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Tag Archives: CBDC

Federal Reserve Soon to Release Report on CBDC Launch, Says Jerome Powell

Jerome Powell – the active chair of the Federal Reserve – says they have begun studying whether to launch their own digital currency and will soon be releasing a paper on the matter. Possible Digital Currency for the United States Powell confirmed that investigations were underway in an interview with CNBC this Wednesday. “We are working proactively to evaluate whether to issue a CBDC,” said the chairman, “and if so– in what form.” Jerome Powell. Source: TimeHe follows with...

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Ripple Partners with Bhutan’s Central Bank to Pilot a CBDC

The Royal Monetary Authority (RMA) – Bhutan’s central bank – has joined forces with Ripple to launch a digital version of its national currency. The institution anticipates the initiative to boost the country’s financial inclusion by 85% in the next two years. Ripple and Bhutan Shook Hands The enterprise blockchain provider Ripple announced it would enable Bhutan’s central bank to employ its network to pilot a central bank digital currency: “Today, we are proud to announce...

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Australia, Singapore, Malaysia, and South Africa to Conduct a Mutual CBDC Project: Report

The central banks of Australia, Singapore, Malaysia, and South Africa will reportedly launch a trial program to test cross-border payments employing different CBDCs. Their mission: to determine whether the move would enable more accessible transactions. The Multinational Partnership Central bank digital currencies appear to be an attractive financial instrument for numerous countries across the globe since many are exploring them as a financial instrument. While governments...

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Digital Pound Does Not Sound Like a Good Idea to 30% of Brits: Survey

According to recent research, every third British citizen fears that a potential digital pound could bring more harm than benefits to the UK economic system. In contrast, 24% believe the so-called Britcoin would turn to be a successful financial instrument. Britcoin Brings More Suspicion Than Excitement The US journalism company Politico surveyed 2,500 British adults to determine their opinion on issuing a digital version of the local pound currency. The majority of the...

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India to Launch Trials for its CBDC by The End of 2021, RBI Governor Confirms

Shaktikanta Das – the governor of the Reserve Bank of India – said the financial institution could launch its first trial programs for a digital rupee by December this year. The initiative would determine the security of the Indian CBDC and its impact on the local economic network. India’s Approach to a CBDC In a recent interview for CNBC, Shaktikanta Das revealed the Reserve Bank of India’s plans to begin trials for a central bank digital currency before the end of this...

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Digitale Währungen der Zentralbanken: Hier kommt die Weltkarte

Digitale Währungen der Zentralbanken: Hier kommt die Weltkarte. (Link zur interaktiven Karte weiter unten im Blogartikel) Die grossen Notenbanken der Welt haben eigene Pläne für digitale Währungen, denn der Bitcoin ist vielen Regierungen ein Dorn im Auge. So hat China bereits einige Rechenzentren im Land abschalten lassen. Viele Länder sorgen sich um die Stabilität und Sicherheit der Finanzmärkte, wenn alles am Staat vorbeiläuft. Zunehmend...

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CBI Governor: Negatives Surrounding Crypto Far Outweigh Any Benefits

Gabriel Makhlouf – the Central Bank of Ireland Governor – believes cryptocurrencies could negatively impact the European financial stability. He also stated that the Eurozone is very close to launching its own CBDC, indicating that “it’s not a question of if but rather how and when.” Are Digital Assets a Threat to The EU? In a recent blog post, CBI’s Governor Gabriel Makhlouf spoke rather contradictory about virtual currencies and their function. The top banker warned that...

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Mastercard Has to Be in the Cryptocurrency Space, Says CEO

As cryptocurrency adoption enters a mainstream stage, traditional financial services platforms are trying to adapt to the changing financial ecosystem. To maintain their importance in this industry, payment processors like Mastercard and Visa intend to use their large client base and international reach to attract both government and private entities when they are testing their CBDC or stablecoin projects. During an earnings call yesterday, Mastercard’s CEO, Michael Miebach,...

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Ghana’s Vice President: African Countries Should Embrace Digital Currencies

The Vice President of Ghana – Dr. Mahamudu Bawumia – opined that embracing cryptocurrencies would be beneficial for the trade sector on the African continent. He believes that digitization is the tool that will help the economies to revive again after the devastating consequences of the COVID-19 pandemic. Digital Currencies Can Improve Trade During the Fifth Ghana International Trade and Finance Conference in the capital Acra, the nation’s Vice President argued that African...

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Nigeria to Launch a Pilot for Its CBDC in October

After four years of research, the Central Bank of Nigeria (CBN) will finally roll out a pilot program for its own digital currency on October 1st, 2021. The CBDC project, named “GIANT,” will run on the modular blockchain framework Hyperledger Fabric. Nigeria Does Not Want to Fall Behind During a recent webinar, the Central Bank of Nigeria revealed that it had set a clear date for launching a pilot for its CBDC – October 1st. The information technology director of the CBN –...

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