Latest Crypto News: Former FTX CEO Sam Bankman-Fried freed on bail, CBDC Launch Historic, Says RBI

Here are some latest developments in the crypto world.
Latest Crypto News: Former FTX CEO Sam Bankman-Fried freed on bail, CBDC Launch Historic, Says RBI

Former FTX CEO Sam Bankman-Fried was released on a $250 million bail bond on Thursday while he awaits trial in the US for criminal fraud related to the collapse of the cryptocurrency exchange.

Judge Gabriel Gorenstein gave bail to Bankman-Fried after being produced before the Manhattan federal court following his extraditing to the US from the Bahamas this week.

Bankman-Fried will live at his parents' home in Palo Alto, California, during his trial. Gorenstein ordered bail after Bankman-Fried placed his parent's house as collateral in exchange for his release.

He earlier stated that he had only $100,000 in bank deposits.

CBDC Launch In India

Meanwhile, the Reserve Bank of India (RBI ) executive director, Ajay Kumar Choudhary, has termed the launch of the central bank digital currency (CBDC ) as a "historic milestone" in the evolution of the rupee.

He said CBDC would bring operational efficiency to the system and foster financial inclusion.

The official made the comments during an interactive session themed "Digital Rupee: A Way Forward", organised by the PHD Chambers of Commerce and Industry (PHDCCI).

As of 2021, Choudhary said, some 105 countries, representing 95 percent of the world's GDP, have taken steps to adopt CBDC. Of these, around 50 countries are at an advanced phase of launching CBDC, while 10 countries have fully launched the digital currency.

He said that the digital rupee would boost innovation in cross-border payments, adding markets will develop more use cases in time according to requirements.

Choudhary said the digital rupee will complement rather than replace the fiat current currency and will give the public the desired experience while ensuring consumer protection.

He stressed that RBI would take all steps to ensure the CBDC launch follows a "calibrated" approach with adequate safeguards to tackle potential risks.

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