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Qatar exploring digital banks and central bank digital currencies
18.3.2022
The central bank is expected to set a direction for its future focus soon, particularly on various fintech verticals
IMF: Crypto Is No Match for Well-Designed Central Bank Digital Currencies
14.2.2022
The managing director of the International Monetary Fund (IMF), Kristalina Georgieva, says that crypto assets and stablecoins are no match for well-designed central bank digital currencies (CBDCs). “If CBDCs are designed prudently, they can potentially offer more resilience, more safety...
China’s Digital Yuan Wallet App Now in iOS and Android App Stores
5.1.2022
China’s central bank has released its digital currency wallet app ahead of the Winter Olympics. The wallet app for the digital yuan, also known as e-CNY, can now be downloaded from the iOS and Android app stores in the country. Digital Yuan Wallet App Now Downloadable From iOS and Android...
ECB Paper Marks Success Factors for CBDCs, Digital Euro
4.12.2021
A paper published by the European Central Bank (ECB) discusses various conditions for successful implementation of central bank digital currencies (CBDCs) such as the eurozone’s own digital euro. The authors also point to different risks that such projects entail, like the danger of crowding...
Kenya Central Bank Governor on CBDC: It’s About Getting It Right Rather Than Being First
22.11.2021
The Central Bank of Kenya (CBK) governor, Patrick Njoroge, has said his institution is currently exploring the use of central bank digital currencies (CBDC) to settle cross-border payments. Njoroge however insists the bank’s priority is getting it right rather than being the first....
Federal Reserve Governors Don’t See Reason to Issue Central Bank Digital Currency
16.11.2021
At least three Federal Reserve governors have said that they do not see a reason for the Fed to issue a central bank digital currency (CBDC). The Fed is currently putting together a report on a digital dollar to be released in the near future. Fed Governors Doubt Need for Digital Dollar Federal...
Every Large Bank Will Actively Consider Crypto in 1-3 Years, Says Former Citi CEO
14.11.2021
A former CEO of Citigroup said that every major bank and securities firm will consider crypto trading or services within one to three years. He also hopes that central banks worldwide will adopt digital currencies. Former Citi CEO Expects All Major Banks to Embrace Crypto in 1-3 Years...
G7 Finance Ministers and Bankers Adopt Guidelines for Central Bank Digital Currencies
15.10.2021
Any digital currency issued by a central bank must support financial and monetary stability, finance leaders from G7 member states have insisted. State-issued coins should also ensure privacy, transparency, and data protection, the officials stated. The forum adopted 13 public policy principles...
Edward Snowden Calls CBDCs ‘Cryptofascist Currency’ — ‘Closer to Being a Perversion of Cryptocurrency’
9.10.2021
On October 9, whistleblower and privacy advocate Edward Snowden published an opinion editorial concerning central bank digital currencies (CBDCs) and claimed CBDCs are “the newest danger cresting the public horizon.” Snowden stressed that rather than being an innovation, CBDC’s...
IMF Head Says Central Bank Digital Currencies Are Reliable, Hard to Think of Bitcoin as Money
6.10.2021
Digital currencies backed by central banks are the most reliable form of digital money, according to IMF managing director Kristalina Georgieva. At the same time, to think of cryptocurrencies such as bitcoin as money is difficult, believes the chief executive of the international financial...
IMF: Issue CBDCs, Improve Cross-border Payments to Counter Crypto’s ‘Phenomenal Growth’
4.10.2021
a dedicated chapter, and suggested that economic leaders fight back against crypto – by issuing their own central bank digital currencies (CBDCs).In an accompanying blog post, the IMF
Federal Reserve Chairman Powell Says No Intention to Ban or Limit Use of Cryptocurrencies
2.10.2021
Federal Reserve Chairman Jerome Powell confirmed during a hearing before the House Financial Services Committee that he has no intention to ban or limit the use of cryptocurrencies. He also commented on the regulation of stablecoins. Powell Says ‘No Intention to Ban’ Crypto...
Italian Payments Giant Nexi Involved in Digital Euro Project
24.9.2021
Nexi, a leading European payments company, is reportedly giving advice to the European Central Bank (ECB) related to the digital euro project. The announcement was made by Nexi’s CEO Paolo Bertoluzzo, who also gave his opinion about the future of central bank digital currencies (CBDC)...
ECB President Christine Lagarde Insists Cryptos Are Not Currencies, Calls Them Highly Speculative, Suspicious
17.9.2021
The president of the European Central Bank (ECB), Christine Lagarde, says cryptos are not currencies, adding that they are “highly speculative, suspicious occasionally, and high intensity in terms of energy consumption.” She also discussed the need for stablecoin regulation...
BIS Asks Central Banks to Urgently Develop CBDCs to Compete With Crypto Assets
12.9.2021
The head of the Bank of International Settlements (BIS) Innovation Hub, Benoît Cœuré, has urged central banks to act now on central bank digital currencies (CBDCs) to compete with initiatives in the private sector, including cryptocurrencies. “CBDCs will take years to...
Mastercard Outlines Plans for Cryptocurrencies, Stablecoins, Central Bank Digital Currencies
2.8.2021
Mastercard’s CEO has outlined the company’s plans to develop products and services around cryptocurrencies, stablecoins, and central bank digital currencies (CBDCs). “We want to be playing a role across all of them … It’s obviously a vibrant space around digital...
81 Countries Are Now Exploring Central Bank Digital Currencies — 5 CBDCs Fully Launched
25.7.2021
Eighty-one countries are now exploring central bank digital currencies (CBDCs), according to a new tracker. This number is 46 more countries than the number in May last year. In addition, five countries have fully launched their own digital currencies. 81 Central Banks Explore Launching Own Digital...
64% of Adults from 10 Different Countries Would Use a Central Bank Digital Currency: Report
24.7.2021
As central bank digital currencies (CBDCs) advance in testing, a number of countries have taken the lead in an effort to create a CBDC. The enterprise blockchain firm Guardtime recently conducted a survey that shows adults from ten different countries would likely use a CBDC. Nearly two out...
IMF, World Bank, BIS Recommend Countries Work Together on CBDCs to Enhance Cross-Border Payments
18.7.2021
The International Monetary Fund (IMF), the World Bank, and the Bank of International Settlement (BIS) have conducted an extensive study of using central bank digital currencies (CBDCs) for cross-border payments. Their report to the G20 states that enhanced cross-border payments “can...
UAE Central Bank Unveils Plan to Launch Digital Currency
14.7.2021
The Central Bank of the United Arab Emirates has unveiled its plan to launch a digital currency as part of its 2023-2026 strategy to become one of the world’s top 10 central banks. A growing number of central banks worldwide are working to launch central bank digital currencies (CBDCs)....