Central banks say that not many people are using stablecoins beyond the cryptocurrency world, but many also admit that they aren't sure.

Why it matters: A new report from the Bank of International Settlements makes it clear that central banks are digitizing in response to the growing amount of activity that's been stimulated by digital ledger technology.

The report, "Embracing diversity, advancing together," is based on BIS' annual survey about central bank digital currencies (CBDCs) and the cryptocurrency industry.

The big picture: It confirms that almost every central bank out there is kicking the tires on CBDCs (94%).

• And that the most likely first step is a CBDC for banks and financial institutions, rather than something individuals use directly.
• (That's, in a way, like JPM Coin, but from central banks, not Jamie Dimon.)

Zoom in: The report is evidence that central banks are becoming more interested in giving banks faster and cheaper ways to transact, notes Ananya Kumar, who watches CBDCs for the Atlantic Council.

• Part of the reason might be legal, she explained. These agencies clearly have the green light in that realm, but street-level transactions are more uncertain.

The intrigue: But while it might seem obvious to start with banks because there are fewer players, Kumar pointed out that all the ones deployed so far have targeted retail users.

Friction point: One feature that more than 60% of all central banks surveyed are looking at for CBDCs is a limit on holdings. In other words, only so much money could be held in a digital wallet.

• A footnote explains that retail CBDCs could shrink bank balances overall.
• If people began to make fewer bank deposits, then banks would have much less capital to lend.
• Contrast that to Bitcoin, which Satoshi created to allow individuals to control, themselves, as much of their wealth as they chose to.

Between the lines: The report also digs into what central bankers know about their citizens using cryptocurrency.

• High level: They say it's not used outside the cryptocurrency world (exchanges, DeFi, etc.) to speak of.

Yes, but: The report also notes that about a quarter of respondents just don't know how their citizens are using the technology.

• Further, less than half have studied the question.
• Cryptocurrency moves around the world on a new set of rails that bypasses the banks, so central banks would need to get intentional to really have visibility into how much people are using them.
• The report does note one non-crypto category that shows early signs of catching on more widely: cross-border payments for goods and services by businesses.

Eighty-six central banks participated in the survey this year, up 12 from last year. Respondents covered 81% of the world's people and 94% of its output.

• The survey has been ongoing

💭 Our thought bubble: Blockchains were an unknown unknown to the bankers of nations for a long time, but they have advanced to the known unknown stage.

Toncoin, the cryptocurrency from The Open Network, which is closely associated with the giant messaging app, Telegram, hit an all-time high Friday.

Why it matters: Toncoin's blockchain has basically the same features as Ethereum, a speediness akin to Solana and privileged access to one of the biggest apps in the world.

• Notably, crypto people have been heavy users of Telegram since the 2017 ICO boom, when it became the go-to way to communicate with masses of fans.

By the numbers: Its price has very nearly quadrupled since the year began.

• It's up on the rankings, too. It was in 15th place globally on Dec. 31, but now it's 9th on CoinMarketCap.

The latest: Extremely simple mini-games in the app are driving droves of attention to the toncoin ecosystem now.

💭 Our thought bubble: Toncoin is going to be the next Solana — that is, the project for those betting on the distributed future who primarily care about speed and volume

While it seems like we did this story when Ladan Stewart left the SEC to join the other side, that was a different crypto-focused office.

• Today, another high-ranking attorney focused on the blockchain industry announced he has left the agency.

Driving the news: David Hirsch has been at the SEC for just under nine years, according to his LinkedIn profile.

Zoom in: He was in the mix on busting SafeMoon, the cryptocurrency that taxed sellers. Its founders were arrested in November.

• He gave the industry a warning about how far-reaching the crypto crackdown on the industry would be last fall. In particular, that warning seems to have presaged the Uniswap suit that appears to be coming.

Fun fact: Last year at an onstage event right after the agency's double lawsuits against Binance and Coinbase, a moderator asked him, "What the hell are you doing?"

What we're watching: Hirsch did not announce a next move in his post. We'll be waiting to see where he goes.

👀 U.S. Rep. Ro Khanna (D-Calif.) is reportedly organizing a meeting of President Biden, congressional leaders and the crypto industry. (Bitcoin Magazine)

⛏️ Publicly traded Bitcoin miners set a record for market cap in June. (CoinDesk)

☎️ A Chinese telecom announced it would spend $13.5 million to double its Bitcoin mining capacity. (DL News)

🛢️ Oklahoma's governor signed a bill into law that would cut Bitcoin miners a break on taxes for electricity they use. (social media)

A new book about the philosophy of Bitcoin, "Resistance Money," just came out.

• Long-time readers may find one of the names on the cover familiar — we talked to him about helping folks think more clearly about money in their own lives.