The European Central Bank chose Amazon and other small number of corporations among 54 candidates to assist in the development of its CBDC prototype, the “Digital Euro.” On September 16, the European Central Bank (ECB) announced the five companies chosen to assist in the development of user interfaces for the digital euro, including e-commerce giant...Read More
The European Central Bank unveiled a discussion paper this week on the pros, cons, and economics of implementing central bank digital currency (CBDC). It suggested that CBDCs could help stave off dominance from BigTech firms in the payments market due to “network externalities” surrounding the use of a medium of exchange. Ultimately, the paper posits...Read More
Taiwan’s Financial Supervisory Commission (FSC) believes cryptocurrencies are risky and speculative assets. As a result, the regulator intends to prohibit the use of credit cards for crypto purchases. Taiwan to Ban Credit Card Crypto Purchases According to local reports, the FSC sent a letter to Taiwan’s Association of Banks earlier this month, asking credit card...Read More
One such is the Bitcoin proponent and Blockstream CEO Adam Back, who said CBDCs are worse than bank accounts. In the latest tweet, Back vouched for Bitcoin as an “apolitical, bearer, unseizable money” and argued that CBDCs, on the other hand, are “systems of control.” Bitcoin as Money Back went on to add that the...Read More
On July 19, India’s Finance Minister Nirmala Sitharaman said in a speech at the Lok Sabha, the lower house of India’s bicameral Parliament, that crypto is a danger to international regulatory arbitrage and that they should be blocked or banned. Sitharam explained that any attempt to regulate or ban crypto should be global because cryptocurrencies...Read More
Her Majesty’s Treasury hosted the regulatory pillar of the US-UK Financial Innovation Partnership with its counterpart, the US Treasury Department, on Jun 29th. Both parties acknowledged the importance of teaming up to support safe innovation and strengthen regulatory outcomes for digital assets across jurisdictions. On Stablecoins According to the joint statement issued, top domestic watchdogs...Read More
San Francisco-based enterprise blockchain provider Ripple has launched a central bank digital currency hackathon with a total prize pool of $197,000 to promote the development of solutions for retail CBDCs, financial inclusion, and interoperability. Ripple Launches CBDC Contest The event, dubbed CBDC Innovate, will allow developers to build applications that run on Ripple’s decentralized, open-source...Read More
CBDCs are an investment to protect the fiat-based monetary system. Cash is on its way out, and its share as a medium of payment will significantly reduce in the coming years. For central banks to stay up to date with modern developments and public demands, they must develop CBDCs. These remarks were made by Cecilia...Read More
The Governor of Qatar’s central bank – Sheikh Bandar – revealed that the financial institution intends to issue a digital form of its national currency. To do so, it must find the appropriate technology and consider the possible benefits and drawbacks of such an initiative, he added. Still in ‘Foundation Stage’ Launching a CBDC has...Read More
Bank of England Deputy Governor Jon Cunliffe became the latest person to juxtapose the dot-com bubble to the current cryptocurrency crash. BOE’s Take on Crypto Crash Cunliffe said he expects crypto technology and finance will continue to survive in the coming months. Amidst the incessant declines, the exec highlighted that crypto and its underlying tech...Read More
India’s central bank is constantly engaged with the government on cryptocurrencies, the Reserve Bank of India (RBI) Governor said on Wednesday. “I can say that on all issues there is constant engagement between the government and the Reserve Bank, including the cryptocurrency issues. We have given our views to the government. Let’s wait for the...Read More
A recent study conducted by The Economist estimated that 37% of the participants want their governments to declare bitcoin or other cryptocurrencies as legal tender for internal transactions. Central bank digital currencies (CBDCs) are also favored as 37% will agree if their countries’ authorities issue such a financial product. Following El Salvador’s Steps? The popular...Read More
Betting on India’s impending launch of CBDC, T Rabi Sankar, Deputy Governor of the nation’s central bank, the Reserve Bank of India (RBI), dismissed the idea that stablecoins should be accepted as 1-to-1 fiat-pegged cryptocurrencies. CBDCs Can Kill Crypto “We believe that central bank digital currencies (CBDCs) could actually be able to kill whatever little...Read More
John Williams – President and CEO of the Federal Reserve Bank of New York – believes the institution should closely monitor the transformations of the cryptocurrency industry and, if needed, make necessary updates on its financial policies. He also opined that stablecoins and central bank digital currencies (CBDCs) have a better chance of succeeding in...Read More
India’s central bank, the Reserve Bank of India (RBI), has said that it would implement its CBDC plans through a graded approach and as per the country’s monetary policy. The introduction of CBDC, scheduled for the current 2022-23 fiscal, will be in sync with the financial stability and currency and payments systems, media reports said,...Read More
The Chinese authorities will reportedly give away 30 million yuan ($4.5 million) in e-CNY to Shenzhen’s residents on Monday in a bid to boost its pandemic-hit economy. The latest endeavor has also shown that China continues to push its CBDC and promote the financial product among broad society. A Bid to Revitalize the Local Economy...Read More
The Republican senators – Mike Braun, Tom Cotton, and Marco Rubio – introduced draft legislation focused on the Chinese digital yuan. The lawmakers are against the financial product and believe it should be banned on American soil. China’s CBDC Should Stay Away From the US The e-CNY – a centralized digital currency issued by the...Read More
The Thai authorities are reportedly not rushing to push a retail-oriented central bank digital currency (CBDC). Bank of Thailand’s Governor explained the country has numerous alternative payment options. The Need to roll out a CBDC is not That High Thailand has been among the nations willing to introduce a CBDC. In 2020, the country’s central...Read More
In a testimony before the Committee on Financial Services, Brainard called for “clear regulatory guardrails” to provide consumer and investor protection, uphold financial stability, and ensure a level playing field for competition and innovation across the financial system amidst the turmoil in the crypto market. Call for a Digital Dollar In the wake of recent events...Read More
On May 24, Mercado Bitcoin, the largest cryptocurrency and digital asset platform in Latin America, announced its partnership with the Stellar Development Foundation (SDF) to participate in the development of Brazil’s CBDC. According to an official post share by the Stellar Foundation, Mercado Bitcoin will work on one of the nine projects promoted by the...Read More
The global provider of secure financial messaging services, SWIFT, is testing to interlink multiple domestic-based emerging CBDC networks for cross-border transactions. The Belgium-based network, which enables financial institutions to communicate with each other for global payments, has tapped the French information technology services and consulting company Capgemini for the move. CBDCs’ Interoperability According to the...Read More
With the crash of TerraUSD —the largest algorithmic stablecoin in the ecosystem— and the de-pegging of other stablecoins like Stasis, DEI (not to be confused with DAI and even Tether), banking institutions like the European Central Bank, used this weakness in in their favor and started promoting their new CBDCs. On May 16, Italian economist...Read More
The Chilean central bank withdrew its plans to release a CBDC by the end of 2022, saying it will conduct thorough research and additional analysis on the product before moving to its launch. Digital Peso Should Wait Banco Central de Chile published a report focused on the country’s current monetary network and examined the risks...Read More
The new government of South Korea will reportedly finalize the regulatory framework on the local digital asset ecosystem next year and enforce it in 2024. The legislation will aim to incorporate cryptocurrencies like bitcoin into the country’s institutional system. In addition, the authorities have greenlighted the Bank of Korea’s efforts to launch a CBDC in...Read More
On April 21, Victoria Rodriguez Ceja, Governor of the Bank of Mexico (Banxico), said during a hearing before the Mexican Senate that the CBDC (MDBC) “will be in circulation” by 2025. According to Rodriguez, the CBDC will enable greater financial inclusion for citizens while expanding existing payment options. They also expect to deploy new automation...Read More
Russia’s central bank recently said that it is looking to begin a pilot for the digital ruble next year, with plans to use the central bank digital currency (CBDC) for international payments. Digital Ruble a Priority, Says Central Bank Governor According to a Reuters report, the governor of the Bank of Russia, Elvira Nabiullina, speaking...Read More
Over the past years, developed and developing countries have shown a growing interest in central bank digital currency (CBDC). The Bank of Japan has recently announced a cautious approach to the digital Yen, stating that its developmental trajectory will follow similar steps as Sweden did. The final decision on whether to issue CBDC is likely...Read More
Indria Kempis – Mexican senator for the State of Nuevo León – has introduced a bill to formalize the inclusion of virtual assets as a form of currency that may circulate in Mexico. However, it proposes that only the central bank can issue a digital currency, without any mention of Bitcoin. What Happened to the...Read More
The United States continues its exploration of a central bank digital currency (CBDC) as the main processor for US securities said it is developing a prototype for studying how such an asset can work in reality. The main goal is to examine how real-time transactions through cash-like tokens can pass through in the clearing and...Read More
Janet Yellen – Treasury Secretary of the United States – recently delivered her first speech solely dedicated to cryptocurrencies. While discussing the risks and benefits of crypto and CBDCs, the secretary listed five historical lessons she’ll be following as she regulates the space. A More Balanced Tone The speech was delivered before American University’s Kogod...Read More
