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  Cryptocurrency market capitalisation dropped over 2% from the previous day to $1.01 trillion, according to CoinMarketCap. Cardano, Polkadot, and XRP all plummeted by 4 percent, while Dogecoin and Avalanche plunged by 5 percent apiece. All eyes will be on the US Federal Reserve's monetary policy meeting this week.

The Bank of Indonesia plans to release a conceptual design for a digital rupiah before the end of the year. Digital currency will be distributed to large financial institutions and payment service providers by the central bank, then resell to smaller financial institutions. The Philippines and Australia are also investigating wholesale digital currencies based on blockchain technology to enhance transfers and settlements.  

According to the head of the Banque de France, the central bank wants a working CBDC operational by 2023. For domestic and cross-border bank transactions, the second phase of CBDC experimentation could be used to streamline the process. Euro-based CBDCs are digital representations of a jurisdiction's sovereign currency. A country's central bank could theoretically issue retail CBDCs, which citizens could use to buy goods and services, as a replacement for CBDCs. During a Monday meeting of EU finance ministers, it was decided that the digital euro should not replace cash in the EU but rather supplement it.  

According to Picpay, a Brazilian fintech and payments company, customers will now be able to buy cryptocurrency with fiat money from within the app. In addition to BTC, ETH, and USDP, a Paxos-backed stablecoin will be included in the company's wallet. More than 60 million Brazilian app users will be able to take advantage of the new features.  

Digital assets and whether the US could benefit from a CBDC were discussed at a Federal Reserve conference on the dollar's role in international trade. Unlike cryptocurrencies like Bitcoin and Ether, these assets are held in a single location and cannot be transferred. A digital dollar has been repeatedly stated to be a research project by the world's most powerful central bank. A digital dollar, according to Bank of America, could help it maintain its position as the world's reserve currency. There was no need to press ahead, however, as panelists at this conference saw no reason to do so.  

Crypto rial, a pilot version of Iran's central bank digital currency (CBDC). The pilot will be ready by the beginning of the Persian calendar month of Shahrivar, which begins on August 23. Developed by Iran's Informatics Services Corporation, the technology utilizes Linux Foundation's Hyperledger Fabric. He had great hopes for the CBDC project as well. Unlike other digital currencies, the CBI governor said it was only intended to "replace the banknotes that people now own."