Could a digital pound accelerate Britain’s growth post-Brexit and retake London’s status as the European financial hub? A financial think tank has suggested that Britain should adopt a digital pound in an effort to strengthen London’s status as a global trade center in the wake of Brexit. Previously the gravitational center-point of Europe’s financial sector,…
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State Bank of Pakistan governor Reza Baqir says the country is “waiting to burst as far as digitization is concerned.” The Governor of the State Bank of Pakistan, Reza Baqir, has indicated that the institution is carefully studying the possibilities opened by central bank digital currencies, or CBDCs. In an interview with CNN reporter Julia…
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Participants will receive a discount for every central bank digital currency expenditure worth 100 yuan. South China’s Hainan Province, which administers the prefectural Sansha City on a disputed archipelago in the South China Sea, will run a two-week campaign later this month to promote the use of the digital yuan among island residents. The city, established in…
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The central bank says strong interest in its CBDC project is partly being driven by Bitcoin’s recent surge, despite cryptocurrency still being banned in China. The cryptocurrency space may be helping to spawn its own competitors after a representative of the People’s Bank of China said Bitcoin’s (BTC) recent surge had caused renewed interest in…
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The ECCB has launched a regional central bank digital currency in partnership with Caribbean fintech outfit Bitt. The Eastern Caribbean Central Bank, the main financial institution of the Eastern Caribbean Currency Union, has launched DCash. The ECCB announced the launch of its CBDC for the region via a media event held on Wednesday. DCash is the digital version…
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Following cybersecurity assessments, commercial institutions are being cleared to issue the world’s first CBDC: the Bahamas’ Sand Dollar. The Central Bank of the Bahamas has announced that its central bank digital currency, the Sand Dollar, is expected to achieve full interoperability between its various wallet providers within the week. A recent statement released by the…
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The Bank of Jamaica has partnered with an Ireland-based tech firm for its central bank digital currency project scheduled to begin in May. Jamaica is the latest country making concrete efforts towards issuing its own sovereign digital currency. According to a press release by the Bank of Jamaica on Tuesday, eCurrency Mint, a cryptography security…
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Alibaba’s Alipay and Tencent’s WeChat Pay reportedly account for 98% of the mobile payment market in China. China’s central bank digital currency, or CBDC, will provide backup for major retail payment services like AliPay and WeChat Pay as its key objective, according to an official at the People’s Bank of China. Mu Changchun, head of…
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Soros Fund Management’s CIO said that Bitcoin is no longer out on the fringes, thanks to the debasement of the U.S. dollar over the past year. Soros Fund Management chief information officer Dawn Fitzpatrick said Bitcoin (BTC) may once have been considered a fringe asset, but the inflation of the United States dollar has changed…
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Former OCC acting comptroller Brian Brooks claimed that cryptocurrencies like Bitcoin “actually are backed by something.” Brian Brooks, former acting comptroller of the currency of the United States Office of the Comptroller of the Currency, has claimed that cryptocurrencies like Bitcoin (BTC) have some backing, while the U.S. dollar may not have any. Brooks gave…
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