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, which uses cryptography, replacing a central authority for maintaining records. Most central bankers regulate the amount of money supply and determine interest rates to ensure price stability, but will not be able to have control over private the supply of a cryptocurrency. The Bank of International Settlements, along with seven other central banks have published a report that lays out the norms for central bank-backed digital currencies.

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History of this topic

Governments and banks once mocked Bitcoin. Now they want in on it
3 weeks 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 month 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 Is Up But the Future of Money Lies Elsewhere
10 months 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
11 months ago

De-weaponizing the dollar

China Daily  

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

Central bank digital currency simplest fix for banking
1 year, 9 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 …

Digital rupee not the magic bullet Central government is hoping for
2 years 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 …

Experts Explain Benefits And Technological Challenges Of Digital Rupee
2 years, 1 month 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, 1 month 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, 1 month 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 …

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 …

How will digital rupee rollout impact physical currency?
2 years, 2 months ago

How will digital rupee rollout impact physical currency?

Firstpost  

The Reserve Bank of India has launched its pilot project on the Central Bank Digital Rupee starting, 1 November. Here’s what the experts told CNBC TV18 The Reserve Bank of India has launched its pilot project on the Central Bank Digital Rupee starting November 1. It is widely anticipated that the digital rupee ideated by RBI will be generated through …

RBI to soon launch e-rupee on pilot basis for limited use
2 years, 3 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 …

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 …

Reserve Bank to trial digital currency in 'limited-scale pilot' scheme
2 years, 5 months ago

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

ABC  

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

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

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

The Hindu  

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

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 …

'We See Clear Advantages in a Central Bank Driven Digital Currency': Nirmala Sitharaman
2 years, 10 months ago

'We See Clear Advantages in a Central Bank Driven Digital Currency': Nirmala Sitharaman

News 18  

Union Finance Minister Nirmala Sitharaman on Tuesday said the 'Digital Rupee' is a conscious call taken in consultation with the Reserve Bank of India and the government sees clear advantages in a central bank driven digital currency. "It was a conscious call taken in consultation with the central bank- the Reserve Bank of India….we would like them to design it …

Explained: RBI’s digital currency plans
2 years, 11 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. …

The U.S. is considering a radical rethinking of the dollar for today's digital world
2 years, 11 months ago

The U.S. is considering a radical rethinking of the dollar for today's digital world

NPR  

The U.S. is considering a radical rethinking of the dollar for today's digital world Enlarge this image toggle caption Joe Raedle/Getty Images Joe Raedle/Getty Images Since its establishment as the country's national currency, the dollar has undergone many updates and changes, but nothing compares to the proposal being debated today. The U.S. is gingerly considering whether to adopt a digital …

Central Bank Digital Currency Explained: What Is Digital Rupee, How It Works And How It Is Different From Bitcoin
2 years, 11 months ago

Central Bank Digital Currency Explained: What Is Digital Rupee, How It Works And How It Is Different From Bitcoin

News 18  

Finance Minister Nirmala Sitharaman during her Union Budget 2022 speech made some major announcements related to cryptocurrencies, especially the new tax on crypto earnings. Calling it the Central Bank Digital Currency, the announcement says Digital Rupee will give “a boost to the digital economy". Digital Rupee is powered by blockchain technology which makes currency management cheaper, allowing the Government to …

Budget 2022: India to have its own Digital Currency: What FM Sitharaman said in Budget speech
2 years, 11 months ago

Budget 2022: India to have its own Digital Currency: What FM Sitharaman said in Budget speech

India TV News  

Highlights RBI will be issuing a digital rupee using blockchain and other technologies, Sitharaman said The same will be issued in the Financial Year 2022-23 This will give a big boost to the economy, Sitharaman said today The Reserve Bank of India will introduce digital currency in the next financial year beginning April 2022 to boost the digital economy and …

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” …

Insider Q&A: Explaining the fast growth of stablecoins
3 years, 1 month ago

Insider Q&A: Explaining the fast growth of stablecoins

Associated Press  

WASHINGTON — Among the fastest-growing forms of cryptocurrency are stablecoins, which use blockchain technology like Bitcoin and ethereum. The Associated Press spoke recently with Dante Disparte, Circle’s chief strategy officer, about the uses of stablecoins and the federal regulations they may face as digital currencies gain greater visibility. That’s exactly what we have done with the U.S. dollar in creating …

Global experiments with digital currency: Do stable coins have a role to play?
3 years, 1 month 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 …

Regulation, not ban: on cryptocurrencies
3 years, 1 month 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 …

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

Cryptocurrency can increase prosperity: ABN Amro

NL Times  

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

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 …

Does RBI’s Digital Currency Affect The Future of Crypto in India?
3 years, 3 months ago

Does RBI’s Digital Currency Affect The Future of Crypto in India?

The Quint  

2021 has been a turning point for cryptocurrency. Amid the soaring popularity of cryptocurrency, evident through the rapidly growing user base on crypto trading platforms like CoinSwitch Kuber, and the COVID-19 pandemic pushing the usage of digital payments, the Central Banks around the world are exploring digital currencies that can be issued by them. The People’s Bank of China has …

EXPLAINED: How RBI's Digital Currency Matters, And Why It Won't Be Like Bitcoin
3 years, 4 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 …

Money changer: The Hindu Editorial on need for an official digital currency
3 years, 5 months ago

Money changer: The Hindu Editorial on need for an official digital currency

The Hindu  

In contrast to India’s continued ambiguity over the legality of cryptocurrencies, its stance on introducing an official digital currency has been reassuringly clear and consistent over time. In a speech a few days ago, T. Rabi Sankar, Deputy Governor, RBI, said, “RBI is currently working towards a phased implementation strategy and examining use cases which could be implemented with little …

Blockchain, cryptocurrency can help democratise financial services: PayPal CTO
3 years, 7 months ago

Blockchain, cryptocurrency can help democratise financial services: PayPal CTO

India TV News  

Digital payments major PayPal on Thursday said the technological shift brought in by blockchain and cryptocurrency can help democratise financial services and bring in greater financial inclusion. PayPal EVP and Chief Technology Officer Sri Shivananda said the infrastructure being built by the company will not only support digital currencies, but the intent over time is to also support all of …

What India’s proposed cryptocurrency ban means for Bitcoin investors
3 years, 8 months ago

What India’s proposed cryptocurrency ban means for Bitcoin investors

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. However, while banning private digital currencies, the country’s central …

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 …

Digital currencies need to be regulated, G7 finance officials say
4 years, 1 month ago

Digital currencies need to be regulated, G7 finance officials say

The Hindu  

Finance ministers and central bankers from the Group of Seven advanced economies strongly supported the need to regulate digital currencies, the U.S. Treasury Department said in a statement on Monday after a virtual meeting of the officials. “It is clear to me that Germany and Europe cannot and will not accept its entry into the market while the regulatory risks …

Catastrophe or Virtual Gold? Bitcoin's Meteoric Rise Sparks Fresh Debate Amid Pandemic
4 years, 2 months ago

Catastrophe or Virtual Gold? Bitcoin's Meteoric Rise Sparks Fresh Debate Amid Pandemic

News 18  

Bitcoin’s rally above $15,000 has reignited debate over whether the cryptocurrency is so-called digital gold or a perilously risky bet as investors grapple with the coronavirus pandemic. “The migration toward digital payments and digital representations of value continues to accelerate, driven by the Covid-19 pandemic and the increased interest in digital currencies from central banks and consumers,” the company said. …

A national digital currency has serious privacy implications
4 years, 11 months ago

A national digital currency has serious privacy implications

Salon  

The widespread use of cryptocurrency as an alternative method of payment has led to a growing digital ecosystem over the years. This national digital currency would be centralized, meaning that the bank would be able to monitor and regulate the transactions within that network. The Bank of Canada's exploration has suggested that establishing a digital currency would provide them with …

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