There are 270,000 active wallets and 840,000 downloads of the eNaira app. Since it was introduced last October, the eNaira, which is Nigeria's central bank digital currency (CBDC), has been used to make transactions worth $9.3 million, according to the country's central bank governor.In a speech on Thursday, Godwin Emefiele, governor of the Central Bank […] The post...
Participants at the eNaira Hackathon were informed that the CBDC would become more appealing and accessible as a result of technological advancements. According to Nigerian Central Bank governor Godwin Emefiele, who was speaking at the 2022 eNaira Hackathon in Abuja on Thursday, the eNaira, the country's central bank digital currency (CBDC), would enter the second […] The post...
The ECB working paper intended to identify CBDCs related challenges, areas of agreement, and research needs, such as user preferences. The creation of central bank digital currencies (CBDCs), according to the European Central Bank (ECB), looks to be the "sole answer" that would ensure the "smooth continuance" of the current monetary system. The remarks were […] The post...
The Colombian government contemplates deploying a central bank digital currency (CBDC) to mitigate tax evasion. The country recently went through a change of government, and the new Gustavo Petro-led administration is apparently seeking to amend the alleged mistake of his predecessor. In an interview with a local newspaper, Colombia’s Minister of Finance and Public Credit Luis Carlos Reyes talked about the potential for...
Russia moves forward with its plans to create its own digital ruble by 2024. Recently, the Central Bank of the Russian Federation (CBR) released a draft proposal outlining the primary monetary policy parameters for the next three years. The anticipated launching in 2024 would take place in a significant year for the country as it is set to hold presidential elections in March...
The Bank of Russia, in its latest report, indicated that a digital ruble would be rolled out starting 2023. Bank of Russia Updates on CBDC Russia is forging ahead with...
The Bank of Russia has stated that it is expecting to rollout the digital ruble which is the central bank digital currency (CBDC) of the nation in about two years from now. The Bank of Russia will start connecting all banks and credit institutions to the digital ruble network in 2024, according to the most […] The post Bank of Russia...
What Ethereum’s upcoming fork can teach us about governance, stablecoins, centralization bottle-necks and the ever-important U.S. dollar system.This is an opinion editorial by Mark Goodwin, director of print editorial at Bitcoin Magazine.I know it pains some of your laser eyes to even see the word Ethereum printed, and while I respect that to a degree, the lessons being learned by the...
The Reserve Bank of Australia in collaboration with the Digital Finance Cooperative Research Centre (DFCRC) is investigating potential uses for central bank digital currencies (CBDCs) in the nation. The collaborative project of the Reserve Bank of Australia and DFCRC would concentrate on "new use cases and business models" that might be supported by the issuing […] The post...
Bitcoin and its underlying technology has earned the trust and praise of some of the most notable figures in banking and finance. For instance, the director of Brazil's central bank only has good things to say about the technical features of the crypto. According to Central Bank of Brazil chief Fabio Araujo, Bitcoin is a major "financial innovation" that has given rise to...
The Club For Growth published a report exploring the shortcomings of a CBDC while detailing how the technology could fail in providing purported benefits.A conservative advocacy group known as The Club For Growth (CFG) has published a policy brief titled:...
Beginning on Monday, citizens of Israel will no longer be able to use cash for transactions larger than $4,400 or $1,760, depending on the entity that they are transacting with....
The Central Bank Digital Currency is also known as a CBDC. Many countries and Central Banks are showing an interest in them. They will peg to the value of a local fiat currency. Whether we like them or not, it's likely we will see them entering the digital space. Algorand made this report as a case to build CBDCs on their blockchain. Various...
Cryptocurrency transactions using credit cards will no longer be allowed in Taiwan, as the island nation's watchdog believes digital currencies are risky and speculative assets, local reports disclose. In a letter sent to the banking industry association earlier this month, Taiwan's Financial Supervisory Commission urged them not to extend "merchant status" to digital asset providers that support credit card holders. According to...
The U.S. CBDC could be a route to civil liberty erosion — the same liberties that Bitcoin inherently protects.For many people, Bitcoin is synonymous with freedom, decentralization, independence and the future. Some consider it akin to anarchy, an online revolution that began with the minting of the first block of Bitcoin that flipped the proverbial bird at central banks and government policy...
After introducing the XRP Ledger which gives central banks secure solution to manage crypto, Ripple came up with new findings. The company has long maintained that distributed ledger technology would be the foundation for the Central Bank Digital Currency (CBDC). The new study found that the potential for CBDCs has generated an overwhelming consensus among financial...
Cryptocurrency regulation in South Africa seems to have become a reality and will set a pathway to maintain compliance in crypto and Bitcoin assets. The South African Reserve Bank (SARB) is pioneering the regulatory activities expected to start next year. According to the rules, the regulations would treat Bitcoin as a financial asset. This classification claims...
A viable prototype for a wholesale CBDC could be issued by France's central bank by 2023. The technology will borrow major features from blockchains and DeFi protocols and will be...
In June, the Federal Reserve (Fed) hosted its first-ever conference focused solely on the global role of the US dollar. On Monday, a write-up on the conference was published, which provides interesting insights into the positions held by top researchers, policymakers, and market experts on the “evolving roles of the U.S. dollar.”
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