President Javier Milei recently advocated for maintaining a separation between cryptocurrency and state control. Speaking at “Meta Day Argentina,” an event held at the Palacio Libertad Domingo Faustino Sarmiento, Milei criticized central bank digital currencies (CBDCs) and advocated for the private management of cryptocurrencies, warning against government overreach. Opposition to CBDCs and State Control In...Read More
Canada has reportedly paused its Central Bank Digital Currency (CBDC) project, which started in 2017. According to a September 18 CBC news story, following years of research into the potential for a digital version of the Canadian dollar, the local central bank has decided to move away from the initiative. Bank of Canada Rethinks Digital...Read More
While several central banks across the globe are actively exploring the feasibility of launching a Central Bank Digital Currency (CBDC), a recent survey has revealed that cash will not be going away anytime soon as a majority of consumers are not enthusiastic about using those products. The survey, conducted by Deutsche Bank, Germany’s leading investment...Read More
On Sept. 11, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) announced that it was “paving the way towards real-world solutions that will enable our members to access and transact with regulated digital assets and currencies.” The organization has a vision of enabling its members to transact with both traditional and emerging crypto assets on...Read More
North Carolina legislators have approved a bill that prevents the U.S. state from accepting central bank digital currencies (CBDC) as a form of payment or participating in any related tests conducted by any branch of the Federal Reserve. According to the roll call transcript for the voting session, the North Carolina General Assembly passed the...Read More
On June 25, the ECB published an update on its two-year preparation phase for the digital Euro CBDC that ends in October 2025. The central bank said that privacy and data protection are its top priorities, but there are a number of disturbing features to the currency that would result in the total opposite. On...Read More
The United States House of Representatives voted on Thursday in favor of barring the Federal Reserve from directly issuing a Central Bank Digital Currency (CBDC) to its citizens. The CBDC Anti-Surveillance State Act bill garnered support from 213 Republicans and 3 Democrats, making the final tally 262 ‘yea’ to 192 ‘nay’. Republicans Pass Another Crypto...Read More
In a move against the Biden administration’s plans to introduce a “digital dollar,” five United States senators have united to introduce legislation prohibiting central bank digital currencies (CBDCs). Led by Senator Ted Cruz, the group, including Senators Bill Hagerty, Rick Scott, Ted Budd, and Mike Braun, introduced the CBDC Anti-Surveillance State Act on February 26,...Read More
A digital Euro CBDC will be “designed for making payments, not for investment,” explained Ulrich Bindseil, Jürgen Schaaf, and Executive Board member Piero Cipollone in a blog post on Feb. 19. They added that many banks worry their customers might withdraw deposits to hold digital Euros instead. “These fears are misplaced,” they stated. The ECB...Read More
On January 29, Sheikh Mansour Bin Zayed Al Nahyan, Chairman of the Board of the Central Bank of the UAE, marked a momentous occasion by conducting the first-ever cross-border payment using the UAE Central Bank’s digital currency, the ‘Digital Dirham.’ The transaction, amounting to Dh50 million, was executed through the innovative ‘mBridge‘ platform, connecting the...Read More
In a recent publication, Morgan Stanley’s Head of Digital Assets, Andrew Peel, has cautioned about a potential “paradigm shift” in the perception and use of digital assets, emphasizing its potential impact on the U.S. dollar’s global dominance. Peel highlights that the rising interest surrounding assets such as Bitcoin, the surge in stablecoin volumes, and the...Read More
Former United States President Donald Trump, who is once again vying to re-enter the White House, has criticized central bank digital currencies (CBDCs), stating that he would not allow such a project to launch in the US if elected President. According to him, a CBDC will give the federal government total control, further describing it...Read More
Crypto industry experts have been discussing Tether and its potential to become the dollar-pegged defacto central bank digital currency of the world. The comments come in response to Cantor Fitzgerald CEO Howard Lutnick, who told CNBC earlier this week: “I’m a big fan of this stablecoin called Tether…I hold their treasuries. So I keep their...Read More
Canadians are overwhelmingly opposed to their central bank researching and issuing a digital loonie, according to newly released survey results from the Bank of Canada. The report found that citizens and stakeholders are worried that the technology could violate their financial privacy, and wouldn’t be their payment method of choice compared to existing options. Why...Read More
Ravi Menon, the Managing Director of the Monetary Authority of Singapore (MAS), has predicted the fate of private digital coins, including native digital tokens, in the future monetary system. Speaking at a November 28 panel discussion jointly hosted by the Hong Kong Monetary Authority and the Bank for International Settlements, Menon declared that private cryptocurrencies...Read More
In a move to modernize its financial infrastructure, South Korea is set to embark on a pioneering project involving digital currency. Commencing in the fourth quarter of 2024, the nation will start a pilot program involving the participation of 100,000 citizens, signifying a significant stride towards the nationwide implementation of digital currencies. South Korea to...Read More
Kazakhstan officially introduced its central bank digital currency (CBDC), the digital tenge, on November 15th, operating within a “limited environment with real users.” The National Bank of Kazakhstan initiated the pilot phase in collaboration with second-tier banks and their clients. While the Central Asian country’s plans for a CBDC date back to 2021, it wasn’t...Read More
Mastercard’s blockchain and digital assets lead for Asia-Pacific, Ashok Venkateswaran, has expressed skepticism about the wide adoption of central bank digital currencies (CBDCs). This comes as countries globally explore CBDCs, with only 11 having adopted them, 53 in advanced planning stages, and 46 researching the topic as of June, according to data from the Atlantic...Read More
On October 18, the ECB Governing Council stated that it had decided to move to the next phase of the digital euro project. The move into the preparation phase for a potential European CBDC follows the completion of a two-year investigation phase. The preparation stage will start on November 1 and will initially last two...Read More
The Bank for International Settlements (BIS) and the central banks of France, Singapore, and Switzerland just recently announced the successful completion of a new CBDC initiative called Project Mariana. This project tested cross-border trading and settlement of wholesale central bank digital currencies (wCBDCs) between financial institutions. BIS and Central Banks Collaborate on CBDC Test As...Read More
The Bank of Russia is contemplating 2025 to be the year when the digital ruble, the local central bank digital currency (CBDC), may see widespread adoption in the country. This move indicates the central bank’s strategic approach to modernizing the payment landscape in the nation. Olga Skorobogatova, the first deputy governor of the Bank of...Read More
On Sept. 20, the CBDC Anti-Surveillance State Act passed out of the Financial Services Committee. Republican Senator Tom Emmer said it was, “A historical step in defending against an ever-expanding government surveillance state.” The House Majority Whip has been battling against Federal Reserve moves to develop a CBDC. The first anti-CBDC bill in the United...Read More
On Sept. 4, Fabio Panetta, ECB Executive Board member at the Committee on Economic and Monetary Affairs of the European Parliament, said the central bank was nearing the end of its research and investigation phase. It will soon decide whether to move to the next phase of potentially developing and issuing a digital Euro. The...Read More
Research conducted by the information service provider Bankinform estimated that many Russians are interested in the news surrounding the potential launch of a digital ruble. However, 32% are not in favor of such a monetary product, viewing it as some sort of scam. The world’s largest country by landmass has been among the most active...Read More
The central bank digital currency (CBDC) issued by Banco Central do Brasil is reportedly set to see the light of day in 2024. Its main purpose will be to boost financial services in the country. The South American nation is not the only one willing to introduce such a monetary product. China, Russia, Japan, Australia,...Read More
The popular podcaster and commentator – Joe Rogan – and the famous musician – Austin Richard Post (better known by his stage name Post Malone) – appear to be against the probable launch of a digital dollar. The former went even further, suggesting that such a financial product would cause a “game over” scenario. The...Read More
Ron DeSantis – Governor of Florida and one of the Republicans’ presidential nominees – stated that the “war on Bitcoin and cryptocurrency” that Biden’s administration has supposedly waged will cease should he become the next political leader of the United States. He also reiterated his hostile stance toward central bank digital currencies, saying such a...Read More
The world’s largest country by landmass is set to roll out a digital ruble next week after Russian President Vladimir Putin greenlighted the project on Thursday. The text of the bill amends Russia’s Civil Code to allow the digital ruble to be used for payments, while empowering Russia’s central bank to let real citizens use...Read More
Russia’s State Duma – the lower chamber of the local parliament – passed the digital ruble bill. The legislation defines rules surrounding the nation’s upcoming central bank digital currency, outlining the Bank of Russia as “the operator” of the project. The institution will also establish a range of users of the digital ruble platform, adjust...Read More
Brazil has been developing a CBDC for some time now. If all goes according to plan, the digital Real will be launched sometime in 2024. Once launched, it would support retail payments for anyone inclined to use it, backing up the payment with funds in the users’ bank accounts. Planning Ahead The Brazilian CBDC would...Read More
