Browsing Tag
Binance Places Restrictions On 281 Nigerian Crypto Accounts
Binance CEO Says User Security is PriorityIn a letter to Nigerian Binance users, the company’s CEO Changpeng “CZ” Zhao said that the platform restricted the accounts of several users in the country in compliance with international anti money-laundering rules (AML). The Binance CEO revealed that...
Nepal’s Banking Institutions: “Crypto Is Illegal”
Nepal’s Banking Body Issues Crypto Ban NoticeAccording to The Himalayan, the Nepal Bankers’ Association recently issued a notice stating that individuals were prohibited from indulging in cryptocurrency activities. The notice covers Nepalis and foreigners living in Nepal, as well as Nepalis living abroad. An excerpt...
South Korea's Central Bank Concludes First Phase Of CBDC Test
South Korea Moving to Stage Two of CBDC PilotIn April 2021, BOK announced its intention to conduct a mock trial of the CBDC. Later in July, the Central Bank chose Ground X, the blockchain subsidiary of the South Korean Internet giant Kakao, to participate in...
Bank Of America: Digital Dollar Is Inevitable
US authorities remain indecisive in regards to a centrally managed currency. However, the Bank of America, believes that an American CBDC can not be avoided and that a digital dollar is likely to emerge in the US over the next several years, most likely between...
The Bank Negara Malaysia Is Exploring The Possibility Of A Native CBDC
The Central Bank of Malaysia is exploring the possibility of creating a native central bank digital currency and considering its effects on the local economy. The bank wishes to be prepared if a need to launch its own CBDC arises, but it also wants to...
The Chinese Economy : Why It Impacts The Crypto Market
Recently, China clamped down hard on the crypto market, cutting crypto-related transactions from the financial system. The Chinese government also warned investors against speculative trading in 2021. However, this latest development makes it difficult for residents to buy Crypto via various payment means. Miners are...
The Digital Yuan: How It Will Change China And The World
Central bank digital currencies (CBDCs) are the shiny new, cool high-tech thing that everyone in the crypto world is so excited about because it’s new and cool and high-tech, and it can help fight corruption or something. Forgive me, but that’s the impression I get...
China Launches Digital Yuan Wallet For IOS And Android
The wallet is available for Android and iOS devices in their respective app stores, as the launch brings the country one step closer to introducing a central bank digital currency. Digital yuan wallet pilot now available throughout ChinaThe report of the wallet’s launch was first...
India Parliament’s Winter Session: Three Crypto Bills Are Off The Table
Due to the recent disruptions in the Parliament, combined with the coming assembly elections in no less than five states, a number of bills have been removed from the schedule of India Parliament’s Winter Session. They included three key financial sector bills that were supposed...
Indian Crypto Adoption Figures Exaggerated Says RBI Governor
Despite the legal sentiment from the government, India’s crypto enthusiasts remain undeterred. However, the government is also sharing scepticism over how large crypto really is in the country. Numbers Have Been InflatedEarly in November, Shaktikanta Das, the Governor of the Reserve Bank of India (RBI)...
Thailand Central Bank Working Towards Developing Crypto Regulations
Proposed Regulation to Prohibit Crypto PaymentsAccording to Bloomberg on Tuesday (Dec. 14, 2021), BoT Governor Sethaput Suthiwartnarueput during an interview said that the central bank will issue a consultation paper on "Financial Landscape" by January 2022. The consultation paper is seeking a consensus for what...
Australian Central Bank Not Compelled To Launch CBDC
Australia Not Ready to Issue Digital Australian DollarAccording to Reuters, RBA governor Philip Lowe while giving a speech on Thursday (Dec. 9, 2021), said that there is yet to be a "strong public policy case" for Australia to develop a retail CBDC, given the country's...
Visa Establishes Crypto Consulting Service For Banks And Retailers
An Advisory Service to Aid Better Understanding of CryptoAccording to a press release, published on Wednesday (Dec. 8, 2021), Visa announced the establishment of a Global Crypto Advisory Practice, an arm of its Visa Consulting Analytics (VCA). The new cryptocurrency advisory service seeks to aid...
What Jerome Powell’s Renomination For Chairman Of The Fed Means For CBDCs And Cryptocurrency
So did Bitcoin, for that matter, so at least I can feel the pain with the rest of you. Misery loves company, indeed. Jerome Powell’s RenominationJerome Powell’s renomination is not good news for cryptocurrency investors. Still, I doubt the nomination of any of these other...
Indonesia Central Bank Plans To Use CBDC To Fight Cryptocurrency
Fighting Crypto With CBDCAccording to Bloomberg on Tuesday (Nov. 30, 2021), the assistant governor of the Indonesia central bank Juda Agung, made the statement during a parliamentary hearing. According to Agung: “A CBDC would be one of the tools to fight crypto. We assume that...
China Considers Digital Asset Exchange Launch To Push CBDC Project
Possible Digital Asset Exchange in BeijingAccording to a Bloomberg report, part of the guidelines by the State Council could see the creation of a virtual asset exchange in Beijing, the Chinese capital. The idea is part of the plans to push the usage of the...
India's Central Bank Looking To Commence CBDC Pilot In 2022
RBI Planning CBDC TrialAccording to a report from the Business Standard, the RBI chief general manager at the Department of Payment Settlement, P. Vasudevan made the comment while speaking at the State Bank of India’s annual Banking Economic Conclaveon November 16. Meanwhile, the RBI official...
CBDCs Are A Blemish On Cryptocurrency – Why We Should Reject Them At All Costs
Separating Church and StateFor all we know, cryptocurrencies were an inevitable innovation. After years of errors and miscues, this novel creation eventually diffused power to the holder. The goal was to separate government from money. Money without politics and meetings provided one is connected to...
Zimbabwe Dismisses Rumors Of Plans To Adopt Bitcoin For Legal Payments
Not Adopting Crypto But Studying CBDCAccording to The Herald on Tuesday (Nov. 10, 2021), Monica Mutsvangwa, Zimbabwe's Minister of Information, Publicity and Broadcasting Services, made the statement after a cabinet meeting on Nov. 9. According to the government official, Zimbabwe is not planning to make...
Bank Of England And HM Treasury Working On Launching A CBDC By 2030
The UK is working towards launching a central bank digital currency (CBDC). The Bank of England and the HM Treasury have announced that it is taking the next major steps towards launching the digital pound. According to the press release, once the CBDC is launched,...
Amendment Prohibits Pension Funds From Investing In Crypto
No Crypto Investment for Pension FundsThe draft proposals published in the Government Gazette, seek to amend Regulation 28 of the Pension Funds Act. According to Enoch Godongwana, the Minister of Finance for South Africa, “a fund may not invest in crypto-assets directly or indirectly.” The...
What Will Bitcoin, Ethereum, And Ripple Be In 5 Years?
While it is impossible to give a definite projection in the crypto space, historical performance and analysis of market developments could help shed light on where these coins will be trading in the next five years. Bitcoin Bitcoin is the oldest cryptocurrency and the pioneer...
Saudi Arabia Studying Blockchain And DLT, But Will Not Eliminate Fiat Currency
No Plans to Cancel Physical CashSpeaking in an interview with local news outlet Al-Eqtisadiah, a representative of SAMA noted the growing importance of central bank digital currencies (CBDC) globally. According to the spokesperson, many apex banks are still in the early stages of their CBDC...
Will Stablecoins Or CBDCs Replace Fiat Currency?
Stablecoins are blockchain-based digital currencies with their value pegged to fiat currencies like the US dollar. Since stablecoins lack volatility, unlike their cryptocurrency counterparts that can gain or fall double-digit percentages in a matter of hours, they are deemed crucial for crypto adoption. Indeed, stablecoins...
France Central Bank Completes CBDC Test For Government Bond Deals
A consortium carried out an experiment with a central bank digital currency (CBDC) issued by the Central bank of France, Banque de France, to settle government bond transactions. France Trials CBDC for Government BondsThe consortium was led by financial services company Euroclear, as announced by...
G7 Leaders Discuss CBDC Guidelines, Say They Should ‘Do No Harm’
This week, the top seven advanced economies held discussions on the matter and concluded that CBDCs should not "do no harm" and that they should meet the required standards. The meeting by finance leaders from the G7 economies was held in Washington on October 13...
Nigeria's Central Bank Releases CBDC Website Ahead of Proposed Launch
CBN Getting Ready for eNaira LaunchThe eNaira website went live this week ahead of the CBDC pilot scheme which will be rolled out on October 1, 2021, coinciding with Nigeria’s Independence Day. The website launched on Monday (September 27, 2021), and the digital currency is...
Korean Communications Giant LINE Just Rolled Out Blockchain Platform For CBDCs
Ever since central banks around the world started taking cryptocurrency seriously, a major race has started to launch their own CBDCs. Many are already nearing the end of the CBDC development, while some are already in the middle of testing. Of course, there are also...
Stablecoins And CBDCs Are The Future Of Digital Finance
There is simply no denying the fact that crypto has transformed from this once niche’ tech domain to a fully-fledged economy. It boasts a number of high-profile investors and also an army of elite developers working day and night on a host of excellent projects....
ECB Launches Investigation Phase For Potential Digital Euro Project
The European Central Bank (ECB) has started working on a proposed digital euro. While the ECB is not in a hurry to launch a central bank digital currency (CBDC), other central banks have begun experimenting and testing their sovereign digital currencies. ECB Working on Digital...
Can CBDCs Transform Africa's Financial Sector?
A Continent in Need of Digital Currencies For the most part, developed countries have well defined financial systems that are primarily digitized. However, a region where CBDCs have the potential to transform the entire financial scape is Africa. The continent is largely seen as the...
Short Review of CBDCs Around the World: Where, What, Which Stage?
What is a CBDC? In simple terms, a CBDC is a government-backed, owned, and operated currency that is legal tender, and as the landscape of digital finance evolves, governments are beginning to take the concept of digital currency very seriously, and it’s about time. The...
ECB To Expand Official Currency Relevance Through CBDC
Eurozone’s apex regulatory bank, ECB, considers the possible expansion and the relevance of the Euro beyond the Eurozone through its proposed digital Euro. According to a recent Reuters report, “creating a digital euro could boost the single currency's international status by making it easier to...