China's Digital Currency Is Here

Plus a massive class action lawsuit against the Maker Foundation

Happy Tuesday, Blockfolians

The Lede

Many wondered whether the shutdowns in January and February would create delays for China’s much-discussed DCEP digital currency project. Those questions were answered today when a Chinese state-owned bank released a test app for the central bank digital currency.

The conversation about CBDCs has only increased in the last few months. For a moment, one of the major US COVID-19 Stimulus proposals included a design for a digital dollar. Other nations have increased their research as well.

At this point, the question of central bank digital currencies isn’t “if” but “when.”

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Highly Relevant Reading

  • Coinbase Custody users are now able to delegate their Polkadot DOTs for staking via a partnership with Bison Trails

  • Shapeshift has acquired the non-custodial crypto wallet Portis in what promises to be a growing M&A season

  • The economic plight from the COVID-19 shutdowns finally has an official name: The Great Lockdown

  • Atomic Loans raises nearly $2.5m from Initialized, Morgan Creek and more for decentralized bitcoin lending

Community Commentary

Lawyer (and Libertarian) Preston Byrne and Human Rights Foundation’s Alex Gladstein have a great discussion about contact tracing - an issue that has been all over crypto Twitter recently
According to The Block, Andreessen Horowitz is raising up to $450m for a new crypto fund

A Really Big Number We Should Be Paying Attention To


That’s the size of the the class action lawsuit hitting the Maker Foundation in the wake of Black Thursday. Yeeps.

Final Thought