central bank digital currency

These Countries Are Ready to Launch Their Own Cryptocurrencies in 2020

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...
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Central Bank Digital Currency (CBDC) – Future Developments and Impact on the Financial System

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...
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China Takes Another Step Away From USD Hegemony

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...
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IMF Discusses Potential Role in CBDC Issuance

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...
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Bank of Canada Governor Still Backs Cash Over Crypto

During the presentation, given to The Empire Club of Canada, Governor of the Bank of Canada, Stephen S. Poloz laid out some interesting reasons why he believes cash is better than crypto. Modernising Canada’s Ageing Payments Systems Poloz spoke about the role of technology in affecting how Canadians made payments. He suggested that the majority...
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Lagarde Sees Demand for Stablecoins, Plans to Put ECB ‘Ahead of the Curve’

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 –...
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Regulatory Roundup: Bitcoin Futures Fund Approved, India’s RBI-Backed Digital Currency

In this regulatory roundup, we cover the U.S. SEC approving a bitcoin futures fund, the new IRS tax form targeting crypto owners, and several more steps taken by the U.S. government toward crypto regulation. We also cover India’s central bank digital currency plan, South Korea’s crypto taxation plan, and the European Commission’s announcement regarding stablecoins....
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PBOC’s Crypto Is Being Built Secretly with Restricted Access

A devoted team of the PBOC’s Digital Currency Research Lab is currently setting up its digital currency system in a restricted environment aiming to launch it before Facebook’s Libra enters the market. After Facebook unveiled the white paper for its Libra Project in June, the People’s Bank of China (PBoC) got working. The PBoC is...
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BoE Governor Mark Carney Proposes Global Cryptocurrency

Governor of the Bank of England Mark Carney put forward the idea of replacing the U.S. dollar with a central bank-issued cryptocurrency like Facebook’s Libra. Carney Proposes The Synthetic Hegemonic Currency On August 23, 2019, while addressing the Federal Reserve Symposium in Jackson Hole, Wyoming, Carney described how Brexit uncertainties, persistent world trade tensions, and...
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