Countries come together in hope of creating cryptocurrency backed by central banks
5 years, 2 months ago

Countries come together in hope of creating cryptocurrency backed by central banks

The Independent  

Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Bank of England has created an international group to explore the possibility of developing a cryptocurrency backed by central banks. Global focus on central bank digital currencies intensified last year after Facebook announced plans to introduce a cryptocurrency called Libra. “When the first national central bank issues a CBDC, this will be a major milestone in monetary history and a turning point for the global financial system,” Andy Bryant, co-head of popular cryptocurrency exchange BitFlyer, told The Independent. “Over thousands of years, money has always evolved and most central banks would agree that the current international monetary system is now out of date.”

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History of this topic

Crypto Can’t Stop Fighting Itself
3 weeks, 2 days ago

Crypto Can’t Stop Fighting Itself

Politico  

“They all hate each other,” Carter said, adding: “But they hate outsiders more.” Hopes have surged that crypto-friendly legislation can make it through Congress after years of negotiations, as prominent firms push for rules tailored more specifically to digital assets. Paolo Ardoino, whose company Tether issues the world’s largest stablecoin, posted on X that the draft legislation was an effort …

Donald Trump bans CBDC in US: What it means? How do stablecoins fit into the new executive order?
2 months ago

Donald Trump bans CBDC in US: What it means? How do stablecoins fit into the new executive order?

Live Mint  

US President Donald Trump has banned the creation and issuance of Central Bank Digital Currency in the United States. The executive order banning CBDC defines it as “a form of digital money or monetary value, denominated in the national unit of account, that is a direct liability of the central bank.” The order cites concerns such as risks related to …

Governments and banks once mocked Bitcoin. Now they want in on it
3 months, 1 week 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 …

De-dollarization debate: The US-led West should rethink its dollar diplomacy
3 months, 2 weeks ago

De-dollarization debate: The US-led West should rethink its dollar diplomacy

Live Mint  

Amid the recent maelstrom of political news was an important development for the future of technology-enabled public money. Conceived in 2022 as a clearing-house for central-bank digital currencies, mBridge had anchored the BIS’s own work towards a global interbank settlement system to connect CBDCs beyond the control of any single government. It was intermediated private money that exported Western rules …

Bitcoin reflects a fast changing global financial system landscape
3 months, 2 weeks ago

Bitcoin reflects a fast changing global financial system landscape

China Daily  

The price of Bitcoin has exceeded $100,000 recently. The development of the financial internet model will have an important impact on the cryptocurrency market and the global financial infrastructure. The cryptocurrency market represented by Bitcoin will become an important part of the global financial system, and Bitcoin's market value will continue to expand with the development of the entire market. …

Bitcoin Is Up But the Future of Money Lies Elsewhere
1 year ago

Bitcoin Is Up But the Future of Money Lies Elsewhere

Bloomberg  

A new form of digital money is going viral, capturing tens of millions of users, billions of transactions and the attention of global central banks. Launched in 2020, the initial idea behind Pix — as with all good fintech solutions — was to boost financial inclusion, loosen the grip of a concentrated banking system and make payments quicker and more …

Central Bank Digital Currencies Are Redefining Digital Money
1 year, 1 month ago

Central Bank Digital Currencies Are Redefining Digital Money

The Quint  

The Reserve Bank of India, in a forward-looking move, decided to extend the pilot program for the digital rupee. This extension reflects the central bank’s commitment to exploring and harnessing the potential of central bank digital currencies. Private players who dominate the digital payments market have simplified life for the world population with innovations like e-money, online transactions, mobile banking, …

De-weaponizing the dollar
1 year, 1 month 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 …

Emerging economies are pushing to end the dollar’s dominance. But what’s the alternative?
1 year, 7 months ago

Emerging economies are pushing to end the dollar’s dominance. But what’s the alternative?

Associated Press  

ABUJA, Nigeria — Business has vanished at Kingsley Odafe’s clothing shop in Nigeria’s capital, forcing him to lay off three employees. Across the developing world, many countries are fed up with America’s dominance of the global financial system — especially the power of the dollar. At a meeting of BRICS foreign ministers in June, South Africa’s Naledi Pandor said the …

Emerging economies are pushing to end the dollar's dominance. But what's the alternative?
1 year, 7 months ago

Emerging economies are pushing to end the dollar's dominance. But what's the alternative?

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Across the developing world, many countries are fed up with America’s dominance of the …

Central-bank digital currencies are talked about more than coming to fruition
1 year, 8 months ago

Central-bank digital currencies are talked about more than coming to fruition

Live Mint  

In 1992 the Bank of Finland, the country’s central bank, launched a curious card called Avant. The money stored on an Avant card was backed by the Bank of Finland rather than a commercial bank, which made it, the bank claims, the world’s first central-bank digital currency. Declining cash usage, the rise of cryptocurrencies and Facebook’s possible launch of a …

Explained | IMF’s view on cryptocurrency in Latin America
1 year, 8 months ago

Explained | IMF’s view on cryptocurrency in Latin America

The Hindu  

The story so far: On June 22, the International Monetary Fund issued a statement on the use of cryptocurrency in the Latin America and Caribbean market, and about the rising interest in blockchain-based central bank digital currencies. — Nayib Bukele November 17, 2022 El Salvador uses a digital wallet known as Chivo to regulate users’ crypto transactions. And as on …

China's digital currency raises concern as wages of thousands of public servants moves to e-CNY
1 year, 10 months ago

China's digital currency raises concern as wages of thousands of public servants moves to e-CNY

ABC  

Starting this month, thousands of workers in a Chinese city will be paid their wages entirely in digital yuan, in what has been described by the central government as a "milestone" for the currency. Key points: The digital currency was first trialled in 2019 and is now able to be used in 26 cities across 17 provinces Authorities have been …

Central bank digital currency simplest fix for banking
2 years 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 …

Digital rupee not the magic bullet Central government is hoping for
2 years, 2 months ago

Digital rupee not the magic bullet Central government is hoping for

The Hindu  

Published : Dec 29, 2022 10:30 IST In recent times, the financial world has been in a state of excitement after the Reserve Bank of India announced the launch of the pilot for a retail digital rupee on December 1. Crypto gamble It is to be noted that with the threat of cryptocurrency, which began with Bitcoin in 2009, now …

Next Financial Crisis Will Come From Private Cryptocurrencies, Says RBI Governor Shaktikanta Das
2 years, 3 months ago

Next Financial Crisis Will Come From Private Cryptocurrencies, Says RBI Governor Shaktikanta Das

News 18  

RBI Governor Shaktikanta Das on Wednesday said the biggest concern with the private cryptocurrencies like Bitcoin and Ethereum is that they do not have any underlying value, and if they are allowed to grow, the next financial crisis will come from them. If you allow it to grow, the next financial crisis will come from private cryptocurrencies.” Das has in …

CBDC is the UPI Moment for Fintechs: Rise of CBDC and Death of Crypto - News18
2 years, 3 months ago

CBDC is the UPI Moment for Fintechs: Rise of CBDC and Death of Crypto - News18

News 18  

The fall of fraudulent and failing crypto exchanges is coinciding with the rise of CBDC across the world. CBDC, when programmed to be part of a smart contract, will reduce these layers of paper contracts and checks thus reducing the cost of trade or transactions both local and international. The promise of lower cost and reducing the global banks hegemony …

How the RBI's digital currency can help economy
2 years, 3 months 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 …

Time is right for a digital rupee
2 years, 3 months ago

Time is right for a digital rupee

Hindustan Times  

Starting this month, the Reserve Bank of India will begin a pilot project that will put a digital rupee, or e ₹, in the hands of individuals. In simple terms, a CBDC is the closest virtual equivalent of cash with the liability for its value resting directly with the central bank, instead of — as is the case at present …

India to launch retail Digital Rupee on pilot basis: Which other countries have CBDC?
2 years, 3 months ago

India to launch retail Digital Rupee on pilot basis: Which other countries have CBDC?

Firstpost  

On 1 December, India will join the list of countries that have introduced a Central Bank Digital Currency. Nigeria In October this year, the Central Bank of Nigeria marked one year since the launch of Africa’s first digital currency, the e-Naira. China’s central bank will expand the trials of its digital currency, the e-CNY, to four provinces, including Guangdong, Jiangsu, …

Spare a thought for the trilemma of central bank digital currencies
2 years, 4 months 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 …

Binance CEO sees no threat to crypto from central banks' digital currencies
2 years, 4 months ago

Binance CEO sees no threat to crypto from central banks' digital currencies

The Hindu  

Plans by central banks to launch digital currencies are not a threat to other cryptocurrencies as they would validate blockchain technology and build trust among sceptics, the CEO of the world's largest crypto exchange, Binance, said on Wednesday. Most major central banks, including the U.S. Federal Reserve, the Bank of England and the European Central Bank, are studying the potential …

Central Bank Digital Currency is going to be a major transformation in the way business is done: RBI Governor Shaktikanta Das
2 years, 4 months 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, …

RBI Launches First Pilot of Digital Rupee; What is CBDC, How is it Different from Cryptocurrency?
2 years, 4 months ago

RBI Launches First Pilot of Digital Rupee; What is CBDC, How is it Different from Cryptocurrency?

News 18  

The Reserve Bank of India will roll out the digital rupee — the Central Bank Digital Currency — today. “…the first pilot in the Digital Rupee – Wholesale segment shall commence on November 1, 2022,” the RBI said in a statement on ‘Operationalisation of Central Bank Digital Currency-Wholesale Pilot’. It also announced that the first pilot in Digital Rupee – …

RBI to soon launch e-rupee on pilot basis for limited use
2 years, 5 months ago

RBI to soon launch e-rupee on pilot basis for limited use

India TV News  

Digital money : The Reserve Bank on Friday said it will soon commence the pilot launch of the e-rupee for specific use cases as it tests digital currency in India. "As the extent and scope of such pilot launches expand, RBI will continue to communicate about the specific features and benefits of e-rupee, from time to time," the central bank …

Weekly Crypto Roundup: UK’s crackdown, Iran’s CBDC, and crypto carbon credits
2 years, 6 months ago

Weekly Crypto Roundup: UK’s crackdown, Iran’s CBDC, and crypto carbon credits

The Hindu  

On Friday, Bitcoin was close to falling under the $19,000 level while Ether was hovering above the $1,300 level. Sanctioned platforms like Tornado Cash even offer ways to “mix” legitimate and stolen crypto funds to make tracing them more difficult. Human rights activists are worried that Iran’s digital currency could be used to surveil or cut the spending power of …

US Treasury recommends exploring creation of a digital dollar
2 years, 6 months ago

US Treasury recommends exploring creation of a digital dollar

Deccan Chronicle  

WASHINGTON: The Biden administration is moving one step closer to developing a central bank digital currency, known as the digital dollar, saying it would help reinforce the US role as a leader in the world financial system. Treasury Secretary Janet Yellen said one Treasury recommendation is that the U.S. “advance policy and technical work on a potential central bank digital …

Treasury recommends exploring creation of a digital dollar
2 years, 6 months ago

Treasury recommends exploring creation of a digital dollar

Associated Press  

WASHINGTON — The Biden administration is moving one step closer to developing a central bank digital currency, known as the digital dollar, saying it would help reinforce the U.S. role as a leader in the world financial system. Treasury Secretary Janet Yellen said one Treasury recommendation is that the U.S. “advance policy and technical work on a potential central bank …

Reserve Bank of Australia Central Bank testing CBDC cryptocurrency
2 years, 7 months ago

Reserve Bank of Australia Central Bank testing CBDC cryptocurrency

The Hindu  

Australia's central bank on Tuesday said it was launching a one-year research programme into the case for a central bank digital currency in Australia, focusing on what potential economic benefits it might bring. The Reserve Bank of Australia is partnering with the Digital Finance Cooperative Research Centre, a government-backed industry group, in the program. The project will seek to identify …

Australia’s central bank launches digital currency pilot
2 years, 7 months ago

Australia’s central bank launches digital currency pilot

Al Jazeera  

Reserve Bank of Australia says year-long trial will explore “innovative use cases and business models” for currency. The Reserve Bank of Australia said in a statement on Tuesday it would carry out a year-long pilot project to explore “innovative use cases and business models” for a CBDC and gain a better understanding of technological, legal and regulatory considerations. The RBA …

CBDC: Nepal To Issue Its Own Digital Currency, Prepares Legal Changes
2 years, 7 months ago

CBDC: Nepal To Issue Its Own Digital Currency, Prepares Legal Changes

ABP News  

Nepal’s central bank, the Nepal Rastra Bank, is preparing to launch its own central bank digital currency soon. Following a study that noted that the introduction of a CBDC is indeed a feasible project, the NRB said it is ready with revisions to the Nepal Rastra Bank Act, 2002, that would allow it to issue a digital variant of its …

China vows privacy, information protection in using digital yuan
2 years, 8 months ago

China vows privacy, information protection in using digital yuan

The Hindu  

China will fully respect privacy and protect personal information in using the digital yuan, state media quoted a senior central bank official as saying on Sunday, as Beijing encourages greater adoption of e-CNY. Limited anonymity is a key feature of the digital yuan, Mu Changchun, director-general of the central bank’s Digital Currency Research Institute said, noting it ensures reasonable anonymous …

Phased implementation of digital currency for wholesale, retail segments in the works: RBI official
2 years, 8 months ago

Phased implementation of digital currency for wholesale, retail segments in the works: RBI official

The Hindu  

The Reserve Bank of India is in the process of implementing the Central Bank Digital Currency in a phased manner for wholesale and retail segments, an official said on Wednesday. The introduction of CBDC was announced in the Union Budget 2022-23, by Finance Minister Nirmala Sitharaman and necessary amendments to the relevant section of the RBI Act, 1934 have been …

Phased implementation of digital currency for wholesale, retail segments at works: RBI official
2 years, 8 months ago

Phased implementation of digital currency for wholesale, retail segments at works: RBI official

India Today  

The Reserve Bank of India is in the process of implementing the Central Bank Digital Currency in a phased manner for the wholesale and retail segments, an official said on Wednesday. The introduction of CBDC was announced in the Union Budget 2022-23, by Finance Minister Nirmala Sitharaman and necessary amendments to the relevant section of the RBI Act, 1934 has …

Privately issued but regulated digital currencies have benefits, say central bank chiefs
2 years, 8 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. …

The crypto embrace
2 years, 10 months ago

The crypto embrace

The Hindu  

Cryptocurrencies, built on blockchain technology, have exploded in popularity in recent years. California, which would have the world's fifth-largest economy if it was a country, has become the first U.S. state to formally begin exploring how to adapt to cryptocurrency and its related technologies. California Governor Gavin Newsom signed an executive order on Wednesday for state agencies to move in …

How a New Digital Dollar Could Shake the US Financial System
3 years ago

How a New Digital Dollar Could Shake the US Financial System

Wired  

President Joe Biden yesterday issued an executive order that could lead to the US creating a digital currency. “These efforts should include assessments of possible benefits and risks for consumers, investors, and businesses; financial stability and systemic risk; payment systems; national security; the ability to exercise human rights; financial inclusion and equity; and the actions required to launch a United …

Digital rupee & cryptocurrencies: What are the key differences?
3 years, 1 month ago

Digital rupee & cryptocurrencies: What are the key differences?

Live Mint  

While announcing the Union budget 2022-23, Finance Minister Nirmala Sitharaman announced that India will soon launch its own central bank digital currency. Among several distinctions, one key difference lies in the fact that RBI’s digital currency will be linked to its fiat currency – Indian rupee and will be valued at the same price. Digital currencies are digital forms of …

India's official digital currency likely to debut by early 2023, says top government source
3 years, 1 month ago

India's official digital currency likely to debut by early 2023, says top government source

Firstpost  

He said the digital currency issued by the RBI would be numbered in units, just like every fiat currency has an unique number New Delhi: India’s very own official digital currency is likely to debut by early 2023, which will mirror any of the currently available private company-operated electronic wallets, but with a change that it will be a sovereign-backed …

China central bank launches digital yuan wallet apps for Android, iOS
3 years, 2 months ago

China central bank launches digital yuan wallet apps for Android, iOS

The Hindu  

China has released pilot versions of its digital yuan wallet application on mobile phone app stores as the country's central bank steps up its push to develop its own digital currency. The "e-CNY " app, developed by the People's Bank of China's digital currency research institute, was available for download on Chinese Android and Apple app stores on Tuesday in …

Private Cryptocurrencies Pose Immediate Risks To Customers, Prone To Frauds: RBI FSR Report
3 years, 2 months ago

Private Cryptocurrencies Pose Immediate Risks To Customers, Prone To Frauds: RBI FSR Report

ABP News  

New Delhi: The Reserve Bank of India in its Financial Stability Report has said that private cryptocurrencies pose immediate risks to customer protection and anti-money laundering, and combatting the financing of terrorism as digital currencies are extremely volatile given their highly speculative nature. Longer-term concerns relate to capital flow management, financial and macro-economic stability, monetary policy transmission and currency substitution.” …

Digital payments, cryptocurrency regulation flagged by Treasurer Josh Frydenberg
3 years, 3 months ago

Digital payments, cryptocurrency regulation flagged by Treasurer Josh Frydenberg

ABC  

Consumers who make purchases on their mobile phones, use buy now, pay later platforms, and invest in cryptocurrency could be better protected under a federal government plan to overhaul Australia's payments system and regulate financial technology organisations. Key points: The Treasurer is using a speech to outline "the largest reforms to our payments systems in a quarter of a century" …

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

Tiny Palau seeks to blaze trail with official cryptocurrency
3 years, 3 months ago

Tiny Palau seeks to blaze trail with official cryptocurrency

Al Jazeera  

One of the world’s smallest nations hopes to launch the first government-backed national stablecoin in 2022. Under a partnership with United States-based cryptocurrency company Ripple, Palau is exploring plans to launch the world’s first government-backed national stablecoin in the first half of 2022. “You know, it makes it so everybody’s their own bank.” ‘At the mercy of the inflation of …

China’s digital currency challenge: Winning hearts and minds
3 years, 3 months ago

China’s digital currency challenge: Winning hearts and minds

Live Mint  

China has convinced financial policy makers everywhere of its resolve to create a digital version of its currency, even helping to spur the Federal Reserve to study developing an electronic version of the dollar. Two payment services—Ant Group Co.’s Alipay and the pay function within Tencent Holdings Ltd.’s WeChat app—have already transformed urban China into a seemingly cashless society in …

Cryptocurrency Bill: Govt to Bring a New Crypto Bill, Previous Bill Reworked, Says FM
3 years, 3 months ago

Cryptocurrency Bill: Govt to Bring a New Crypto Bill, Previous Bill Reworked, Says FM

News 18  

Clearing all the doubts and panic among investors regarding the upcoming cryptocurrency bill, finance minister Nirmala Sitharaman said on Tuesday that the government is working on a new bill to regulate cryptocurrency in India. While replying in Rajya Sabha, Sitharaman said, “There were other dimensions and the bill had to be reworked and now we are trying to work on …

Regulation, not ban: on cryptocurrencies
3 years, 3 months ago

Regulation, not ban: on cryptocurrencies

The Hindu  

Eight years after the RBI issued its first advisory cautioning holders of virtual currencies about the potential financial and security risks, and two years after drafting a Bill to ban cryptocurrencies, the Government is set to introduce legislation that would, if passed, officially proscribe such currencies. Prime Minister Narendra Modi had in a video address to the Sydney Dialogue earlier …

Reserve Bank Set To Roll Out India’s Own Cryptocurrency. Know What Is CBDC
3 years, 4 months ago

Reserve Bank Set To Roll Out India’s Own Cryptocurrency. Know What Is CBDC

ABP News  

New Delhi: The Centre is all set to introduce a new Bill during the winter session of Parliament to ban private cryptocurrencies and create guidelines for a legal digital currency by the Reserve Bank of India, according to a Lok Sabha bulletin released on Tuesday. To create a facilitative framework for creation of the official digital currency to be issued …

Cryptocurrency and India: Busting the myths and conspiracy theories as Govt tables the Bill in winter session
3 years, 4 months ago

Cryptocurrency and India: Busting the myths and conspiracy theories as Govt tables the Bill in winter session

Op India  

The Indian government has announced that the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, is expected to be tabled in the Winter Session of Parliament. The bill looks to “prohibit certain private cryptocurrencies while allowing certain exceptions to promote the underlying technology and its uses.” The Central Bank digital currency is a systematic first step towards adoption of …

How to solve the crypto conundrum?
3 years, 4 months ago

How to solve the crypto conundrum?

Hindustan Times  

Web3, the buzzword of the year, is, as some experts have described it, all about the decentralisation of the Internet. A quick diversion may be required here: AI isn’t Web3, although some people see it as a layer on top of Web3 technologies that helps people interact better with other people, and with machines. But to return to Web3, thus …

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