81 Countries Are Now Exploring Central Bank Digital Currencies — 5 CBDCs Fully Launched

Eighty-one countries are now exploring central bank digital currencies (CBDCs), according to a new tracker.

64% of Adults from 10 Different Countries Would Use a Central Bank Digital Currency: Report

As central bank digital currencies (CBDCs) advance in testing, a number of countries have taken the lead in an effort to create a CBDC.

Bank of Russia Advises Stock Exchanges to Avoid Trading Crypto Instruments

In line with its hardline stance on cryptocurrencies, the Central Bank of Russia (CBR) has issued a recommendation against the listing of securities tied to crypto assets on the country’s stock exchanges.

Ukraine Unveils Roadmap to Integrate Cryptocurrencies by 2024

Government and business representatives have produced a roadmap to transform Ukraine into a leader in cryptocurrency integration.

Reserve Bank of India mulls first steps toward an eventual CBDC

RBI is looking for ways to test a CBDC while causing little to no disruption for the bank’s status quo. The Reserve Bank of India, or RBI, continues to investigate the issuance of a central bank digital currency, or CBDC.T Rabi Sankar, the deputy governor of RBI, said in a speech organized by the Vidhi Center for Legal Policy that private digital currencies could be part of what makes CBDCs ultimately necessary.

Bank of Russia asks stock exchanges to not list crypto-related firms

The Bank of Russia’s new stock exchange recommendations do not apply to central bank digital currencies and authorized digital assets issued in Russia. As global cryptocurrency companies increasingly consider going public, the Russian central bank has officially recommended local exchanges to avoid crypto-related listings.The Bank of Russia issued an information letter on July 19, asking Russian stock exchanges to stay away from listings of foreign and local companies involved in a broad range of crypto services.The central bank elaborated that local exchanges should not list stocks issued by companies whose business relies on crypto market prices, including digital financial assets issued outside Russia, crypto-tracking indexes, as well as crypto derivatives and crypto funds.

Goldman Sachs Ultra-Rich Clients Send Bullish Crypto Signals

Those companies whose job it is to manage the wealth and personal affairs of very rich people are now increasingly eyeing crypto, per a new survey. American financial giant Goldman Sachs Group claims that nearly half of the family offices it does business with want to add digital currencies to their investments, Bloomberg reported.

China Offers Medics Digital Yuan Insurance Policy for Covid-19

China’s first insurance policy using the digital yuan for settlement has been issued in Shenzhen, local media reported.

Many JPMorgan clients see Bitcoin as asset class, says senior exec

“The volatility you see in it today just has to play itself out,” JPMorgan's director of asset and wealth management said. Despite Bitcoin (BTC) not yet emerging as an “asset class per se,” JPMorgan considers it important to meet the demand for cryptocurrency investment, according to a senior wealth management executive.A large number of JPMorgan clients see digital currencies like Bitcoin as an asset class, the company’s director of asset and wealth management Mary Callahan Erdoes said.In a Bloomberg interview released Tuesday, Erdoes stressed that the bank will continue providing crypto services to meet the growing demand, stating:“A lot of our clients say that’s an asset class, and I want to invest, and our job is to help them put their money where they want to invest.”Erdoes said that the debate about whether cryptocurrencies constitute an asset class is still ongoing as many experts are concerned about the market’s extreme volatility.“It’s a very personal thing.

Why is the US govt offering a Bitcoin and crypto bounty

One of the top indicators of widespread crypto adoption is central governments embracing the ecosystem’s utility and deploying digital currencies as a way to maximize their own functioning.

Fed and Yale researchers lay out 2 regulatory frameworks for stablecoins

Yale Professor Gary B. Gorton and Jeffery Zhang of the Board of Governors of the Federal Reserve System have co-authored a 49-page paper called, “Taming Wildcat Stablecoins.” The Federal Reserve’s ongoing research into central bank digital currencies, or CBDCs, has broadened to include stablecoins and whether they can be effectively regulated. In their paper, which was published in SSRN’s eLibrary on July 17, Gorton and Zhang argue that “privately produced monies” such as stablecoins are “not an effective medium of exchange because they are not always accepted at par and are subject to runs.” The authors then go on to propose solutions to address what they consider to be “systemic risks created by stablecoins.”After taking a deep dive into the history of private money, beginning with the Free Banking Era in the United States, a period from 1837 to 1864,  the researchers concluded that policymakers have two choices with respect to regulating stablecoins: make stablecoins equivalent to public money or introduce a CBDC, which entails taxing private stablecoins out of existence.With respect to the first choice, the government could require that stablecoins be issued through FDIC-insured banks or stipulate that all stablecoins be fully collateralized by Treasuries at the Federal Reserve.

IMF, World Bank, BIS Recommend Countries Work Together on CBDCs to Enhance Cross-Border Payments

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.

Why traders opt for centralized exchanges when it comes to digital assets

If you're just getting started in the world of digital currencies, or even if you have some sort of track record as a crypto-investor already, you may be wondering why traders are using centralized exThe post Why traders opt for centralized exchanges when it comes to digital assets appeared first on AMBCrypto.

Japan to reportedly take action to scrutinize crypto globally

Japanese Ministry of Finance is hiring more staff to develop stricter global rules for digital currencies, particularly fiat-pegged stablecoins. Japan is strengthening its efforts to regulate digital currencies on a global scale, with related government authorities reportedly looking to expand staff to impose stricter rules.Japanese regulators have expressed fresh concerns over the massive growth of the cryptocurrency market, particularly cautioning against stablecoins, Reuters reported Friday.Tokyo is willing to engage with global financial regulators to develop stricter rules for private digital currencies, three Japanese officials reportedly said, adding that G7 and the G20 group regulators have called for greater regulations for fiat-pegged stablecoins.“Japan can no longer leave things unattended with global developments over digital currencies moving so rapidly,” one official said.According to the report, the Japanese Ministry of Finance is allegedly considering increasing staff to pursue its efforts to scrutinize the industry worldwide.

IMF, World Bank and BIS champion central bank digital currencies at G20

A new report released by the triumvirate of global finance argues that central bank digital currencies will benefit worldwide development. In a joint report, the International Monetary Fund (IMF), the World Bank and the Bank of International Settlements (BIS) have proposed to the G20 that a cross-border network of central bank digital currencies (CBDC), underpinned by efficient technological integration and proactive international cooperation, could be of significant benefit to the world economy.The report focuses on broadening the horizon beyond central banks’ individual studies of CBDCs for domestic needs, emphasizing that it is crucial to coordinate work at a global scale and to find common ground between various national efforts to reap the full benefits of digital currency.

Bank of Thailand Warns Against the Use of Digital Currencies Payments

The Bank of Thailand warned against the use of digital currencies as legal tender.

Thailand's central bank warns against using digital currencies for payments

The BOT said it may be forced to coordinate with the Securities and Exchange Commission to ensure crypto payments do not pose "extensive risks to the general public or the economic and financial system." The Bank of Thailand has issued a warning to crypto holders who use their digital assets as a medium of exchange, saying if these practices become widespread it may take strong regulatory measures.In a Thursday statement, the central bank said anyone who engaged in the trade of digital assets for goods and services, as the sender or recipient, could face risks including money laundering, theft, and price volatility.

New Zealand's Reserve Bank consulting public on a potential CBDC

The Reserve Bank of New Zealand will look at the potential for a CBDC “to work alongside cash as government-backed money,” and assess the issues around the emergence of crypto assets such as stablecoins.

Marshall Wace hedge fund giant to reportedly dive into crypto

Marshall Wace is reportedly still discussing the size of its new digital currency-related portfolio with potential investors. Marshall Wace, a London-based hedge fund giant managing about $55 billion in assets, is reportedly planning a major move into cryptocurrency and blockchain investment.The hedge fund firm is preparing to launch a dedicated portfolio targeting investments in the digital asset industry, the Financial Times reported Tuesday.Citing anonymous people familiar with the matter, the report notes that the new initiative will focus on investing in privately owned digital finance companies working in areas like blockchain technology and payments systems for digital currencies and stablecoins.It is believed that Marshall Wace’s new digital finance portfolio will be headed up by Amit Rajpal, chief executive of Marshall Wace Asia and co-founder of Indian fintech firm Niyogin.According to the report, the portfolio will adopt a similar approach to a newly-launched healthcare fund targeting investment in firms before flotation and then holding on to them after they list. People familiar with the matter reportedly said that the portfolio will make a particular focus on late-stage venture capital investments and the infrastructure around stablecoins.Related: $22B hedge fund Point72 reportedly searching for a ‘head of crypto’The hedge fund firm is reportedly still discussing the size of the new portfolio with potential investors.

USD 55B Fund Marshall Wace Prepares To Enter Crypto Industry - Report

London-based hedge fund Marshall Wace, which manages USD 55bn in assets, is planning to start investing in areas such as digital currencies, stablecoins, blockchain, and payments, while crypto trading might come next, the Financial Times reported, citing undisclosed people familiar with these plans.

'Digital Yen could reshape changes in Japan's financial industry'

Several countries are discussing the adoption of digital currencies to be issued by their respective central banks recently, as cryptocurrencies continued to find a place in their financial systems.

Report: Vietnam's PM asks State Bank to trial digital currency on blockchain

Vietnamese news outlets have reported that the country's prime minister, Phạm Minh Chính, has tasked the State Bank with studying and conducting a pilot for a digital currency. The State Bank of Vietnam is reportedly set to become the latest central bank to delve into explorations of the feasibility and operationally of central bank digital currencies (CBDCs). Its brief, distinct from some other countries, is to trial a digital currency that would expressly be built on blockchain technology, rather than a centralized protocol.According to a July 3 report from the English-language daily Viet Nam News, Prime Minister Phạm Minh Chính announced the initiative as part of his wider e-government development strategy.

Brian Armstrong Meets With Fed Chair Jerome Powell – ‘US Needs to Be a Major Crypto Player to Stay Relevant’

According to Jerome Powell’s conference calendar, the CEO of Coinbase, Brian Armstrong, met with the Federal Reserve chairman and former House of Representatives Speaker Paul Ryan to speak about the implications of digital currencies.

As the Top Coins Lag Behind, an Odd Bunch of Crypto Assets See Double-Digit Gains

The market capitalization of all 10,722 cryptocurrencies in existence is around $1.42 trillion on Wednesday and during the last 24 hours, all of these crypto-assets combined lost 3.92%.

BNY Mellon's Subsidiary Insight Investment Doubts about Bitcoin as Payment Medium

Despite the Bank of New York Mellon (BNY Mellon) becoming the first global bank that allows customers to hold, transfer, and issue digital currencies, Insight Investment, a subsidiary of BNY Mellon, reveals its sceptical attitude towards Bitcoin as the means of payment.

Deutsche Börse Group Acquires Major Stake in Swiss Firm Crypto Finance AG

On Tuesday, Deutsche Börse Group, marketplace manager for the trading of shares and other securities, explained the company has acquired a major stake in Crypto Finance AG.

Report: South Africa Bars Transfer of Locally Acquired Cryptocurrencies to Overseas Exchanges, Offenders Face Jail Time

Fresh reports from South Africa suggest that the transfer of locally acquired cryptocurrencies to overseas crypto exchanges will now be subject to the country’s exchange control regulations.

Foreign CBDCs and stablecoins unlikely to threaten US dollar, says Fed vice chair

Though Randal Quarles said there was a "legitimate and strong regulatory interest in how stablecoins are constructed and managed," a US dollar-pegged coin could help provide support for its fiat counterpart. Randal Quarles, vice chair for supervision of the Federal Reserve Board of Governors, said he believed neither dollar-pegged stablecoins nor digital currencies issued by foreign central banks are likely major causes for concern for the US dollar.In a prepared statement for the Annual Utah Bankers Association Convention Monday, Quarles said that foreign currencies — whether fiat or digital — would be unlikely to challenge the US dollar’s role in the global economy.

New York Fed president says crypto poses challenging questions for central banks

John Williams responded to a presentation from Mark Carney, the former head of the Bank of Canada and Bank of England, about the potential for issuing central bank digital currencies.

Iran Counts 30 Crypto Mining Farms Licensed to Mint Digital Currencies

Iranian authorities have so far authorized 30 facilities for cryptocurrency mining.

Israel and Palestine Are Exploring Digital Currencies

The two states are exploring crypto at the same time—for different reasons.

Crypto in Canada: Where are we today, and where are we heading?

An exploration into the country’s crypto landscape today and what it means for the future of the digital asset industry in Canada. Digital currencies are quickly becoming more mainstream within the Canadian financial landscape.

Blockchain not suitable for CBDC, says Swiss national bank economist

Global economists continue to question the implications of blockchain implementation for central bank digital currencies. Blockchain, the underlying technology of cryptocurrencies like Bitcoin (BTC), is not the right solution for a central bank digital currency, according to an economist at Switzerland’s central bank.Carlos Lenz, chief economist at the Swiss National Bank, argued that blockchain-based decentralization features are not efficient for a state-controlled digital currencies like a digital franc, German-language Swiss newspaper The Handelszeitung reported Thursday.The economist reportedly noted that there is a large number of technological opportunities for building a digital franc.

Bank for International Settlements backs Central Bank Digital Currencies

The Bank for International Settlements (BIS) has given full approval to the development of central bank digital currencies (CBDCs), saying they are needed to modernize finance.

The Bank for International Settlements Gives CBDCs Full Backing

The Bank for International Settlements (BIS) announced its full support for developing central bank digital currencies (CBDCs) in pursuing financial and monetary stability through international cooperation with the mandate and support by central banks.

Altcoins follow Bitcoin price’s lead as uncertainty grips crypto market

Historical data suggests that during periods of extreme market turbulence, most altcoins tend to follow Bitcoin’s price movements closely. Cryptocurrency investors all over the globe have been facing a challenging time for over a month thanks, in large part, to the unprecedented price drops that have happened across the board in relation to most prominent digital currencies available in the market.Since the start of June, the total market capitalization of this relatively nascent space has dipped from a little over $1.8 trillion to around $1.3 trillion, thus showcasing a loss of over 40%.One thing interesting to note is that as the market has declined and shown signs of contracting, while Bitcoin (BTC) has continued to display a strong correlation with Ether (ETH) and the wider altcoin market in general.

BIS optimistic about central bank digital currencies

The central bank of central banks says CBDCs are necessary for maintaining the status quo of the legacy financial system. The Bank for International Settlements (BIS) has reaffirmed its support for central bank digital currencies (CBDCs).In a report titled “CBDCs: an opportunity for the monetary system,” BIS researchers argued that sovereign digital currencies offered “the unique advantages of central bank money.”According to the report, CBDCs are the embodiment of digital money designed for the public good and are best suited for interfacing with instant retail payment systems.Indeed, several central banks around the world are experimenting with retail CBDCs with many of these projects examining ways to float a digital companion to their respective fiat currencies.Detailing a probable retail CBDC architecture, the BIS report put forward the following: “CBDCs are best designed as part of a two-tier system, where the central bank and the private sector each play their respective role,” adding:“A logical step in their design is to delegate the majority of operational tasks and consumer-facing activities to commercial banks and non-bank PSPs that provide retail services on a competitive level playing field.

Central Banks Step Up Bitcoin, Stablecoin Bashing Efforts Amid CBDC Plans

The Bank for International Settlements keeps bashing cryptocurrencies, such as bitcoin (BTC), and stablecoins, while preparing the ground for central bank digital currencies (CBDC), saying that they "open a new chapter for the monetary system." Central bank interest in CBDCs comes at a critical time when three major recent developments placed certain "potential

New Bank of America Report Says Digital Currencies ‘Could Boost Economic Growth’ in Developing Countries

A new Bank of America (BOA) research study has found that both central bank digital currencies (CBDCs) and private digital currencies hold “a lot of potential” for increasing financial inclusion in developing countries.

El Salvador adopting Bitcoin could make it lose market dominance

The Salvadoran experiment is the shot heard round the world for the mainstream adoption of decentralized digital currencies as money. El Salvador recently added Bitcoin as legal tender.

PBOC Instructs China’s Banks to Forbid All Cryptocurrency Related Activities Immediately

China’s central bank has sent notice to the country’s financial institutions instructing them to stop dealing with cryptocurrency transactions.

Russian oligarch Deripaska blasts Bank of Russia for ignoring Bitcoin

Russia needs to move to Bitcoin to provide a “real financial instrument enabling independence in foreign trade settlements,” Deripaska argued. Russian industrial tycoon Oleg Deripaska is the latest figure to criticize the Bank of Russia’s stance on cryptocurrency regulation in the country.Deripaska took to his official Telegram channel on Thursday to blast the Russian central bank for pressuring the crypto industry to avoid getting involved into cryptocurrencies like Bitcoin (BTC).The Russian oligarch pointed out that even small countries like El Salvador have moved into Bitcoin by recognizing it as legal tender:“Even poor El Salvador, known for being close to oft-mentioned Honduras, has realized the need for digital currencies and taken a simple path, recognizing Bitcoin as a means of payment.”Deripaska went on to criticize the central bank for its non-committal response to the crypto industry development, particularly the bank’s statements regarding the digital ruble.

India Consults Stakeholders Related to Cryptocurrency Ban

The Indian government is exploring an alternative approach to handling digital currencies, rather than a blanket ban.

Korean Exchanges Delist High-risk Coins as They Face Tough Regulations

Crypto trading platforms in South Korea are delisting certain digital currencies as they move to comply with stricter rules for the industry.

Tunisian Minister Says He Plans to ‘Decriminalize’ the Buying of Bitcoin

After reports that Tanzanian President Samia Hassan had asked her finance chief to look into cryptocurrencies, Tunisia has become the latest African country to signal a willingness to embrace digital assets.

Hedge Funds Aim for $300 Billion in Crypto Assets Within 5 Years, Survey Shows

Hedge funds are likely to significantly increase their crypto holdings, a global poll of chief financial officers has indicated.

Maxine Waters Announces Congressional Working Group on Crypto

Rep. Waters made the announcement during a hearing on central bank digital currencies.

Former PayPal employees launch decentralized cross-border payment network on Algorand

“Fueling cross-border transactions with regulated stablecoins to represent fiat on-chain has never been done before,” said Borderless Capital CEO David Garcia. Two former PayPal workers in business and technology have launched a cross-border payment system aimed at “faster, cheaper, and more transparent payments.”In an announcement today, fintech infrastructure firm Six Clovers said it had launched its RAPID network connecting banks, merchants, and payment providers, allowing clients to transact in digital currencies and fiat.

Remittance firms hesitant to support BTC despite legal tender law in El Salvador

Remittance firms operating in El Salvador appear reluctant to support Bitcoin despite the country's new law mandating the crypto asset as legal tender. Despite El Salvador’s recently passed law mandating Bitcoin as legal tender, local remittance firms are reportedly hesitant to adopt BTC.Speaking to Reuters, Autonomous Research fintech analyst, Kenneth Suchoski, argued that remittance firms are unlikely to launch support for Bitcoin and other crypto assets until prompted to do so by customer demand, likely creating a stalemate for the local payments industry.“For Western Union and some of the other remittance providers, keep in mind that most of the volume in the remittance industry is going from developed markets to emerging markets primarily to people — families and friends — that operate in cash,” he said.Suchoski estimates that less than 1% of global cross-border remittances are conducted using crypto assets, adding:“To the extent that bitcoin isn't adopted and there's not widespread acceptance, these remittance providers are still going to be relevant for the years to come.”Global payments firm, MoneyGram International, also emphasized the challenge of navigating undeveloped infrastructure enabling ramps between crypto assets and local fiat currencies in emerging economies.“We've built a bridge to connect bitcoin and other digital currencies to local fiat currency," a MoneyGram representative told Reuters, adding:"As crypto and digital currencies rise in prominence, a core barrier to further growth is the on/off ramps to local fiat currencies."Last month, MoneyGram revealed a partnership with Coinme to enable users to buy and sell crypto assets using USD at 12,000 retail locations across the United States.Related: El Salvador's Bitcoin adoption may jeopardize IMF negotiations: JPMorganSuchoski also emphasized the compliance burden of supporting crypto assets for payments firms, noting that Western Union’s annual compliance

Pronouncements from the G-7 allow green fintech to flourish

Sustainability and the need to lessen climate change amid the COVID-19 pandemic have become the global economic agenda. After debating the issue for over eight years, the secretary-general of the Organization for Economic Cooperation and Development (OECD), Mathias Cormann, welcomed a historic international agreement by G-7 finance ministers from the United States, Japan, the United Kingdom, Germany, France, Italy and Canada on key elements of global tax reform designed to address the tax challenges related to the digitalization and the globalization of the economy amid the world economy digitizing at a fast pace with the occurrence of the COVID-19 pandemic.Related: Not like before: Digital currencies debut amid COVID-19The agreement mandates that the largest multinational tech giants pay their fair share of tax in the countries in which they operate, at a global minimum rate of at least 15%.

Swiss, French Central Banks to Trial Wholesale CBDC Settlements With BIS and Private Sector

The central banks of Switzerland and France are joining hands with the Bank for International Settlements to test wholesale central bank digital currencies in cross-border transactions.

Nigeria's central bank plans CBDC pilot launch before the end of 2021

The Central Bank of Nigeria says it is gearing up to test a sovereign digital currency to ease foreign remittance restrictions. Rakiya Mohammed, an IT specialist at the Central Bank of Nigeria (CBN) has announced that the apex bank is making efforts to float a central bank digital currency in the country.According to a report by People’s Gazette, Mohammed made this known after the Bankers Committee meeting held in Abuja on Thursday, telling reporters:“Before the end of the year, the Central Bank will be making a special announcement and possibly launching a pilot scheme in order to be able to provide this kind of currency to the populace.”Back in May, CBN governor Godwin Emefiele had stated that digital currencies will “come to life” in Nigeria despite the current ban.Indeed, Nigeria’s central bank banned commercial banks and other financial institutions from servicing crypto exchanges in February citing debunked claims of cryptocurrencies being primarily used for illicit transactions.According to Mohammed, the CBN’s digital currency will act complementary to naira cash notes.

US State Street Bank Joins Digital Asset Space with New Cryptocurrency Division

State Street bank based in Boston wants to bet on digital currencies like Bitcoin.

Multi-trillion asset manager State Street launches digital currency division

The second-oldest continuously operating US bank, State Street, has launched a new division dedicated to cryptocurrency and digital assets. Multi-trillion dollar asset manager, State Street Corporation, has become the latest financial institution to announce the launch of a dedicated digital finance division.State Street, the second-oldest continually operating bank in the United States, announced the move on Thursday, June 10, highlighting the division’s focus on cryptocurrency, blockchain technology, central bank digital currencies (CBDCs), and tokenization.”The financial industry is transforming to a digital economy, and we see digital assets as one of the most significant forces impacting our industry over the next five years,” asserted State Street CEO and chairman, Ron O’Hanley.

Elizabeth Warren compares 'bogus' crypto to 'legitimate' CBDCs in senate hearing

"The threats posed by crypto show that congress and federal regulators can't continue to hide out, hoping crypto will go away," said the Massachusetts senator. Democratic Senator Elizabeth Warren did not mince words when it came to criticizing crypto, but seemed to consider a federally-backed digital currency as a possible solution to address problems around financial inclusion in the United States.At a Wednesday session of the Senate Banking Committee discussing a US government-backed central bank digital currency, or CBDC, Warren said the recent explosion in cryptocurrencies had helped many people understand the foundational technology on which digital currencies were based.

Members of East Africa Community Explore Potential Use of CBDC for Alternative Regional Payment System

Six East African states are reportedly set to explore the possibility of using central bank digital currencies (CBDC) as an alternative to their shared payment system.

Amazon Job Listing Seeks Blockchain Lead – Internet Giant Looks to Create ‘Business Use Cases Across Defi’

Amazon is looking for a blockchain expert, according to a job posting published on the company’s employment portal.

Hong Kong includes central bank digital currency in fintech strategy

Research into central bank digital currencies will play a significant role in Hong Kong’s fintech development efforts. The Hong Kong Monetary Authority (HKMA) has published its “Fintech 2025” strategy with central bank digital currencies (CBDC), both retail and wholesale, included in the digital finance innovation package.Unveiling the fintech strategy via a release issued on Tuesday, CBDCs will reportedly play a part in the city administration’s goal of promoting comprehensive digital finance adoption by 2025.Concerning its plans for central bank digital currencies, the HKMA revealed that it would increase its research efforts to ensure Hong Kong’s readiness to float both retail and wholesale CBDCs.According to the announcement, the HKMA is collaborating with the Bank for International Settlement to research a retail digital Hong Kong dollar currency.

Kenyan Banks Warn Clients Against Crypto Trading

A few Kenyan banks have started sending out warning alerts to clients engaged in cryptocurrency trading to be wary of the associated risks.

G7 Finance Chiefs to Publish Common Rules for State-Issued Digital Currencies This Year

The G7 finance ministers and central bank governors have met and agreed to work towards common principles for state-backed digital currencies and publish their conclusions this year.

Kalashnikov Eyes Digital Ruble Settlements as Russia Aims to Replace ‘Dirty Money’

Kalashnikov Group, the Russian firearms manufacturer, is ready to transition to settlements in digital currency.

ECB: Digital Euro to Boost Global Appeal of European Money, Fight ‘Artificial Currencies’

The digitization of traditional currencies like the euro has the potential to increase their international appeal, the European Central Bank says in a new report.

The CBDC promised land: As some governments falter, others press on

Regulatory hurdles and the economic impact of the pandemic have derailed some CBDC projects, but not all hope is lost. With the crypto market turning up its pace of growth over the last year and a half, the idea behind central bank digital currencies (CBDCs) seems to have gained an increasing amount of traction among many governments and retail banking institutions.

The ECB Warns Financial Stability Risks If Central Banks Fails to Issue Digital Currencies

The European Central Bank (ECB) warns that nations who decide not to issue CBDCs may encounter risks to their monetary autonomy and financial systems.

Dental Clinic in Ontario to Accept Cryptocurrency for Its Services

Southdown Dental, a clinic in Mississauga, Ontario, is introducing a new payment option.

Tiger Brokers and Futu to Offer Crypto Trading Services Outside China

Two Chinese online brokerages have set out to enter the global crypto trading market.

Digital Yuan Architect: 'Imagine a CBDC on Ethereum or Diem'

Source: Adobe/H_Ko One of the chief architects of the Chinese digital yuan has discussed a possibility that the central bank digital currencies (CBDCs) could operate on networks such as Ethereum (ETH) or the yet-to-be-released Facebook-masterminded blockchain platform Diem (formerly Libra) as part of a two-tier operating system. The comments came from Yao Qian, the science and technology 

Notorious ‘Tiger King’ Joe Exotic Launches ETH-Based Token to Help Legal Fund

The infamous Joseph Maldonado, aka “Joe Exotic,” from the docuseries “Tiger King: Murder, Mayhem and Madness,” has launched his own Ethereum-based token.

The future of digital asset liquidity: Centralized or decentralized?

DeFi solutions, and the decentralized liquidity they protect, are the only way forward for the cryptocurrency space. Last month, Bitcoin (BTC) reached above $60,000, highlighting the current frenzy around digital currencies.

US Convenience Store Chain Sheetz to Accept Cryptocurrencies for Payments

The American chain of convenience stores and coffee shops, Sheetz, announced on Thursday that the firm would be accepting digital currencies like bitcoin, ether, and dogecoin for payments.

American convenience store chain now accepts Bitcoin payments

Mid-Atlantic convenience store giant Sheetz is set to accept Bitcoin and crypto payments across its outlets. Retail crypto payment acceptance in the United States continues to grow as Sheetz announces plans to allow the use of virtual currencies in its outlets across America.In a release issued on Thursday, the convenience store chain announced its partnership with digital payments provider Flexa to enable customers to pay for products and services with cryptocurrencies.As part of the announcement, Sheetz revealed that the crypto payment option was for both in-store items and gas pumps at their over 600 outlets across Pennsylvania, Ohio, Maryland, Virginia, North Carolina and West Virginia.Cryptos that will be accepted by convenience store chain include Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Dogecoin (DOGE) among others.The company’s crypto payment adoption move is also an extension of its business relationship with point-of-sale payment provider NCR.Apart from enabling Bitcoin and crypto payment, Sheetz also plans to allow customers to link their Flexa-enabled payment apps with the company’s loyalty reward program.Indeed, crypto is seeing significant adoption in the rebates and loyalty rewards arena with digital currencies being seen as being viable for rewarding patrons.The Sheetz announcement now adds convenience stores to the growing list of businesses accepting crypto payments in the United States.

Lack of knowledge is main barrier to crypto adoption, new survey says

55% of survey respondents said that they were aware of crypto despite never owning or using cryptocurrencies. Among the many complications associated with cryptocurrencies like Bitcoin (BTC), a lack of knowledge and understanding of crypto is the biggest obstacle for wider adoption, according to a new survey.The Economist Intelligence Unit, the research and analysis division of the Economist Group, released a new report called “Digimentality 2021.”The study was commissioned by major payment and cryptocurrency platform Crypto.com and contains a consumer survey of 3,053 people conducted from February to March 2021.According to survey results, 51% of respondents said a lack of knowledge is the main barrier to the adoption of open-source cryptocurrencies like Bitcoin and Ether (ETH), while 34% of survey participants cited security concerns as the main obstacle, and 29% indicated difficulties in knowing where to buy crypto.In terms of crypto acceptance by institutional investors and corporate treasuries, 47% of respondents said that overall market trust or understanding of digital currencies was the biggest adoption obstacle.

'COVID-19 Accelerated Digital Currency Adoption': The Economist Intelligence Unit

New data suggests that the pandemic has accelerated the trend towards adopting digital currencies.

No Legal Bitcoin Mining in Iran Until Late September

Iran has banned crypto mining over the summer as the electricity demand sees a major increase in this period - effective immediately. Per the Iran Front Page, Iranian president Hassan Rouhani forbidden to mine digital currencies until late September, because it puts a massive burden on the national power grid. According to Bloomberg, the end-date is September

‘Chinese Invented Paper Money and They Will End It’- Brazil’s Far-Left Praises Digital Yuan  

Digital currencies, those issued by central banks in particular, have been commended for their “disruptive nature.” The praise comes from a publication associated with one of Brazil’s far-left parties.

State-backed digital currencies can disrupt financial systems: Report

While CBDCs could help central banks address the decline in cash payments, some risk factors remain. Central bank digital currencies, or CBDCs, could pose a threat to financial systems if related risks are not managed, Big Three credit agency Fitch Ratings has warned.Fitch Ratings released a report on Monday entitled “Central Bank Digital Currencies: Opportunities, Risk and Disruption,” which discussed the major trade-offs between risks and benefits associated with CBDCs.Fitch Ratings stated that the key benefits of a retail CBDC lie in its potential ability to expand government-backed cashless payments in an effort to keep up with the wider digitalization of society.

CBDCs Are Not That Stable And May Eventually Kill Bitcoin, Says Financial Expert

Financial journalist Edward Chancellor predicted that launching central bank digital currencies can be catastrophic for Bitcoin.

Bitcoin Markets Blood Red After Tesla Announcement, Crypto Economy Sheds Billions

Digital currency markets have seen better days, as billions of dollars were shaved off the entire crypto-economy after Tesla revealed it would not be accepting bitcoin over environmental concerns.

Mastercard Payment Index: More Consumers in Three African Countries Plan to Use Crypto Based Payment Methods

According to a recent Mastercard payment index report, the Covid-19 related lockdowns helped spread the use of cryptocurrency in three African countries, namely Nigeria, Kenya, and South Africa.

The challenges with designing a CBDC, explained

Central bank digital currencies face a tricky trilemma when it comes to ensuring they are well designed.

Ripple’s Partner Accenture Writes Paper With SWIFT On CBDCs

Ripple’s partner Accenture, the technology and business consulting firm, has published a paper with SWIFT on the potential for central bank digital currencies (CBDC) payment solutions.

Kazakhstan Is Preparing the Launch of a CBDC Pilot With Private Financial Companies

Central bank digital currencies (CBDCs) are steadily becoming a serious discussion among governments globally, with Kazakhstan as the latest country unveiling its plans.

Iran seems to be attempting to ban foreign-mined cryptocurrencies for payments

A difficult-to-enforce ban may actually be part of a larger sanctions-avoidance strategy. In a broader effort to circumvent the effects of sanctions, Iran may be attempting one of the first instances of digital currency protectionism.  According to a Tweet from news outlet Iran International, The Central Bank of Iran announced a decision from the Cabinet on Wednesday decreeing that digital currencies traded in the country must have been mined, or “extracted” there as well, barring the exchange of digital assets mined abroad. While many observers have pointed out that enforcement would be nearly impossible, blockchain lawyer and advisor Fatemeh Fannizadeh noted that the ban may be aimed primarily at banks and forex entities using crypto to pay for imports: I don't think it will be enforced on an individual level.

Poland Should Introduce CBDC To Protect Its Economy - Stock Exchange CEO

Poland's central bank will need to issue its central bank digital currency (CBDC), the digital zloty, to prevent other countries from imposing their own digital currencies on the Polish economy, Marek Dietl, CEO of the state-controlled Warsaw Stock Exchange (WSE), said during a recent panel discussion.

With Cryptocurrencies Going Mainstream, How Is Purchasing Digital Currencies Becoming Simplified?

It is common knowledge that Bitcoin was the first decentralized cryptocurrency.

Vietnam Plans to Regulate Digital Currencies After Commissioning a Crypto Research Group

Vietnam is treading waters into the cryptocurrency industry, as the government recently commissioned a research group for the purpose.

PayPal says its crypto efforts are producing 'really great results' on earnings call

PayPal’s CEO believes crypto assets are forging a more equitable and inclusive financial system. During PayPal's Quarter 1 2021 investor update call, president and CEO, Dan Schulman said digital assets had performed strongly for the company and that he believes crypto and central bank digital currencies will be a driving force in forging “a more equitable financial system.” Following the success of PayPal’s move to embrace crypto assets, much of the call centered around the firm’s recent and future plans for digital assets. “We believe the current technological underpinnings of our financial system will be substantially upgraded over the coming years,” Schulman said, adding this would help efforts to recover from the pandemic: “Both cryptocurrency and central bank-issued digital currencies can play a critical role in shaping a more inclusive recovery and a more equitable financial system.” The CEO stated the payments provider has an extensive crypto roadmap planned, noting its digital asset innovations will be pursued “in partnership with governments and in compliance with local, national and global regulatory frameworks.”  “We’ve got a tremendous amount of really great results going on tactically with our crypto efforts,” he added. The firm’s shares rose by more than 5% on Wednesday, April 5 in response to the earnings update, after PayPal revealed its per-share earnings had outperformed expectations by more than 20%, coming in at $1.22 each adjusted.

Binance CEO warns of CBDC drawbacks as digital dollar pilots proceed in US

CBDCs will never offer the same freedom of use as cryptocurrencies like Bitcoin, according to Binance CEO Changpeng Zhao. Cryptocurrencies like Bitcoin (BTC) and Ether (ETH) will co-exist “for a while” with more restrictive digital currencies like China’s digital yuan, Binance CEO Changpeng Zhao said in a Bloomberg interview on Monday. According to Zhao, some of the key features of cryptocurrencies like Bitcoin (BTC) — freedom of use and limited supply — won’t be offered by central bank digital currencies.

South Korean Ruling Party Contemplates Postponing Crypto Tax in a Bid to Regain Younger Votes

South Korean political parties are now battling to catch younger votes amid the tough stance among higher government spheres toward digital currencies.

Bitmain Cofounder Jihan Wu Says ‘Crypto Industry May Surpass the Internet’

During the Second 421 Wet Season Festival and Mining Ecology Conference the Chairman of the Bitdeer Group and cofounder of Bitmain, Jihan Wu spoke about institutions flocking to cryptocurrency mining.

Rolling up the sleeves: China’s tech giants drive digital yuan adoption

CBDC tests are proceeding toward deployment, as Chinese internet, fintech and e-commerce giants are leading the digital yuan vanguard. While key central bank figures in the West like Jerome Powell and Christine Lagarde appear to be procrastinating on the subject of central bank digital currencies, China continues to make significant progress. China’s digital currency electronic payment project, or DCEP, helmed by the country’s central bank, continues to draw significant private sector participation.

Fed Chair Jerome Powell Says Dogecoin and Gamestop Hype Highlights ‘Froth in Equity Markets’

Federal Reserve Chair, Jerome Powell, discussed a number of topics this week such as inflation and central bank digital currencies (CBDCs) following the multi-day Federal Open Market Committee (FOMC) meetings.

Mastercard Investing in Smart Contract Tech to Build on State-Backed Digital Currencies

It’s still early days, but Mastercard is examining how smart contracts can help central banks develop digital cash.

21% of Muscovites think crypto and digital currencies will replace fiat in ten years

According to a recent poll, 14% of Russians think crypto will replace fiat in 10 years, while 39% think it's impossible to give up cash.

Central Banks Will Need To Rethink Monetary Policies - PayPal CEO

In ten years, the world will see a major decline in the use of cash, with all forms of payment collapsing into mobile devices, catalyzing the advent of digital currencies and forcing central banks to rethink their monetary policies, according to Dan Schulman, CEO of online payments giant PayPal. Schulman predicts that the next five to 10 years will introduce more

Decentralization is the final frontier for CBDCs

Decentralized CBDCs will most likely pique the interest of the masses much more than their centralized counterparts. As central bank digital currencies, or CBDCs, continue to garner mainstream traction across the global financial landscape in recent years, almost all central banks are actively researching the benefits and risks of offering a digital currency to the public. In its most basic sense, a CBDC is a digital form of fiat money, backed by a suitable amount of monetary reserves like gold or foreign currency reserves.

Citi Analyst: Bitcoin Could Lose Out to Other Digital Currencies

An analyst at Citi explains why Bitcoin may get outpaced by other digital currencies in the long run.

Telegram's First Cryptocurrency Autotrading Channel

Disclaimer: The text below is a press release that was not written by Cryptonews.com. An alternative to trade bitcoin and other digital currencies are autotrading platforms such as CryptoWhale.

Grayscale's parent company, DCG, optimistic about the Middleware Track

Since the second half of 2020, many major countries have gradually begun to accept digital currencies in a more pervasive manner.

How To Buy Bitcoin With a Credit Card in Coinsbuy

The popularity of digital currencies rapidly grows, while Coinsbuy offers a simple and secure way to buy crypto.