Tagged: cbdc

CBDC: Bank of Japan and Nation’s Financial Service Agency Held Talks to Determine Whether to Issue Central Bank Digital Currency

Central bank heads and finance ministers recently held discussions regarding crypto-asset regulations at the G-20 summit.  Japanese officials working at the Bank of Japan (BOJ), the nation’s Ministry of Finance (MOF), and Financial Services Agency (FSA) have held talks in order to determine whether the… Read More

CBDC: Former CFTC Chairman Christopher Giancarlo Says US Fed Must Issue a Digital Currency

Christopher Giancarlo, former chairman at the US Commodity Futures Trading Commission (CFTC), recently stated that it may be time for the US Federal Reserve to introduce a digital currency. Giancarlo, whose comments came during Yahoo Finance’s On the Move show on February 21, said that… Read More

CBDC: Sweden Begins Testing the Electronic Version of its National Currency, the E-Krona

Sweden has reportedly begun piloting an electronic version of its national currency, the krona. The European nation’s government says that the e-krona is a step closer to its official launch as a central bank digital currency (CBDC). The testing of the country’s CBDC will go… Read More

Fed Chairman Powell Asked about CBDCs: “It’s an Open Question”

Chairman of the Board of Governors of the Federal Reserve System, Jerome Powell, is on Capital Hill today testifying in front of the House Financial Services Committee. During the Q&A portion of the Hearing, Powell was asked specifically about Central Bank Digital Currencies (CBDCs) and… Read More

Fed Governor Lael Brainard Discusses Digitalization of Payments and Currency, Says Fed is Researching CBDC

Fed Governor Lael Brainard delivered a speech in California this past week discussing the “Digitalization of Payments and Currency.” Brainard has been at the forefront in discussing Fintech innovation providing unique perspective from her perch at the Federal Reserve. She said that BigTechs and Fintechs… Read More

CBDC: Bank of Japan’s Deputy Governor Masayoshi Amamiya Confirms Reserve Bank has No Immediate Plans to Launch Its Own Virtual Currency

The Bank of Japan (BoJ), the nation’s central bank, has been working on a virtual currency project for several years. The BoJ must be prepared to issue digital currencies if technical innovations in international settlement systems will increase consumer demand, the bank’s deputy governor noted… Read More

CBDC: India’s National Institute of Smart Government Suggests Issuing Central Bank Digital Rupee

  India-based non-for-profit organization, the National Institute for Smart Government (NISG), has reportedly proposed issuing a digital Indian rupee in its draft National Strategy on Blockchain. A central bank digital rupee, or CBDR, would be issued and managed on a permissioned (private) blockchain network, where… Read More

World Economic Forum Establishes Consortium Focused on Creating Governance Framework for Virtual Currencies

The World Economic Forum (WEF) has established what it says is the world’s first ever global consortium focused on creating a framework for the transnational governance of virtual currencies, which include stablecoins (digital currencies that are usually pegged to national fiat currencies). According to a… Read More

Japanese Lawmakers from Ruling Liberal Democratic Party are Preparing a Proposal Recommending Issuing Digital Currency

A group of around 70 Japanese lawmakers from the nation’s ruling Liberal Democratic Party is reportedly preparing a proposal that recommends issuing a virtual currency. Norihiro Nakayama, a member of the party and parliamentary vice-minister for foreign affairs, stated (on January 24): “China is moving… Read More

Project Inthanon-LionRock: Hong Kong Monetary Authority Posts Report on CBDCs, Value Appears to be Limited

The Hong Kong Monetary Authority (HKMA) has posted a deck on its investigation into Central Bank Digital Currency (CBDCs). Project LionRock is the CBDC blockchain from Hong Kong and Inthanon is from Thailand as the two partnered in the project. The HKMA said it developed… Read More

The Bank of Canada, Bank of England, Bank of Japan, ECB, Sveriges Riksbank, Swiss National Bank, and BIS Partner on Review of Central Bank Digital Currencies

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), … Read More

People’s Bank of China Says “Top-Level” Design of Digital Yuan has been Finalized

The People’s Bank of China (PBoC), the nation’s central bank, has reportedly stated that the “top-level” design of its national digital currency has been finalized. The Chinese reserve bank revealed the development of the sovereign digital currency in a new paper, confirming that the “top-level… Read More

Lagarde: ECB Has Created “Expert Task Force” to Study Feasibility and Risks of Central Bank Digital Currencies

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

On the Record: IMF Chief Economist Says CBDCs Won’t Supplant the US Dollar & Synthetic Hegemonic Currencies are “Improbable”

There has been a good amount of discussion regarding Central Bank Digital Currencies (CBDCs) – digital iterations of the Euro, Dollar etc. Many central banks are experimenting with the concept. Another thought-provoking idea is the creation of a “synthetic hegemonic currency” as proposed by the… Read More

Hong Kong Institute of Bankers Welcomes Six Digital Banks as Corporate Members

The Hong Kong Institute of Bankers (HKIB) has onboarded six digital banks as corporate members according to a note published by the association. The HKIB is a non-profit organization that offers training and certification programs to Hong Kong-based financial institutions. The virtual banks that have… Read More

Bundesbank President and ECB Councillor Jens Weidmann: Facebook’s Libra Compels Governments to Ensure Competition, Not Create State Cryptocurrency

Jens Weidmann, President of Germany’s central bank (Bundesbank) and a governing councilor at the European Central Bank (ECB), told Handelsblatt this week that much needs to be understood before central banks should get into issuing a digital currency like Facebook’s Libra or Bitcoin, commonly referred… Read More

Russia’s Central Bank Is Reportedly Testing Several Stablecoins, Head of Reserve Bank Elvira Nabiullina Confirms

The Bank of Russia, the nation’s central bank, is reportedly testing various stablecoins, which are pegged to major fiat currencies or other types of real-world assets in a regulatory sandbox environment. Head of the Russian reserve bank, Elvira Nabiullina, says that the institution does not… Read More

Digital Yuan will be Different from Bitcoin (BTC) and Stablecoins, Says People’s Bank of China Deputy Director

Mu Changchun, deputy director at the People’s Bank of China’s (PBoC), recently stated that the digital yuan (under development) will be fundamentally different from Bitcoin (BTC), the flagship cryptocurrency. The electronic yuan will also be different from stablecoins, which are digital assets pegged one-to-one with… Read More

Top China Cryptocurrency and Blockchain Headlines of 2019

For many reasons, China is regarded as one of the world’s make-or-break regions when it comes to the fate of “blockchain” technology and cryptocurrencies. Before Bitcoin trading was officially banned in China in late 2016, yuan-to-Bitcoin conversions (and vice versa) seemed to account for more… Read More

CBDC: Sweden’s Central Bank, Riksbank, Reveals It’s Considering Issuing E-Krona As Cash Use has Declined

The central bank of Sweden, the Riksbank, is responsible for promoting the development and maintenance of an efficient and secure payment system. The reserve bank acknowledges that this task may become more challenging if cash is no longer widely accepted as a means of payment… Read More

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