Tag: digital currency

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...

Recent research indicates that crypto currencies can enhance the traditional banking system. This is because people can swap the current settlement infrastructure with digital currency. Some participants in the cross-border payment processing sector view blockchain and cryptocurrencies as remittance- enhancing solutions. According to a study by the International Association of Money Transfer Networks, the blockchain technology that drives digital...

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...

In the past, there was only one Indian regulator that campaigned for crypto and represented the sector before the people of India. Today, that very entity will no longer exist. Authorities in India are set to disband the Blockchain and Crypto Assets Council, a move seen as a blow to the digital currency industry. In a statement, the Internet and Mobile Association of...

The G20 has thus far restricted itself to merely keeping an eye on the cryptocurrency market, noting that it has found no compelling reason to strictly clamp down on the industry because it poses no "systemic risk." The Financial Stability Board, which is made of treasury officials and central bankers from the Group of 20 nations, announced on Monday that it would no...

Qatar central bank is looking into platforms and technology options for its own digital currency. The initiative is now in its early stages. Qatar, a country of 2.8 million people, will join a growing number of nations that are experimenting with the idea of central bank digital currency (CBDC). The issuance of the digital currency […] The post...

Russian banking giant Sber is ready to close its first digital currency transaction employing the bank's unique digital asset platform in the near future. In an interview with the state-backed news agency TASS on June 15, Anatoly Popov, deputy chairman of Sber's executive board, revealed Sber's plans to conclude such a merger. Following a series […] The post...

Binance will aid the Kazakhstani government in its measures to regulate the country's cryptocurrency market. The biggest cryptocurrency exchange by trading volume, Binance will provide assistance in integrating the local financial infrastructure with the growing digital assets market. Binance announced the signing of a Memorandum of Understanding with Kazakhstan's Ministry of Digital Development, Innovations, and Aerospace Industry on Thursday. In...

Africa's largest economy and most populous country "Nigeria," launched the continent's first digital currency, the...

Hawaii is giving crypto regulation a serious focus now. Around the world, the drive for crypto regulation continues to take shape as more governments seek to establish regulatory frameworks for digital assets. Hawaii could be the latest state to do so, as a senate committee has recommended the formation of a task group to regulate cryptocurrency and blockchain technology. Two Hawaii State Blockchain...

According to a February 2021 CNBC report, the carbon footprint of Bitcoin, the world's largest crypto, is similar to that of New Zealand, with both generating approximately 37 megatons of carbon dioxide into the environment each year. In Rhode Island's House of Representatives, a bill has been introduced that would reward a home builder with bitcoin for lowering the project's carbon footprint. Representative...

These days, cryptocurrency, drugs and other banned stuff go hand in hand. In Australia, police joined forces with federal authorities in the United States to apprehend a group of men accused of money laundering and narcotics distribution. Three men aged 34, 39, and 45 were arrested Saturday afternoon in a Sydney storage facility as part of an ongoing investigation into drug importation and...

The International Monetary Fund has recommended for increased regulation of the cryptocurrency trade, citing the widespread use of digital assets in nations deemed corrupt or with severe financial restrictions. Cryptocurrency, among other things, enables citizens to undermine government power by evading trade restrictions set by the government. Additionally, it encourages illicit activity by assisting criminals in avoiding investigation. By eliminating...

Crypto scams are victimizing more and more unsuspecting Kenyans. The cabinet secretary of Kenya's Ministry of Information and Technology, Joe Mucheru, announced during a conference addressing the threats to law and order in the country that the past financial year, Kenyans lost almost $120 million to crypto scams. According to reports, Kenyans are being dragged into many of these situations since they don't...

On Tuesday, February 22, 2022, Brazil initiated a framework to legalize cryptocurrency in the local market. The initiative could be a milestone for the growth and development of digital cryptocurrencies in Brazil. The Brazilian Senate’s Economic Affairs Committee collectively...

United States President Joe Biden is poised to release a crypto executive order this week, an administration official with knowledge of the matter disclosed. The EO will direct government agencies to conduct detailed examinations of various areas of the crypto asset landscape in order to develop an extensive regulatory framework. According to reports, the...

Boston FED and MIT collaborated on a digital dollar experiment that resulted in a functional and fault-tolerant central bank digital currency (CBDC) architecture capable of handling 1.7 million transactions per second, with 99 percent completed within one second. It is also not based on a blockchain. The preliminary research findings were undertaken as a cooperation The post FED Experiments New Digital Currency But...

The Bank Of Korea has effectively concluded the pilot testing of the issuance and distribution of their digital currency. It has also gone to state that BOK will have the central bank digital currency testing program ready by June of 2022. The Bank of Korea has wrapped up the principal phase of its two-part mock testing of the Central Bank Digital Currency in...

According to the recent reports published by the Canadian press, some finance officials have raised concerns regarding the potential implications of ‘Digital Loonie’ on the country’s economy.

Bank of Jamaica (BOJ) has taken a lead in the global CBDC ecosystem. Recently, the bank announced the successful completion of its CBDC pilot.