Digital Currency

One crypto critic, New York University's Aswath Damodaran, thinks Ether has a better chance of becoming a commodity in a possible blockchain-based future than Bitcoin. The NYU professor argued that Ethereum's upside potential outweighs Bitcoin's potential in a possible future paradigm dominated by blockchain-based technology. Inefficient Currency According to Damodaran, ETH will outshine BTC as a better lubricant for blockchain commerce. As for Bitcoin, the professor noted that the popular crypto was a speculative play. He added that bitcoin bulls…

Facebook-backed Diem might launch this year based on a recent report. The report, citing a source undisclosed, said the Diem Association plans to launch a small pilot with a single "stablecoin," pegged to the US dollar, later this year. The association has indicated that it has relocated its significant activities to the United States from Switzerland. It has also withdrawn its application to the Swiss Financial Regulator for payments. CNBC also said that if Diem's pilot is introduced this year,…

Mastercard has collaborated with local payment service provider Island Pay to roll out prepaid cards for the Bahamians central bank digital currency (CBDC), named the Bahamians Sand Dollar. Under the initiative, Bahama citizens will have the option to convert the digital currency to the traditional Bahamians dollar easily, and vice versa, Mastercard said in an announcement today. The service will provide greater flexibility for Bahamians to conveniently pay for goods and services anywhere Mastercard is accepted, the announcement stated. Notably,…

The race to develop Central Bank Digital Currencies continues to heat up, and Cambodia is the latest to launch its digital currency. As per reports from Thai news outlet Bangkong Post, Cambodia launched its digital currency named ‘’Bakong’’ on Wednesday, October 28, 2020. Digital Currency to be used via smartphones Bakong was developed by the National Bank of Cambodia (NBC) in collaboration with Japanese tech startup Soramitsu Co. The launch culminates the Digital currency developments, which began with pilot testing…

In 2009, Bitcoin demonstrated to the world the power of cryptocurrencies. Today, these next-generation assets are set to digitize the economy. However, this wasn’t always the case. If it weren’t for developers' hard work and contributions over the years, the world might have missed the blockchain mark completely. While Bitcoin is by far the most successful digital currency, it was by no means the first. For decades, digital currency developers built upon each other’s theories, and they continue to do…

An economic recession is a period that is characterized by a slowdown in the level of economic activities. There is a massive fall in both individual and government spending, and the situation can last for more than a few months. According to the macroeconomic view of a recession, it occurs when a negative GDP records for two consecutive quarters. Business cycles contract and there is a general excess in supply of goods, increased unemployment levels as firms scale down expenses,…

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 Dutch central bank claims readiness for the development and trial of a digital Euro. According to the apex bank, it is willing to lead the development of a Europe-wide digital currency. On April 21, the central bank released a 45-page report which stated its readiness to lead the research and development of a digital currency for the Netherlands and Europe. The report also stated that the central bank is interested in becoming a proving ground for central bank digital currencies in…