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 invasion of Ukraine. International payment networks like SWIFT reacted swiftly … Continue reading 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 a future monetary system in a report released by the … Continue reading 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 of the Bank of England, called for the establishment of … Continue reading 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 said and pointed out a couple of problems with them. … Continue reading 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 it difficult to achieve a November 11 launch. China has … Continue reading 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 Friday in the US. Seven companies from the tech … Continue reading 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 provide a timeframe for the launch of its cryptocurrency, the … Continue reading China’s Central Bank Plans to Release Digital Currency Soon