Main Takeaway: Countries Reassessing CBDCs
The crypto news cycle was quiet over the day, with more focus on global health and geopolitics. However, one important news story we mentioned earlier was Japan’s announcement of the country’s central bank looking into CBDCs. The result of this inquisition is that Japan deemed it not necessary to implement a CBDC and has thus abandoned its plans to move one forward. This is a positive step in terms of democratizing finance and in general macroeconomic planning. The main takeaway is this may spill over to other G7 and perhaps even G20 countries as their governments and population begin studying the impacts (positive and negative) they may have on society and the economy. Keep an eye on the United States as it will be a major player in the future trajectory of CBDCs.
Today’s Top Gainers
The crypto markets are down by around 2% over the day on the backs of geopolitical tensions and the bullish ending to last month’s stocks and crypto. So we’re seeing a bit of a cool-off to start in August. Nonetheless, there are many coins doing well. The top five on Phemex d-o-d are Chiliz (CHZ/USDT), Bloktopia (BLOK/USDT), Celsius (CEL/USDT), pSTAKE (PSTAKE/USDT), and Lazio Fan Token (LAZIO/USDT).