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Australian Central Bank Prioritizes Wholesale CBDC
19.9.2024
The Australian Central Bank is focusing on a wholesale central bank digital currency (CBDC) due to its potential economic benefits compared to a retail CBDC. The Reserve Bank of Australia (RBA) has launched Project Acacia, a three-year plan to explore wholesale CBDC opportunities. While the RBA...
Global Surge in CBDC Development: 134 Countries Now Exploring Digital Currencies
19.9.2024
New data shows that 134 countries, representing 98% of global GDP, are now exploring central bank digital currencies (CBDCs), with 66 nations advancing to pilot or development stages. Every G20 nation is engaged in CBDC efforts, with notable leaders such as China and the European nations pushing...
Fiat Currencies Will Be Irrelevant Within a Decade
18.9.2024
Following on from my April article titled “Democracy Fails Without Cryptocurrency,” I believe that we will see a complete collapse of traditional fiat currencies within the next ten years. These government-issued and controlled monies will be replaced by decentralized and permissionless currencies....
Russian Central Bank Eyes Digital Currency to Overcome Cross-Border Payment Obstacles
17.9.2024
Elvira Nabiullina, head of Russia’s central bank, has highlighted challenges in cross-border settlements, including payment issues and falling trade volumes. She emphasized the importance of finding new solutions, such as using digital currencies and cooperating with global partners,...
41 firms join BIS Project Agora to advance unified ledger applications
16.9.2024
The large private companies will work with seven central banks on improving structural inefficiencies in international transfers
Swift Unveils Plan to Integrate Digital Assets and Currencies Into Global Payment Network
15.9.2024
Swift has unveiled a plan to enable the movement of digital assets and currencies on its global payment network. The initiative aims to integrate regulated digital currencies into Swift’s platform, building on past experiments. “We’re paving the way towards real-world solutions that...
Consumer watchdogs call for EU action on in-game digital money
13.9.2024
Consumers fall prey to many deceptive practices when buying and using in-game currencies in video games, claims BEUC
Environmental Impact of Cryptocurrency Mining: Challenges and Solutions
6.9.2024
Cryptocurrency mining has surged in popularity as digital currencies like Bitcoin and Ethereum have gained traction. While mining plays a […]
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Head of the State Duma’s Financial Market Committee: National Digital Currencies to Be Considered for Bilateral Settlements Between China and Russia
6.9.2024
Anatoly Aksakov, head of the State Duma’s Financial Market Committee, has discussed the use of national digital currencies for bilateral settlements between Russia and China. In a recent interview with Russian media, Aksakov stated that these instruments will be considered for such settlements...
China Urged to Establish Unified Crypto Regulations for Seized Digital Assets
5.9.2024
A law professor at the East China University of Political Science and Law has highlighted the urgent need for China to standardize procedures for recovering illicit digital assets due to a rise in cryptocurrency-related crimes. He stressed the lack of uniform standards complicates asset recovery...
Japan’s Financial Services Agency Includes Crypto in 2025 Tax Proposal
4.9.2024
The Financial Services Agency has released its tax reform requests for fiscal year 2025, highlighting the need to consider the tax treatment of virtual currency transactions as financial assets. This marks the first time virtual currencies are mentioned in such requests. Industry groups have long...
Payments in National Currencies Surge to 92% Among SCO Members
1.9.2024
Payments in national currencies among Shanghai Cooperation Organization (SCO) members have reportedly increased from 40% in 2022 to 92%, signaling a move away from reliance on the U.S. dollar. Similar to the BRICS economic bloc, the SCO, which includes Russia, China, India, and recently added Iran...
The Impact of CBDCs on the Crypto Ecosystem: An Exclusive Guide
31.8.2024
Central Bank Digital Currencies (CBDCs) are rapidly emerging as a transformative force within the financial world. Unlike cryptocurrencies, which are […]
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Hong Kong Regulator Launches Sandbox to Test Tokenized Asset Transactions
29.8.2024
The Hong Kong Monetary Authority has launched a sandbox to test the use of tokenized assets in real-world scenarios. The sandbox aims to promote interbank settlement using tokenized currency and central bank digital currencies. The HKMA will collaborate with other regulators and industry players...
Crypto.com Adds Paypal as Payment Option in US for Crypto Purchases
28.8.2024
Crypto trading platform Crypto.com has integrated Paypal as a payment method for U.S. users to buy cryptocurrencies, enabling transfers between Paypal and Crypto.com wallets. “Further integrating traditional and digital payment capabilities is critical to the continued mainstreaming...
Bank of Russia Eyes Stablecoins for Cross-Border Transactions
27.8.2024
The Bank of Russia is exploring the use of stablecoins in cross-border transactions, considering them as digital financial assets (DFAs) under existing regulations if they have a responsible entity. The initiative may involve a limited group of qualified investors and would require testing...
Former Russian PM: BRICS Not Ready for Common Currency
27.8.2024
Sergey Stepashin, Russia’s former prime minister, explained that it’s premature to discuss a common BRICS currency, emphasizing the importance of increasing payments in national currencies instead. He cited challenges in creating a common currency, particularly between large economies like...
India's CBDC Has 5M Users, Can be Phased in Gradually: Central Bank Governor
26.8.2024
India's central bank Governor Shaktikanta Das has said that while their retail central bank digital currency (CBDC) pilot has over 5 million users, there should not be in any rush to roll out a system-wide CBDC
India Expected to Release Consultation Paper on Cryptocurrency Regulations in Coming Months, Report
24.8.2024
The Indian government, through a panel headed by the Secretary of the Department of Economic Affairs (DEA), is expected to release a consultation paper on cryptocurrency regulations. The paper, scheduled for release between September and October 2024, will seek input from stakeholders to gather...
Campaign Advisor Says Harris Will ‘Support Policies’ Promoting Growth of Digital Currencies
22.8.2024
On Wed., Aug. 21, 2024, Bloomberg shared that Vice President Kamala Harris intends to back policies that favor digital currencies. Brian Nelson, a senior advisor for the Harris campaign, told Bloomberg in an interview that if Harris secures the presidency in November, she will “support policies...