Nobody seems to be in a rush to digitize the euro, but that could change given increasing global competition. Several experts from various European banks agreed that even a proof of concept for a digital euro is four or five years away. In a panel on Monday called “Upgrading Money to the Digital Age: Introducing…
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The joint report is among the most promising CBDC studies conducted by central bank authorities Central banks from two of the most powerful economies in the Middle East released a report today on a yearlong joint central bank digital currency (CBDC) project — and results speak glowingly of blockchain technology. First announced in January of…
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Stablecoins and CBDCs and their related issues of privacy and surveillance lead this week’s Law Decoded. Editor’s note As many of you were certainly following in real time, a bull market gave way to a bloodbath yesterday, which happened to be Thanksgiving in the United States. Personally, I’ve never thought that Bitcoin’s (BTC) price was…
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Governments are increasingly liquidating crypto assets seized in criminal investigations. Earlier this week, Lithuania’s tax service, the Lithuanian State Tax Inspectorate, added $7.6 million dollars to the state budget through the sale of cryptocurrencies seized in criminal investigations. The occasion marked the first time that the Lithuanian government liquidated confiscated cryptocurrencies. In doing so, the…
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Oki Matsumoto, the head of Japanese financial services giant Monex, has welcomed the Bank of Japan’s recent interest in central bank digital currency. Earlier this fall, the Bank of Japan announced its plans to begin testing a central bank digital currency proof-of-concept in 2021. Further details of the institution’s approach to development and collaborations have…
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Tied in with a national shopping event, the trial will add “offline” and “touch” functionality. The Chinese city of Suzhou will be the second to roll out a “red envelope” trial for the forthcoming digital yuan, according to a report in local media outlet The Paper. Following the successful pilot scheme run in the city…
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While there is an unclear future for digital currency development under Joe Biden’s presidency, China is leading the race. The world is engaging in financial warfare, and China is winning. China’s digital yuan — also referred to as Digital Currency Electronic Payment, or DCEP — will soon be used around the world. The People’s Bank…
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New and developing research from the International Monetary Fund suggests that central banks around the world need new legal definitions for tokenized currencies. On Friday, the International Monetary Fund published a new working paper on central bank digital currencies, or CBDCs, and their legal ramifications. In the paper, researchers including IMF legal counsel Wouter Bossu…
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CFO at Singapore’s central bank told Cointelegraph about his plans to implement Singapore’s wholesale CBDC. Singapore is ready to launch it’s own central bank digital currency, or CBDC, said Sopnendu Mohanty, chief FinTech officer at Singapore’s central bank and financial regulator, Monetary Authority of Singapore. Speaking on the subject during an exclusive interview with Cointelegraph,…
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Crypto-friendly regulation may be in the eye of the beholder. With nations around the world each holding significantly different regulations, what is the most crypto-friendly country? Kosala Hemachandra, CEO and founder of MyEtherWallet, labeled the query as a tough one. “First we have to define what crypto-friendly means,” Hemachandra told Cointelegraph. “Some countries, like China,…
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