Tagged: central bank digital currency

January 25, 2020 @ 10:30 am By Omar Faridi  |  

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

January 22, 2020 @ 8:22 am By JD Alois  |  

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

January 21, 2020 @ 8:06 am By JD Alois  |  

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

January 11, 2020 @ 7:22 am By Omar Faridi  |  

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

January 9, 2020 @ 9:14 pm By Cali Haan  |  

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

January 8, 2020 @ 8:55 am By JD Alois  |  

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

January 4, 2020 @ 8:17 am By Omar Faridi  |  

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

January 3, 2020 @ 4:51 pm By Cali Haan  |  

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

December 27, 2019 @ 6:53 am By Omar Faridi  |  

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

December 24, 2019 @ 8:19 am By Omar Faridi  |  

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

December 16, 2019 @ 7:51 am By Omar Faridi  |  

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

December 8, 2019 @ 8:39 pm By Cali Haan  |  

US Secretary of the Treasury Steve Mnuchin told members of the US House Financial Services Committee Thursday that both he and Federal Reserve Chairman Jerome Powell feel there is “no need” for the US to develop a digital currency in the near term. Currently, multiple… Read More

December 5, 2019 @ 6:52 pm By JD Alois  |  

The Banque of France will begin testing a Central Bank Digital Currency (or CBDC) in 2020, according to a report in Les Echos – the leading business publication of France. Quoting François Villeroy de Galhau, the Governor of the Banque of France, who was speaking… Read More

November 13, 2019 @ 10:33 pm By Cali Haan  |  

Officials at the People’s Bank of China have issued an official statement disclaiming rumours that China has begun issuing a central bank digital currency (CBDC). “Recently, the net news said that the People’s Bank of China has issued (a) legal digital currency,” the communiqué states,… 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 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 @ 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 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