Finance Ministers and Central Bank Governors from the G7 met last week to discuss global economic conditions, including cryptocurrency. The committee was joined by Heads of the International Monetary Fund, World Bank Group, Organisation for Economic Cooperation and Development, and Financial Stability Board, some of which have been anti-crypto in their stance. The report states…
The South African Reserve Bank is mulling the issuance of a digital rand, Reuters reported on May 18, citing the central bank’s Deputy Governor Kuben Naidoo. Naidoo said a digital rand could significantly cut the cost of cross-border payments for banks. However, he added that the central bank is still years away from introducing the…
EU regulators are using the recent Terra Luna situation to push forward with a Digital Euro CBDC. Many will see the volatility created by the attack on the algorithmically backed stablecoin, UST, as a reason to increase the regulation of stablecoins. With $16 billion worth of UST evaporating within days, it is hard to argue…
After the record-breaking DeFi summer of 2020, the crypto industry has gone parabolic when adopting decentralized technologies. The industry has been racing to reinstate traditional financial services in the decentralized world throughout the last year, drastically expanding the DeFi market. To read the rest of this article, sign in or join CryptoSlate Edge. Get an…
The central bank of Israel has yet to decide whether to create a digital version of its fiat currency shekel, despite the public supporting the notion, Reuters reported. Bank of Israel considering CBDC Discussions over creating digital shekels have been going on since 2017, but the central bank only began to take it seriously in…
Jason Urban believes Central Bank Digital Currencies (CBDCs) will have a positive net effect on the entire cryptocurrency ecosystem, the Galaxy Digital Trading co-head said in a recent interview with Kitco. Urban’s comments and positive outlook contrast the industry’s concerns. Many people argue that CBDCs pose privacy risks for ordinary people and could potentially cut…
Sveriges Riksbank, Sweden’s central bank, said its second phase of testing CBDCs has proven that that it would be possible to integrate a state-backed digital currency into the current banking system. The integration would enable the banks’ clients to exchange funds in their bank accounts into e-krona and vice-versa. The central bank began the second…
On March 31, 2022, the People’s Bank of China held a symposium on the pilot work of digital RMB (digital yuan) research and development to summarize the preliminary research and development pilot work, and arrange the deployment of the next stage of work. Present at the symposium were Yi Gang, Governor of the People’s Bank…
House Democrat representatives today are introducing a bill that calls for the development of an electronic version of the U.S. dollar that has the same legal status and privacy expectations as physical cash. The bill, titled Electronic Currency and Secure Hardware (ECASH) Act, would direct the U.S. Treasury Department, not the Federal Reserve, nota bene,…
While the US debate over the CBDCs and their effects, the rest of the world are getting closer to releasing their own CBDCs. The Bank of International Settlements (BIS) recently announced their multi-CBDC pilot program Project Dunbar. Led by the BIS Innovation Hub, this program will be the first-of-its-kind method to settle multi-currency international payments…