Break’N Crypto: Bank of China explains digital Yuan
US adding $484 billion to coronavirus aid, Ripple files a lawsuit against YouTube for an XRP scam support, research showed trust in stablecoins. Crypto week in review by BTCMEX.
The Senate has passed a bill that stated the additional sum of COVID-19 pandemic relief to help medical institutions and small businesses. The amount peaked at $484 billion.
Last month, the government issued the $2 trillion bill to recover the industries amid the worldwide coronavirus outbreak. The new bill is supposed to inject $380 billion towards small business loan programs, $75 billion to emergency funding for hospitals, and $25 billion for disease testing.
The central bank of China has recently made a statement, explaining the digital yuan project, claiming the innovation will not cause inflation. The curiosity arose with the news about the government testing the digital yuan in four cities spread across social media. The public has also seen numerous screenshots of the first digital wallets designed to accept the new form of yuan.
The bank’s official representative confirmed that the CBDC is being tested among target groups but has not been issued for public use.
The head of Ripple Labs, CEO, Brad Garlinghouse, has filed a lawsuit against YouTube. He’s accusing YouTube in failing to stop famous giveaway scams and impersonators related to Ripple.
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