Crypto On LYO: The Blend — Pakistan to Launch CBDC by 2025, SEBA Bank and HashKey Collaborate to Promote Crypto Adoption, US Senator Wants a Crypto-friendly Texas 

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What happened in the crypto world in the last week? Let’s see some interesting news together! 

Pakistan to Launch CBDC by 2025

Pakistan announces new regulations to launch an in-house central bank digital currency by 2025. For a successful issuance of a CBDC in the next three years, the State Bank of Pakistan signed in new laws, with the help of the World Bank, for non-bank entities offering digital payment instruments or Electronic Money Institutions

The new regulations include preventive measures against money laundering and terror financing. It also promotes consumer protection and reporting requirements. 

According to Deputy Governor of SBP Jameel Ahmad, “These landmark regulations are a testament of the SBP’s commitment toward openness, adoption of technology and digitization of our financial system.”

SEBA Bank and HashKey Collaborate to Promote Crypto Adoption 

SEBA Bank, a crypto-focused company, has partnered with HashKey Group, a financial services firm, to expedite the institutional adoption of cryptocurrencies in Hong Kong and Switzerland. 

The two entities will create a variety of solutions that will benefit institutional investors that seek to enter the crypto space. Both companies emphasized that they will be compliant and will adhere to regulatory frameworks within their jurisdictions. 

US Senator Wants a Crypto-friendly Texas 

United States Senator Ted Cruz highlighted the importance of the crypto industry and cryptocurrencies like Bitcoin to the U.S. energy supply and technological development in his speech at the Texas Blockchain Summit 2022 in November. 

He said that the rich, low-cost energy that Texas has makes the state an attractive place for the U.S. crypto industry. Cruz also shared his views on Bitcoin and said, “I think Bitcoin means investment. It means opportunity. It means prosperity. It means financial independence. I also think the rise of bitcoin mining in Texas has an enormous positive benefit for the resiliency of the grid.”

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