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 and norms, creating a financial bulwark beyond Nato members’ borders and hard-coding US sanctions and anti-money-laundering measures into global banking and trade. However, rogue actors’ rapid adoption of unregulated forms of digital money has invigorated discussions—among leaders of both Brics and Western countries—about overhauling the existing global financial architecture. The dollar is inching toward representing only a plurality, rather than a majority, of global settlements.To borrow Carstens’s own prescient words in 2022: “Let’s ensure that our financial system builds on the existing governance of money, serves the public interest and works cooperatively with the private sector."

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History of this topic

Governments and banks once mocked Bitcoin. Now they want in on it
2 days, 15 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 …

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 …

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 …

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 …

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 …

Bitcoin Is Up But the Future of Money Lies Elsewhere
9 months, 2 weeks 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 …

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 …

Demystifying digital money and the future of decentralised finance
1 year ago

Demystifying digital money and the future of decentralised finance

Hindustan Times  

Looking to commercial benefits, the faster transaction times resulting from such experiments have the potential to greatly reduce the cost of trade finance—a boon to cross-border corporations and financial institutions. Pending the widespread adoption of CDBCs, the marriage of finance and technology might open up new vistas for home ownership, for smaller investors to access real estate investing, and for …

US responsible for de-dollarization, says IMF
1 year, 5 months ago

US responsible for de-dollarization, says IMF

Firstpost  

Washington’s policies and actions have compelled most countries across the world to seek alternatives to US dollar, said International Monetary Fund’s executive director for Russia, Aleksei Mozhin. ‘Process of de-dollarization has begun’ “It’s clear that it will not happen at once, but the process has begun,” Mozhin said, anticipating a steady decline in the dominance of dollar. “I think our …

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 …

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 …

Hoarding ‘Britcoin’ to be banned over bank run fears under Sunak’s digital currency proposals
1 year, 10 months ago

Hoarding ‘Britcoin’ to be banned over bank run fears under Sunak’s digital currency proposals

The Telegraph  

Consumers will be blocked from hoarding new “digital pounds” issued by the Bank of England because officials fear a run on high street banks, according to a consultation paper that suggests a new form of money could be introduced by 2030. Governor Andrew Bailey and Chancellor Jeremy Hunt revealed a roadmap on Monday night for creating a new central bank …

‘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 …

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 …

Powell: Digital currencies will require new regulations
2 years, 9 months ago

Powell: Digital currencies will require new regulations

Associated Press  

WASHINGTON — Federal Reserve Chair Jerome Powell said new forms of digital money such as cryptocurrencies and stablecoins present risks to the U.S. financial system and will require new rules to protect consumers. “Stablecoins, central bank digital currencies, and digital finance more generally, will require changes to existing laws and regulation or even entirely new rules and frameworks.” Stablecoins are …

IMF urges El Salvador to strip Bitcoin’s legal tender status
2 years, 10 months ago

IMF urges El Salvador to strip Bitcoin’s legal tender status

Al Jazeera  

El Salvador last year sought a $1.3bn loan from the International Monetary Fund, but talks have been stymied by the lender’s Bitcoin concerns. The International Monetary Fund’s board urged El Salvador to strip Bitcoin of its status as legal currency due to its large risks, highlighting a major obstacle for the nation’s efforts to get a loan from the institution. …

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 …

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” …

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 …

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 …

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 …

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 …

Cryptocurrency has the power to revolutionise a corrupt banking system
4 years, 2 months ago

Cryptocurrency has the power to revolutionise a corrupt banking system

The Independent  

The best of Voices delivered to your inbox every week - from controversial columns to expert analysis Sign up for our free weekly Voices newsletter for expert opinion and columns Sign up to our free weekly Voices newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Since the late 90s, thousands of …

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