CBDC

The Reverse Bank of New Zealand (RBNZ) is seeking the public's input on the possible introduction of central bank digital currency (CBDC). They are looking to introduce the digital version of Kiwi. It is part of the bank's response to the digital advancements in payments and money. The Push for Digital Currency Adoption The Assistant Governor of RBNZ Christian Hawkesby said in a statement: ''A Central Bank Digital Currency would see the features and benefits of cash enjoyed in the digital world,…

A vocal Pro-Crypto U.S Senator has called for further developments in the auditing of Stablecoins. Sen. Cynthia Lummis holds that the audit should go beyond the "proof" provided by the leading insurers. Senator said, "cash should fully back Stablecoins". But, again, there's a need to audit that condition regularly to ensure compliance by their providers. Lummis contributed to a Senate discussion on the potential for the U.S to develop. Its central bank digital currency (CBDC). She sounded alarmed over the…

Central Bank Digital Currencies (CBDCs) are the latest financial buzz. Governments want to build them, and many have started. Currently, more governments have started working on CBDCs. Also, the Bank of International Settlements (BIS) is supporting their activities. Less Time, Fewer Costs Earlier this week, the BIS published a report. In the statement, the bank said that CBDCs can help to reduce the delays in international transactions. The report's title was "Inthanon-LionRock to mBridge: Building a multi CBDC platform for international payments."…

In a volatile crypto market, developers found a way to stabilize trade. The solution comes from the invention of stablecoins, which entered the market in 2014. Stablecoins are digital currencies linked to an asset or a currency. Some of the most popular assets include gold and fiat currencies. The promise of CBDC currencies can lead this evolution to the next step. The US Dollar backs the majority of stablecoins circulating the DeFi ecosystem. Therefore, the value fluctuations of digital currency remain at…

As per Nikkei reports, the Royal Monetary Authority of Bhutan partners with Ripple for its CBDC trials. The main aim is to integrate Ripple’s XRP blockchain into Bhutan’s payment infrastructure to improve P2P transactions and international remittances. Central Bank of Bhutan and Ripple As per Japanese news company Nikkei, the San Francisco-based company Ripple will work with Bhutan’s Central Bank to try their CBDC. The main aim of this collaboration is to see to it that the CBDC will have flawless international…

While some political and corporate leaders have been eager to invest in and adopt cryptocurrencies, others are entirely hostile. Turkish President Tayyip Erdogan recently declared outright war on the Bitcoin network. President Erdoğan: "We Are At War" President Erdoğan expressed his opposition to Bitcoin in a meeting with Turkish students this Saturday. The event comes after one of them asked if the country's central bank would adopt cryptocurrencies. Erdogan responded with total rejection: "We have absolutely no intention of embracing cryptocurrencies. On the…

The Bank of Ghana is teaming up with Giesecke+Devrient (G+D) to launch a Central Bank Digital Currency pilot program. This move could make Ghana the first African country to unleash its digital currency.  According to a press release, the collaborative effort will test the issuance of a general-purpose CBDC dubbed as Cedi through various stakeholders, including banks, consumers, merchants, payment providers, and many more. The gradual transition towards a cashless economy is part of the Digital Ghana Agenda, which plans…

According to reports from PwC, over 85% of central banks are either investigating or on pilot programs for digital versions of fiat currencies. The digital versions are now gaining traction as Central Bank Digital Currencies (CBDC), with China taking the lead with the e-yuan. However, while many countries seem ambitious about this version of virtual currencies, it doesn't mean they embrace cryptocurrencies. CBDCs are not cryptocurrencies, and some governments developing them have even banned cryptocurrencies. China is one of the…

The deputy governor of the People’s Bank of China, Li Bo, confirmed that foreign visitors and athletes would be able to use China’s digital currency dubbed as the electronic Chinese yuan (e-CNY) during the 2022 Winter Olympics. Going Global China hopes to make e-CNY an international digital currency and a convenient alternative to the regular dollar as a marketing stunt. Unleashing the CBDC during the competitions could also assist the country in maintaining monetary sovereignty as regions such as Beijing,…