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Tag: central bank digital currencies

Central Bank Digital Currencies Worse Than Bank Accounts and Cash, Says Blocksteam CEO Adam Back – Here’s Why

The chief executive officer of blockchain technology company Blockstream says people are better off using fiat currencies or stablecoins than holding central bank digital...

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World’s Largest Asset Manager Blackrock: Russia-Ukraine War Has Potential Impact on Accelerating Digital Currencies

World's Largest Asset Manager Blackrock: Russia-Ukraine War Has Potential Impact on Accelerating Digital CurrenciesThe CEO of the world’s largest asset manager, Blackrock, says the Russia-Ukraine war has a “potential impact on accelerating digital currencies.” He confirms that Blackrock “is studying digital currencies, stablecoins and the underlying technologies to understand how they can help us serve our clients.” Blackrock on the Acceleration of Digital Currencies Blackrock CEO Larry Fink […]

Digital currencies further disrupt ‘complicated’ US banking system

Digital currencies are only one disruptor in the already intricate U.S. banking ecosystem. Countering the belief that digital currencies could prove the “end of banking,” the rise in cryptocurrency and central bank digital currencies (CBDC) will add an additional layer of complexity to the U.S. banking system, John C. Williams, president of the Federal Reserve […]

Fed Chair Powell Says Crypto Requires New Rules, Citing ‘Threats’ To US Financial System

Federal Reserve Chairman Jerome Powell emphasized on Wednesday that technology transformation is here to stay in the financial sector and that new regulations will be required. Powell revealed some insight into how the United States would govern the market during a presentation at the Bank of International Settlements Innovation Summit on central bank digital currencies. The digital age was not taken into consideration when establishing our current regulatory structures, the Fed official said. “There will be revisions to current laws and regulations, as well as the creation of wholly new rules and structure, if central banks, stablecoins, and digital currencies are to be implemented,” he said during a roundtable discussion on CBDCs at the BISI Summit. Is There A Threat? Powell noted that emerging forms of digital money, like cryptocurrencies and stablecoins, pose threats to the US financial system and will necessitate the adoption of additional consumer protection measures. Powell reaffirmed his position that cryptocurrency should adhere to the “same activity, same regulation” premise. He proposed regulating stablecoin issuers, such as banks, in October 2021. “Stablecoins function similarly to money market funds. They’re similar to bank deposits… and it is reasonable for them to be controlled similarly, same activity, same regulation,” he concluded. Powell Says DeFi Can Improve Finance Sector Despite this, the Fed chairman acknowledged that distributed technology and DeFi have the potential to improve the payment system’s efficiency and foster a more competitive financial sector. This is an impressive recognition from the director of one of the country’s premier financial institutions. Other agencies and their personnel have embraced crypto and blockchain technology as well, albeit they all appear to advocate for some level of regulation. Crypto total market cap at $1.94 trillion on the daily chart | Source: TradingView.com Suggested Reading | Fiat – Not Crypto – Still The Top Choice For Financial Crimes, US Treasury Says Stablecoins are a type of cryptocurrency that are typically backed by the dollar or a commodity such as precious metal. CBDCs are digital representations of dollars or other fiat currencies that governments issue. The Fed is exdigital currencies but has not yet decided whether to issue them. In January, it published a study on stablecoins. Biden’s Executive Order US President Joe Biden signed an executive order earlier this month directing the Treasury Department and other federal agencies to conduct a study on the impact of cryptocurrency on economic stability and national security. Biden’s directive comes as many Democratic legislators, notably Massachusetts’ Elizabeth Warren, have expressed worry that cryptocurrency could be used to circumvent US sanctions against Russia. As part of the executive mandate, the Treasury is leading a report on a CBDC in consultation with the Departments of Justice, Commerce, and State, as well as the Office of Management and Budget, Homeland Security, and the Director of National Intelligence, to determine whether the US should pursue a digital dollar. Suggested Reading | Bitcoin Breaks Past The $40,000 Barrier Again – Can It Sustain The Momentum? Featured image from CryptoSlate, chart from TradingView.com

BIS partners with four central banks to develop multi-CBDC platform prototypes

The Bank for International Settlements worked with central banks in Australia, Malaysia, Singapore and South Africa to create CBDC settlement prototypes.

The post BIS partners with four central banks to develop multi-CBDC platform prototypes appeared first on The Block.

DBS CEO Sees Crypto as an Alternative to Gold — Says Central Banks Globally Should Regulate Cryptocurrencies

DBS CEO Sees Crypto as an Alternative to Gold — Says Central Banks Globally Should Regulate CryptocurrenciesThe CEO of Southeast Asia’s largest bank, DBS, says cryptocurrency “can be an alternative to gold.” He added that regulating crypto “out of the formal banking system is an unwise thing to do.” DBS’ CEO on Cryptocurrency and Regulation DBS Bank Group CEO Piyush Gupta talked about cryptocurrency and its regulation at the recent Economic […]

Arab Monetary Fund Names RippleNet As Potential Alternative to Central Bank Digital Currencies

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The Arab Monetary Fund (AMF), a sub-organization of the Arab League, has named global payments network RippleNet as a possible alternative to central bank digital currencies (CBDCs). In a new report, the AMF’s Arab Regional Fintech Working Group says there is considerable risk for a nation to issue a CBDC, including the possibility that local […]

The post Arab Monetary Fund Names RippleNet As Potential Alternative to Central Bank Digital Currencies appeared first on The Daily Hodl.

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Enterprise Applications of Crypto Liquidity

Crypto continues to move towards mainstream adoption, with more enterprise blockchain applications leveraging cryptocurrencies and other digital assets for operational and transactional purposes. To fully realize this shift, both financial institutions and businesses will have to more wholly embrace the technology by first gaining a better understanding of crypto utility.

The post Enterprise Applications of Crypto Liquidity appeared first on Finovate.

Russia sanctions could push other countries to develop their CBDCs

Banking executive Hiromi Yamaoka believes that the conflict in Ukraine could influence central bank digital currencies (CBDCs) policy globally.  The former head of payments and settlements department at the Bank of Japan sees countries such as China exploring CBDCs to counter the dominance of US dollars.

The post Russia sanctions could push other countries to develop their CBDCs appeared first on CryptoSlate.

The 59 Theses of Crypto Investing

Here are the 59 Theses of Crypto Investing, posted on the door of a local bank.

The post The 59 Theses of Crypto Investing appeared first on Bitcoin Market Journal.

China’s Digital Yuan Could Challenge the USD’s Dominance, CNBC Expert Says

Richard Turrin thinks that the Chinese e-yuan could diminish the American dollar's supremacy in the years to come.

Bitcoin’s Architecture Can Be Used For Creation of CBDC: Deloitte

Big 4 accounting firm Deloitte says that Bitcoin could contain part of the blueprints of a “state-sponsored cryptocurrency” as the race for central bank digital currencies (CBDCs) develops. In a new report titled “State-Sponsored Cryptocurrency: Adapting the best of Bitcoin’s Innovation to the Payments Ecosystem,” Deloitte analysts hash out the main differences between Bitcoin – […]

The post Bitcoin’s Architecture Can Be Used For Creation of CBDC: Deloitte appeared first on Coin Bureau.

Two sides to every coin: Crypto as a weapon in the fight for Ukraine

Tag Template - News Hub PRO Cryptocurrency is being used both to fund Ukraine’s defense and prevent Russia’s ability to skirt sanctions in what may become a pivotal moment for the industry.
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