US Fed Chair Powell believes that the United States should focus on getting right the development of a central bank digital currency (CBDC), rather than attempt to be first. While speaking on a panel hosted by the International Monetary Fund (IMF), Powell reassured that the US is “committed to carefully and thoughtfully evaluating the potential...Read More
After a week of utilizing the $1.5 million worth of digital yuan sent to 50,000 Shenzhen citizens, those who used the funds to make regular everyday purchases weren’t impressed. However, analysts claimed that the trials are a significant step towards a real-life practical usage for China’s digital currency. Digital Yuan Doesn’t Impress Shoppers Numerous world...Read More
The Central Bank of Spain published its Strategic Plan for 2020-2024, describing the objectives and strategies it will follow to boost its economy and adapt the country’s finances to the requirements of the modern era, and a CBDC is one of its priorities. The digital world is stealing the attention of the Spaniards. In its...Read More
The concept of central bank digital currency (CBDC) has progressed quite well and is becoming inevitable. It is a new form of fiat currencies issued by central banks in digital form using centralized or permissioned distributed ledgers. Many countries are researching or are already closer to launching a national digital currency. But a joint paper...Read More
Xunlei, a $220M-worth Nasdaq-listed cloud computing and blockchain company based in China, is at the center of a controversy after the company announced that its former CEO, Chen Lei, was under police investigation for dereliction of duty and embezzlement. Lai is also accused of misappropriating tens of millions of yuan over the past year in...Read More
In the wake of regulatory concerns, seven central banks have come together and released a report identifying the “foundational principle necessary for any publicly available CBDCs to help central banks meet their public policy objectives.” The report titled, Central bank digital currencies: foundational principles and core features, compiled by the participating banks like the Bank...Read More
In collaboration with the Peoples Bank of China (PBOC), Shenzhen plans to distribute $1.5 million worth of its Central Bank Digital Currency (CBDC) – the digital yuan. Adopting a promotion strategy similar to that of a surprise airdrop, the giveaway will be distributed to 50,000 recipients through a lottery system. According to reports, each distribution...Read More
As global economies adapt to the Covid-19 pandemic, which is driving the need for contactless payments, federal authorities in the US have shared another update about the development of a digital currency. According to the Deputy Treasury Secretary Justin Muzinich, U.S Treasury along with the Federal Reserve, “is studying” a government-sponsored digital currency or CBDC....Read More
South Korea’s central bank, Bank of Korea (BOK) which had earlier established a central bank digital currency (CBDC) pilot program, has now announced that it planned to speed up the process by starting to test its digital token from next year onwards. The central bank maintained its original stance that although it was hastening the...Read More
Deutsche Bank is out with it’s latest cryptocurrency report. The global banking giant has discussed central bank digital currencies (CBDCs) in great detail, and their effect on central banks, individuals, and governments. In the discussion pertaining to individuals, DB says that CBDCs could encounter political resistance and encourage social unrest. Central Bank Cryptos Could Make...Read More
Since President Xi Jinping’s announcement last year to prioritize blockchain development in China, the country has been the first to launch its CBDC, created the BSN network, and applied for a record 4,435 blockchain patents. While these seem like big strides forward towards adoption, there is still a ban in place on trading cryptocurrency. The...Read More
Blockchain tech company ConsenSys announced that it would work on the second phase of ‘Project Inthanon-LionRock,’ which will allow the firm to design a proof-of-concept for CBDCs. This project was launched in 2019 by the Hong Kong Monetary Authority (HKMA) and the Bank of Thailand (BOT) to “study the application of a CBDC to cross-border...Read More
Cuy Sheffield, senior director and head of crypto at Visa said in a report today that the global payment network, Visa, was advancing its work on its cryptocurrency payment technology and that it would incorporate blockchain tech into its operations. Although the Visa executive did not mention a specific timeline for the project, he added...Read More
Bank for International Settlements (BIS), which is an international financial institution owned by central banks posted a job announcement today that stated a requirement for a “host” of blockchain experts to join the BIS Innovation Hub. Daydreaming about creating your own currency? Join the #BISInnovationHub, and make it happen #blockchainjobs #cryptojobs #CBDCs #blockchain #DLT https://t.co/5xqatNVt3C...Read More
Three to five countries will completely replace their currency with a central bank digital currency by 2030, argued a recent report by a German-based fintech think tank. The document also warned that if the European Central Bank doesn’t accelerate its CBDC endeavors, the digital Yuan will overtake it but won’t disrupt the Dollar’s dominance. Countries...Read More
Bank of Japan (BoJ), one of Japan’s central banks, has put the development of a central bank digital currency (CBDC) on top priority since July, according to a report in Japan Today. As per the report, members of BoJ hoped to see its digital currencies operate seamlessly during times of natural disasters and especially during...Read More
Brazil Central Bank President, Roberto de Oliveira Campos Neto, announced that plans to have a digital currency by 2022. In an interview with Bloomberg Markets’ Editor, Erik Schatzker, Neto said that Brazil’s central bank digital currency or CBDC will modernize the country’s banking system. According to Neto, Brazil’s central bank leadership in 2019 led to...Read More
Despite numerous reports claiming that the Chinese central bank is experimenting with large volume transactions for its CBDC, the bank recently said that it’s focusing on small retail transactions but confirmed that the trials are ongoing in numerous regions. China’s CBDC Trialed For Smaller Transactions In the past few weeks, various reports claimed that the...Read More
The United States has finally joined the bandwagon of countries testing a central bank digital currency (CBDC), Thursday reports revealed. Governor Lael Brainard said during a virtual technology event yesterday that the US Federal Reserve, in collaboration with research teams from Boston Fed and Massachusetts Institute of Technology (MIT), is conducting experiments with a hypothetical...Read More
Top Japanese financial bureaucrat Ryozo Himino thinks that promoting cryptocurrency trading will not necessarily accelerate technological innovation. Rather it will spark increased speculative trading, the regulator said. Himono has, therefore, cautioned against the same. Deregulating Bitcoin & Cryptocurrencies Will Fuel’ Speculative Trading’ As per a Reuters article, the Japanese Financial Services Agency boss has shared...Read More
The Chinese central bank digital currency (CBDC) could be approaching its long-anticipated launch as new reports indicated that multiple local commercial banks have begun conducting trials of a digital wallet application linked to the CBDC. Chinese Banks Test Digital Wallet App For CBDC In the latest turn of events regarding China’s future digital currency, a...Read More
Central bank digital currency (CBDC) fever appears to be heating up across the APAC region as The Philippines announces plans to study the possibility of issuing its own sovereign virtual “coin.” Committee to Study Modalities for Possible CBDC Issuance According to a report by Bloomberg on Wednesday (July 29, 2020), the Bangko Sentral ng Pilipinas...Read More
The Bank of Lithuania has officially launched its blockchain-based digital collector coin called LBCOIN. Although bank officials clarified that it’s not a CBDC, they suggested LBCOIN could eventually lead to releasing a central bank digital currency. Bank Of Lithuania’s Digital Collector Coin As CryptoPotato reported recently, the central bank of the Baltic country had finished...Read More
The CBDC race is about to heat up again with nations across Asia leading the way in crypto research. Japan is the latest to accelerate progress, joining China and Thailand, which are already well underway with their respective digital currencies. Japan Forms Crypto Research Team The Bank of Japan (BoJ) stated on Monday that it...Read More
The Bank of Thailand (BOT) is ready to deploy its central bank digital currency (CBDC) to local corporations as part of the third phase of the project’s development. BOT Launches Third Phase of its Digital Currency Project Thailand’s central bank has stepped into the third phase of development of its digital currency, according to The...Read More
Bloomberg reports that the People’s Bank of China (PBC) intends to begin testing its central bank digital currency (CBDC) on several platforms operated by the food delivery giant backed by Tencent Holdings – Meituan Dianping. China’s CBDC On A Food Delivery Platform Citing people familiar with the matter, Bloomberg informs that the large Chinese web-based...Read More
According to a recent report, Lithuania may be the first nation to launch a central bank-backed digital coin in the eurozone. The country’s central bank plans a pre-sale of twenty-four thousand blockchain-based digital tokens called LBCOINs. Lithuania To Sell 24k Blockchain-based Tokens A Reuters report from earlier today informed that the Baltic country has completed...Read More
In its latest report, the Bank of International Settlements doubled-down on its narrative that the COVID-19 pandemic has exemplified the need for central banks to accelerate the development of central bank digital currencies (CBDCs). BIS outlined the ongoing payment digitalization phase and predicted that whoever launches such currency first will ultimately prevail. BIS: Payment Digitalization...Read More
Central banks all over the world have begun their preparations for a cashless society. In Italy, a trial for a digital Euro may commence a lot sooner than originally expected. Various Italian banks want to pilot a central bank digital currency. Italian Banks Push the Envelope Somewhat surprising, given recent remarks by the Federal Reserve....Read More
Despite the lacking demand as of yet, the Bank of Korea (BOK) has set up a legal advisory group to review any legal issues before possibly launching a central bank digital currency (CBDC) in the future. BOK To Review Legal Matters Around CBDC According to a local report from today, South Korea’s central bank has...Read More
