Bitcoin price continues to remain equable in its chosen range of between $29,000 to $30,000. Right now, the cryptocurrency is changing hands for $29,243.94, unchanged from its price a day ago. The world’s biggest cryptocurrency by market capitalization shrugged off positive data about an increase in US Gross Domestic Product (GDP) – news that should… Read More Notes 7/28: Bitcoin Price, Tether and Bitcoin, and Palau Stablecoin
Are CBDCs necessary in the United States? … Read More To CBDC or Not To CBDC?
Central bank digital currencies (CBDC) are becoming popular among countries. According to the Atlantic Council’s CBDC tracker, 105 countries, representing 95 percent of the world’s GDP, are developing digital versions of their national currency. Eighty-one countries were exploring the use of CBDCs in their economy last August. CBDC development accelerated in the aftermath of Russia’s… Read More Notes 10/4: CBDC Development, An Opening for Crypto?
There goes the dream of decentralization. Bitcoin enthusiasts have railed against central banks since the cryptocurrency was introduced to the world in the aftermath of a global financial crisis, widely blamed on central bank policymaking. But digital currencies issued by central banks, also known as Central Bank Digital Currencies (CBDCs), are at the center of… Read More CBDCs Will Drive The Future Monetary System: BIS Report
Even as they lambast the effect of cryptocurrencies on monetary systems, central banks around the world are toying with the idea of digital currencies on the side. For example, the Federal Reserve has been teasing the idea of a Fedcoin for years. Rwanda’s central bank has revealed plans for a digital currency. Mark Carney, governor… Read More All About Central Bank Digital Currencies
Crypto enthusiasts expecting the Federal Reserve to issue its own token might have a wait ahead. During a forum organized by the Swiss Institute of International Studies, Fed chief Jerome Powell said consumers were not “clamoring” for central bank-backed digital currencies (CBDC). “For us, (CBDC) raises substantial issues that we want to see resolved,” he… Read More Fed’s Powell Says Central Bank Digital Currencies Have “Substantial Issues”
China’s digital currency, which was reported to be launching as early as November 11 earlier this week, may take time. A research team from the world’s biggest crypto exchange, Binance, found that the Chinese central bank does not appear to be very committed to it. The currency does not have a technical roadmap yet, making… Read More China’s Central Bank – Backed Digital Currency May Be Delayed
In early August, an official from the People’s Bank of China announced that they were close to launching their cryptocurrency. Yesterday Forbes reported sources as saying that the digital currency could launch as soon as November 11, Singles Day in China. This is the most important shopping day in China and is similar to Black… Read More China May Launch Digital Currency As Soon As November 11
China’s central bank is close to releasing a digital currency. A senior government official told journalists that the currency, which took five years of research and development, will have a centralized two-tier structure with the People’s Bank of China at the top level and commercial banks on the second tier. While he did not… Read More China’s Central Bank Plans to Release Digital Currency Soon