Tagged: central bank digital currency

April 6, 2021 @ 9:57 am By JD Alois  |  

The People’s Bank of China (PBoC) and the Hong Kong Monetary Authority (HKMA) have begun testing its central bank digital currency (CBDC) or digital yuan for cross-border transfers, according to a report in SCMP. The report quotes Wang Xin, Head of Research at the PBoC,… Read More

March 24, 2021 @ 10:05 pm By Omar Faridi  |  

China’s officials have addressed concerns that the digital yuan may be violating or infringing on user privacy. They’ve looked into questions related to “controllable anonymity” as well. STCN reports that on March 20, 2021, Mu Changchun, Director of the Digital Currency Research Institute of the… Read More

March 17, 2021 @ 10:45 pm By Omar Faridi  |  

The Bank of Japan (BoJ) has confirmed that it is getting ready to work on a national virtual currency. Haruhiko Kuroda, governor of the 138-year-old institution, stated that the BoJ, the nation’s reserve bank, would begin “preparing thoroughly” for a future that may include a… Read More

February 28, 2021 @ 5:22 pm By Xu Gao  |  

NUCC: Online Payment Transactions Reach ¥4.98 Trillion During the Spring Festival Holiday During the Spring Festival Holiday of 2021 (February 11th to February 17th), NetsUnion Clearing Corporation (NUCC) processed a total of 7.937 billion online payment transactions, equal to 4.98 trillion yuan. Compared with the… Read More

February 24, 2021 @ 12:19 pm By JD Alois  |  

Today, Jerome Powell, Chairman of the Federal Reserve, returned to Capitol Hill for a hearing on the House side pertaining to Monetary Policy and the State of the Economy. Once again, much of the discussion hovered around COVID, monetary policy and his opinion on the… Read More

February 23, 2021 @ 11:52 am By JD Alois  |  

During testimony provided at the US Senate Banking Committee hearing today, Federal Reserve Chairman Jerome Powell commented on the possibility of launching a “digital dollar” calling it a high-priority project for them. Powell was testifying in front of the Senate Banking Committee as part of… Read More

February 7, 2021 @ 11:36 am By Xu Gao  |  

SWIFT and the People’s Bank of China Digital Currency Research Institute Establish a Joint Venture Public records show that SWIFT has recently established a Financial Gateway Information Service Co., Ltd. in China with the People’s Bank of China Clearing Center and the People’s Bank of… Read More

January 22, 2021 @ 2:48 pm By JD Alois  |  

Earlier this week, Dr. Janet Yellen, former Chair of the US Federal Reserve and soon to be the Secretary of the Treasury, testified at a hearing before the Senate Finance Committee in regards to her nomination. In advance of the hearing, Dr. Yellen submitted an… Read More

December 7, 2020 @ 7:27 am By Omar Faridi  |  

China is reportedly handing out around $3 million of digital yuan as JD.com notably becomes the first online platform to begin accepting the virtual currency. As first reported by CNBC, Chinese digital commerce company JD.com confirmed that it will become the first major online platform… Read More

November 29, 2020 @ 3:08 pm By Xu Gao  |  

Suzhou Will Carry Out Digital RMB experiment on Dec. 12 Suzhou will become the second Chinese city after Shenzhen to carry out a digital RMB experiment, according to a source with knowledge of the matter. On December 12th, the crypto yuan for the experiment will… Read More

November 13, 2020 @ 9:33 am By JD Alois  |  

Deutsche Bank’s research division is out with an edition of Konzept that tackles contemporary political and economic issues while looking towards the future. One area of focus is digital innovation and how it impacts the European Union’s ability to compete – globally. According to Deutsche… Read More

October 27, 2020 @ 8:13 am By Omar Faridi  |  

A report published by Global Digital Finance notes that during the past 18 months, the developments related to central bank digital currencies (CBDC) have “accelerated dramatically.” CBDC projects have gone from the research stage to formulating key policy requirements. Countries like China have even introduced… Read More

October 19, 2020 @ 9:55 am By JD Alois  |  

Jerome Powell, Chairman of the Board of Governors of the US Federal Reserve, participated in a virtual panel today hosted by the International Monetary Fund (IMF) on the topic of Central Bank Digital Currency (CBDCs). Powell said the Fed is committed to considering a CBDC… Read More

October 11, 2020 @ 4:00 pm By Omar Faridi  |  

The Bank of Korea (BOK), the reserve bank of the Republic of Korea and issuer of South Korean won, is reportedly planning to issue and circulate a central bank digital currency (CBDC) by next year. As first reported by the Korean Times, the BOK will… Read More

October 6, 2020 @ 2:27 pm By JD Alois  |  

Last week, the European Central Bank published a report published addressing the possibility of the issuance of a digital euro. The report was prepared by the Eurosystem High-Level Task Force on central bank digital currency (CBDC) and approved by the Governing Council thus representing he… Read More

September 24, 2020 @ 12:17 pm By Omar Faridi  |  

Antony Welfare, Chief Commercial Officer at NEM Group, an organization supporting the development of NEM, a blockchain or distributed ledger technology (DLT) based platform for building enterprise-grade applications, states that blockchain tech is now more than 10 years old (as far as its application is… Read More

September 22, 2020 @ 2:39 pm By JD Alois  |  

  Lagarde, the President of the European Central Bank, addressed the Franco-German Parliamentary Assembly yesterday (Sept. 21) talking about the strength of the “European Project” while casting an eye on the future of further integration as well as the ongoing effort to achieve a Digital… Read More

September 20, 2020 @ 9:57 pm By Omar Faridi  |  

Benjamin Diokno, the Governor of the Reserve Bank of the Philippines, recently noted that the underlying technology behind digital tokens may streamline or enhance existing financial services. The nation’s central bank is looking into the feasibility of issuing its own virtual currency. Diokno believes that… Read More

September 11, 2020 @ 1:04 pm By JD Alois  |  

Have you ever wondered which countries are working on Central Bank Digital Currencies (CBDCs) and where they stand in the process? Are they simply doing research or is there a pilot program in the works? Or maybe there is a digital currency live and in… Read More

September 11, 2020 @ 8:27 am By Omar Faridi  |  

Christine Lagarde, the President of the European Central Bank (ECB), has noted that money facilitates both transactions and relationships. According to the former International Monetary Fund (IMF) chair, money may be considered “an expression of sovereignty.” Lagarde, whose comments came during the recently held Deutsche… Read More