Financial and monetary authorities in Japan are accelerating the process of creating their own digital currency. The Ministry of Finance, the Bank of Japan, and the Financial Services Agency have held an undisclosed number of meetings to establish a clear vision before eventually launching a central bank digital currency (CBDC). Japan Prepares For A Bank-Backed...Read More
The Swedish Central Bank will establish a test group for its potential digital currency – the e-krona. It will run for a year and should confirm if there’s an actual need case for launching a digital krona. Testing The E-Krona Recently reported by local news, the Riksbank is ready to launch a group to examine...Read More
The Central Bank of Russia announced in late December that it would be testing out its state-backed cryptocurrency within a regulatory sandbox. It appears that the tests are now over and have been completed. Russia’s Central Bank And Blockchain According to a local report, Russia’s Central Bank has completed a pilot project for the issuance...Read More
The Central Bank of Russia announced in late December that it would be testing out its state-backed cryptocurrency within a regulatory sandbox. It appears that the tests are now over and have been completed. Russia’s Central Bank And Blockchain According to a local report, Russia’s Central Bank has completed a pilot project for the issuance...Read More
Recently, there have been many talks regarding CBDCs – Central Bank Digital Currencies. These national cryptocurrencies are expected to be one of the main trends of 2020. But why create a national cryptocurrency? The need for a national cryptocurrency stemmed from the fact that governments wanted to keep citizens from relying on decentralized currencies that...Read More
Japan is seemingly following the footsteps of China to ensure that they are not left out in the race for government-backed cryptocurrencies. The country’s lawmakers will reportedly release drafted proposals tomorrow (Friday) for the creation of their own central bank digital currency (CBDC). Countering China’s Digital Yaun Japan initially became interested in issuing a digital...Read More
The U.S. Federal Reserve is experimenting with blockchain technology to establish potential use cases for a central bank digital currency (CBDC). Fed’s Governor Lael Brainard said this in a recent speech, but she also noted that risks still exist, and they have to be addressed before launching a digital currency. The U.S. Contemplating A CBDC...Read More
The global remittance and financial payment system have seen great changes in the past decade. Asia is pushing towards reducing the volume of cash payments, with India reducing large denomination notes, and South Korea cutting out coins. Africa’s unbanked population has started making more and more payments through mobile phones, and in Europe and the...Read More
A recent report by Baidu has revealed a lot of details surrounding China’s cryptocurrency. According to the document, the country’s central bank will be the institution monitoring the digital currency. However, as expected, the ledger used for its creation won’t provide any kind of anonymity but rather allow the Government to monitor financial transactions closely....Read More
2020 has so far been an exciting and profitable year for Bitcoin. Since the early days of January, the cryptocurrency has managed to increase its value by almost 40%. This is a spectacular performance for any asset, even more so within traditional markets. BTC/USD January. Source: TradingView In the past 24 hours alone, Bitcoin is...Read More
Central banks have been contemplating the idea of creating their own cryptocurrencies for a while now. China has been one of the first countries to express its intentions in this regard. The country’s CCIEE chair even stated that they will be the first to launch its central bank digital currency (CBDC). A former deputy governor...Read More
Bitcoin went through yet another week full of volatility and considerable market movements. The cryptocurrency decreased by a total of about $400 in the past seven days. This happens just before the Chinese New Year, and history revealed that it has historically been a rather bad time for Bitcoin. However, it’s also worth noting that...Read More
A recent survey from the Bank for International Settlements (BIS) confirms the emerging trend of digital currencies backed by central banks. The publication reveals that 80% of the participants have declared that they are currently working on issuing their own cryptocurrency. CBDCs: Coming From Most Banks The survey was compiled by BIS at the end...Read More
While several countries and entities are starting to consider launching their own central bank digital currencies (CBDC), Australia might be on the opposite side. The nation’s Reserve bank seems to think that there’s no current need for such a product among customers, as the payment system now is stable enough. No CBDC in Australia The...Read More
The European Central Bank is considering the launch of its own CBDC, according to the bank’s President – Christine Lagarde. She indicates in a recent interview that they need to adjust to this changing world and that the bank will not interfere with any private companies in coming up with a similar digital form of...Read More
Last year was pretty dismal for the bitcoin and crypto industry in India. Regulatory procrastination and a negative outlook from politicians have stifled the ecosystem and innovation, will 2020 be any better? BITCOIN BATTLING IN INDIA The Reserve Bank of India (RBI) has been relentless with its disapproval towards bitcoin and the crypto industry over...Read More
The China Foreign Exchange Trade System (CFETS) announced that effective January 1, 2020, the system “will adjust weights for CFETS RMB Index,” decreasing the weighting of the USD for the second time in the currency basket’s history from 22.40% to 21.59%, and increasing the Euro from 16.34% to 17.40%. The change could signal further disassociation...Read More
In this roundup, we cover Russia’s supreme court recognizing tokens as assets like money and property, France’s new crypto regulatory framework, and several industry developments in China, including a blockchain ETF filing. We also cover Japan’s world conference for decentralized financial governance, Uzbekistan’s crypto ban, and four countries’ central bank digital currency updates. Also read:...Read More
With the ongoing conversation surrounding central bank digital currencies (CBDCs), the International Monetary Fund (IMF) is examining its potential role in future sovereign digital currency issuances. IMF Weighs Pros and Cons of CBDC In an analysis posted on the IMFBlog earlier in December, the IMF discussed its potential role within the emerging CBDC discussion as...Read More
The impact of 2020’s economic and political events could have a lasting effect on the future of crypto assets, although it is unclear what the final result may be. Most people are likely aware of the massive potential impact that cryptocurrencies and blockchain technology can have on countless industries. Their ability to revolutionize the world...Read More
The Bank of Korea (BOK) is taking another important step towards adopting the trend for central bank digital currencies (CBDCs). The bank will reportedly organize a dedicated task force to build on top of the existing CBDC research and to improve it further. Bank Of Korea’s CBDC Task Force A local report from today shows...Read More
State-backed stablecoins appear to be on the rise in the last several months, and Russia is taking the next step into launching its own. The country’s central bank has reportedly started testing digital currencies backed by real assets in a regulatory sandbox. Russia Tests Digital Assets The head of the Central Bank of Russia, Elvira...Read More
According to recent statements by People’s Bank of China (PBOC) official Mu Changchun, the country’s digital yuan is ready for trials. The central bank digital currency (CBDC) will decidedly not be a speculative asset like bitcoin or stablecoins, and will not need a currency basket for backing, Changchun affirmed. Reactions to the announcement are varied,...Read More
On December 17, the European Central Bank (ECB) published a report that showcased its blockchain technology proof-of-concept. One particular feature the central bank digital chain holds is the ability to issue “anonymity vouchers.” Also read: Lagarde Sees Demand for Stablecoins, Plans to Put ECB ‘Ahead of the Curve’ ECB Report Explores Anonymity in Central Bank...Read More
China’s Hengfeng Bank is set to get a $14.2 billion bailout from both Chinese government and foreign investors. An emergency decree has been approved to bail out southern Italy’s biggest lender, Banca Popular di Bari. Germany continues to struggle with bailout pains, as regional bank Nordlb finds itself now depending on another capital injection. None...Read More
China is the clear blockchain tech leader at the moment and the US is in danger of missing out entirely if it doesn’t even get off the starting line. China Leading the Way There have been no mistaking China’s intentions when it comes to blockchain technology. President Xi Jinping’s public endorsement of digital ledgers sent...Read More
Surely I can get through this introductory paragraph without mentioning the UK election. Must be some other news to cling to. If possible I could also tie in some spurious bitcoin comment… Can you buy a National Health Service with bitcoin? Or I could just mention that Miss Jamaica won the Miss World 2019 competition...Read More
South Korea is an important region when it comes to cryptocurrencies. It now appears the country’s central bank wants to begin researching central bank digital currencies in the near future. Numerous countries see merit in creating national digital currencies. More Central Bank Digital Currencies are Coming Such projects are often referred to as central bank...Read More
It seems that not a day goes by without another central bank jumping on the crypto train. Yesterday it was South Korea, today it is Sweden as plans to roll out the crypto krona gather pace. e-Krona Pilot Partnership Sweden’s central bank is poised to sign a deal with multinational professional services company Accenture to...Read More
At her first press conference as head of the European Central Bank (ECB), Christine Lagarde outlined her plans to lead the ECB “ahead of the curve” in the field of digital currency. “There is clearly a demand out there that we have to respond to,” she said, referring to stablecoins. Also read: Regulatory Roundup –...Read More
