China is entering the homestretch in the launch of its CBDC, the eurozone is studying the feasibility of "such a development"
Over the past week, the cryptocurrency market has recovered a little: the main assets managed to stay above the critical support lines, which may indicate the possibility of a quick recovery.

Continuing to observe the experiments of the Celestial Empire on the release of its own state cryptocurrency, designed to eventually become a replacement for cash, we can state that the pace of development and implementation has been good. Indeed, until recently, the Internet only discussed rumors about China's intentions to study the possibility of launching something like that, and now the Deputy Chairman of the People's Bank of China says that the regulator will oblige everyone to accept the "digital yuan". A similar claim was made by Fan Yifei in his column for Financial News. He explained that the “digital yuan” will legally be positioned almost like an M0 unit, that is, like cash. “Therefore, the digital yuan must comply with the laws and regulations related to money management,” Yifei added and stressed that, based on this, like cash, the new means of payment will be required to be accepted anywhere in the country. "No company or individual can refuse to accept the" digital yuan "if all conditions are met," the column says.

While China is reaching the home stretch in launching its CBDC, the eurozone, according to ECB President Christine Lagarde, is only studying the feasibility of "such a development." By "similar development" is meant "digital euro". “We have not yet made a decision on the digital euro, but like many central banks, we are looking at the benefits, risks and potential transaction costs of such an initiative. The working group will present the results in the coming weeks, and then we will launch public consultations, ”she concluded. In addition, Christine Lagarde noted that the ECB's goal should be to provide residents of the eurozone with access to various types of payment options, so that foreign providers of payment solutions could not take advantage of the dominant market position. Based on this, we can conclude that while Europe is discussing and thinking from which side to approach the problem, China is already completing its solution. Moreover, representatives of the leading EU countries urged the European Commission to develop strict rules for stablecoins. The official goal of this event is called "consumer protection and preservation of state sovereignty in monetary policy", and between the lines reads "fear that private companies will be able to digitize the euro before the ECB." In a joint statement, EU finance ministers expressed confidence that stablecoins should not be allowed to circulate until regulatory and supervisory issues are resolved. “We all agreed that our task is to ensure the stability of the financial market,” said German Finance Minister Olaf Scholz. “We expect strict and clear rules from the European Commission to prevent the misuse of cryptocurrencies to support illegal activities such as supporting terrorism or money laundering,” added French Finance Minister Bruno Le Maire. - The ECB has the exclusive right to issue currency in the euro area. And in this case, this is something that cannot be compromised or weakened by any projects, including the infamous Libra from Facebook. "

The United States continues to build on the tools that the IRS can use to track cryptocurrency transactions and detect tax evasion. A new quarter million dollar contract has been signed with Blockchain Analytics and Tax Software. Most likely, more and more tax authorities in different countries will resort to using such solutions, as cryptocurrencies are becoming more widely used for money laundering and tax evasion.