Above Photo: Hundreds of Salvadorans took to the streets of El Salvador’s capital on September 7, to protest the adoption of Bitcoin as national currency. Jaime Guevara. Many fear that the volatility of the cryptocurrency will affect their income and purchasing power. They condemned that it is not suitable for small vendors and only benefits the big investors and transnational companies. On September 7, El Salvador became the first country in the world to recognize Bitcoin as legal tender, alongside the US dollar. The same day, hundreds of Salvadorans took to the streets of the capital San Salvador to protest the […]
Currency
45 posts
On this “Speaking of Bitcoin” episode, join hosts Adam B. Levine, Andreas M. Antonopoulos, Stephanie Murphy, and Jonathan Mohan for a look at the past, present and future of global reserve currencies In the beginning there was the global reserve currency (U.S. dollars,) national currencies like the Japanese Yen, alternative currencies like Ithaca hours and just one cryptocurrency, Bitcoin. But what a difference a decade can make, today there are thousands of cryptocurrencies, many created by enthusiasts who have ideas on how to make something even better than Bitcoin, but also currencies that use some of the technology that makes Bitcoin so powerful, […]
The Australian central bank sees no need to issue its own retail digital currency just yet, a top official said Wednesday. Tony Richards, head of payments policy at the Reserve Bank of Australia (RBA), told the UWA Blockchain, Cryptocurrency and Fintech conference that his agency had evaluated retail central bank digital currencies (CBDCs) and found “no strong public policy case” for introducing a general use version of the Australian dollar. “Even though the use of cash for transactions is declining, cash is still widely available and accepted as a means of payment,” he said. “In addition, Australian households and businesses are […]
New reports on digital currency design principles and regulatory standards show just how quickly the world’s bankers are moving. Source link
International financial authorities and seven of the world’s largest economies are establishing official standards for regulating and issuing sovereign digital currencies. The Group of Seven (G7) — an organization of finance ministers and central bank governors representing the United States, Canada, United Kingdom, Germany, France, Italy and Japan — said in a report last week that it is working with the International Monetary Fund (IMF), the World Bank and the Bank for International Settlements (BIS) to formalize the use of central bank digital currencies (CBDC) in banking systems. According to a new report released today, by the end of 2022, the […]
The People’s Bank of China (PBOC) said that 3.13 million transactions have been processed using the nation’s sovereign digital currency as part of a series of ongoing pilot programs in major cities such as Shenzhen and Xiongan. According to the bank’s deputy governor, Fan Yifei, the currency has been used for more than 1.1 billion yuan ($162 million) worth of transactions. Pilots will also be conducted at the Beijing Winter Olympics in 2022, he said. The pilot programs have made “positive progress,” with more than 6,700 use cases implemented as of late August for transactions ranging from bill payments and transport to government services. “PBOC regards […]
The seven central banks, along with BIS, have released a report setting out agreed core objectives that must be met by national digital currencies. Source link
Senate Banking Committee member Pat Toomey (R-Pa.) said Monday that he intends to take up digital currency regulation and payments system reform if he becomes the committee’s next chairman. Source link
Will the future of currency be led by the U.S., China, Bitcoin, or some combination we can barely imagine today? In it, Wilsner talks to experts about four scenarios: A multi-currency scenario, where exchange is abstracted away via digital wallets A China-led scenario A U.S.-led scenario A bitcoin/non-state currency-led scenario In addition to reading, NLW gives his take on which scenario is most likely. Source link
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. Source link
The Bahamas confirmed it will cross the central bank digital currency (CBDC) finish line next month. “The intended outcome of Project Sand Dollar is that all residents in The Bahamas would have use of a central bank digital currency, on a modernized technology platform, with an experience and convenience—legally and otherwise—that resembles cash,” the central bank said. Source link
DeFi Pulse fixed a bug that led to a substantial misreporting of total value in decentralized finance protocols, former acting White House chief of staff Mick Mulvaney joined the Chamber of Digital Commerce and there’s a new stablecoin that functions like a savings account. Top shelf Fresh capitalCrypto projects are raising funds as the industry continues to build out decentralized protocols. Ethereum data firm Dune Analytics, a Github-like platform which provides DeFi insights, has raised $2 million led by Dragonfly Capital and included Multicoin Capital, Coinbase Ventures, DCG and DeFi angels. Meanwhile, Skynet Labs, a startup formerly known as Nebulous, has raised a $3 million […]
The year is 2030, and you need to buy some new sunglasses. You browse through your options online. You use augmented reality to try on a few pairs, you find one you like, and now it’s time to pay. This piece is part of CoinDesk’s “Internet 2030” series about the future of the crypto economy. You have 17 options for payment, including: the digital U.S. dollar (but you’d rather not support the U.S. government and President Ivanka Trump, so you decide against the USD), Facebook Libra (but you have reservations about the new Facebook Brain Implant, so no thanks), Bitcoin (yet […]
The nation would wield stronger influence in the world as a result of the digital yuan issuance, according to a magazine from the People’s Bank of China (PBoC) Source link
This week’s “Long Reads Sunday” reading is from macro analyst Lyn Alden and focuses on the inflation vs. deflation debate in historical context. When monetary policy is effective versus when fiscal policy needs to take over How short-term debt cycles add up to long-term debt cycles that have very different remedies Why long-term debt cycles inevitably end in default or devaluation Why the conclusion of the last long-term debt cycle in the U.S. – the 1930s and 1940s – suggests that devaluation is the most likely outcome Source link
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. Source link
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. Source link
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. Source link
Last month, a Bloomberg analysis said that the Fed’s decision to reduce interest rates to rock bottom levels helped wipe out the dollar’s advantage against the euro and the yuan, the currency sliding to its lowest valuation in 27 months while Congress is stuck in gridlock on a stimulus bill aimed at reducing the economic fallout from COVID-19. The US dollar could drop by up to 36 percent against the euro in the coming year or so, Ulf Lindahl, chief investment officer at A.G. Bisset, a hedge fund specializing in currency management, predicts. Speaking to Reuters, the finance specialist said that […]
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. Source link
Sputnik (New Delhi): To maintain stability, India’s banking regulator, the Reserve Bank of India (RBI), has pumped an additional $127 billion into the financial market as a result of the ongoing COVID-19 pandemic. At present, the RBI has foreign exchange reserves said to be worth an estimated $538 billion. When the Board of India’s apex bank, RBI, met earlier this month, it had a prominent agenda, even though officially the meeting was convened to approve a dividend of $7.6 billion to the Indian government. The board discussed a phenomenal rise in the foreign exchange reserves held by banking regulator Reserve Bank […]
Veteran stockbroker Peter Schiff has warned once again that the US currency is doomed and the world will eventually lose confidence in it, which he says should have happened a long time ago. In the latest episode of Boom Bust, Schiff discussed the fate of the US-China trade deal. The investor said he believes that there will be no second-phase agreement, and noted that Beijing still has leverage over Washington, especially ahead of the elections. “The real problem is going to be when the Chinese stop buying our bonds or start selling our bonds,” he said, adding that the process might […]
A former vice president of a top Chinese bank has argued that digital currency should replace fiat in the nation’s financial systems. Disclosure The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. Source link
Hailing digital currency’s potential to democratize electronic payments, financial services giant Visa appeared on Wednesday to redouble its efforts to “shape and support” cryptocurrency’s place in the “future of money.” Disclosure The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. Source link
https://cdn1.img.sputniknews.com/img/107919/31/1079193136_0:0:3073:1728_1200x675_80_0_0_baef435a6861e37b395bbfcba4f302a4.jpg Sputnik International https://cdn2.img.sputniknews.com/i/logo.png Sputnik https://cdn2.img.sputniknews.com/i/logo.png https://sputniknews.com/business/202007221079955307-iran-planning-to-lever-financial-assets-held-abroad-to-balance-own-currency-rate/ MOSCOW (Sputnik) – The Iranian government has unveiled plans to use foreign currency reserve assets abroad for balancing domestic exchange rates, which have experienced extreme volatility over the past week, President Hassan Rouhani said on Wednesday. “We are trying to use the currency we hold in other countries as reserves, as good measures have been taken in recent days with at least three countries”, Rouhani said at a cabinet meeting, as quoted by Iran’s Tasnim news agency. The Iranian president pointed, in particular, to Russia and China, saying that the political ties with these […]
Japan’s largest banking firm, Mitsubishi UFJ Financial Group (MUFG), is set to issue a digital currency in the second half of this year. Disclosure The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. Source link
The Bank of Japan is warming to digital currencies and now has a team dedicated to researching a possible digital yen. Source link
Thailand’s digital currency is backed by the central bank’s foreign currency reserves, which have grown by $25 billion over the past 12 months. Source link
The Bahamas is betting its mobile phone-based digital currency could be the key to faster post-disaster economic recovery. Source link
If there’s one thing we can thank the coronavirus pandemic for, it’s a math lesson. Watching an infection lead to two, then four, then eight, then 16, then 32, then 64, then 128 and so on, people found a real-world reason to comprehend the phenomenon of exponentiality. Without such context, it has been historically hard for our linear-minded brains to appreciate how rapidly network-driven growth happens. It’s a failing we’ve had for centuries. (See: the legend of the emperor who had to hand over all the rice in the land to the inventor of chess.) You’re reading Money Reimagined, a weekly look […]
DiDi, the Chinese equivalent of Uber, is forming a task force to design and implement a trial of China’s central bank digital currency (CBDC) on its transportation platform. A spokesperson of the Chinese ride-hailing mobile service told CoinDesk in an email response that it has entered into a strategic partnership with the Digital Currency Research Institute of the People’s Bank of China (PBoC) in an effort to accelerate the application of the CBDC, known as Digital Currency Electronic Payment, or DCEP. “Under PBoC’s overall DCEP strategy and operation timeline, DiDi’s DCEP taskforce will design and implement pilot DCEP projects in accordance with […]
Zimbabwe’s central bank, seeking to block attempts to avoid the country’s hyperinflation, halted all transactions conducted by “mobile money agents” this week, and limited payment sizes through other processors. Disclosure The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. Source link
Sergey Medvedev, a Russian national who operated a digital currency escrow service for the $568 million payment card fraud forum he founded in 2010, pleaded guilty to racketeering charges in what the U.S. government called its largest ever cyber fraud case. Medvedev, 33, admitted in his June 26 plea before the U.S. District Court for Nevada that he founded and ran the Infraud Organization, an international cybercrime enterprise that facilitated the sale of credit card and equipment theft, malware and stolen account information during its eight year reign. He also acknowledged running a “digital currency” exchange and escrow service for Infraud’s […]
Bitcoin’s often criticized for its volatile and unpredictable nature – now analysts are saying that, and more, about the pound sterling. In a shock-inducing note to clients on Tuesday, currency analysts at Bank of America (BoA) said sterling had devolved into an emerging market currency in all but name during the four years since the U.K. voted to leave the European Union. Sterling’s movements in the past four years has been “neurotic at best, unfathomable at worst,” said lead analyst Kamal Sharma, a notable GBP bear, in a report by the Financial Times. Sterling’s spreads and implied volatility – the future […]
Sweden’s Riksbank has looked into the viability of central bank digital currencies (CBDCs) for its local market and declared mixed results. In a 96-page economic review, updated June 18, the world’s oldest central bank presents four models for supplying a digital version of the Swedish krona (e-krona) as well as outlining how well the different models would fit its policy goals. Those goals include fostering a stable store of value and unit of account, being a lender of last resort (LOLR) providing a secure means of payment and settlement and providing tools for preserving financial stability. Amid that backdrop, the four […]
The currency markets are currently facing “multiple cross-currents” on rising global concerns over a potential second wave of Covid-19, said Deutsche Bank’s chief Asia macro strategist Sameer Goel. According to him, the “big question” for investors right now is whether the US dollar should be trading at a safe-haven risk premium. Goel told CNBC that since March investors have been favoring the greenback over its peers in the Group of 10 countries, in part due to “emergency dollar demand” as the world went into a synchronized shutdown to stop the spread of the pandemic. As investors typically flock to the US […]
The Bank of Thailand is developing a prototype payments system which would rely on a central bank digital currency (CBDC). The central bank announced Thursday that it would target businesses, and would design a payment system that could be integrated with the procurement and financial management system of Siam Cement Group, Thailand’s oldest cement manufacturer, and its suppliers. The bank said the digital currency prototype is being developed by Digital Ventures, a fintech-facing venture capital wing of the Siam Commercial Bank that invested in Ripple in 2016. According to the statement, the project will also include a feasibility study on the […]
South Korea’s central bank is moving ahead with research into digital currencies as it sets up a legal panel to advise on possible regulatory sticking points. Per an article in The Korea Times on Monday, the Bank of Korea (BOK) said the six-person panel, comprised of legal experts in the financial and IT sectors, as well as one specializing in fintech, would provide guidance and advice to the bank as it develops and tests a central bank digital currency (CBDC). “We established the advisory group to discuss legal issues surrounding a CBDC and figure out which laws need to be revised […]
https://cdn1.img.sputniknews.com/img/107957/23/1079572308_0:0:3072:1728_1200x675_80_0_0_5f3437adb258b5e04bcec6ff766dc1c6.jpg Sputnik International https://cdn2.img.sputniknews.com/i/logo.png Sputnik https://cdn2.img.sputniknews.com/i/logo.png https://sputniknews.com/middleeast/202006101079572291-lebanese-protest-local-currency-devaluation-in-beirut/ BEIRUT (Sputnik) – People gathered outside the Lebanese central bank’s building in Beirut on Tuesday to protest the high cost of the dollar, which has been driving the local currency’s exchange rate downward. Demonstrators blocked traffic on the central street as they called for urgent economic reforms and early parliamentary elections, the state news agency NNA reported. Different groups responded and made it to Riad Al-Soloh square in Down Town Beirut to protest tonight. Noting that curfew starts at 12 AM (in around 30 minutes) protestors are still on the ground. #Lebanon #LebanonProtests pic.twitter.com/e79iVdQ0d4 […]
As thousands continue protesting across the United States, the Keiser Report talks to the author of “Bitcoin & Black America,” Isaiah Jackson, about the economic, monetary and financial injustice at the heart of the unrest there. “Being self-sovereign is very important,” Jackson says. He gives the example of communities in Los Angeles such as Koreatown, Chinatown, and Little Ethiopia that “are self-sovereign in their small community” and don’t have any problems from an economic point of view. “If somebody messes with their businesses, with people who work or live there, they are going to pay for it,” he says. Jackson points […]
The Iranian government just made conduits to cryptocurrency markets riskier, and more confusing, than ever before. According to Iranian news outlet ArzDigital, the parliament published a proposal this week to include cryptocurrency in existing “currency smuggling” and foreign currency exchange regulations. The result of this prospective regulation is Iranian entrepreneurs face a heightened risk of being jailed by local authorities or sanctioned by Americans. The law would mean Iranian crypto exchanges must be licensed by the Central Bank of Iran and follow legacy foreign currency exchange guidelines, although it’s not apparent how existing exchanges should apply for licensing or adapt those […]
The Bank of Mauritius is inching closer to issuing a retail-focused central bank digital currency (CBDC), its governor confirmed Tuesday. Speaking at CoinDesk’s Consensus: Distributed virtual conference, Governor Harvesh Seegolam said the Republic of Mauritius would be embarking on a pilot in the near future, though he declined to share many details. “At the level of the Bank of Mauritius, we’re currently working on a project and very shortly we’ll be making announcements … with respect to a potential introduction of a CBDC,” he said. Seegolam said any CBDC would have to be distributed through the established banking system, even if […]
CipherTrace, a blockchain analytics partner of governments and cryptocurrency exchanges, is pitching itself to a fresh clientele: central banks. The crypto investigations firm announced Tuesday that it is establishing a central bank digital currency (CBDC) initiative. As described by chief financial analyst John Jefferies, the outreach effort will seek to place CipherTrace in the growing conversation around designing and securing CBDCs. Part of the initiative will center on business outreach, Jefferies said. Partnering with even one central bank would be a lucrative business proposition for CipherTrace. With 80% of central banks polled by the Bank for International Settlements reporting they are […]
Italian Town Prints Own ‘Currency’ To Help Locals And Businesses By Alessio Dellanna, Euro News. May 12, 2020 Italian Town Prints Own ‘Currency’ To Help Locals And Businesses2020-05-122020-05-12https://popularresistance-uploads.s3.amazonaws.com/uploads/2017/12/popres-shorter.pngPopularResistance.Orghttps://popularresistance-uploads.s3.amazonaws.com/uploads/2020/05/money-e1589297828464.jpg200px200px Above photo: Ducati banknotes are checked after being printed in Campobasso, southern Italy. April 26, 2020. AP. Castellino del Biferno is a small town in south Italy’s Molise region with only 550 residents. Minting money is something town mayor Enrico Fratangelo has been studying for over twelve years. The Covid-19 pandemic gave him the opportunity to test his skills. “We decided to mint money to make sure the local economy could withstand the impact […]