CBDC

Suppose you have been following the latest cryptocurrency surge. In that case, you will agree that China has played a leading role in the world of cryptocurrency, already ruling the hash rate war on the Bitcoin network. There are millions of Bitcoin traders in China, adding to the insinuation that China may go the way of Digital currency in the future.   Just recently, Reference News (参考消息), a media outlet with long-ties with the Chinese Communist Party, published a report with the…

Currently, around 80% of the world’s central banks are looking into digital currency, but China has been exploring the idea since 2014, who is in the lead. The country is already quite advanced in digital payments, with 83% of digital transactions already being made through mobile devices instead of 17% through cash or bank cards. The majority of these are made through Alipay or WeChat. But now there is a new service on the horizon. The People’s Bank of China…

The cryptocurrency revolution is in full swing, and countries worldwide are racing against time and each other to implement it. While everyone had their sights on China and the United States, the Bahamas' tiny nation island announced that they would launch its digital currency in October 2020. The “Sand Dollar” of the Bahamas will most likely be the first central bank digital currency (CBDC) worldwide. Many years from now, when most of the planet’s nations will boast their well-established CBDCs,…

The possibility of nations issuing digital versions of their domestic currencies seemed utopian only a few years ago. Today, we are witnessing central banks worldwide racing against time and each other to create and regulate digital currencies for national and international use. The two largest economies in the world, the US and China, are going head to head in almost every competition imaginable. The issuing of central bank digital currencies (CBDCs) does not make an exception. Lately, there have been plenty of tensions between…

South Korea’s apex bank is working to ensure the timely initiation of a central bank digital currency (CBDC) pilot system. The bank completed a first-phase review last month prior to the establishment of the CBDC pilot system. In a report published by the Korea Times, it was noted that the central bank is planning to reveal information regarding a consulting partnership with a local firm, being part of its second step. The Bank of Korea welcomes applications from those interested in partnering…

We are ready to work on the establishment of a European central bank digital currency, says the Italian Banking Association (ABI). The ABI announced its willingness to support the implementation of a digital currency from the European Central Bank. The association’s website noted the approval of guidelines governing its position on digital currency and central bank digital currencies (CBDCs) on June 18. The ABI, which represents a group of banks in Italy, said it was ready to take part in projects and…

China wants to go global over its quest for cryptocurrency predominance as it has proposed a digital currency that would be based on a basket of currencies including the Chinese yuan, Japanese yen, South Korean won and Hong Kong dollar. The proposed pan-Asian digital currency is planned by the private-sector to rival Facebook’s Libra and challenge the USD’s supremacy. A report by the Nikkei Asian Review on June 14 noted that the proposed digital currency is backed by China. The plan to create an…

The economic effects of the COVID-19 pandemic have driven discussions regarding the digitalization of economy with central bank digital currencies. This led a blockchain company in the United Kingdom to propose a central bank-issued digital currency (CDBC) system to the Bank of England. The company known as L3COS proposed an operating system based on blockchain for a CBDC to the Bank of England (BoE). According to the company, the proposal represents a response to the BoE’s consultation document released three months ago. The…

A higher academic institution training Communist Party officials (Central Party School) in China has released a new book regarding cryptocurrency. On May 19, reports by a local blockchain news agency noted that the Party School of the Central Committee of the Communist Party of China published the book and it is one of the books in the book series on disruptive technologies. The focus of the book series is on the provision of a learning source for party officials and the general public…