CBDC update: the EU, Russia, Thailand and a sector survey

about motivations and political structures

“Being deeply loved by someone gives you strength, while loving someone deeply gives you courage.” – Lao Tzu ||

Hi all, I hope you’re all doing well!!!

For those of you who love trivia, my cursory research tells me that St. Valentine was a third-century Roman clergyman who ministered to persecuted Christians and was executed for his faith. It’s not clear how he became associated with romance, but it could be because he performed Christian weddings in secret. It appears he is also the patron saint of epilepsy and beekeepers, I’m not sure why.

Today, I offer the regular crypto/macro sector roundup, this time focusing on CBDCs. It’s a long one, plenty to say! Previous roundups have covered tokenization, stablecoins, and regulation.

On Wednesday, I put out a poll on the newsletter audio - if you haven’t answered, would you mind doing so? I’d really value your input!

IN THIS NEWSLETTER:

**CBDC update: the EU, Russia, Thailand and a sector survey**

• Lifting the CBDC veil: what the ECB is really saying

• CBDC plans are brought forward, but more are wavering

• Russia’s CBDC to launch in July

• Thailand: A government-issued stablecoin

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WHAT I’M WATCHING:

**CBDC update: the ECB, Russia, Thailand and a sector survey**

This is part of a regular weekly (sort of) series in which I summarize key moves in specific crypto-related areas, rotating between tokenization, stablecoins, CBDCs and regulation. My aim to help you separate the signal from the noise, of which there is an astonishing amount these days.

Let’s start with a CBDC project that is about so much more than it seems on the surface:

Lifting the CBDC veil: what the ECB is really saying

Since the US inauguration, President Donald Trump has been causing consternation and on occasion panic in government offices around the world. This is true even in the staid halls of central banks, where officials are freaking out about economic impact, bond yields and more.

The areas under pressure include central bank digital currencies (CBDCs). Just a few days after taking office, Trump signed an Executive Order promising no US CBDC. You’d think that would give other central banks a breather in their plans, and perhaps even put some on hold – if the US doesn’t think it makes sense, perhaps the idea should be revisited?

Or, if you’re the European Central Bank (ECB), you could take Trump’s comments as a sign you have to accelerate your digital euro plans. And in so doing, you reveal the real motivation all along.