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 dependence on the dollar-dominated payment system. The European Central Bank and the Bank of England have launched consultations, though ECB President Christine Lagarde said last month any digital euro would take years. Central banks fear any mass migration to CBDC would hollow out commercial banks, depriving them of a cheap and stable source of funding like retail deposits.

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History of this topic

Governments and banks once mocked Bitcoin. Now they want in on it
2 days, 18 hours 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
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 …

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, …

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 …

Limited Support, Lack Of Understanding Around CBDCs, CFA Survey Finds
1 year, 4 months ago

Limited Support, Lack Of Understanding Around CBDCs, CFA Survey Finds

ABP News  

The CFA Institute, a global association for bankers, investors, and finance professionals, recently conducted an extensive survey on central bank digital currencies, revealing limited support and a lack of understanding surrounding digital currencies like the digital dollar, euro, yen, or pound. While countries like the Bahamas and Nigeria have already introduced CBDCs, approximately 130 other nations, representing 98 per cent …

Central-bank digital currencies are talked about more than coming to fruition
1 year, 5 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 …

Digital Rupee: RBI launches expand e-Rupee pilot to include more banks
1 year, 6 months ago

Digital Rupee: RBI launches expand e-Rupee pilot to include more banks

Live Mint  

The Reserve Bank of India wants to expand the ongoing pilot of the Central Bank Digital Currency and incorporate various use cases and features in 2023-24. In its annual report for 2022-2023, the central bank said, "During 2023-24, the Reserve Bank of India aims at expanding the ongoing pilots in CBDC-Retail and CBDC-Wholesale by incorporating various use cases and features." …

Federal Reserve’s payment service FedNow would not replace cash
54 years, 11 months ago

Federal Reserve’s payment service FedNow would not replace cash

Associated Press  

CLAIM: The Federal Reserve is launching a digital currency app, FedNow, that will eliminate physical cash. It’s not a form of currency, nor is it a move towards eliminating cash, the Board of Governors of the Federal Reserve System stated. In recent days, social media users have misrepresented the service, claiming it is a step towards “getting rid of physical …

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 …

‘Digital pound’ possible by 2030 in bid to combat falling use of cash
1 year, 10 months ago

‘Digital pound’ possible by 2030 in bid to combat falling use of cash

The Telegraph  

The Bank of England and Treasury will next week throw their weight behind a "digital pound" as they set out a roadmap to introduce a new central bank currency by 2030. The decision by Mr Hunt and Mr Bailey to throw their weight behind the project comes almost two years after Prime Minister Rishi Sunak set up a taskforce as …

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 …

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

Don't create 'fear psychosis' on privacy concerns: RBI governor Shaktikanta Das
2 years ago

Don't create 'fear psychosis' on privacy concerns: RBI governor Shaktikanta Das

The Hindu  

Asserting that the newly-introduced Central bank digital currency does not leave any trail with a bank, RBI governor Shaktikanta Das on December 7 said there is no need to create a "fear psychosis" in the minds of people over privacy concerns. The pilot on the wholesale Central bank digital currency has been very satisfactory, and the RBI is keen to …

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 …

All you need to know about e-Rupee
2 years ago

All you need to know about e-Rupee

Deccan Chronicle  

HYDERABAD: The Reserve Bank of India has launched India’s e-rupee on Thursday, as a pilot covering four cities New Delhi, Mumbai, Bengaluru and Bhubaneswar and will subsequently expand it to nine more cities in the initial phase. Four banks – State Bank of India, Yes Bank, ICICI Bank and IDFC First Bank – will be involved initially in the launch …

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, …

Digital Rupee coming on Dec 1, here is everything to know about it
2 years ago

Digital Rupee coming on Dec 1, here is everything to know about it

Live Mint  

The Reserve Bank of India on Tuesday announced a pilot for retail central bank digital currency on 1 December. A Central Bank Digital Currency or Digital Rupee is a digital form of currency notes issued by a central bank. The central bank also said that users will be able to transact with digital rupee through a digital wallet offered by …

Explained: Why RBI is launching e-rupee in India
2 years ago

Explained: Why RBI is launching e-rupee in India

Firstpost  

Four banks including SBI and ICICI will participate in the launch of the Central Bank Digital Rupee which will initially cover four cities — Mumbai, New Delhi, Bengaluru and Bhubaneswar. While some experts remain cautious about the concept, others are downright enthusiastic E-rupee to launch on 1 Dec: RBI’s rationale behind currency and what experts think Four banks including SBI …

Digital Rupee: How Retail Customers Can Benefit From CBDC
2 years, 1 month ago

Digital Rupee: How Retail Customers Can Benefit From CBDC

ABP News  

The Reserve Bank of India in November announced its first pilot project of Digital Rupee for the retail segment. Even though the digital rupee would be virtual, just like cryptocurrencies, they are pretty different from each other and serve various purposes. As mentioned, the Digital Rupee is a pilot project in which nine central banks would be participating. After the …

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 …

Binance CEO sees no threat to crypto from central banks' digital currencies
2 years, 1 month 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, 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, …

RBI Launches First Pilot of Digital Rupee; What is CBDC, How is it Different from Cryptocurrency?
2 years, 1 month 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 launch India’s first digital rupee project: What is a CBDC and how will it work?
2 years, 1 month ago

RBI to launch India’s first digital rupee project: What is a CBDC and how will it work?

Firstpost  

The Reserve Bank of India will roll out the digital rupee for the wholesale segment today as part of its pilot project. The digital rupee will give a big boost to the economy and positively change the banking scenario of the country After months of talks and rumours swirling, the Reserve Bank of India will roll out the digital rupee …

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

RBI Actively Working Towards Phased Implementation Of CBDC: Shaktikanta Das
2 years, 3 months ago

RBI Actively Working Towards Phased Implementation Of CBDC: Shaktikanta Das

ABP News  

The Reserve Bank of India Governor Shaktikanta Das on Tuesday said that the central bank is committed to supporting innovation for fintech companies while keeping in mind consumer protection. Further, the RBI is now actively working towards a phased implementation of Central Bank Digital Currency in both wholesale and retail segments. The number of UPI QR code enabled payment acceptance …

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 …

Reserve Bank of Australia Central Bank testing CBDC cryptocurrency
2 years, 4 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 …

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 …

CBDC: Nepal To Issue Its Own Digital Currency, Prepares Legal Changes
2 years, 4 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 …

Digital Rupee: Why India Is Keen On Introducing A CBDC
2 years, 4 months ago

Digital Rupee: Why India Is Keen On Introducing A CBDC

ABP News  

Earlier this year, India announced plans to have its own central bank digital currency. The RBI has defined CBDC as a “legal tender issued by a central bank in a digital form. It will seem like any other digital payment service to users but since the CBDC will be a direct liability of the central bank, it would be more …

Phased implementation of digital currency for wholesale, retail segments in the works: RBI official
2 years, 5 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, 5 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, 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. …

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 …

Discussions on with RBI over digital currency, says Finance Minister Sitharaman
2 years, 10 months ago

Discussions on with RBI over digital currency, says Finance Minister Sitharaman

India TV News  

Highlights FM said discussions with regard to central bank-backed digital currency have been going on with RBI. Finance Minister Nirmala Sitharaman on Monday said discussions with regard to central bank-backed digital currency have been going on with the Reserve Bank and a decision will be taken after due deliberations. Sitharaman in her Budget speech on February 1 had announced that …

Explained: RBI’s digital currency plans
2 years, 10 months ago

Explained: RBI’s digital currency plans

The Hindu  

The story so far: In the Budget presented for 2022-23, Finance Minister Nirmala Sitharaman had announced the introduction of India’s Central Bank Digital Currency and that the digital rupee would give a ‘big boost’ to digital economy. Central banks also believe that the cost of issuing digital currencies is far lower than the cost of printing and distributing physical cash. …

India's official digital currency likely to debut by early 2023, says top government source
2 years, 10 months 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 …

30% tax on cryptocurrency: India’s plunge in the realm of digital currency
2 years, 10 months ago

30% tax on cryptocurrency: India’s plunge in the realm of digital currency

Op India  

The exponential growth of the cryptocurrency in India was just a phenomenon until it was given a considerable attention by the government. Taking a conservative stand on the taxation of digital currency, Finance Minister Nirmala Sitharaman on Tuesday announced that government would earn 30% behind every penny of profit earned by way of transfer of virtual money. The launch of …

Will Bitcoin, Ethereum, NFT, other private cryptocurrencies become legal tender? Here's what Govt says
2 years, 10 months ago

Will Bitcoin, Ethereum, NFT, other private cryptocurrencies become legal tender? Here's what Govt says

India TV News  

Highlights Digital currency will be backed by the Reserve Bank of India, says Govt Digital rupee issued by RBI will be a legal tender, Finance Secretary said No guarantee whether investment will be successful or not in cryptocurrency, TV Somanathan said Digital currency will be backed by the Reserve Bank of India which will never be a default. "Digital rupee …

Fed study on digital currency leans toward role for banks
2 years, 11 months ago

Fed study on digital currency leans toward role for banks

Associated Press  

WASHINGTON — The Federal Reserve on Thursday released a highly anticipated report on central bank digital currencies that suggested it is leaning toward having banks and other financial firms, rather than the Fed itself, manage digital accounts for customers. But it suggested that a digital currency that “would best serve the needs” of the nation would follow an “intermediated model” …

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 …

We don't track crypto trading: Finance Ministry
3 years ago

We don't track crypto trading: Finance Ministry

The Hindu  

The government doesn’t collect information on cryptocurrency or Bitcoin transactions in the country and has no plans to recognise Bitcoin as a currency, the Finance Ministry told Parliament on Monday. “RBI has been examining use cases and working out a phased implementation strategy for introduction of CBDC with little or no disruption,” the Minister said, adding that an official digital …

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