Tagged: cbdc

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

July 8, 2019 @ 11:39 am By JD Alois  |  

In a paper entitled “Fintech: the Experience So Far,” the International Monetary Fund (IMF) stated that, while there are regional differences, “countries were broadly embracing the opportunities of Fintech to boost economic growth and inclusion.” The pursuit of Fintech innovation is being balanced with the… Read More

July 6, 2019 @ 4:29 pm By Barry James  |  

As Fintech Challenges the World Order. We know how fundamentally the internet and the web have changed not just the world of work, business and commerce but all our lives and the way we live, around the world. It’s touched and changed just about everything… Read More

June 1, 2019 @ 8:11 pm By Cali Haan  |  

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

May 14, 2019 @ 7:42 am By JD Alois  |  

The Hong Kong Monetary Authority (HKMA) and the Bank of Thailand (BOT) have signed a Memorandum of Understanding (MoU) to collaborate on Fintech innovation between the two regulatory authorities. The MoU was signed between Norman Chan, Chief Executive of the HKMA, and Veerathai Santiprabhob, Governor… Read More

May 8, 2019 @ 9:49 am By JD Alois  |  

The Bank of Thailand is moving forward with developing a Central Bank Digital Currency (CBDC). The initiative labeled Project Inthanon, has developed a prototype CBDC in partnership with R3 and Wipro (NYSE: WIT). The Bank of Thailand is also working with eight commercial banks in… Read More

May 2, 2019 @ 10:48 am By JD Alois  |  

The Central Bank of Canada and Monetary Authority of Singapore (MAS) have jointly announced the successful “experiment” of cross border payments using blockchain or distributed ledger technology (DLT). The two central banks claim this is the first test anywhere of its kind stating it has… Read More

April 8, 2019 @ 11:07 pm By Cali Haan  |  

Sarah John, Chief Cashier at the Bank of England told Currency Conference 2019 attendees in Dubai this week that use of cash is declining in the UK but that bank notes are not yet passé. John cited statistics showing that cash use dropped from 61%… Read More

April 5, 2019 @ 3:32 pm By JD Alois  |  

Earlier this week, the World Economic Forum (WEF) published an interesting report covering the usage and investigation of Central Bank Digital Currency (CBDC).  It has been widely reported that many central banks have been kicking the tires of CBDC with some making proclamations regarding the… Read More

March 26, 2019 @ 3:44 am By Cali Haan  |  

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

February 8, 2019 @ 1:44 am By Cali Haan  |  

Bankers at Korea’s central bank, the Bank of Korea, have issued one of the most decisive warnings against the creation of a central bank-backed cryptocurrency so far, The Korea Times reports. International Monetary Fund head Christine Lagarde called last year for an “even-handed approach” to… Read More

November 20, 2018 @ 1:34 am By Cali Haan  |  

Veerathai Santiprabhob, the Governor of the Bank of Thailand (BoT), has laid to rest any notion that the general population of Thailand will be using a digital currency exclusively any time soon, Chiang Rai Times reports. The governor is more upbeat about prospects of his bank’s… Read More