Tag Archives: CBDC

A group of US lawmakers introduced this Monday the “E-CASH” Act, a bill directed to the US Treasury Department to encourage the entity to develop a digital version of the dollar. E-Cash Is not CBDC, but a Complement to it Democratic Representative Stephen Lynch is the principal sponsor of the ECASH Act, a legislative proposal passed to the House of Representatives. As per the bill, the US Treasury Department was selected as the “most appropriate” government entity to develop...

After bashing the cryptocurrency industry for years, the Bank of England has decided to go down the central bank digital currency path by collaborating with MIT. Thus, England’s central bank has become the second such institution to partner with the prominent university on the matter. BoE Joins Forces With MIT The announcement shared earlier this week informed that the two entities began their collaboration on whether the banking institution should develop and launch a CBDC...

Qatar’s central bank plans to digitalize most of its products, including studying and potentially developing and launching a CBDC. One of the other directives from the institution involves issuing digital bank licenses. Qatar Enters the CBDC Race Speaking to The Peninsula at the 8th Doha Islamic Finance Conference, QCB’s Head of FinTech – Alanood Abdullah Al Muftah – outlined the organization’s new and digitalized direction. The bank has begun exploring various initiatives...

Richard Turrin – Financial Technology Consultant at CNBC – argued that the Chinese central bank digital currency could challenge the dominance of the American dollar this decade. Specifically, he believes the e-yuan might replace its rival as the currency of choice in international trade settlements. Digital Yuan to Reduce the Dollar’s Usage? The Chinese government is known for having one of the most hostile stances on private cryptocurrencies. Last year, the authorities...

Deloitte believes Bitcoin and cryptocurrencies can help deliver a payment system that is fast, secure, effective, can facilitate efficient cross-border transactions, but there are challenges to overcome first. In the latest study called ‘State-sponsored cryptocurrency,’ Deloitte provided a fresh perspective of a central bank’s digital currency by revamping the traditional fiat system and adapting Bitcoin’s innovation. Win-Win Game According to Deloitte, combining the best...

The Chief Executive Officer of PayPal – Dan Schulman – reiterated his positive stance on the cryptocurrency industry. In his view, the “intersection” between digital assets, CBDCs, stablecoins, and digital wallets will “redefine a lot of the financial world going forward.” High Hopes on Crypto PayPal’s top executive has been an advocate of the cryptocurrency industry for a while and even admitted in 2019 that he owned bitcoin. In his most recent speech at Axis Tel Aviv,...

In a bid to spread awareness and bolster usage, the Jamaican Government is all set to airdrop $16 (2500 Jamaican dollars) to the first 100,000 citizens setting up Central Bank Digital Currency (CBDC) wallets after April 1st. Jamaica Digital Exchange (JAM-DEX) While delivering the opening presentation in the 2022/23 Budget Debate in the House of Representatives this week, Minister of Finance and the Public Service Dr. Nigel Clarke stated that the main objective of the move is...

Indian Finance Minister Nirmala Sitharaman said that she expects the central bank to roll out its digital currency this year. About the legalization of bitcoin and other digital currencies, she noted that the government is not inclined to take a position just yet. It has set in motion a consultation process, and when it ends, the government will look at the insights generated before taking a position, she clarified. India’s CBDC Plans on Track Speaking at the annual summit of...

No cash, no problem! If you are one of those who think that physical money is old-fashioned, you might want to move to Jamaica, where the Central Bank has a similar stance and is getting closer each day to launching its own CBDC. In a press release published this week, the Bank of Jamaica announced that it had chosen the name, logo, tagline, and visual image of its new digital currency, which it expects to launch later this year. Hello Jam-Dex: No Cash, No Problem! The Bank...

Everyday transactions with China’s digital currency during the Beijing Olympic Games account for around 2 million yuan (approximately $315,000), a top official at the nation’s central bank said. He further revealed that foreign users employ hardware wallets when dealing with the product, while locals prefer software wallets. Digital Yuan Transactions During The Games China’s name pops up somewhat immediately when speaking of central bank digital currencies (CBDCs). Over the...