A March 18th post by BitMEX Research discusses the two approaches governments can take with regards to the issuance of a Central Bank Digital Currency (CBDC) and the ramifications for the economy. Money Supply In the modern economy, the money supply is largely determined by the banks’ ability and/or willingness to make loans. From a […]
The Riksbank, Sweden’s central bank that started testing its own central bank digital currency (CBDC) in February, wants to host the digital currency innovation hub by the Bank for International Settlements (BIS). Officially announcing the news on March 6, the Riksbank noted that in order for the hub to be located in Sweden, the bank […]
The Bank of England (BoE) is seriously weighing the pros and cons of issuing a central bank digital currency (CBDC) denominated in pounds sterling. Britain’s central bank recognized that a digital pound could be destabilizing for the current banking system. However, digital currency could use the latest FinTech and make transactions easier and faster for […]
The Republic of the Marshall Islands (RMI) has selected blockchain firm Algorand as the technology partner for its national digital currency. After first revealing its planned digital currency – the Marshallese Sovereign (SOV) – back in February 2018, the Marshall Islands has taken a further step in the development by partnering with major blockchain startup […]
Jon Cuncliffe, the deputy governor for the financial stability of the United Kingdom’s central bank, the Bank of England (BoE), has warned that the crypto adoption may weaken or eliminate bank credit issuance. In a speech delivered to the London School of Economics on Feb 28, Cunliffe predicted that the integration of stablecoins on social […]
Bank of England (BoE) chief cashier Sarah John has expressed opinions favoring state-issued digital currencies, according to Feb 22 article published by The Telegraph. She urged other central banks to consider developing central bank cryptocurrencies in response to recent moves from private companies’ in the digital payments sector. John stated that it’s “really important” to […]
A recent report by a major United States bank JP Morgan Chase suggested that current blockchain developments are lying down the foundation for digital money, but adoption is still years away. A report published by JP Morgan on Feb 21 suggests that the finance industry is moving beyond blockchain technology. Blockchain in Banking Still Years […]
With finance ministers and central bank governors have recently discussed cryptocurrency regulations at the G-20 summit, Japan is taking notice at home. Leaders at the Bank of Japan (BOJ), Ministry of Finance (MOF), and financial Services Agency (FSA) have held a number of meetings to determine whether the country should become next in line to […]
Global central banks are increasingly looking at blockchain technology as a tool to make interbanking processes more efficient and transparent. Following the World Bank’s exemplary experience of blockchain bond transactions, South Korea’s central bank is working on its own blockchain-based bonds. The report comes first in the press on Feb 18. Bank of Korea started […]
While major industry actors argue that central bank digital currencies are years or decades ahead, the Bahama plan to adopt a CBDC no later than 2020. John Rolle, the governor of the Central Bank of the Bahamas (CBOB), confirms that the Bahamian digital dollar initiative will be introduced across all islands in the second half […]