Category: CBDC

Visa Teams Up With Consensys To Build Payment Infrastructure For CBDCs

Visa and ConsenSys, a blockchain software startup, are working to develop a central bank digital currency (CBDC) pilot program to explore retail applications such as cards and wallets. Both firms will first meet with an estimated 30 central banks to discuss the goals that governments hope to achieve with government-backed digital currency. The pilot program…
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01/14/2022 0

Fed Chair Jerome Powell Argues private stablecoins can co-exist with US CBDC

On Jan. 11, Federal Reserve Chair Jerome Powell told Senate legislators that nothing prevents privately issued stablecoins from coexisting with a prospective Fed central bank digital currency (CBDC). Jerome Powell Confirms Fed-issued Digital Currency Is Underway Sen. Pat Toomey (R-Pa.) asked Powell during his confirmation hearing for a second term as Fed chairman whether there…
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01/13/2022 0

Why Did China Ban Bitcoin Mining? Here Are The Seven Leading Theories

One of 2021’s biggest stories was the China ban on Bitcoin mining. On one hand, the news did affect Bitcoin’s price and gave ammunition to the naysayers that think that governments will outlaw Bitcoin. On the other, the network kept working without a hiccup, recovered its hashrate in record time, and gained in decentralization. However,…
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01/02/2022 0

Eastern Caribbean CBDC Rolls Out to Two More Nations

The Eastern Caribbean Central Bank (ECCB) expanded its CBDC (DCash) to two more nations of the commonwealth: Dominica and Montserrat. Now, the digital version of the EC dollar has been rolled out in seven out of all eight-member from ECCU countries. The Eastern Caribbean dollar (EC$) is the currency used by the members of the…
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12/08/2021 0

The People’s Bank Of China’s Report On Blockchain Tech And Their Upcoming CBDC

Apparently, the People’s Bank Of China is considering using blockchain technology to power the Digital Yuan CBDC. The coin, also known as Digital renminbi or digital RMB, has been in beta-testing for a while now. However, Di Gang, deputy director of the Digital Currency Institute of the People’s Bank of China, recently presented an extensive…
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12/06/2021 0

Ripple Partners With Republic Of Palau To Develop National Digital Currency

Digital payment network Ripple has partnered with the Republic of Palau to develop its own digital currency. The payment network is still on a mission to dominate the global payments industry. That is, despite the issues it is dealing with in the U.S. Related Reading | SEC Takes Blow In Action Against Ripple, Will It Impact…
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11/24/2021 0

Central Bank of France Tests Blockchain-Backed CBDC Targeting Debt Market

As the adoption of digital assets is becoming more mainstream, some countries are awakening to join the flow. This has borne the desire to get a central bank digital currency, CBDC, by some countries. One of such countries is France. For some months, the Central Bank of France has explored a central bank digital currency…
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10/28/2021 0

Is China Considering Lifting The Bitcoin Mining Ban? The NDRC Runs Public Survey

The National Development and Reform Commission is asking the Chinese public for their opinion on the Bitcoin mining ban. Is China’s government playing 4D chess or are they confused and considering backtracking their decision? Can they unring this particular bell or is this a too little too late scenario? Do they really care about what…
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10/25/2021 0

Visa Is Building A Payment Channel Network On Ethereum

Visa has been active in engaging with crypto, and this week is no exception. Reports have emerged that the payment facilitator and financial services firm has deployed it’s first smart contract on Ethereum Testnet. The move isn’t the first to signal Visa’s increased acceptance to adopt crypto in their operations. Visa’s Universal Payment Channel The…
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09/30/2021 0

Did Turkey’s President Say “We Are In A War Against Bitcoin”? An Investigation

Is President Erdogan so out of touch with what’s happening around him that he declared war against Bitcoin? Or is this a case of “lost in translation” and quotes out of context? An article titled “We are in a war against bitcoin,” says Turkey’s president” has been making the rounds over at Bitcoin-Twitter, receiving both…
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09/20/2021 0

Is Evergrande Defaulting? Is This The Reason For China’s War Against Bitcoin?

The biggest property developer in China, Evergrande, seems to be on the verge of collapse. They apparently owe $300B. Is bankruptcy on the table? There’s a better question, though. Is Evergrande the only company in the sector with these kinds of debts? Or is Evergrande just a symptom of a widespread disease? Also, how does…
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09/16/2021 0

Singapore Central Bank Selects 15 Firms For Retailing CBDC

The Monetary Authority of Singapore (MAS) finally shortlisted 15 companies that will assist in developing retail CBDC. These firms will participate in the Global CBDC challenge and help build the in-house retail central bank digital currency. MAS announcement indicates that the participants include four companies from the United States and six from Singapore. There’s also…
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09/05/2021 0

Bittrex Global CEO Declares Dubai Will Gain Benefit From Cryptocurrency Market Expansion

The UAE (United Arab Emirates) is moving to secure its presence within the digital asset sector. They have also applied various efforts to promote the adoption of blockchain-based technologies. According to Bittrex Global cryptocurrency exchange CEO Stephen Stonberg, Dubai and the United Arab Emirates are among the very friendly jurisdictions to the crypto industry. Dubai…
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09/03/2021 0