North Carolina’s House of Representatives unanimously voted in favor of a bill banning the acceptance of Central Bank Digital Currencies (CBDCs) by government entities. The legislation follows a wave of vocal opposition to CBDCs from the Republican party, alongside some critics from the Democrat side. North Carolina Rejects CBDCs The vote on May 3 saw...Read More
Robert F. Kennedy Jr – the nephew of former President John F Kennedy, who challenged Joe Biden for the Democratic nomination in the 2024 elections – blamed the Federal Reserve for the current disturbing condition of the financial sector. He believes cryptocurrencies like bitcoin could serve as lifeboats to individuals “when this bubble invariably bursts.”...Read More
Former presidential candidate and political commentator Tulsi Gabbard is taking a stand against the Biden administration’s plans to develop a Central Bank Digital Currency (CBDC) in the United States. The ex-congresswoman argued on Sunday that CBDCs will be used as tools of mass financial surveillance that “undermine our autonomy and freedom.” Standing Against a Cashless...Read More
The Central Bank of Montenegro (CBCG) has partnered with real-time payment protocol Ripple to develop a strategy to launch the country’s Central Bank Digital Currency (CBDC) pilot. According to a press release, the collaboration aligns with the central bank’s objectives, aimed at further digitizing the financial services sector in Montenegro and granting its citizens access...Read More
Florida Governor Ron DeSantis is the next Republican politician to take a firm stance against Central Bank Digital Currencies (CBDCs) in the United States. The governor recently voiced support for a ban on CBDCs within the state, blasting such technologies as tools of financial surveillance. Standing Against CBDCs In a speech shared over Twitter on...Read More
A recent study conducted by the analytics company Juniper Research estimated that payments via central bank digital currencies (CBDCs) could reach $213 billion by 2030. The firm believes governments across the globe will use the product to boost financial inclusion and improve the monetary condition of emerging economies. A Possible Boom of CBDC Transactions Juniper...Read More
The Central Bank of Brazil has commenced testing of its central bank digital currency (CBDC) project, expected to foster an increased inclusion of individuals in the financial sector. Also, the Thailand government is willing to offer tax breaks for companies that issue digital tokens for investment purposes. Brazil Kicks off CBDC Pilot According to Reuters...Read More
In a post-FTX world, it’s really hard being a crypto executive. Not only are your bags empty and revenues down, but you also have United States financial regulators breathing down your neck with subpoenas one day, and lawsuits the next. It’s understandable, then, why industry leaders like Brian Armstrong may wish to present themselves to...Read More
On February 22, Republican Congressman Tom Emmer of the US House of Representatives introduced a bill to ban the Federal Reserve (Fed) from issuing a central bank digital currency (CBDC). The “CBDC Anti-Surveillance State Act” aims to protect the financial privacy of American citizens by prohibiting the creation of a CBDC by the Fed without...Read More
India’s retail CBDC pilot, launched on December 1, has onboarded 50,000 users and 5,000 merchants. In the two-month period, 0.77 million e-rupee transactions were carried out, the Reserve Bank of India (RBI) said. Right now, digital rupee (e-rupee) transactions are available in a closed group of banks, cities, and merchants. India CBDC Plan will Go...Read More
The Chinese Ministry of Science and Technology reportedly approved the launch of the National Blockchain Technology Innovation Center. It will be based in the capital Beijing and will focus on use cases that could boost the local economy. Unlike BTC, China is Supportive of Blockchain According to recent coverage, the newly-formed entity will try to advance...Read More
On Feb. 7, the Bank of England and the HM Treasury department published a consultation paper on the “digital pound,” a UK central bank digital currency. It added that the CBDC would be subject to rigorous privacy and data protection standards. “It would be privacy-enhancing by design and would allow users to make choices about...Read More
Major Chinese cities, including Shenzhen, Jinan, and Lianyungang, have reportedly launched approximately 200 activities involving the digital yuan during the Spring Festival. The authorities aim to boost the asset’s adoption during one of the largest holidays in the country. China Continues With its CBDC Efforts According to recent coverage, the local government started digital yuan activities...Read More
The CEO of the world’s largest credit card company told shareholders on Tuesday that stablecoins and central bank digital currencies (CBDCs) will play a “meaningful role” in the payments space going forward. The company also published its 2022 annual report, in which it wrote about its simultaneously complementary and competitive relationship with cryptocurrencies. Visa’s Crypto...Read More
Nigeria is planning to push a law to legalize the usage of bitcoin and cryptocurrencies, backpedaling its stance on the industry. According to a local newspaper, Babangida Ibrahim, chairman of the House of Representatives Committee on Capital Markets and Institutions of Nigeria, disclosed details about the new law that seeks to amend the existing “Investment...Read More
The initial excitement among Indian bankers over the launch of a central bank-sponsored digital rupee seems to be fizzling out. They find it adding to their paper and accounting work without bringing any significant benefits over the existing procedures. Bankers point out that the real benefit of e-rupee may be in the retail and consumer...Read More
Changpeng Zhao – CEO of Binance – revealed that the National Bank of the Republic of Kazakhstan will integrate its central bank digital currency (CBDC) into BNB Chain. The firm has strengthened its presence in the Central Asian country lately. The local regulator AIFC Financial Services Authority (AFSA) allowed it to operate a digital asset...Read More
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) conducted an 8-month trial on different technologies and central bank digital currencies (CBDCs). It determined that such monetary products could take part in the global financial ecosystem and assist cross-border payments. The CBDC Experiment Earlier this year, SWIFT launched a program whose purpose was to link different...Read More
The Bank for International Settlements (BIS) on Tuesday announced that a multi-jurisdiction CBDC pilot spearheaded by BIS Innovation Hub has been successful. The project saw 164 transactions worth nearly $22 million in real-value cross-border payments through a purpose-built multi-CBDC platform – mBridge. Apart from the central banks of Hong Kong, China, Thailand, and the United...Read More
Mhel Plabasan – a top executive at Bangko Sentral ng Pilipinas (the central bank of the Philippines), said the institution is highly in favor of stablecoins as they can aid the monetary system and ensure “affordable and faster” cross-border transactions. The organization also plans to launch a pilot version of its CBDC by the end...Read More
Russia is on course to launch its CBDC early next year and use the new currency in mutual settlements with China that has already tested its digital Yuan, a senior Russian lawmaker said in an interview. The move aims at reducing the US hegemony over the global financial system, media reports said. Russian CBDC to Take on...Read More
Federal Reserve Chairman Jerome Powell said that a central bank digital currency (CBDC) in the U.S. would “not be anonymous” during an event hosted by the Bank of France on Tuesday. He described the key properties that would underpin a CBDC if implemented – one of which includes being “identity verified.” Private, But Not Anonymous...Read More
The Reserve Bank (the central banking institution of Australia) collaborated with the Digital Finance Cooperative Research Centre (DFCRC) to unveil a technical White Paper on its future CBDC. The organization is expected to complete the pilot version of the financial product by the middle of 2023. Australia joined the list of countries, racing to issue...Read More
The European Central Bank chose Amazon and other small number of corporations among 54 candidates to assist in the development of its CBDC prototype, the “Digital Euro.” On September 16, the European Central Bank (ECB) announced the five companies chosen to assist in the development of user interfaces for the digital euro, including e-commerce giant...Read More
The European Central Bank unveiled a discussion paper this week on the pros, cons, and economics of implementing central bank digital currency (CBDC). It suggested that CBDCs could help stave off dominance from BigTech firms in the payments market due to “network externalities” surrounding the use of a medium of exchange. Ultimately, the paper posits...Read More
Taiwan’s Financial Supervisory Commission (FSC) believes cryptocurrencies are risky and speculative assets. As a result, the regulator intends to prohibit the use of credit cards for crypto purchases. Taiwan to Ban Credit Card Crypto Purchases According to local reports, the FSC sent a letter to Taiwan’s Association of Banks earlier this month, asking credit card...Read More
One such is the Bitcoin proponent and Blockstream CEO Adam Back, who said CBDCs are worse than bank accounts. In the latest tweet, Back vouched for Bitcoin as an “apolitical, bearer, unseizable money” and argued that CBDCs, on the other hand, are “systems of control.” Bitcoin as Money Back went on to add that the...Read More
On July 19, India’s Finance Minister Nirmala Sitharaman said in a speech at the Lok Sabha, the lower house of India’s bicameral Parliament, that crypto is a danger to international regulatory arbitrage and that they should be blocked or banned. Sitharam explained that any attempt to regulate or ban crypto should be global because cryptocurrencies...Read More
Her Majesty’s Treasury hosted the regulatory pillar of the US-UK Financial Innovation Partnership with its counterpart, the US Treasury Department, on Jun 29th. Both parties acknowledged the importance of teaming up to support safe innovation and strengthen regulatory outcomes for digital assets across jurisdictions. On Stablecoins According to the joint statement issued, top domestic watchdogs...Read More
San Francisco-based enterprise blockchain provider Ripple has launched a central bank digital currency hackathon with a total prize pool of $197,000 to promote the development of solutions for retail CBDCs, financial inclusion, and interoperability. Ripple Launches CBDC Contest The event, dubbed CBDC Innovate, will allow developers to build applications that run on Ripple’s decentralized, open-source...Read More
