The European Central Bank dismisses #Bitcoin as a "speculative asset" and reaffirms its commitment to the development of a Digital Euro (#CBDC ). ECB Executive Director Isabel Schnabel emphasizes the differences and outlines the cautious approach towards #Cryptoassets

💬 ECB's Stance: Schnabel, speaking through the ECB X account, clarifies that the #centralbank has no plans to purchase $BTC , categorizing it as a speculative asset that lacks the characteristics of money. The ECB remains focused on its exploration of a digital euro
Digital Euro Development: Schnabel underscores the ECB's commitment to the digital euro, aiming for a fast, easy, and secure instrument for daily payments. The ECB sees this digital currency coexisting with physical #money , not replacing it, in efforts to adapt to an evolving financial landscape
🔍 Lack of Intrinsic Value: The ECB cites concerns over crypto-assets, emphasizing their perceived lack of intrinsic economic value, high volatility, and speculative nature. Schnabel notes that Bitcoin's market valuation is driven purely by speculation
🚫 Bitcoin Rejection: Schnabel explicitly states, "The ECB is very unlikely ever to buy BTC reinforcing the central bank's stance on steering clear of the leading cryptocurrency. The ECB's strategic vision aligns with a regulated and controlled digital euro
🚀 Digital Euro Benefits: The ECB aims to launch the digital euro in 2026, under strict regulatory supervision. Schnabel highlights its potential as a widely accepted, secure, and privacy-respecting payment option. The digital euro is positioned to coexist with traditional cash
🤨 Privacy Concerns Addressed: Schnabel dismisses concerns about personal privacy related to the digital euro, asserting that it would offer an additional, ECB-backed payment option while meeting the highest privacy standards, akin to physical cash
In summary, the ECB's cautious approach to Bitcoin aligns with its strategic focus on developing a regulated and controlled digital euro. The central bank aims to address evolving financial needs while maintaining privacy standards and steering clear of speculative assets

The Turkish economy has been preoccupied with debates over economic models and the policies of the new economic management in recent times. The "low interest, low inflation" policy led by President Recep Tayyip Erdoğan, which is being attempted to be ended by the duo Mehmet Şimşek and Hafize Gaye Erkan appointed after the elections, has raised questions about the anticipated measures and tightening policies, creating uncertainties in the markets. The promises of the new economic management for a "return to a rational ground" will significantly impact the future of the Turkish economy. #TCMB #CBRT

Changes in Interest Rate Policies:

The recent interest rate hike has brought criticisms that the new economic management is not yet acting entirely independently. However, among foreign investors, there are also those who view gradual and controlled interest rate increases positively. Nick Eisinger, the Manager of Vanguard's Emerging Markets Fixed Income Fund, emphasizes that Turkey should carefully monitor economic pressures and avoid balance of payments issues, stating that interest rate policies are of critical importance.

Economic Slowdown and Investor Sentiment:

Liam Peach, Senior Emerging Markets Economist at Capital Economics, states that the new economic management aims to avoid economic stagnation and that interest rate increases are supported by investors. Paul McNamara, Investment Director at GAM Investments, notes an increased positive outlook towards Turkey amid the slowdown in credit growth. Investors closely monitor the measures to prevent economic stagnation.

Foreign Investors' Reserves and Investment Expectations:

Foreign investors welcome the Turkish Central Bank's decision to stop intervening in the dollar/TL exchange rate. The $50 billion investment agreed during President Erdoğan's Gulf visit is on Turkey's agenda. However, investors still lack clear information about how and under what conditions this investment will enter Turkey. #centralbank

In Summary:

The changes in the Turkish economy and the policies of the new economic management are closely monitored in the markets and have captured the attention of investors. Changes in interest rate policies, efforts to avoid economic stagnation, and foreign investors' reserve and investment expectations hold significant importance for the country's economic trajectory. The measures taken and economic developments in the upcoming period will be decisive for Turkey's economic future. #turkey

Crypto News Key Highlights:

Hong Kong Legislative Council member Johnny Ng responded to Ethereum co-founder Vitalik Buterin's concerns about crypto policies, inviting him to visit and better understand Hong Kong's stable and deliberative regulatory process. Ng emphasized Hong Kong's support for crypto development within its "one country, two systems" framework.

Billionaire Mark Cuban, owner of the Dallas Mavericks, fell victim to a phishing attack, losing $870,000 in tokens after months of wallet inactivity. Phishing is a prevalent threat in #crypto2023 , with users unknowingly disclosing sensitive information or downloading malicious software.

Scroll, co-founded by Ye Zhang, is nearing the launch of its zero-knowledge Ethereum Virtual Machine (zkEVM) after two years of development. This community-driven project aims to scale Ethereum while upholding its decentralized principles, with a zk-rollup solution that has undergone extensive testing and audits.

On September 16, Ethereum developers faced issues launching the Holesky test network due to a misconfiguration in the source code, with not enough active validators for network finality. They plan to try again around September 23 after resolving technical issues. Holesky aims to support staking, infrastructure, and protocol development for Ethereum, replacing the Goerli testnet. CoinEx, a crypto exchange, has published an open letter inviting hackers involved in a $70 million heist to return the stolen funds and collaborate on security upgrades. Prosecutors in the Sam Bankman-Fried trial object to certain jury questions as "unnecessarily intrusive." Grayscale CEO Michael Sonnenshein is optimistic about the US passing a #cryptocurrency  bill by year-end.

Deutsche Bank plans to offer secure crypto storage solutions for institutional investors, potentially benefiting projects like Tron (TRX) and Domini.art (DOMI). Domini.art merges blockchain and traditional art, allowing fractional ownership of blue-chip artworks using NFTs. Deutsche Bank's move may boost DOMI's adoption, while TRON emphasizes decentralization.

Three central banks, including the Hong Kong Monetary Authority (HKMA) and the National Bank of Kazakhstan, are piloting #centralbank  digital currencies (CBDCs) with SWIFT's interoperability solution. SWIFT aims to ensure CBDCs can coexist and transact seamlessly as nearly 130 countries explore CBDC technology, addressing potential fragmentation issues.

Darewise Entertainment, an Animoca Brands subsidiary, is set to introduce the first metaverse token for the #Bitcoin blockchain. This token will empower gaming, virtual assets, and real-world experiences within the Life Beyond metaverse project, expanding Bitcoin's role beyond a store of value.