Tagged: cbdc

November 4, 2019 @ 10:16 am By JD Alois  |  

It has been widely reported that the People’s Bank of China is nearly ready to issue the first Central Bank Digital Currency (CBDC) to streamline the payment/transfer process for the Renminbi. Many central banks are reviewing the pros and cons of a CBDC but China… Read More

October 31, 2019 @ 11:00 pm By Cali Haan  |  

Hong Kyung-sik, head of Bank of Korea’s Banking and Financial Affairs Division, told an audience at the ‘Hoyoung Viewing the Future of Payments’ conference Tuesday that countries with developed payments infrastructures like Korea do not need a central bank digital currency (CBDC), Coindesk Korea reports. Hong… Read More

October 30, 2019 @ 3:17 am By Cali Haan  |  

Despite an official ban on cryptocurrency trading imposed progressively in the region since 2016, China now appears to be throwing its full weight behind “blockchain,” a type of distributed-ledger technology popularized by Bitcoin that many critics claim is of little use outside of it. A… Read More

October 28, 2019 @ 6:56 pm By Cali Haan  |  

Reuters is reporting that Sun Tianqi, chief accountant at China’s State Administration of Foreign Exchange (SAFE), told financiers assembled at the Bund Summit in Shanghai this week that governments in emerging markets must regulate cryptocurrencies because they can be used to transmit capital illegally and could… Read More

October 26, 2019 @ 1:39 pm By Cali Haan  |  

Indian Finance Minister Nirmala Sitharaman has said that despite a sense of urgency kicked up by Facebook’s proposal to create a global currency system (Libra), many countries remain cautious about “rushing into” a cryptocurrency arms race, Business Standard reports. “On our side, the Reserve Bank Governor (Shantikanta… Read More

October 26, 2019 @ 9:39 am By Omar Faridi  |  

The Central Bank of the Bahamas (CBOB) is reportedly preparing to launch its own fiat-based digital currency to ensure that the nation’s economy remains stable in the event of a natural disaster. CBOB governor John Rolle recently confirmed that the country was planning to release… Read More

October 24, 2019 @ 11:39 am By JD Alois  |  

In a presentation entitled “The Future of Money: The Impact of Digitization, including “social coins” on Currency, Payments and Markets, Tommaso Mancini-Griffoli, Deputy Division Chief in the Monetary and Capital Markets Department from the IMF pitched the concept of a “synthetic CBDC” (Central Bank Digital… Read More

October 17, 2019 @ 11:28 am By Omar Faridi  |  

Denis Beau, deputy governor of Banque De France, the nation’s central bank, says that lawmakers should develop a comprehensive global regulatory framework for digital assets. Beau, whose comments came during a speech at an Official Monetary and Financial Institutions Forum (OMFIF) conference in London on… Read More

October 11, 2019 @ 2:00 am By Cali Haan  |  

The Bank for International Settlements (BIS), popularly known as the “central bank of central banks,” will be engaging in two projects at the BIS’s newly-established Innovation Hub in Switzerland, one of which involves, “examin(ing) the integration of digital central bank money into a distributed ledger technology… Read More

October 10, 2019 @ 3:56 am By Omar Faridi  |  

The Bank for International Settlements (BIS) has teamed up with the Swiss National Bank (SNB) in order to work on a Switzerland-based innovation hub that will initially conduct research into central bank digital currencies (CBDCs) and distributed ledger technology (DLT). Financial services provider SIX is… Read More

October 3, 2019 @ 8:44 am By Omar Faridi  |  

Two US lawmakers have asked the Federal Reserve to consider issuing a digital version of the US dollar (or Central Bank Digital Currency – CBDC).  Rep. Bill Foster (D-III.) and Rep. French Hill (R-Ark.) have submitted a letter to Federal Reserve Chairman Jerome Powell in… Read More

September 27, 2019 @ 6:34 pm By JD Alois  |  

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

September 27, 2019 @ 8:08 am By Omar Faridi  |  

Shares of Chinese Fintech firms are surging as the nation’s investors prepare for the upcoming launch of a national digital currency. China’s new internet-based currency is expected to increase demand for related security and payment services. The CSI Fintech theme index, an index that tracks… Read More

September 26, 2019 @ 2:56 am By JD Alois  |  

Dr. Zhou Xiaochuan, President, China Society for Finance and Banking, and former Governor, People’s Bank of China, addressed a closed-door audience today in an event sponsored by the Monetary Authority of Singapore (MAS). The topic of Dr. Xiaochuan’s speech was “Fintech development and its interaction… Read More

September 13, 2019 @ 1:55 am By Cali Haan  |  

Although payments are increasingly digital, China has little interest in creating a self-settling digital yuan system using blockchain, Abacus News reports. According to the outlet: “China is increasingly a cashless society. Even street-food sellers in small towns will prefer to use a mobile payment app… Read More

September 7, 2019 @ 8:33 am By Xu Gao  |  

China to Include P2P lending Industry into Credit System On September 2nd, the special working group for Fintech risk ratification and special working group for online lending administration jointly issued a notice, requiring all p2p lending institutions to be connected to the credit system established… Read More

September 1, 2019 @ 11:34 am By JD Alois  |  

While China has obviously morphed from a command economy to one that has wholeheartedly embraced the benefits of capitalism and a market economy there still remains substantial central planning. The current Belt and Road initiative is all about global development and increasing China’s influence around… Read More

August 12, 2019 @ 5:19 pm By Cali Haan  |  

After five years in development, the deputy director of the People’s Bank of China’s Payments and Settlement Division, Mu Changchun, says, “(The) People’s Bank digital currency can now be said to be ready.” Shanghai Securities News (SSN) writes that  Mu made the announcement at the third… Read More

July 13, 2019 @ 2:32 pm By Xu Gao  |  

China’s State Council Approves the Research and Development of CBDC At the launching ceremony and the first academic seminar of the Digital Finance Open Research Project held on July 8th, Wang Xin, director of the Research Bureau of the People’s Bank of China, revealed that… Read More

July 12, 2019 @ 10:12 am By Cali Haan  |  

Two researchers at The Foundation for Defense of Democracies (FDD) have produced a comprehensive report on Russia, Venezuela, Iran and China’s efforts to create or exploit alternative payment systems that would allow them to circumvent the US dollar as a means of enforcing American foreign… Read More