The central bank digital currency (CBDC) has continued to enjoy wide use in China as residents and companies in the Fujian Province reportedly processed nearly $22 billion in digital Yuan (e-CNY) transactions from last year to date. The Fujian Province was one of several districts added to the country’s CBDC pilot phase last year. Fujian…
Tables have turned as money is no longer just printed papers and coins as the globe moves towards digital currencies. Central banks are concentrating on the implementation of a novel concept: central bank digital currencies. CBDCs was created in response to the rise of cryptocurrency. During the Covid epidemic, cryptocurrency controlled the world, attracting the…
Saudi Arabia has intensified preparations for a potential crypto adoption as its Central Bank recently hired Mohsen Alzahrani to spearhead the bank’s crypto and Central Bank Digital Currency(CBDC) plans. Previously, Mr. Alzaharani worked as a financial services Managing Director at Accenture. He has ten years of experience in the finance field. Also, he served as…
Australia’s central bank has announced that it will undertake a one-year study on a CBDC. The study will examine the merits and demerits of issuing a CBDC in the country. Also, the report said the central bank is willing to partner with other industry participants. They can submit their recommendations and potential CBDC uses cases…
According to reports, the IMF said the widespread popularity of crypto is not a threat to the stability of the global financial market. However, it stated the latest sell-off had reduced the possibility of such concerns. As stated by the IMF, certain factors are responsible for such remarks on the crypto sector. Policymakers fear crypto…
The board members of the Bank of Central African States are calling for the regional bank to develop a digital currency for the region. Also, all nations under the central region can use it for payment. According to Bloomberg, the board had sent this message to the regional bank following a meeting in Cameroon. Additionally,…
At a recent meeting, the G20 nations came together to discuss the necessity of international collaboration and stablecoin regulation. Those in attendance include central bank governors and ministers of finance. Cross-Border Collaboration On Crypto Regulation Government representatives at the meeting stated that cross-border cooperation and stablecoin regulation were essential. This would allow for easier and…
At the recent G20 gathering, Phillip Lowe, the governor of Australia’s central bank, suggested that controlled private tokens would be preferable to CBDCs. Meanwhile, the Bank for International Settlements conducted a poll recently. The result showed that 90% of central banks globally were moving toward creating a virtual currency. Some are currently doing tests. Others…
Although crypto can potentially increase financial inclusion, Indonesia’s central bank governor is skeptical about them. He warns that they might also pose systemic dangers to the financial system. Governor Doni Joewono said this while speaking at a G20 gathering in Bali. He believes a crypto regulatory structure is essential. This regulatory structure would guarantee that…
The ECB (European Central Bank) believes a digital Euro has some hurdles to surpass to be successful. First, it has to gain popular acceptance among Europeans. Also, it would have to meet their basic requirements and be suitable for payment. On July 13th, Christine Lagarde and Fabio Panetta wrote a blog post. Design Specifications Of…
Despite the security offered by blockchain technology, hackers continue to look for loopholes to use. As a result, several blockchain systems have been victims of cyber attacks. According to a report, China is the latest victim of such an attack. The country has experienced the most prominent data theft in history. The Chinese authorities have…
According to reports, a ministerial panel in India will meet next week. The purpose of the meeting is to discuss the GST (Goods and Services Tax) on crypto transactions. Indian Panel To Discuss Crypto Tax Beginning 28th Of June According to Bloomberg, the panel would comprise state and federal finance ministers. The report states the…
According to report, Oman is working on its first CBDC. Oman Taher bin Salem al-Omari, the Central Bank of Oman’s (CBO) CEO, announced the possibility of a CBDC, the digital Omani. He made the announcement at a conference dubbed “New Age of Banking.” Meanwhile, the country remains skeptical of digital currencies. This is because of…
The Treasury Department in the United States is making progress toward regulating non hosted wallets. This is part of Biden’s strategy to tackle fraudulent activities involving crypto-assets. In 2020, the Financial Crimes Enforcement Network (FinCEN) proposed two rules. The rules ensure it is notified of non hosted crypto transactions above $10,000. Also, it compels banks…