Tag Archives: CBDC

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...

The Central Bank of Kenya (CBK) said a potential CBDC could positively impact the local financial system. Nonetheless, the institution introduced a discussion paper to find out what the general public thinks on the matter. Seeking Society’s Opinion According to the CBK, launching a central bank digital currency could flatten the multi-layered correspondent banking structure and enhance cross-border payments. The latter will become more efficient and less costly, the...

Zambia’s central bank is reportedly conducting research on its own digital currency in hopes of cutting transaction costs and boosting participation. “The results of the research will form part of the input in the policy considerations on whether to introduce a central bank digital currency in Zambia,” officials revealed cited by Bloomberg. Central bank digital currencies (CBDC) are digital tokens tied to a nation’s currency and run by its central bank. Officials hope that...

Central bank digital currencies have become among the most popular topics of discussion among governing monetary bodies as they are trying to find a way to reduce the impact of private cryptocurrencies. However, IMF’s Managing Director believes that each country has to follow its own route as one type of a CBDC will not work in every nation. Not a Single Solution Reports emerge daily of new central banks that are hoping on the CBDC trend, trying to capitalize on the...