A central bank cryptocurrency is most likely required for a competitive digital economy, the Bank of Canada said in a staff paper released on Tuesday. A CBDC would give purchasers a non-bank choice to store their money hazard-free. Thus, expanding the contest on the lookout for retail stores, contend the
The rapid overtake by cryptocurrencies has surely haunted many Central and National Banks around the world. Despite all this, no proper solutions could aid the Reserve banks to stand tough against the ever-rising crypto market. However, New Zealand came up with a long-awaited solution for this, by introducing the Central
An American attorney and former business executive, Chris Giancarlo, the former Chairman of the US Commodity Futures Trading Commission. One of the few high-profile officials who served under the administrations of both Obama and Trump. As the former Chairman of Commodity Futures Trading Commission, Giancarlo’s last venture was a digital
The recent reveal of the news upon introduction of Digital Dollar has created wide speculations. Debates are everlasting based upon the fact that the digital dollar could affect Bitcoin (BTC) and other cryptocurrencies too. In Spite of all this, many crypto investment firms have said that the digital dollar would
Bank of Korea Launches Pilot Program for its CBDC. A total of $4.4 million allocated for the trial. Deciding about an offer for the pilot program is expected from Samsung. The Bank of Korea launches a Pilot program for its central bank digital currency (CBDC). But issuing it is a
The Central Bank of Bahrain collaborates with JPMorgan and Bank ABC. To introduce a cross-border payment solution on digital currency immediately. The new partnership includes the company’s digital currency-based division Onyx. On May 11, 2021, the Central Bank of Bahrain announced officially that it collaborates with JPMorgan and Bank ABC,
-Chinese Postal Savings Bank has created a biometric hardware wallet for digital yuan payments.-Moreover, the biometric hardware wallet enables easy identity verification for users.-Recently, the Xiong’an branch of the Chinese Agricultural Bank also developed a hardware wallet for the digital yuan. The Postal Savings Bank of China has created a
-South Korea’s central bank has published a book on legal matters. -Bank of Korea used blockchain technology to manage the transactions in its 22-month long CBDC pilot program.-Moreover, amplification of existing economic inequalities due to “gaps in digital information.” South Korea’s central bank has published a book on legal matters. However,
LINE, a Japanese messaging giant is building a platform for developing central bank digital currencies (CBDC), as per the report by South Korean news agency the Chosun Ilbo. CBDC is the cryptocurrency issued directly by central banks to replace real fiat currency. It is generally different from cryptocurrencies such as
