Digital currency

  • Canada Plots National Digital Currency… To Spy On Its Citizens

    According to a report out of The Logic, the Bank of Canada is preparing to run the gauntlet and potentially launch its own digital currency in the near future.Journalists secured access to a presentation dubbed “Central Bank Money: The Next Generation”. The paper was prepared for the central bank’s board of directors and its governor Stephen Poloz.If launched, the digital currency would work hand in hand with physical cash. The bank, however, plans to eventually scrap physical trading entirely.The revelation is consequently receiving stiff criticism. Maxime Bernier, a leader for the People’s Party of Canada, warns of the dangers of the project.Central Bank of Canada: Surveillance is Our RightThe report goes on to claim that the benefits of launching a digital currency far outweigh the risks. That includes this controversial little section which suggests broad surveillance is the right of the central bank:“Personal details not shared with payee, but could be shared with police or tax authorities.”One response to Bernier’s tweet highlights the negative implications of a ban on cash:“I think I’d rather have some thug try to beat me for the…

    Oct 18, 2019
  • Rwanda’s Central Bank Is Researching a Possible Digital Currency Launch

    Rwanda’s central bank is studying the development and issuance of its own digital currency.

    Aug 23, 2019
  • Africa Could Emerge As the Battleground Between Facebook and China As Digital Currency Race Heats up

    However, Libra, if and when it launches, may not be the only venture to take a crack at Africa. In fact, another country may soon have its sights on the continent: China.

    Aug 22, 2019
  • Facebook-owned WhatsApp Looks to Launch Digital Payments in Indonesia

    Facebook-owned messaging service, WhatsApp, is purportedly in preliminary talks with multiple digital payments firms to launch digital payment services in Indonesia.

    Aug 21, 2019
  • Bank of America Files Patent for Multi-Tiered Digital Currency Wallet

    United States-based investment banking company Bank of America (BofA) has filed a patent for a digital currency wallet with multiple layers of asset access.

    Aug 20, 2019
  • China’s Digital Fiat Wants to Compete With Bitcoin – But It’s Not a Crypto

    China may be about to launch a fiat digital currency, but in all likelihood, it will only resemble a cryptocurrency on the surface.

    Aug 19, 2019
  • Central Banks Worldwide Testing Their Own Digital Currencies

    Central banks worldwide are examining the possibility of issuing a central bank digital currency (CBDC), with some already testing theirs for different uses.

    Aug 16, 2019
  • Can Central Bank Digital Currencies Be Used to Fight Financial Crimes?

    Such a solution would have great advantage of combating shadow economy and illegal activities, and could be a viable alternative to corporate-backed digital currencies like Libra.

    Aug 15, 2019
  • The Investment Trend Has Changed? Digital Currency Is No Longer Suitable for Investment

    The year of 2019 has witnessed a shift in investments from focusing purely on digital currency to convergence applications.

    Aug 14, 2019
  • China’s Digital Currency Is Ready, Central Bank Says

    The People’s Bank of China (PBoC) has claimed that its digital currency “can now be said to be ready.”

    Aug 12, 2019
  • Why Should Ordinary People Allocate a Few Digital Assets?

    On July 28, Aurora, Vice President of ZB Group, attended the financial innovation forum of the First Taiwan Blockchain Week. When talking about impact of trade conflicts between China and the United States, Japan and South Korea on digital currencies, Aurora said, “It may trigger investor concerns about tax increases, interest rate cuts and inflation. Risk aversion will prompt more investors to invest their money in digital currencies field. ” In terms of asset allocation that many people care about, Aurora believes that there are three advantages to allocate digital assets. One is to hedge macroeconomic risks; The second is to control the property ownership in own hands through the decentralized structure of blockchain; Third, there is still considerable room for growth and appreciation of digital assets.For the three advantages Aurora said, I think there is a certain reference value. So, I will take Bitcoin as an example and briefly analyze it.Hedge macroeconomic risksBitcoin is the most reliable hedge against Venezuela’s hyperinflation.Trade Economics stated that the central bank’s statistics showed that the Venezuelan economy shrank over twenty-two percent (22.5%) at the end of 2018 and then recently, over…

    Jul 31, 2019
  • Official: Russia to Postpone Adoption of Bill on Digital Currencies

    Russia’s parliament, the State Duma, may defer the adoption of the country’s major crypto bill “On Digital Financial Assets” (DFA) until the autumn session, local news outlet TASS reported on July 9.The Duma is considering shifting the adoption of the DFA bill to the autumn session, while the representatives have largely agreed on a bill on crowdfunding, according to the chairman of the State Duma Committee on Financial Markets, Anatoly Aksakov.Aksakov further explained that officials have not been able to reach a common position on the fate of digital currencies in Russia, saying:“The law on the DFA is set to decide whether we will prohibit cryptocurrencies as a medium of exchange in Russian legislation, meaning that there will be no exchange points nor exchanges that work with cryptocurrencies. We have not yet reached consensus on the issue. We need to define what cryptocurrency is at the legislative level. Then there is a fork in the road: we either prohibit organizing infrastructure for the purchase and sale of cryptocurrencies in Russia, or allow it.”Initially, the country’s parliament planned to adopt the law at the end of June. At…

    Jul 10, 2019
  • PBoC Official: Facebook Libra Threat Could Spur Work on China’s National Digital Currency

    With Facebook’s Libra cryptocurrency potentially posing a threat to traditional money on various fronts, China’s central bank could hasten development of its own digital cash, according to a People’s Bank of China (PBoC) official.Speaking at an event at Peking University’s Institute of Digital Finance earlier on Monday, Wang Xin, head of the research bureau at the PBoC, said if Libra becomes widely used for international payments and effectively acts like money, “would it … accordingly have a large influence on monetary policy, financial stability and the international monetary system?”As reported by the South China Morning Post, this risk means that the PBoC is looking at the situation with “high attention,” and could ramp up development of its own digital currency, which has been ongoing for some years.“We had an early start … but lots of work is needed to consolidate our lead,” Wang said.Facebook’s Libra project was revealed in mid-June to be planned as a stablecoin linked to a basket of fiat currencies and government bonds.Wang indicated China needed to know precisely which currencies those would be, and whether the U.S. dollar would play a role, according to the Post.If…

    Jul 9, 2019
  • BIS Chief: Central Banks May Issue Digital Currencies ‘Sooner Than We Think’

    Agustin Carstens, chief of the Bank for International Settlements (BIS), has acknowledged that central banks will likely soon need to issue their own digital currencies.

    Jul 1, 2019
  • Russia’s Central Bank Is Considering Launching a Digital Currency

    The head of Russia’s central bank has said the institution could one day launch its own digital currency.

    Jun 18, 2019
  • Bundesbank Chief Warns on Risks of Central Bank Digital Currencies

    The head of Germany’s central bank has said central bank digital currencies could destabilize financial systems and worsen bank runs.In a speech at the opening of the Bundesbank Symposium in Frankfurt, Germany, on May 29, Deutsche Bundesbank president Jens Weidmann said the widespread use of digital central bank money could have “serious consequences” and should not be introduced without being well thought through.For one, Weidmann predicted, easy access to digital money could exacerbate bank runs in times of crises.He said:“In a crisis, financial stability may be more vulnerable than it is today, with digital central bank money very liquid and secure investment alternative. Therefore, both ‘escape to safety’ in general and a digital bank run in particular could take place faster and to a greater extent than in the past.”Further, demand for CBDCs could be “greater or more volatile than that for cash, with corresponding effects on the central bank’s balance sheet.”And, even in the good times, a CBDC could bring a fundamental shift in the business models of banks, as well as in intermediation of the financial markets, he said.The central…

    Jun 4, 2019

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