director of CBDC development at China’s central bank. Late last year, he was reportedly expelled from public office by the government.EU pushes a digital euro for autonomyEvery country has its reasons to pursue a CBDC, Goncharova continued, noting that the European Union has been pushing its digital euro project to protect its financial autonomy.“In the EU, the digital euro is perceived more as an instrument of strategic autonomy than as a response to market demand,” she stated, adding that its goal is to reduce reliance on payment giants like Visa and Mastercard.Source: ReutersHowever, the efforts to create a pan-European payment system have faced serious challenges, such as market share concerns by banks as well as adoption difficulties.“The European Central Bank has not yet decided whether the digital euro will operate on the blockchain, as it does not see convincing cases for programmability and points to technological risks,” Goncharova said.Russia delays a digital rubleRussia has emerged as one of the most active jurisdictions in the global CBDC race, but it’s yet to roll out its digital currency as well, which has been on multiple trials since early 2022.After seeing many launch delays, a digital ruble could be postponed further as Bank of Russia Governor Elvira Nabiullina in February announced that the mass adoption of a digital ruble would occur later than planned.A panel at the Blockchain Forum 2025 in Moscow. Source: Blockchain ForumAt the same time, Finance Minister Anton Siluanov has recently claimed that the digital ruble is scheduled to be rolled out for commercial banks in the second half of 2025.Related: Russian ruble stablecoin: Exec lists 7 ‘Tether replica’ features“In Russia, there is no urgent need to reduce dependence on foreign payment systems as in the EU,” Goncharova told Cointelegraph, adding:“The digital ruble is rather perceived as a tool for increasing the efficiency of internal settlements. The project is still at the testing stage. Its further development will depend on how clearly the tasks are formulated and whether there is practical sense for users and the economy.”While Russia has been delaying its digital ruble, some officials have recently called on the government to create ruble-pegged stablecoins, echoing the US’s stablecoin push.While several ruble stablecoins have already been introduced, it remains to be seen whether the initiatives can compete with giants like Tether’s USDt (USDT).Magazine: Ethereum is destroying the competition in the $16.1T TradFi tokenization race
Published Date: 2025-04-29 13:18:51Creator: Cointelegraph by Helen Partz
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Beijing to invest in blockchain, integrate into infrastructure
The Beijing city administration has announced a plan for local blockchain development and implementation over the next two years.According to an April 29 announcement, the plan was jointly developed by the Beijing Municipal Science and Technology Commission, the Zhongguancun Administrative Committee, the Cyberspace Administration Office, the Bureau of Government Services and Data, the Bureau of Economy and Information Technology and the Bureau of Commerce. The implementation is expected to start this year and continue until 2027.The announcement. Source: Beijing governmentThe Beijing Blockchain Innovation and Application Development Action Plan recognizes blockchain as a “critical foundational technology for industrial digitalization and vital digital infrastructure.” Notably, the objectives also include plans to “enhance the value extraction from digital assets through blockchain,” which may indicate crypto mining. The announcement also claims that the city has already invested heavily in this area of research:“Beijing has significantly progressed in autonomous blockchain technology development and application scenarios.“Related: An overview of China’s digital yuanBeijing bets on blockchain for economic growthThe plan involves developing blockchain software that targets breakthroughs in cryptography, confidential computing and distributed systems. The project also includes the development of blockchain infrastructure, including national blockchain hub nodes and platforms for trusted digital identity and distributed data directories.Industries targeted for blockchain application include healthcare, education, large artificial intelligence models, financial services and transportation. The objective is to enhance efficiency and trust:“The aim is to optimize business processes, ensure trustworthy data sharing, and innovate service models, establishing benchmark applications to drive broader blockchain adoption.“Related: Trump’s crypto push vs. Xi’s digital yuan: What it means for the future of moneyOne blockchain, one network, one platformThe announcement cites the “one blockchain, one network, one platform” principle. By 2027, the project aims to implement dedicated blockchain chips, privacy protection features, crosschain interoperability and distributed networking.The project hopes to achieve petabyte-scale trusted node storage, large-scale blockchain interoperability, and a hundred-million-user-scale interoperable trusted identity system. The announcement promises the development of at least 20 blockchain use cases.The announcement follows Beijing’s release of a white paper to foster innovation and advance the Web3 industry in May 2023. The “Web3 Innovation and Development White Paper” recognized Web3 technology as an “inevitable trend for future Internet industry development.“The commission behind the paper hoped to establish Beijing as an innovation hub for the digital economy and planned to allocate a minimum of 100 million yuan ($14 million) annually until this year.Magazine: Illegal arcade disguised as … a fake Bitcoin mine? Soldier scams in China: Asia Express
Published Date: 2025-04-29 13:03:08Creator: Cointelegraph by Adrian Zmudzinski
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