Top stories in the Crypto Roundup today:

• New Zealand rules bitcoin-denominated wages, bonuses legal
• China’s central bank digital currency ‘ready’ for launch
• Kakao blockchain subsidiary to release cryptocurrency wallet

At the time of writing, bitcoin (BTC) is trading at $11,384.29 (0.24%) with a daily volume of $3.02 bn while ether (ETH) is trading at $212.67 (0.99%) with a daily volume of $1.16 bn. As for the MVIS CryptoCompare Digital Assets 10 Index, it is currently tracking at 3,733.1 (-0.50%).

China’s Central Bank Digital Currency ‘Ready’ for Launch

After five years of development, China is “ready” to roll out its central bank digital currency (CBDC), according to the deputy chief in the People’s Bank of China’s payment and settlement division.

The central bank reportedly has access to a prototype version of the CBDC and has fully adopted and integrated the use of blockchain technology into its infrastructure. Due to limitations regarding its scalability, the CBDC will not be relying exclusively on blockchain technology.

New Zealand Rules Bitcoin-Denominated Wages, Bonuses Legal

In its monthly ‘Tax Information Bulletin’ issued on Monday, New Zealand’s Inland Revenue Department—the country’s tax collection body—detailed two public rulings that thoroughly detail the legality of “the payment of remuneration to an employee in crypto-assets” as well as “the payment of an amount of crypto-assets to an employee in connection with their employment as an incentive or bonus.” Both rulings will apply for a three-year period starting September 1 of this year.

For either ruling to apply, a “significant purpose of the crypto-asset is to function like a currency,” the bulletin states. These rulings do not apply, it continues, to cryptoassets commonly referred to as utility tokens, asset tokens or securities tokens. 

Kakao Blockchain Subsidiary to Release Cryptocurrency Wallet

South Korean messaging application giant Kakao is preparing to launch its own cryptocurrency wallet before year-end, local news outlet News1 Korea reported Monday.

Known as ‘Klip’, Kakao told local press that its blockchain technology subsidiary Ground X—which is also spearheading the development of Klaytn, Kakao’s public blockchain that launched on mainnet roughly six weeks ago—is the wallet’s developer. Klip will support Klaytn’s native KLAY token as well as any cryptoassets tied to projects and applications built atop Klaytn.

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