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Tag: digitalcurrencies

Existing regulatory frameworks ‘constrained’ by DeFi characteristics

advertisement A senior official for France’s central bank said earlier this month that regulators in Europe need to more directly supervise decentralized finance (DeFi).
In a speech from November 19 that was published Sunday by the Bank of International Settlements, Denis Beau, first deputy governor of the Banque du France, primarily focused on the development of central bank digital currencies (CBDCs) and his institution’s pilot program in this area. France’s central bank is also a participant in the long-term project to potentially introduce a digital euro, an initiative being…

It isn’t all about Bitcoin: Concerning blockchain and disruptive FinTech

By Zoheb SirgurohAs a digital currency, Bitcoin attracts both attention and controversy. However, the most potent innovation is not bitcoin itself. Rather, it’s the distributed-ledger technology that powers bitcoin. Known as the blockchain, it facilitates payments to flow through an economy in an entirely decentralized way – without banks or other intermediaries. It has the potential to change the financial system as well as reduce the cost and increase the speed and accuracy of financial transactions; it can be a true disruptor in the banking business. Or perhaps, can it fizzle out?…

Why a Kiwi digital currency makes sense

Fintech Power Finance says the move to a NZ digital currency will be significant.There was, during the global rush by governments to help Covid-affected businesses survive, a problem which graphically showed why a digital money system controlled by central banks (not commercial banks) is a good idea.Power Finance CEO Dave Corbett says his fintech is “extremely supportive” of the Reserve Bank of New Zealand’s discussion paper on a central bank digital currency (CBDC) – and offers the example of aid to people during the pandemic.New Zealand and the US adopted different approaches. In the…

Tanzanian Central Bank Preparing for CBDC to Ensure Country Is Not Left Behind – Emerging Markets…

Florens Luoga, the governor of the Bank of Tanzania, said the apex bank has kickstarted preparations for a central bank digital currency. He said the bank was doing this to ensure Tanzania is not left behind as other countries adopt digital currencies.
Keeping Abreast With Developments on the Continent
The Bank of Tanzania (BOT) has started preparations for its digital currency to ensure the country is not left behind others in adopting central bank digital currencies (CBDC), a Bloomberg report has said.
The announcement follows reports that Zanzibar — an autonomous Tanzanian region…

Ripple To Deploy Climate Friendly National Digital Currency In Partnership With Palau

With the increase in the adoption of digital assets across several mainstreams, some countries are strategizing on moving with the flow.
Hence, most countries across the globe are working and experimenting on developing a national digital currency that they can link with their fiat currencies. This is the primary reason for collaboration between the Republic of Palau and Ripple’s digital payment network.
Through the partnership, Ripple will assist the Pacific Island country in developing its national digital currency. The initiation ensures that the digital…

Chinese central government wants to do ‘digital asset swaps’ as CBDC approaches

China’s policy-forming State Council has reported that it needs the country to launch Beijing-based digital asset trades to control the reception of its impending central bank digital currency (CBDC) project, the advanced yuan. The committee called upon monetary bodies to accelerate the pilots for the advanced yuan and asked commercial banks in the country to get ready for the up and coming beginning of exchanges with the People’s Bank of China (PBoC)- gave token. The capital has been told to take a gander at methods of making bourses for digital asset exchanging, “as part of…

CBDCs, an Apple Patent, and Gen Z: This Week’s Mobile ID Roundup

This week’s roundup of Mobile ID World’s top stories features a diverse mix of topics, with a couple of stories looking toward technologies of the future, and a couple of others focused on the youth of the present. Looking ahead, many in the financial sector see a big role in the future for Central Bank Digital Currencies. IDEMIA and ConsenSys are looking to get ahead of that trend through a collaboration on a new Secure Offline CBDC Payment Solution. Built on the Ethereum blockchain, the solution is aimed at ensuing that end users will be able to conduct CBDC transactions without…

Tanzania reportedly makes plans to launch CBDC

The Bank of Tanzania is reportedly planning to introduce a central bank digital currency, or CBDC, for the African nation after neighboring countries announced similar initiatives.According to a Friday Bloomberg report, Bank of Tanzania Governor Florens Luoga said on Thursday that Tanzania was planning to follow Nigeria’s example in rolling out its own CBDC. Luoga reportedly said that the central bank had “already begun preparations” for a digital shilling, Tanzania’s currency since 1966. In preparing to launch a CBDC, the governor said Tanzania is also planning to expand research…

When Will They Become A Reality, And What Experts Think About Cbdc

Rising interest in cryptocurrencies has prompted central banks across the world to consider issuing their own digital currencies referred to as the Central Bank Digital Currency (CBDC). The Indian government recently said that Reserve Bank of India is working on its own digital currency.According to a 2021 survey by global banking think tank BIS, nearly 86 percent of the central banks surveyed were actively engaged in researching CBDC, 60 percent were testing the underlying technology and 14 percent were already in the pilot-project phase.CBDC is a digital banknote that individuals or…

UK has no plans for a wholesale CBDC, envisages banks enabling synthetic – Ledger Insights

Earlier this week, the UK House of Lords Economic Committee met about central bank digital currency (CBDC). Baroness Kramer asked whether the central bank was considering a wholesale CBDC that would not be available to consumers. The response is that the private sector will be able to achieve a similar result themselves.

Bank of England Governor Bailey and Deputy Governor Sir Jon Cunliffe both dismissed the option of a wholesale CBDC at a domestic level.

Bailey highlighted that banks have existing access to central bank money through its real time gross settlement (RTGS)…

Chinese Central Gov’t Wants to Create ‘Digital Asset Exchanges’ as CBDC Nears

Source: AdobeStock / RHJChina’s policy-forming State Council has announced that it wants the nation to launch Beijing-based digital asset exchanges to power the adoption of its forthcoming central bank digital currency (CBDC) project, the digital yuan.The council called upon financial bodies to speed up the pilots for the digital yuan and asked commercial banks in the nation to prepare for the imminent start of transactions with the People’s Bank of China (PBoC)-issued token.Per a council document published today, as well as…

Advanced cross-chain bridge Glitter Finance seeks to connect Algorand to Solana

London, UK – Tech-based firm Glitter Finance is working to integrate the Algorand Defi ecosystem with a highly sophisticated decentralized finance  (DeFi) ecosystem — Solana — for improved interoperability in the DeFi blockchain space. The integration will ensure that traders using Glitter Finance can transfer their digital currencies from Algorand to other layer one blockchains.Solana is a leading brand in the Defi space and already has a huge fund of about $8 billion locked, making it a force to be reckoned with in terms of capital finance and high-end Defi mechanisms. Algorand, a…

Experts say DeFi cannot be shut down by governments

Even as the Centre is set to go ahead with its plan to ban most cryptocurrencies in the country under a long-awaited bill, experts say decentralized entities cannot be shut down by governments and that mulling such a move will not only hurt individuals but also larger businesses.On Tuesday, a parliamentary bulletin listing upcoming legislation included one paragraph on “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021″.”To create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India,” it read. “The Bill…

Japanese megabanks join consortium launching yen-based digital currency

A consortium of roughly 70 Japanese companies, including the country’s biggest financial institutions, have joined forces to trial and launch a new yen-based digital currency in fiscal 2022, sending a strong signal that the private sector was embracing blockchain-based payment systems. The new digital currency, dubbed “DCJPY,” will be backstopped by bank deposits and rely on a common platform to expedite large fund transfers and settlements among the participating companies, according to Kazuhiro Tokia, the chief executive of cryptocurrency exchange DeCurret. DeCurret is leading the…

India could ban private crypto and launch CBDC


India’s government could be set to ban private cryptocurrencies as it forges ahead with a CBDC.

A bulletin on the Indian parliament website says the government plans to introduce a bill to “prohibit all private cryptocurrencies in India”.However, it goes on to say that it would allow for “certain exceptions to promote the underlying technology of cryptocurrency and its uses”.Meanwhile, the bill will also “create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India”.Indian prime minister Narendra…

SAR in need of catching up to be ready to adopt digital currencies -MBtv Debates panel

As China is leading in the development of digital currency with the digital yuan, the city has to catch up in the areas of regulations, technology and infrastructure to embrace virtual money.

This view is advanced by a panel of experts at the latest session of “MBtv/FRC Debates” held offline and online on Wednesday evening, which was co-organised by Macau Business/MNA and the Rui Cunha Foundation (FRC) in partnership with the China Observatory.

At the seminar titled “Digital Currency and the Future of Money” held at the Art Gallery of FRC in the…

Money’s role will decline. Not just because of digital currency – Ledger Insights

There’s a narrative amongst the crypto crowd that only cryptocurrencies will be used for payments in the future. While this may be wishful thinking, the future of money is undoubtedly going to be disrupted.

But that disruption is more about the removal of frictions enabled through technology than the technology itself.

As context, Piyush Gupta, the CEO of DBS Bank, made comments about blockchain and web 3.0 at this month’s Singapore Fintech Festival. He said that currently, DBS is using the basic functionality of blockchains which give tremendous efficiencies. But he also…

CBDC Plan, ‘Private Crypto’ Ban, Some Trading Maybe


Source: Adobe/Krakenimages.comAdding to the uncertainties surrounding the future of cryptocurrencies in India, the country’s government has released a description of a forthcoming legislative proposal that would prohibit private crypto and would allow the Reserve Bank of India (RBI), the country’s central bank, to create its central bank digital currency (CBDC). Also, some crypto trading may be permitted. The latest development comes at a time when India’s government and lawmakers are discussing new regulations for cryptocurrencies, with local observers expecting the described…

RBA considers wholesale CBDC, while Rest Super careful on crypto plans

Australia’s central bank is reportedly considering creating a blockchain-based currency for wholesale use, to settle transactions between banks instantly.
Reserve Bank of Australia assistant governor Michele Bullock told the Women in Payments event that the central bank digital currency would allow commercial banks to reduce transaction costs and risks, the Australian Financial Review reported.
Since last November the RBA has been working with National Australia Bank,  Commonwealth Bank, Perpetual and ConsenSys Software on ‘Project Atom’, testing using a CBDC on an…

Palau partners with Ripple on climate friendly national digital currency

Ripple, the digital payment network, has partnered with the Republic of Palau to help the Pacific island nation develop its own digital currency.The initial focus of the partnership will see the development of a USD-backed digital currency to help facilitate cross-border payments for the nation. The collaboration “could see the implementation of the world’s first government-backed national stablecoin in the first half of 2022” according to Ripple’s announcement.Ripple suggested the national digital currency may not necessarily be just another CBDC.“Ripple would provide Palau with…

India to test digital rupee in Q1 2023: official

India is forging ahead with its digital rupee development and expects to launch its first pilot test in a year’s time. The country believes that the measured and cautious approach is critical as it helps the public to take to the central bank digital currency (CBDC), while also allowing the central bank to make any improvements or changes in good time.
Speaking at a recent event, an official from the Reserve Bank of India revealed plans to launch the first pilot in the next fiscal year. P. Vasudevan, the chief general manager at the Reserve Bank of India’s (RBI) Department of Payment…

UberFi CEO Tom Meredith Profiled in Prestigious Technology Magazine

Tom Meredith
The magazine hails Meredith as a “technology leader” in the article, noting that he “has caught the attention of the central bank community.”
Embracing stable coin technology now will give countries a competitive advantage over the rest of the world.”— UberFi CEO and Founder Tom MeredithATLANTA, GEORGIA, UNITED STATES, November 23, 2021 /EINPresswire.com/ — Tom Meredith, the founder and CEO of UberFi, a blockchain technology company experienced in Central Bank Digital Currency (CBDC) development, was profiled…

IDEMIA and ConsenSys Team Up to Make Digital Currencies More Accessible

IDEMIA and ConsenSys are trying to raise financial inclusion with a new solution that will ensure that everyone has access to digital currencies. The buzz around Central Bank Digital Currencies (CBDC) has grown over the course of the past year, and several countries are expected to launch such currencies to the public within the next 12 months.
The problem, according to IDEMIA, is that many of the current technology solutions assume that the user has access to a smartphone, which is often not the case in underbanked areas of the world. The new IDEMIA and ConsenSys offering is designed…

US Senator Pat Toomey supports digital dollar, nomination of Powell as Fed chair

Pennsylvania Senator Pat Toomey, one of the lawmakers who supported amending the language around crypto in the recently passed infrastructure law, said the United States should lead the world in the adoption of a central bank digital currency, or CBDC.In a Tuesday interview with Bloomberg’s David Westin, Toomey said the U.S. dollar should have “the most sophisticated capabilities of any currency in the world” as the country could benefit from a digital dollar. However, the senator said the rollout of any U.S. central bank digital currency should not rely on the Federal Reserve as a…