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Investment professionals in emerging and developed markets are split on the idea of a central bank digital currency, according to a recent survey from the CFA Institute. Meanwhile, Judge Philip Jeyaretnam of the High Court of Singapore ruled on July 25 that cryptocurrency is property capable of being held in trust, stressing that he sees no difference between crypto or fiat money. Meanwhile, KuCoin denied a report claiming it’s gearing up to cut 30% of its staff, saying any cuts would follow a “normal” employee performance review.
A recent survey of its members conducted by the CFA Institute revealed that a majority of Indian and Chinese respondents support central bank digital currencies, or CBDCs.
Seventy percent of investment professionals in China and 66% in India answered “yes” to the question of whether central banks should launch CBDCs. In emerging markets as a whole, 61% of respondents were favorable toward CBDCs. Investment professionals in developed markets were far less enthusiastic, with only 37% of respondents indicating support.
As one might expect, the United States had the lowest support for CBDC, with only 31% of respondents indicating that the Federal Reserve should pursue a digital dollar.
A global survey of our members shows support for #CBDCs is limited. Only a small percentage of respondents have a strong understanding of CBDCs & a split in attitudes between emerging & developed economies, there is no guarantee of public acceptance https://t.co/SD3x0kKqPY pic.twitter.com/O4oWmcUp2w
— Margaret Franklin, CFA, CEO at CFA Institute (@CFAInstituteCEO) July 26, 2023
That being said, the survey also revealed that investment professionals only had a modest understanding of CBDCs, which means acceptance could change as they broaden their thinking on the subject. There is “no guarantee of public acceptance” of CBDCs, said Margaret Franklin, the CEO of CFA Insittute.
Support for CBDC growing among Chinese, Indian investment professionals
Singapore High Court rules crypto personal property, compares it to fiat money
Cryptocurrency is property capable of being held in trust, Judge Philip Jeyaretnam ofthe High Court of Singapore ruled on July 25. The judge said he didn’t see any difference between crypto, fiat money or shells as long as all those objects, physical or not, share value created by mutual faith in them.
Jeyaretnam handed down his ruling in a case brought by Bybit against its former employee, Ho Kai Xin. Bybit claimed the staff member transferred around 4.2 million of Tether from the crypto exchange to her private accounts. The court has now ordered Ho, who has accused a non-present cousin of controlling the relevant accounts, to return the money to Bybit.
While the decision may seem obvious, it contains some formulations important for the juridical status of digital assets. Jeyaretnam calls the stolen USDT, as well as cryptocurrencies in general, property.
Even though they don’t have any physical presence, the judge said:
“We identify what is going on as a particular digital token, somewhat like how we give a name to a river even though the water contained within its banks is constantly changing.”
He rebuts the common suspicion of crypto not having any “real” value, reminding that value is “a judgment made by an aggregate of human minds.” Jeyaretnam also classifies crypto in the category of “things in action.” In British common law, that means a type of property over which personal rights could be claimed or enforced by legal action, not by taking physical possession.
KuCoin denies mass layoffs, cuts part of ‘normal’ operations
Crypto exchange KuCoin dismissed rumors that it was gearing up to cut 30% — around 300 — of its staff in the coming weeks, with a spokesperson telling Cointelegraph it “has not initiated any alleged layoff plans.”
The spokesperson added any potential cuts would be part of its semi-annual employee performance review where “there might be some personnel adjustments as needed, which is a normal process in organizational development.”
In a July 25 tweet, KuCoin CEO Johnny Lyu claimed it’s still operating smoothly and potential staff cuts would come from its performance evaluation that’s part of its plan to stay “competitive and dynamic.”
1/ I'm aware of some rumors floating around about KuCoin. Let me clarify a few points and share a clear picture of how we're doing.
— Johnny_KuCoin (@lyu_johnny) July 25, 2023
The rumours started with a July 25 report from independent crypto journalist Colin Wu claiming KuCoin’s staff cut was due to strict know your customer policy in the United States leading to a decline in the exchange’s profits. Wu later backtracked on the claims.
KuCoin responded that it is a normal performance appraisal. KuCoin is actively embracing compliance and focusing on core business development.
— Wu Blockchain (@WuBlockchain) July 25, 2023
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