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 Global South have an excellent opportunity to use the new digital platform, for instance, in mutual settlements. Despite becoming the most used alternative currency for international transactions by the end of 2023, the renminbi's share of global reserves remained less than 3 percent, behind the US dollar and the euro, which will remain the dominant currencies for a long time due to their higher liquidity. Direct policy statements to strengthen the use of national currencies and payment instruments in cross-border transactions were made at the first BRICS Sherpa meeting on Jan 30.It was stated explicitly by Russian Deputy Foreign Minister Sergei Ryabkov, China's Vice-Foreign Minister Ma Zhaoxu and Iranian Deputy Foreign Minister Mehdi Safari.

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History of this topic

De-dollarization debate: The US-led West should rethink its dollar diplomacy
1 week, 5 days 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 …

Why is Donald Trump threatening Brics members against de-dollarisation?
Top News
3 weeks ago

Why is Donald Trump threatening Brics members against de-dollarisation?

Firstpost  

Donald Trump has demanded that Brics members promise not to create a new currency or support another currency to replace the United States dollar as the world’s reserve currency. Trump has demanded that Brics member nations promise not to create a new currency or support another currency to replace the United States dollar. “We require a commitment from these countries …

The idea of a Brics currency is looking like a charade
1 month ago

The idea of a Brics currency is looking like a charade

Live Mint  

Last month’s Brics summit in Kazan, Russia, was, like all summits, heavy on photo ops. And it yielded a second act that was similarly heavier on symbolism than substance: the release of a report by the Russian finance ministry and central bank on “improvement of the international monetary and financial system," by which Russian officials obviously meant “finding an alternative …

Global Shift: Multilateralism as the Key to De-Dollarization
1 month, 3 weeks ago

Global Shift: Multilateralism as the Key to De-Dollarization

Live Mint  

The article discusses the debate surrounding de-dollarization and the potential benefits and challenges associated with it. It highlights the importance of a multipolar global monetary system and the need for international dialogue and coordination to address concerns of the developing world. The article suggests measures such as encouraging the use of other major currencies alongside the dollar, promoting the internationalization …

Web3: A Paradigm Shift in Global Finance
1 month, 3 weeks ago

Web3: A Paradigm Shift in Global Finance

Hindustan Times  

Web3 is poised to revolutionise global finance, with the potential to create a highly efficient global financial system beyond the speculative trading of digital assets. The convergence of fiat currencies and crypto on established blockchains such as Solana will be a key milestone in this transformation. The crypto-economy gamifies the development of Web3, rewarding users for their time and effort. …

Emerging Economies' Payment System: A Historical Necessity for Global Prosperity
2 months ago

Emerging Economies' Payment System: A Historical Necessity for Global Prosperity

China Daily  

Emerging economies are set to hold the BRICS summit in Kazan, Russia, to discuss the possibility of expanding the BRICS payment system. The BRICS payment system is a global network of banks that allows countries to make payments to each other without the need for a third party. The system is currently dominated by the Belgium-based Society for Worldwide Interbank …

Fast forward on the path to digital RMB in globalized and networked era
6 months, 3 weeks ago

Fast forward on the path to digital RMB in globalized and networked era

China Daily  

A staff member demonstrates the payment with China's digital yuan, or the e-CNY, during the first Global Digital Trade Expo in Hangzhou, East China's Zhejiang province, Dec 12, 2022. The issuance and circulation of digital currencies, especially sovereign digital currencies authorized by central banks, will profoundly change the existing international monetary, clearing and settlement, and financial systems. As a digital …

Central Bank Digital Currencies Are Redefining Digital Money
10 months, 1 week 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, …

G20 nations commit to promote faster, inclusive cross-border payments
1 year, 3 months ago

G20 nations commit to promote faster, inclusive cross-border payments

India Today  

The G20 nations on Saturday resolved to promote faster, cheaper, more transparent and inclusive cross-border payments as envisaged in the G20 Roadmap for Enhancing Cross-border Payments. The New Delhi Leaders' Declaration, adopted by the G20 leaders, also appreciated the successful conclusion of the G20 TechSprint 2023, a joint initiative with the BIS Innovation Hub, which will promote innovative solutions aimed …

Digital Rupee CBDC RBI Governor Shaktikanta Das Can Prove To Be Game Changer For Cross-Border Payments:
1 year, 3 months ago

Digital Rupee CBDC RBI Governor Shaktikanta Das Can Prove To Be Game Changer For Cross-Border Payments:

ABP News  

In a recent keynote address at the G20 TechSprint Finale, Reserve Bank of India Governor Shaktikanta Das drew attention to the challenges surrounding cross-border payments, emphasising the issues of high costs and slow transaction speeds. Das indicated that the central bank digital currency — dubbed Digital Rupee — instant-settlement feature could offer a viable solution to these challenges. Despite advancements …

We have valid reasons to be wary of BRICS expansion
1 year, 3 months ago

We have valid reasons to be wary of BRICS expansion

Live Mint  

BRICS is now BRICS-Plus and within this change lie diverse, multiple incarnations. The declaration at the end of the 15th BRICS summit last week provided clues on how BRICS-Plus would pursue the de-dollarization goal: “We stress the importance of encouraging the use of local currencies in international trade and financial transactions between BRICS as well as their trading partners. In …

Can BRICS dethrone the US dollar? It’ll be an uphill climb, experts say
1 year, 3 months ago

Can BRICS dethrone the US dollar? It’ll be an uphill climb, experts say

Al Jazeera  

The world’s reserve currency is facing a challenge from Global South countries who want options beyond the greenback. The impetus for Global South countries trying to find an alternative is more a “practical consideration” than a moral one, said Gustavo de Carvalho, a policy analyst on Russia-Africa ties at the South African Institute of International Affairs, as they view the …

Emerging economies are pushing to end the dollar’s dominance. But what’s the alternative?
1 year, 4 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 …

Is the dollar getting dethroned? Not quite
1 year, 7 months ago

Is the dollar getting dethroned? Not quite

Hindustan Times  

There are some keywords that are periodically tossed around to indicate a looming crisis. Two, the yuan as a reserve currency – or the so-called yuannabe narrative – will not save the world which is still not ready to hand over the keys to a communist dictatorship. In fact, as the US moves towards another debt ceiling hike drama in …

Are we seeing a de-throning of the dollar?
1 year, 7 months ago

Are we seeing a de-throning of the dollar?

Hindustan Times  

Since early 2023, the international currency discussion has gained enormous traction. Further, in January 2023, several countries in South East Asia also deliberated over how to circumvent the US currency dominance; meanwhile, the dollar continues to gain strength. However, since the US dollar exchange rates have reached the highest in 20 years amongst the kitty of currencies, this rapid rise …

Why de-dollarization is inevitable
1 year, 7 months ago

Why de-dollarization is inevitable

China Daily  

In 1023, a thousand years ago, the Song Dynasty changed the history of money by introducing paper money, jiaozi, as legal tender and a means of exchange. A full millennium later, China is again set to transform the history of money, first, by spearheading the transition from paper money to the era of digital currency, leading the world in mobile …

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.” …

Digital currency to further bolster digital economy, make payment system more efficient: RBI
1 year, 10 months ago

Digital currency to further bolster digital economy, make payment system more efficient: RBI

India TV News  

RBI Executive Director Ajay Kumar Choudhary on Wednesday the digital currency will further bolster the digital economy, make the payment system more efficient and reduce the cost involved in physical cash management. Central Bank Digital Currency The RBI has already launched pilots of CBDC in wholesale and retail segments last year. He said the key motivation for exploring the issuance …

Digital rupee not the magic bullet Central government is hoping for
1 year, 11 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 …

RBI’s digital rupee useful in overseas payments: IMF
1 year, 11 months ago

RBI’s digital rupee useful in overseas payments: IMF

Deccan Chronicle  

Chennai: India can effectively use a Central Bank Digital Currency as an avenue for cross-border payments in view of high volume of inbound remittance, said the International Mone-tary Fund, adding that international cooperation would be a key factor for its success. The RBI could opt for introducing both a retail and wholesale CBDC, addressing inefficiencies for both retail and wholesale …

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

Experts Explain Benefits And Technological Challenges Of Digital Rupee
2 years ago

Experts Explain Benefits And Technological Challenges Of Digital Rupee

ABP News  

India’s first pilot project on retail digital rupee was rolled out by the Reserve Bank of India on Thursday in Mumbai, New Delhi, Bengaluru, and Bhubaneswar. The retail digital rupee project has started in a closed user group with the participation of four lenders – State Bank of India, ICICI Bank, YES Bank, and IDFC First Bank – as well …

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 …

Time is right for a digital rupee
2 years 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 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, 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 …

US Treasury recommends exploring creation of a digital dollar
2 years, 3 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, 3 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 …

Digital currency to bring down time, cost for cross-border transactions: RBI’s Sankar
2 years, 3 months ago

Digital currency to bring down time, cost for cross-border transactions: RBI’s Sankar

The Hindu  

Central bank digital currency, to be launched this year, could become a tool for reducing time and cost for cross-border transactions, Reserve Bank Deputy Governor T. Rabi Sankar said on Wednesday. Explained | RBI’s digital currency plans Observing that India has an excellent, cheap and fast domestic payments system, he said the cost of cross-border payment, however, is still high. …

“Market acceptance will be key test for alternative to dollar”
2 years, 6 months ago

“Market acceptance will be key test for alternative to dollar”

The Hindu  

Sentiment of the market will be the ultimate test for a new global reserve currency that the BRICS member states are considering as an "alternative" to the American dollar, said a leading expert of BRICS affairs. Venkatesh Varma said on Thursday that national currencies are likely to play a greater role for trade within BRICS, but it is "impractical" to …

RBI to adopt graded approach to introduce digital currency
2 years, 6 months ago

RBI to adopt graded approach to introduce digital currency

Firstpost  

The RBI said that it has been exploring the pros and cons of the introduction of Central Bank Digital Currency in India and the appropriate design elements of CBDCs that could be implemented with little, or no disruption are under examination New Delhi: The Reserve Bank of India on Friday said that it is proposing to adopt a graded approach …

Will the US Dollar’s Dominance Last?
2 years, 11 months ago

Will the US Dollar’s Dominance Last?

The Diplomat  

When it comes to embracing the digital currency revolution, the United States is beginning to fall behind China and a number of other countries. For the U.S. Federal Reserve to be especially cautious about delving into central bank digital currencies is hardly surprising, and the Fed has every reason to be careful, given the U.S. dollar’s international standing as a …

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 …

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

Controversies on Trials of Digital RMB by China’s Central Bank: Policy Options (No.240, 2021)
3 years, 1 month ago

Controversies on Trials of Digital RMB by China’s Central Bank: Policy Options (No.240, 2021)

China Daily  

Controversies on Trials of Digital RMB by China’s Central Bank: Policy Options 2021-10-29 By Chen Daofu & Zhang Jiaming, Research Institute of Finance, DRC Research Report, No.240, 2021 2021-9-2 Abstract: The pilot research and development of digital currency made by China’s central bank, the People’s Bank of China，is among the top list of the world, the performance of which has …

Central Bank Digital Currencies: These Are The 13 Guiding Principles Set Out By G7 Finance Leaders
3 years, 2 months ago

Central Bank Digital Currencies: These Are The 13 Guiding Principles Set Out By G7 Finance Leaders

ABP News  

New Delhi: Group of Seven finance ministers and central bankers have endorsed 13 public policy principles for retail central bank digital currencies, and have said the digital payment ecosystem should be grounded in transparency, the rule of law and sound economic governance. They added: "Strong international coordination and cooperation on these issues helps to ensure that public and private sector …

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 …

RBI Contemplating Pilot Launch of Digital Currency in Near Future: Deputy Guv
3 years, 5 months ago

RBI Contemplating Pilot Launch of Digital Currency in Near Future: Deputy Guv

News 18  

The Reserve Bank is working on a phased implementation strategy for its own digital currency and is in the process of launching it in wholesale and retail segments in the near future, RBI Deputy Governor T Rabi Sankar said on Thursday. “Like other central banks, RBI has also been exploring the pros and cons of introduction of CBDC since quite …

Wall Street asks if Bitcoin can ever replace fiat currencies
3 years, 6 months ago

Wall Street asks if Bitcoin can ever replace fiat currencies

Live Mint  

El Salvador’s bold move to accept Bitcoin as legal tender has Wall Street once again wondering whether a cryptocurrency could really ever replace the old-school dollar. “That’s not going to happen.” While the technology itself may be used increasingly in the behind-the-scenes plumbing of financial services, such as money being sent across borders, Sawyer said Bitcoin is still too volatile …

'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 …

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, …

Fed chief says, more important for U.S. to get digital currency right than be first
4 years, 2 months ago

Fed chief says, more important for U.S. to get digital currency right than be first

The Hindu  

In any development of a cross-border digital currency, it is more important for the United States “to get it right than be first,” U.S. Federal Reserve Chair Jerome Powell said on Monday. “We do think it's more important to get it right than to be first and getting it right means that we not only look at the potential benefits …

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