The Bank of International Settlements has outlined plans to embark on a variety of CBDC trials worldwide this year. CBDC research has been announced as a top priority for the Bank for International Settlements’ Innovation Hub, or BISIH, in 2021. According to its annual work program, BISIH, plans to “explore the feasibility of faster and…
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The past two years were much harder on the dollar, however. Despite rapid advancement of a digital yuan, China’s progress in internationalizing its currency has stalled out in recent months. Per data from SWIFT’s RMB Tracker released on Jan. 20, the Chinese yuan (CNY), also known as the Renminbi (RMB) had gained only .02% in…
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The city of Shenzhen has launched the third round of its central bank digital currency pilot in the form of a promotional lottery scheme offering residents handouts during local festivities. Residents of the Longhua District in the Chinese city of Shenzhen will have a chance to participate in a forthcoming lottery event that aims to…
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Sweden’s central bank deputy governor recently updated the public on the country’s CBDC exploration. Central Bank Digital Currencies, or CBDCs, were the talk of the town for many in crypto and banking in 2020, with Sweden’s prospective e-krona one of the frontrunners. Sweden’s central bank, Sveriges Riksbank, is investigating distributed ledger technology, or DLT, for…
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Central Bank Digital Currencies, or CBDCs, will likely affect Bitcoin in some fashion. Central bank digital currencies gained traction all over the world in 2020, as all the world’s biggest economies considered producing their own digital money. But how will CBDCs affect Bitcoin (BTC) if every country comes out with its own? Dean Steinbeck, co-founder and…
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How would mass-scale CBDC issuance impact the crypto space? Over the course of 2020, numerous countries across the globe raced toward their own digital versions of their currencies, known as central bank digital currencies, or CBDCs. The crypto industry still has its selling points, however, even if most countries launched CBDCs, according to Jake Yocom-Piatt,…
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China is building a new system to integrate international central bank digital currencies as part of its national blockchain project, the BSN. The Chinese national blockchain project, the Blockchain Service Network, is planning to pilot integration with global central bank digital currencies. According to a Jan. 15 blog post, the BSN is looking to build…
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The United States Federal Reserve needs its own digital currency to protect against a possible overnight proliferation of stablecoin technology, says Fed chairman Jerome Powell. Cryptocurrency stablecoins could become systemically important overnight, says United States Federal Reserve Chairman Jerome Powell, and that’s why the Fed is determined to get its own central bank digital currency…
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2021 & 2022 touted to be the most important years for the development of CBDCs Central Bank Digital Currencies (CBDCs) have been an integral part of progressive discussions within the cryptocurrency community. CBDCs are virtual representations of the fiat currency of a particular country. They are often based on blockchain technology and are issued and…
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The trade war with China homes in on the country’s thriving digital payments industry. With just two weeks left in office, President Donald Trump has sent out a new executive order targeting Chinese payment apps. The Tuesday order bars United States citizens or people located in the U.S. from using nine Chinese payment apps. It continues the…
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