As the crypto markets limp toward the end of 2025, tonight’s tape reads like a strange mix of stress test and quiet conviction. Regulations are tightening, institutions are doubling down, and a few blockchains are being forced to answer the uncomfortable question: “What do we really stand for?” Let’s start with the country that prefers five‑year plans over vibes. China’s central bank has rolled out a fresh action plan that pushes the digital yuan into its next phase, with a big milestone set for 2026: interest‑bearing e-CNY. That may sound dry, but it’s a huge shift. Today, most central bank digital currencies are more like cash than a bank account. Start paying interest, and suddenly the digital yuan turns into a direct competitor to commercial bank deposits and even some savings products. Beijing is also tightening the management and infrastructure around the project, giving it a clearer strategic role both at home and in cross‑border finance. The message is subtle but firm: while t...
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