Mastercard announced on Wednesday it has launched a central bank digital currencies (CBDCs) testing platform to enable central banks to assess and explore national digital currencies. According to Mastercard, CBDCs are designed to be equivalent in value to a nationās paper currency and subject… Read More
The Bank for International Settlements (BIS), a global financial institution owned by reserve banks that aims to support international monetary and financial cooperation and acts as a bank for central banks, has noted that central bank digital currencies (CBDCs) are now āin the limelight.ā However,… Read More
Ukraineās reserve bank claims that central bank digital currencies (CBDCs) may work well when the private sector is involved. The countryās central banking institution had launched a pilot program back in 2018 that had focused on developing a digital version of Ukraineās national currency (the… Read More
Wang Yongli, the former VP of Chinaās reserve bank, has argued that central bank digital currencies (CBDCs) can serve as a substitute for cash or paper money in circulation. Yongli, the director of the Haixia Blockchain Research Institute, noted that virtual currencies can effectively serve… Read More
We recently caught up with Sky Guo, a founding member at the OMFIF Digital Monetary Institute, the global central banking think tank that assists policymakers with understanding central bank digital currencies (CBDCs). Guo, who’s also the founder of Cypherium, which focuses on enabling interoperability… Read More
Cuy Sheffield, the head of Crypto at Visa, says that central bank digital currencies (CBDC) could potentially prove to be one of most important developments in the coming decade. Sheffield, who previously worked in business development at TrialPay, is now responsible for overseeing Visaās crypto-related… Read More
New York-based BitOoda, a digital asset and Fintech firm, recently published its cryptocurrency market regulatory analysis report. Governments throughout the world are struggling to deal with the devastating economic consequences of the deadly Coronavirus (COVID-19) pandemic. The BitOoda team reveals: āWeāve noted an uptick in… Read More
Tao Zhang, deputy managing director at the International Monetary Fund (IMF), has argued that issuing central bank digital currencies (CBDCs) may lower costs and enhance the overall efficiency of the financial system. Zhang, whose comments came during a keynote presentation, held at the London School… Read More
The Bank of England (BoE), the UKās reserve bank, has released a discussion paper on virtual currencies. The BoEās 57-page research document includes an illustrative model of central bank digital currencies, or CBDCs, which could be developed to store monetary value and settle payments by… Read More
Three industry professionals, who are considered experts on monetary policies and cryptocurrency, recently talked about the current challenges and potential benefits of introducing central bank-issued digital currencies, or CBDCs.Ā The discussions took place on March 7, 2020, at the Massachusetts Institute of Technology (MIT) Bitcoin… Read More
Mature global economies like Japanās wonāt need a virtual currency, according to the deputy governor at the Bank of Japan (BoJ). While attending the Bank for International Settlementās Future of Payments Forum, deputy governor Masayoshi Amamiya said that a central bank digital currency, or CBDC,… Read More
A grouping of prominent central banks along with the Bank for International Settlements, have joined together to review the potential for Central Bank Digital Currencies (CBDCs). The banks and organizations include: the Bank of England, Bank of Canada, Bank of Japan, European Central Bank (ECB),Ā … Read More
Former IMF managing director and newly-appointed president of the European Central Bank (ECB), Christine Lagarde, says Europe’s central bank has set up a special committee to study the feasibility and “unintended side effects” of a central bank digital currency. Lagarde made the comments at the… Read More
Central Bank Digital Currencies or CBDCs are on their way. That is according to ING’s Chief Economist, Mark Cliffe. In a post and video, the global bank states: “Rapid advances in distributed ledger technology have spurred debate about the possibilities, advantages and drawbacks of central… Read More
The President of Germany’s central bank, Jens Weidmann, has warned that implementing central bank digital currencies (CBDCs) could lead to the destabilization of global financial systems, especially during times of fiscal crisis. The warning came during a speech delivered at the opening of the Bundesbank… Read More
Rise of the CBDC Coin? Perhaps. The Bank for International Settlements have added their $0.02 to the discussion in a recently published paper from the Committee on Payments and Market Infrustructure, Markets Committee. The report entitled Central Bank Digital Currencies (or CDBCs) is the work… Read More
Americans are already choosing digital payments over traditional payment methods. Now, as digital currencies such as CBDCs gain interest around the world – as seen even more from the recent SWIFT announcement – demand stateside may create bottom-up pressure on U.S. banks ā despite the… Read More
Existing virtual currencies are unlikely to last, according to Bank of England governor Andrew Bailey. Decentralized cryptocurrencies like Bitcoin (BTC) or Bitcoin Cash (BCH) donāt have the appropriate structure to work as a viable long-term payments method, according to Bank of England (BoE) governor Andrew… Read More
The Bank of Japan or BOJ (JASDAQ: 8301), the nation’s central bank that’s headquartered in ChÅ«Å, Tokyo, has reportedly appointed Kazushige Kamiyama, a prominent economist, as its head of a department thatās tasked with conducting research on central bank digital currencies (CBDCs). Reuters reports that… Read More
The General Manager for the Bank for International Settlements (BIS), Augustin Carstens, told an audience in Dublin last Friday that central banks should not get into the business of issuing a central bank digital currencies or “CBDCs” to the public, mainly because tokens/”blockchains” do not… Read More
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