Tagged: virtual currencies

July 10, 2020 @ 7:55 am By Omar Faridi  |  

A US state appeals court on July 9, 2020 confirmed that it will be siding with the New York Office of the Attorney General (NYAG) as it aims to obtain documents, involving an investigation, from Bitfinex, a major digital asset exchange, and its sister company… Read More

July 9, 2020 @ 3:56 pm By Omar Faridi  |  

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

July 6, 2020 @ 11:34 pm By Omar Faridi  |  

Cuy Sheffield, the head of Crypto at Visa, says that central bank digital currencies (CBDC) could potentially prove to be one of most important developments in the coming decade. Sheffield, who previously worked in business development at TrialPay, is now responsible for overseeing Visa’s crypto-related… Read More

June 16, 2020 @ 11:30 pm By Omar Faridi  |  

South Korea’s reserve bank has reportedly appointed a six-member legal advisory team to look into the feasibility and potential benefits of issuing a central bank digital currency (CBDC). The Korean central bank’s advisory group includes three university professors, two legal experts, and a senior official… Read More

June 13, 2020 @ 9:36 am By Omar Faridi  |  

Indian officials are reportedly considering passing a law that would ban the use of decentralized cryptocurrencies.  As reported by India’s Economic Times, the nation’s government might see a legal framework as being more effective than the Reserve Bank of India’s (RBI) blanket ban on crypto-assets…. Read More

June 5, 2020 @ 3:44 pm By Omar Faridi  |  

Japan’s largest banks will be looking into the potential benefits of using electronic money and digital currencies in order to make banks and cashless payments systems interoperable. The initiative has been launched by Japan’s Mitsubishi UFJ Financial Group, the world’s fifth-largest bank in terms of… Read More

May 24, 2020 @ 11:57 pm By Omar Faridi  |  

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

May 7, 2020 @ 11:54 pm By Omar Faridi  |  

A recent report from Rand (Research And Development) Corporation, an American non-profit global policy think tank that’s funded by the US government (and private endowment corporations, universities, and private individuals), claims that Bitcoin (BTC), the flagship cryptocurrency, is being used to carry out a relatively… Read More

April 22, 2020 @ 11:35 pm By Omar Faridi  |  

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

February 26, 2020 @ 11:07 pm By Omar Faridi  |  

South Korea’s tax authorities have advised the nation’s government to impose a low-level trading tax on capital gains made from digital currency trading before requiring Korean residents to pay a transfer income tax.  South Korea’s government will be introducing its new tax reform plan later… Read More

February 26, 2020 @ 7:22 am By Omar Faridi  |  

The Bank of Canada might not have any concrete plans for introducing a digital currency anytime soon, however, the nation’s reserve bank says it’s not completely ruling out the idea of issuing its own virtual currency. It might become necessary to issue a central bank… Read More

February 2, 2020 @ 6:05 pm By Omar Faridi  |  

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

January 25, 2020 @ 12:04 pm By Omar Faridi  |  

The World Economic Forum (WEF) has established what it says is the world’s first ever global consortium focused on creating a framework for the transnational governance of virtual currencies, which include stablecoins (digital currencies that are usually pegged to national fiat currencies). According to a… Read More