Bank of England (BoE) Governor Andrew Bailey recently reassured the public that cash won't be replaced by digital currencies in the UK, emphasizing the ongoing demand for physical money and stating that the BoE will continue issuing notes and coins "for as long as people want." 

U.S. authorities are scrutinizing Tether for potential breaches of anti-money-laundering laws and sanctions, according to The Wall Street Journal (WSJ). The WSJ says the probe, which they claim is being led by the Manhattan U.S. Attorney’s Office, is investigating whether third parties have utilized Tether’s stablecoin to finance illegal activities or to launder the money from such activities.

Coinbase has launched a new framework called "Based Agent" that enables users to create their own AI-powered crypto agent, complete with a wallet on the Base blockchain, in just under three minutes.             

Top stories in the Crypto Roundup today:

• Bank of England Reaffirms Commitment to Cash Amid Digital Pound Speculation
• Tether CEO Denies ‘Unequivocally False’ Allegations by WSJ About His Firm
• Coinbase Launches Autonomous Onchain Agent Framework for Base Blockchain

Bank of England Reaffirms Commitment to Cash Amid Digital Pound Speculation

Bank of England (BOE) Governor Andrew Bailey recently gave his assurance that digital currencies will not replace cash in the UK. During a panel discussion at the Group of Thirty’s 39th Annual International Banking Seminar in Washington, Bailey emphasized the enduring demand for physical money, stating that the Bank of England will continue to issue notes and coins "for as long as people want."

This comes amid growing public concerns that central bank digital currencies (CBDCs) might phase out cash, sparking fears about potential government surveillance and the loss of transaction privacy.

The Bank of England has begun exploring the idea of a digital version of the pound, informally referred to as "Britcoin,” but no decision has been made regarding its official release. Bailey expressed caution over a retail CBDC, which would be designed for everyday consumers.

He suggested that the case for a digital pound in a general retail context is less compelling and instead he supports the development of a wholesale CBDC, which would facilitate transactions between financial institutions.

Bailey also underscored the Bank of England’s commitment to encouraging digital innovation in the private sector. Although a retail CBDC is not currently on the agenda, the BOE is researching it to push commercial banks towards modernizing digital payment systems.

Cross-border payments are a particular focus, as Bailey noted the sector’s slow progress in modernization, criticizing banks for their reluctance to accelerate development in this area. He suggested that this hesitancy could be stifling broader innovation within the financial system.

Tether CEO Calls Federal Scrutiny Allegations ‘Unequivocally False’

U.S. authorities are scrutinizing Tether for potential breaches of anti-money-laundering laws and sanctions, according to The Wall Street Journal (WSJ). The WSJ says the probe, which they claim is being led by the Manhattan U.S. Attorney’s Office, is investigating whether third parties have utilized Tether’s stablecoin to finance illegal activities or to launder the money from such activities.

The Treasury Department is also purportedly contemplating sanctions against Tether due to its cryptocurrency’s popularity among groups and individuals under U.S. sanctions. If imposed, such sanctions would prevent Americans from doing business with Tether.

Per the WSJ report, Tether’s flagship stablecoin, USDT, which maintains a 1-to-1 peg with the U.S. dollar, has become a central concern for regulators and enforcement agencies. Unlike more volatile digital currencies, Tether’s value stability has made it an attractive substitute for the dollar in areas where U.S. currency is restricted.

The report also mentioned that the U.S. Justice Department’s inquiry into Tether has been ongoing for several years, initially focusing on allegations that some Tether backers may have falsified documents to gain access to the global banking system. Tether has stated that it has no indication of a broader investigation, dismissing accusations of involvement in criminal activities as unfounded.

Tether CEO said on social media that his firm would know if they were being investigated and therefore called the WSJ's allegations "old noise" and "unequivocally false."

Coinbase Launches Autonomous On-Chain Agent Framework for Base Blockchain

Coinbase has launched a new framework called "Based Agent" that enables users to create their own AI-powered crypto agent, complete with a wallet on the Base blockchain, in just under three minutes.

Coinbase product manager Lincoln Murr said this framework is designed to simplify the process of setting up AI agents capable of executing various on-chain operations, including trading, swapping, and staking.

Murr provided a demo of this tool in a video posted on social media, saying that Based Agent provides a straightforward template for users to develop AI-driven bots—automated programs tailored to execute specific tasks—with access to a range of smart contract features.

Based Agent was built using Coinbase's developer platform software development kit (SDK), the SDK from OpenAI, and the AI-powered software development platform Replit.

Murr said that to get started, users would only need to get an API key from Coinbase, get an API key from OpenAI, and fork the Replit template, after which they could start adding whatever functionality they want to these agents.

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