Talk of CBDCs and Facebook’s Libra headlined this week’s policy news, as international organizations weigh in on both. Editor’s note Blockchain technology has attracted regulatory attention since its inception. The security of the Bitcoin network despite the value of BTC in play has consistently proved the resilience of blockchain technology in maintaining records across a…
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Timothy Lane says the central bank is developing a CBDC at “a good pace.” According to an Oct. 15 report from The Canadian Press, the Bank of Canada, or BoC, deputy governor Timothy Lane said central banks should have their own digital currency ready should regulators block Facebook’s Libra token. They also noted such an…
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Starbucks and McDonald’s are reportedly not part of the 3,000 merchants piloting China’s CBDC. American fast-food giants like Starbucks and McDonald’s are reportedly not participating in China’s ongoing digital yuan tests. According to an Oct. 14 report by news agency Sina Finance, China’s central bank digital currency, or CBDC, is still being piloted on a…
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The Reserve Bank of Australia is continuing to explore how to design and operate a CBDC. The Reserve Bank of Australia has revealed it’s continuing to research a central bank digital currency (CBDC) less than a month after stating that there was no need for one. The RBA also revealed it is considering the possibility…
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Japan is getting more serious about the digital yen. Japan needs to adapt its laws to issue a central bank digital currency, according to a local financial official. Kozo Yamamoto, head of the Liberal Democratic Party’s council on financial affairs and a former official at the Ministry of Finance, believes that Japan must revise a…
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In a recent document from the Bank of Japan, the central bank stressed the need for offline availability. The Bank for International Settlements (BIS), in collaboration with a group of seven central banks, published its first joint report into central bank digital currencies on Oct. 9, focusing on the foundational principles and core features of…
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The report is a major step towards pushing central bank digital currencies forward. With Central Bank Digital Currencies a point of focus across the globe, a number of countries’ banking authorities have jointly produced a document discussing the currency type at length. The Bank for International Settlements told Cointelgraph in a statement that a group…
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China might gain control over global CBDC standards, a Japanese official warns. Japanese banking officials continue to voice concern over China’s progress in the development of its central bank digital currency. Kenji Okamura, vice-finance minister for Japan’s international affairs, warned the global community of the potential risks of China’s digital yuan, Reuters reported Oct. 9.…
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China is promoting its central bank digital currency with a public $1.5 million giveaway. The major Chinese city of Shenzhen is launching a pilot program to promote the digital yuan with a public giveaway. In collaboration with the country’s central bank, Shenzhen is planning to distribute a total of 10 million digital yuan ($1.5 million)…
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Is risk in the eye of the beholder? Canada’s central bank, the Bank of Canada, recently put out a report on the risks and benefits of a central bank digital currency. “An anonymous token-based central bank digital currency (CBDC) would pose particular security risks,” the Bank of Canada wrote in its Oct. 5 report. “These risks arise from…
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