Tagged: central bank digital currencies

CBDCs: China’s Virtual Yuan or Digital Currency Electronic Payment (DCEP) System to be Introduced in Hong Kong’s Greater Bay Area

China’s virtual yuan (CBDC), which is also referred to as digital currency electronic payment (DCEP), will reportedly be introduced for testing in Hong Kong’s Greater Bay Area within the next few weeks. The Greater Bay Area is a megapolis that includes nine major cities (Guangzhou,… Read More

CBDCs: Wang Yongli, Former VP of China’s Reserve Bank, Argues that Central Bank Digital Currencies can Serve as Cash Substitute

Wang Yongli, the former VP of China’s 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

CBDCs: Bank of Japan and the Central Bank in the Philippines Continue to Conduct Research to Determine Feasibility of Digital Currencies

The Bank of Japan or BOJ (JASDAQ: 8301), the nation’s central bank that’s headquartered in Chūō, Tokyo, has reportedly appointed Kazushige Kamiyama, a prominent economist, as its head of a department that’s tasked with conducting research on central bank digital currencies (CBDCs). Reuters reports that… Read More

CBDCs: China’s E-commerce Platform, Meituan, and Nation’s Largest Video Sharing Site, Bilibilibili, Now Working on Digital Yuan

Chinese e-commerce platform Meituan, which has more than 240 million customers and works with 5 million local merchants, has reportedly begun working cooperatively with several banks in China that are involved in the development of the digital yuan. Bilibilibili, which is China’s largest video sharing… Read More

Consumers Might Shift Financial Holdings to Stablecoin Denominated Assets if Existing Payments Systems aren’t Improved, Sweden’s Riksbank Says

In February 2020, Sweden began piloting an electronic version of its national currency, the e-krona. The European nation’s government had confirmed at that time that the e-krona was a step closer to its official launch as a central bank digital currency (CBDC). Riksbank, the central… Read More

CBDCs Could Enable More Efficient Cross-Border Payments, and Improved Resource Distribution, like Stimulus Cheques: Report

Central bank digital currencies (CBDCs) are a virtual form of money issued by a country’s reserve bank. A CBDC can easily be implemented using a traditional database management system operated by central bank in collaboration with approved private sector entities. Blockchain technology is not needed… Read More

New Proposal Recommends Multi-Currency CBDC including Chinese Yuan, Japanese Yen, South Korean Won, Hong Kong Dollar

Many developing and developed countries across the globe are considering or already developing and testing their own central bank digital currencies (CBDCs). China might be creating an East Asia virtual currency platform, according to a report from the Nikkei Asian Review. The new currency might… Read More

China’s Big Lenders and Fintech Firms to Distribute Virtual Yuan Tokens, which will be Highly Traceable, Potentially Amplifying Government’s Power: Report

Andy Mukherjee argues in a recently published Op-Ed in the Washington Post that the virtual yuan could potentially transform “the relationship between money, economic power, and geopolitical clout.” The digital renminbi has been under development since 2014. Its top-level design was recently finalized and its… Read More

The Official Monetary and Financial Institutions Forum (OMFIF) Establishes Digital Monetary Institute

The Official Monetary and Financial Institutions Forum (OMFIF), an independent think tank organization focused on central banking, economic policy, and public investment, recently established the Digital Monetary Institute. The Institute aims to serve as a high-level group that brings together policymakers, tech specialists, financiers and regulators… Read More

Interest in CBDCs May Be “Accentuating” Bitcoin’s (BTC) Role in the Global Digital Economy, New Report Claims

Grayscale Investments, a subsidiary of the Digital Currency Group (DCG), has published a report which argues that legacy banking infrastructure has made it difficult to distribute stimulus money, following the COVID-19 outbreak. The report states: “Central bank digital currencies [CBDCs] have the potential to streamline… Read More

CBDCs: Reserve Bank of the Netherlands Plans to Play a “Leading Role” in Developing National Digital Currencies

The reserve bank of the Netherlands, De Nederlandsche Bank, recently revealed that it’s planning to play a key role in the ongoing development of central bank digital currencies (CBDCs). As mentioned in a notice published on April 21, 2020, the Dutch central bank said that… Read More

Central Bank Digital Currencies Increasingly Being Considered by Governments, as AML/CFT Regulations Tighten: Report

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: “We’ve noted an uptick in… Read More

Kenneth Bok: Head of Growth and Strategy at Zilliqa, a Major Blockchain Platform, Talks About Major Stablecoin Use Cases

Kenneth Bok, head of growth and strategy at Zilliqa, an established blockchain project that provides infrastucture to StraitsX, a stablecoin initiative introduced by the Fintech payments provider Xfers, recently shared his views and insights with Crowdfund Insider. Xfers is accredited by the Monetary Authority of… Read More

CBDC: Central Bank Digital Currencies Could Offer a Public Means of Payment Without Needing a Bank Account, IMF Official Says

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

CBDCs: Central Bank Digital Currencies Could Offer Several Opportunities, Says Bank of England

The Bank of England (BoE), the UK’s reserve bank, has released a discussion paper on virtual currencies. The BoE’s 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

Bank of England Deputy Governor Discusses Stablecoins, Crypto Assets & CBDCs in Speech

Sir Jon Cunliffe, Deputy Governor Financial Stability of the Bank of England, delivered an interesting speech this week at the London School of Economics. In a presentation entitled, “It’s Time to Talk About Money” Cunliffe tackled the hot topics of “crypto assets,” stablecoins, and central… 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

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