December 30th, 2025

China to let banks pay interest on digital yuan wallets from January 2026

China’s central bank is rolling out a new framework for the digital yuan that will allow commercial banks to pay interest on e-CNY wallet balances starting Jan. 1, 2026, a move officials say will push the central bank digital currency (CBDC) beyond its original role as a cash substitute.

The new CBDC framework will allow banks to treat the digital yuan as part of their asset-liability operations, Lu Lei, a deputy governor of the People’s Bank of China, wrote in a PBOC-affiliated China Financial Times article published on Monday.

“The digital RMB will move from the digital cash era to the digital deposit currency (Digital Deposit Money) era,” said Lei in the report. “It has the functions of monetary value scale, value storage, and cross-border payment.”

While cryptocurrency transactions and stablecoins are banned in Mainland China, the PBOC continues developing its CBDC framework, seeking to utilize the efficiency of blockchain rails through a central-bank-issued digital cash alternative.

This is in contrast to the stablecoin-friendly US regime, where President Donald Trump issued an executive order banning the creation of a CBDC, citing concerns over their potential to threaten financial system stability, individual privacy and national sovereignty.

The executive order, signed on Jan. 23, prohibits the establishment, issuance, circulation or use of CBDCs, a development described as a “game-changer” for the growth of the US crypto industry, Anndy Lian, an author and intergovernmental blockchain adviser, previously told Cointelegraph.

In July, Trump signed the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, the US’s first comprehensive stablecoin framework, which established clear rules for stablecoin collateralization and mandated compliance with Anti-Money Laundering laws.

China’s “Action Plan” to accelerate e-CNY adoption

China’s new framework, the “Action Plan on Further Strengthening the Digital RMB Management Service System and Related Financial Infrastructure Construction,” seeks to expand the national use of the e-CNY and build the necessary infrastructure.

In September, the central bank established the RMB International Operations Center in Shanghai, a blockchain services platform seeking to build onchain settlement tools and crosschain transfer capabilities to promote the use of the digital yuan in cross-border settlement.

While the PBOC said that the digital yuan could create more financial inclusion, some critics are concerned about its ability to give more financial control to the central bank.

“The Chinese government wants more control over payments,” according to Alex Gladstein, chief strategy officer at non-profit organization the Human Rights Foundation.

While the central bank already holds a “firm grip” on the two leading commercial payment giants, direct control and oversight over a digital currency would provide more data and “power to deny people access,” Gladstein told MIT Technology Review in August 2023.

Source: https://cointelegraph.com/news/china-digital-yuan-interest-wallets-2026

Anndy Lian

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com

j j j

November 18th, 2025

Europe’s Digital Euro: A Surveillance Coin in Disguise

As the European Central Bank (ECB) pushes forward with plans to launch a retail Central Bank Digital Currency (CBDC) by 2029, pending legislative approval in 2026 and pilot testing from mid-2027, it’s tempting to view this as a neutral evolution of money in a digital age. But beneath the glossy language of “secure payments” and “complementing cash” lies a stark reality. This is not about innovation. It’s about control. And it stands in sharp contrast to the more pragmatic, market-driven approaches emerging elsewhere, most notably in the United Arab Emirates.

Let’s dispense with euphemisms. In my opinion, the ECB’s so-called “digital euro” is not a tool for financial inclusion or technological progress. With a €1.3 billion budget, no use of blockchain, no privacy safeguards, and no mechanism for redemption into physical cash or other assets, it functions less like money and more like a programmable surveillance instrument. Unlike cash, which is anonymous, final, and free from intermediation, the digital euro will be fully traceable, subject to usage conditions such as spending caps or expiry dates, and entirely under the thumb of central authorities. That’s not monetary policy. That’s digital authoritarianism wrapped in technocratic jargon.

The ECB insists the digital euro will “complement” cash, not replace it. But actions speak louder than reassurances. Why pour billions into a parallel currency if cash isn’t the target? Why design a system where every transaction is logged, monitored, and potentially restricted unless the goal is to shift economic behavior through oversight? In a continent already grappling with rising energy costs, inflation, and bureaucratic overreach, the last thing citizens need is a state-mandated payment layer that watches, judges, and possibly penalizes their spending.

Compare this to the UAE, a jurisdiction often dismissed as a “small player” but one that is rapidly becoming a blueprint for 21st-century financial infrastructure. The UAE isn’t pushing a retail CBDC on its citizens. Instead, it operates a layered, purpose-built stack: a wholesale-only Digital Dirham for cross-border interbank settlements, already live with India, China, and Saudi Arabia; regulated deposit tokens issued by banks for trade finance; and a thriving, regulated stablecoin ecosystem for retail and corporate payments. Circle, Paxos, and Tether are all operating under the Central Bank of the UAE (CBUAE), offering programmable, exportable, and transparent digital dollars. No coercion. No surveillance by design. Just clear roles, clear rules, and market choice.

This is the critical distinction. The UAE understands that money thrives on trust, but trust is earned through transparency, competition, and user sovereignty, not top-down mandates. Stablecoins, despite their critics, have already demonstrated this at scale. A $307 billion market cap and Tether’s projected $10 billion profit in 2025 are not flukes. They reflect real demand for digital money that is fast, open, and not tethered to government discretion. The U.S., for all its regulatory ambiguity, has largely embraced this reality, allowing innovation to flourish while slowly building guardrails.

Europe, by contrast, is doubling down on control. The digital euro debate is mired in technicalities about wallet limits and transaction expiration, not user experience, not interoperability, not financial resilience. It’s as if the ECB learned nothing from the crypto winters or the global shift toward decentralized finance. Instead of fostering a competitive landscape where stablecoins, commercial bank money, and cash coexist, Europe wants a monolithic, state-run alternative that centralizes power under the guise of “security.”

Make no mistake. CBDCs have a legitimate role, but only in the plumbing of finance. Wholesale CBDCs can streamline interbank settlements, reduce settlement risk, and enhance cross-border liquidity. That’s infrastructure. But injecting a retail CBDC directly into public wallets is a different beast entirely. It turns money into a policy lever, one that can be throttled, redirected, or disabled based on political whims or social engineering goals. Once deployed, such a system will be nearly impossible to roll back.

And for what? The ECB claims the digital euro will “build trust.” But trust in money doesn’t come from central control. It comes from reliability, scarcity, and freedom of use. Cash offers that. Gold offers that. Even well-regulated stablecoins offer that. A digital euro, designed without privacy, without redemption rights, and without decentralization, offers none of it.

The irony is palpable. At a time when citizens worldwide are reevaluating their relationship with institutions, the ECB is engineering a currency that embodies institutional overreach. Meanwhile, jurisdictions like the UAE are building open, modular, and exportable financial rails that empower businesses and individuals alike. One path leads to innovation and sovereignty. The other to surveillance and stagnation.

I’ve spent over a decade observing the evolution of digital assets, from Bitcoin’s cypherpunk roots to the institutionalization of DeFi and the rise of regulated stablecoins. What’s clear is this. The future of money belongs to systems that enhance user agency, not restrict it. Europe’s digital euro, as currently conceived, does the opposite. It’s not a response to market demand. It’s a preemptive strike against financial pluralism.

So, if you’re in Europe and value privacy, autonomy, or simply the right to transact without Big Brother’s ledger tracking your lunch purchase, think twice. The ECB may call it “progress.” But history will likely remember it as the moment Europe chose control over freedom, surveillance over trust, and bureaucracy over innovation.

And I, for one, wouldn’t want to be forced to use it.

Short bio:

Anndy Lian is an all-rounded business strategist in Asia. He has provided advisory across a variety of industries for local, international, and public-listed companies and governments. He is an early blockchain adopter and experienced serial entrepreneur, book author, investor, board member, and keynote speaker.

Source: https://852web3.media/2025/11/18/europes-digital-euro-a-surveillance-coin-in-disguise-2/

Anndy Lian

www.anndy.com

j j j

September 23rd, 2025

Survive the chop, ride the wave: Why Q4 could deliver a surge in tech and digital assets

Recent announcements from major tech players, such as NVIDIA’s massive commitments to OpenAI and Intel, have sparked widespread enthusiasm about AI’s potential to drive economic growth. These deals, totalling over US$100 billion in some estimates, underscore a broader trend where companies pour resources into AI infrastructure, expecting transformative returns in efficiency and innovation.

This wave of investment has lifted equity markets, particularly in Asia and the US, where tech-heavy indices lead the charge. Investors see AI as a catalyst that could sustain rallies even amid economic uncertainties, fuelling a risk-on environment that extends beyond traditional stocks into commodities and digital assets.

Fed’s first rate cut of 2025

The Federal Reserve’s recent actions add another layer to this positive sentiment. Last week, the Fed lowered its benchmark rate by 25 basis points to a range of 4.00 per cent to 4.25 per cent, marking the first cut of 2025 and signalling a pivot toward easing. This move came after months of speculation, with markets pricing in the change well in advance.

In his post-meeting press conference, Chair Jerome Powell described the adjustment as a precautionary step to bolster the labour market, emphasising that inflation risks have diminished while employment concerns grow. He noted a curious balance in the job market, with unemployment at 4.3 per cent and slower job gains, but stressed that the cut aims to prevent further weakening without reigniting price pressures.

Today, Powell delivers another speech on the economic outlook, which traders anticipate will provide clues about the pace of future easing. His comments could either reinforce the bullish mood or introduce caution if he highlights persistent challenges like tariff impacts or global tensions.

Diverging voices within the Fed

Divergent views among Fed officials highlight the nuanced path ahead. Newly appointed Governor Stephen Miran, in his inaugural policy speech, argued forcefully that current rates remain overly restrictive, potentially risking higher unemployment if not lowered aggressively. Appointed by President Trump, Miran positions himself as an outlier, suggesting the benchmark rate sits far above neutral levels and calls for swift reductions to stimulate growth.

In contrast, St. Louis Fed President Alberto Musalem endorsed the recent 25-basis-point cut as a safeguard for the labor market but warned of limited scope for additional moves. He views the economy as resilient, with inflation trending toward the two per cent target, and advocates a measured approach to avoid overstimulating demand.

These contrasting stances reflect internal debates at the Fed, where the dot plot from the latest meeting shows a split on 2025 projections. Some officials foresee one more cut, while others expect two, but many anticipate a pause thereafter. Markets will scrutinise Powell’s remarks for resolution, as his guidance often sets the tone for asset prices.

Wall Street rides the momentum

Wall Street captured this optimism on Monday, extending its rally with tech stocks at the forefront. The Dow Jones Industrial Average rose 0.14 per cent, the S&P 500 climbed 0.44 per cent, and the Nasdaq advanced 0.70 per cent, reflecting broad-based gains driven by AI enthusiasm. Treasury yields ticked higher amid the Fed’s cautious rhetoric, with the 10-year note up 1.9 basis points to 4.147 per cent and the two-year yield increasing 3.1 basis points to 3.603 per cent.

This slight uptick suggests investors temper expectations for deep easing, focusing instead on balanced growth. The US dollar index slipped 0.31 per cent to 97.341, easing pressure on exports and commodities. Gold surged 1.7 per cent to a record US$3,746.70 per ounce, benefiting from sustained rate-cut bets and a weaker dollar.

Brent crude, however, dipped 0.2 per cent to US$66.57 per barrel, as oversupply fears overshadowed geopolitical risks in Russia and the Middle East. Asian equities showed mixed results on Monday but opened higher today, though Japanese markets closed for the Autumnal Equinox holiday. US futures point to a flat open, indicating a pause as participants await Powell’s insights.

Crypto pullback amid heavy liquidations

The cryptocurrency market presents a stark contrast, enduring a sharp pullback on Tuesday that erased recent gains. The total crypto market capitalisation fell two per cent to around US$3.9 trillion, with Bitcoin dropping toward US$112,000 amid heavy liquidations.

Over the past 24 hours, US$1.7 billion in positions liquidated, mostly longs, marking the year’s largest such event and accelerating the sell-off as leveraged trades unwound. Bitcoin traded down 1.8 per cent near US$112,561, Ethereum slid 3.3 per cent to US$4,197, BNB declined four per cent to US$991.3, and Solana tumbled 6.2 per cent to US$219.03. This downturn followed an initial boost from the Fed’s rate cut, which propelled altcoins over the weekend, but momentum faded quickly.

The announcement from the defunct FTX exchange about starting its third distribution of US$1.6 billion to claim holders on September 30 likely contributed to the cooling sentiment, as it introduces potential selling pressure from recipients cashing out. Despite the dip, macro signals remain supportive, with the Fed’s easing cycle expected to enhance liquidity and attract risk capital back into digital assets.

ETF inflows highlight institutional confidence

Bright spots emerge in crypto fund flows, offering a counterpoint to the volatility. Last week, spot Ethereum ETFs recorded US$556 million in net inflows, boosting total net assets to US$29.6 billion, according to data from SoSoValue. Spot Bitcoin ETFs drew US$886.6 million, elevating assets to US$152.31 billion.

These inflows, continuing a four-week streak totalling US$3.9 billion for crypto funds overall, demonstrate sustained institutional interest even as prices fluctuate. Bitcoin ETFs alone saw US$887 million in the week ending September 19, underscoring confidence in the asset as a hedge against traditional market risks.

Ethereum funds outperformed in some sessions, with US$307 million in one day, suggesting rotation toward alternatives as Bitcoin consolidates. This capital influx aligns with broader trends, where lower rates make yield-generating crypto strategies more appealing compared to fixed-income options.

Bitcoin’s role in corporate balance sheets

Corporate developments further illustrate Bitcoin’s growing role as a treasury asset. Strive, Inc. and Semler Scientific announced a merger in an all-stock deal, valuing Semler at a 210 per cent premium, or approximately US$90.52 per share, based on the closing prices of September 19.

Semler shareholders receive 21.05 Strive Class A shares each, combining their Bitcoin holdings into a post-merger treasury exceeding 10,900 coins. Strive added 5,816 Bitcoin at an average US$116,047 per coin, totalling 5,886, enhancing the entity’s balance sheet with digital reserves. Separately, Bitcoin miner CleanSpark expanded its credit facility with Coinbase Prime by US$100 million, backed by its holdings.

With a market cap of US$3.84 billion and shares up 48 per cent year-to-date, CleanSpark plans to use the funds for energy portfolio growth, mining expansion, and high-performance computing. CEO Matt Schultz highlighted the move as a step toward diversifying data centre uses, supported by a strong liquidity position with a current ratio of 4.37.

Outlook: Resilient but volatile

In my view, the current landscape points to a resilient yet volatile path forward for global markets. The Fed’s easing, coupled with AI-driven investment fervour, creates fertile ground for risk assets to thrive, potentially propelling equities and crypto to new heights in the fourth quarter.

Mixed Fed signals introduce short-term uncertainty. Miran’s aggressive stance could embolden bulls if adopted, while Musalem’s caution tempers over-exuberance. Crypto’s recent dip, fuelled by liquidations and FTX news, feels like a temporary flush amid strong ETF inflows and corporate adoption trends.

Companies like Strive and CleanSpark are treating Bitcoin as a core asset, signalling maturing institutional confidence, which could stabilise prices over time. Overall, I remain optimistic: survive the chop, and the liquidity wave from policy shifts might ignite a sustained bull run, rewarding those who position early in tech and digital innovations.

Source: https://e27.co/survive-the-chop-ride-the-wave-why-q4-could-deliver-a-surge-in-tech-and-digital-assets-20250923/