Global experiments with digital currency: Do stable coins have a role to play?
3 years ago

Global experiments with digital currency: Do stable coins have a role to play?

Hindustan Times  

We’ll soon hear the clink of the digital rupee to keep up with the era of the cryptocurrency. A lot needs to be worked out in due course, including a new definition for a bank note to account for the incoming digital currency as well as the small matter of stability and risk elimination, something crypto currencies don’t do very well. “While interest in Central Bank Digital Currencies is near universal now, very few countries have reached even the pilot stage of launching their CBDCs. There are two types of digital currencies which have a relation to fiat money, or a government-issued currency that is regulated and controlled by the central bank of that nation. Transactions of 62 billion Yuan already done, confirmed Mu Changchun, head of the PBOC’s Digital Currency Institute, at the Hong Kong Fintech Week last month.

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History of this topic

Governments and banks once mocked Bitcoin. Now they want in on it
3 days, 1 hour ago

Governments and banks once mocked Bitcoin. Now they want in on it

Al Jazeera  

After topping $100,000, Bitcoin supporters see the cryptocurrency soaring even higher. Despite once labelling Bitcoin “a scam”, Trump has emerged as arguably the world’s most powerful advocate for the asset. “There’s now this growing feeling that the 21st century will be the century of Bitcoin.” Keiser spotted Bitcoin’s potential early on and advised people to buy it when its value …

Robinhood, Kraken, Galaxy Digital launch USDG: A new era of global stablecoin dominance
1 month, 2 weeks ago

Robinhood, Kraken, Galaxy Digital launch USDG: A new era of global stablecoin dominance

Live Mint  

A consortium of financial technology and cryptocurrency companies including Robinhood, Kraken and Galaxy Digital on Monday introduced a joint stablecoin pegged to the U.S. dollar. The aim of the newly formed Global Dollar Network is to accelerate usage of stablecoins worldwide and promote an asset that provides proportionate economic benefits to its partners, the companies said. As cryptocurrencies like bitcoin …

De-weaponizing the dollar
10 months, 2 weeks ago

De-weaponizing the dollar

China Daily  

BRICS is spearheading a new cross-border payment system using digital currencies to break away from Western dominance WANG XIAOYING/CHINA DAILY The United Arab Emirates and China completed the first cross-border payment using the digital dirham on Jan 30. The fact that the most advanced technology for using digital currencies has been created in developing countries illustrates that countries in the …

Central bank digital currency simplest fix for banking
1 year, 8 months ago

Central bank digital currency simplest fix for banking

China Daily  

Last year, the Nobel Prize in Economics went to two economists who study the dynamics of bank runs, as well as to former US Federal Reserve chair Ben Bernanke for his work analyzing how central banks have dealt with some of history's worst banking crises, such as those in the Great Depression of the 1930s. A country's monetary authority could …

UK considering launch of digital currency called ‘Britcoin’
1 year, 10 months ago

UK considering launch of digital currency called ‘Britcoin’

Live Mint  

Britcoin is moving closer to reality. UK authorities on Monday said British businesses and consumers are likely to need a digital version of the pound, formally asking for public comment on the idea of introducing a central bank digital currency. “That's why we want to investigate what is possible first, whilst always making sure we protect financial stability.” The call …

Britcoin? UK gets closer to launching a digital currency
1 year, 10 months ago

Britcoin? UK gets closer to launching a digital currency

Associated Press  

LONDON — Britcoin is moving closer to reality. U.K. authorities on Monday said British businesses and consumers are likely to need a digital version of the pound, formally asking for public comment on the idea of introducing a central bank digital currency. “That’s why we want to investigate what is possible first, whilst always making sure we protect financial stability.” …

How the RBI's digital currency can help economy
2 years ago

How the RBI's digital currency can help economy

Live Mint  

Readers of a certain age group might remember Ramon Bonus Stamps. What's driving FIIs’ bullish bets on Nifty IIT-K student hits record ₹4 cr placement jackpot Story takes a turn for PVR, Inox Leisure after a flop Q2 How young Indian couples budget for their weddings Imagine different currencies competing for dominance in usage without any sovereign backing. That is …

Spare a thought for the trilemma of central bank digital currencies
2 years, 1 month ago

Spare a thought for the trilemma of central bank digital currencies

Live Mint  

Central banks around the world continue to contemplate issuing their own digital currencies. Yet another motivation for the stampede to CBDCs is the inchoate belief that financial and even geopolitical primacy will turn on which central banks are quickest to issue one. Ultimately, central banks face a ‘trilemma’ when contemplating CBDC issuance. Central banks can have only two of three …

Central Bank Digital Currency is going to be a major transformation in the way business is done: RBI Governor Shaktikanta Das
2 years, 1 month ago

Central Bank Digital Currency is going to be a major transformation in the way business is done: RBI Governor Shaktikanta Das

The Hindu  

Reserve Bank of India Governor Shaktikanta Das said Central Bank Digital Currency is going to be a major transformation in the way business is done — the way transactions are conducted and highlighted that RBI is among the very few central banks in the world which have taken this initiative. While addressing FIBAC on November 2, Governor Shaktikanta Das said, …

Emergence Of Digital Assets In Wealth-Tech Space And Why This Is The Future Of Investment
2 years, 3 months ago

Emergence Of Digital Assets In Wealth-Tech Space And Why This Is The Future Of Investment

ABP News  

The past few years have seen the emergence of digital assets within the global financial markets. Furthermore, to gain more value on their investments, investors and traders are gradually moving from traditional markets to multi-use digital assets. As a result, they must take consistent steps to enter these markets sooner and prioritise digital assets as they would any other wealth-generating …

Reserve Bank to trial digital currency in 'limited-scale pilot' scheme
2 years, 4 months ago

Reserve Bank to trial digital currency in 'limited-scale pilot' scheme

ABC  

The Reserve Bank of Australia will trial its own digital currency as part of a research project to evaluate the future of Central Bank Digital Currencies in Australia. Key points: The RBA will launch a pilot central bank digital currency as part of a research project The CBDC will be a real claim on the Reserve Bank, meaning it will …

Privately issued but regulated digital currencies have benefits, say central bank chiefs
2 years, 5 months ago

Privately issued but regulated digital currencies have benefits, say central bank chiefs

The Hindu  

Consumer-focused digital tokens issued by private companies could be better than central bank-issued tokens assuming the companies can be regulated appropriately, the Australian central bank governor said on Sunday. At the same discussion, the Hong Kong Monetary Authority chief said greater scrutiny of such tokens could also help reduce risks from decentralised finance projects, part of the crypto currency ecosystem. …

Cryptocurrency can increase prosperity: ABN Amro
3 years, 2 months ago

Cryptocurrency can increase prosperity: ABN Amro

NL Times  

ABN Amro believes that digital currencies can lead to a greater level of prosperity. According to the bank, cryptocurrencies can improve productivity and boost economic growth, especially in developing countries, making the financial industry more efficient. Once regulated stablecoins or CBDCs establish a reliable payment system, they can provide users with access to banking services and products, the bank said. …

EXPLAINED: How RBI's Digital Currency Matters, And Why It Won't Be Like Bitcoin
3 years, 3 months ago

EXPLAINED: How RBI's Digital Currency Matters, And Why It Won't Be Like Bitcoin

News 18  

Come December and the Reserve Bank of India could be rolling out a pilot for India’s very own digital currency, an innovation that is tipped to change how currency is held and used in the time to come. Known as central bank digital currencies, these will, in fact, be much like the current system, although the underlying structure, founded on …

Opinion: Central bank digital currencies are coming. The US must be prepared
3 years, 4 months ago

Opinion: Central bank digital currencies are coming. The US must be prepared

CNN  

Editor’s Note: Emily Parker is managing director at CoinDesk and a former policy advisor at the US State Department and writer/editor at The Wall Street Journal. Meanwhile, the rise of another type of digital currency has gotten far less attention: central bank digital currencies. According to the think tank Atlantic Council, 81 countries, which account for over 90% of the …

'Britcoin' digital currency being considered by UK
3 years, 8 months ago

'Britcoin' digital currency being considered by UK

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy British authorities are exploring the …

Japan's central bank kicks off experiments on issuing digital currency
3 years, 8 months ago

Japan's central bank kicks off experiments on issuing digital currency

The Hindu  

The Bank of Japan began experiments on Monday to study the feasibility of issuing its own digital currency, joining efforts by other central banks that are aiming to match the innovation in the field achieved by the private sector. The first phase of experiments, to be carried out until March 2022, will focus on testing the technical feasibility of issuing, …

Bitcoin’s mainstream charge raises stakes for central bank digital cash
3 years, 10 months ago

Bitcoin’s mainstream charge raises stakes for central bank digital cash

Live Mint  

As cryptocurrencies increasingly go mainstream, pressure is growing on the world's biggest central banks to move forward with their plans to issue digital cash and fend off private sector threats to traditional money. The People's Bank of China aims to become the first major central bank to issue a CBDC, part of its push to internationalise the yuan and reduce …

Crypto craze may drive regulators to back their use
4 years, 2 months ago

Crypto craze may drive regulators to back their use

Live Mint  

Central bankers globally are wary of rising interest in cryptocurrencies since Facebook decided to launch one of its own. Limited supply and wider acceptability of cryptocurrencies could be the key reasons for a surge in Bitcoin prices How’s cryptocurrency trade carried out? Cryptocurrencies, including Bitcoin, are digital currencies, wherein the transaction records are verified and maintained on a decentralized system, …

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