How China and India are helping shape the future of CBDCs and Bitcoin – Business Insider

As thecrypto payments market gains steam, lawmakers and regulators across the globe are trying to figure out how to regulate digital currencies effectively to ensure safety and legitimacya debate that took on a new sense of urgency after El Salvador became the first country to accept Bitcoin as legal tender.

Asia-Pacific leads the way:Here are the latest crypto payment moves from two of the biggest global markets.

The bigger picture:When it comes to digital currencies, countries like CBDCs because they have parity with corresponding fiat currencies and can fit within the global banking system: Just days after international financial institutionscalled for global collaboration to make CBDC interoperable, central banks of Singapore and France successfullytesteda cross-border network involving multiple CBDCs supported byJPMorgan'sblockchain infrastructure,Onyx.

Bitcoin, on the other hand, faces anuphill climbtoward being accepted as a currency amid concerns about its high volatility and utility as a payment method, butpayment playersare nevertheless diving into the spacesignaling the asset may be able to overcome this skepticism. But for CBDCs and broader crypto payments to break into the mainstream, continued work toward interoperability will be key to ensure payment utility and enable cross-border transactions.

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How China and India are helping shape the future of CBDCs and Bitcoin - Business Insider