Bitcoin will tumble following the rollout of the digital ruble and other major CBDCs, a Russian economist has claimed. Per the media outlet OSN, Alexander Razuvaev, a member of the supervisory board of the Guild of Financial Analysts and Risk Managers, said that crypto would not “die completely,” but would become “marginalized.” ‘Bitcoin Will Tumble’…
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The CBDC Anti-Surveillance State Act has been reintroduced in the Senate with the support of five U.S. senators. “As Americans face the prospect of an increasingly weaponized government, ensuring financial privacy is pivotal,” said one senator who supports the bill. A central bank digital currency (CBDC) “would open the door for the federal government to…
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Russia has proposed the development and implementation of a BRICS-wide payment system that would use central bank digital currencies (CBDCs) to manage trade settlements. The BRICS bridge, as referred to by Russian Finance Minister Anton Siluanov, would address the fragmentation of the current payment system outside the West’s “unfriendly infrastructure.” Russia Hints at Using CBDC…
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The stablecoin market capitalization has soared 1.95% to hit $138 billion in February recording a fifth consecutive monthly growth since September 2023. A new market report by cryptocurrency analytics firm CCData shows a stablecoin market capitalization and trading volume rise. Stablecoin volume on CEXs rose 4.54% to $1.05tn in January, its highest level since December…
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The Central Bank of the Republic of Türkiye (CBRT) has completed the phase 1 of its digital Turkish lira. It is now planning to move on to advanced phases to carry out “more widespread pilot tests.” Per a recent evaluation report, the bank is preparing for all aspects of the circulation of the CBDC. The…
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The European Central Bank (ECB) has responded to concerns from financial institutions regarding the central bank digital currency’s (CBDC) role. ECB’s report emphasized that “a digital euro will be designed as a means of payment and not for investment.” Three ECB Executive Board members Piero Cipollone, Ulrich Bindseil and Jürgen Schaaf cleared banks’ fears on…
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Dilip Asbe, managing director of National Payments Corporation of India (NPCI), is optimistic about the central bank’s new CBDC initiatives. He expressed his support for a digital rupee initiative during a panel at the Mumbai Tech Week on Sunday. He said the Reserve Bank of India’s new central bank digital currency (CBDC) plans could drive…
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A Federal Reserve governor has addressed crypto’s impact on the U.S. dollar’s dominance. Additionally, he expressed reservations about the need for a U.S. central bank digital currency (CBDC) and stated his opposition to banks holding bitcoin exchange-traded funds (ETFs) as their primary asset. Fed Governor on Crypto, CBDC, and the U.S. Dollar Federal Reserve Governor…
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Federal Reserve Chairman Jerome Powell has provided an update to Congress members regarding the Fed’s central bank digital currency (CBDC) work. “If we’re going to have a CBDC, Congress needs to authorize it,” he stressed. Moreover, the Fed chair reportedly said that a framework for stablecoins is needed. Fed Chair Powell on US CBDC and…
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The Central Bank of the Philippines will develop a central bank digital currency (CBDC) in the next two years, according to Governor Eli Remolona Jr. The still unnamed CBDC will focus on the wholesale market and won’t use blockchain tech, instead relying on the Philippine Payment and Settlement System, owned and operated by the central…
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