President of the European Central Bank Christine Lagarde took to Twitter earlier to announce that the European Central Bank has decided to move up the investigation phase for the euro digital currency. The tweet comes in response to a tweet from the European Central Bank official Twitter handle, announcing that the institution would launch a…
The crypto market is still reeling as a result of risk aversion triggered by Russia’s invasion of Ukraine. On Monday, Bitcoin (BTC) fell for the sixth time in six days. It has again failed to break beyond the $40,000 barrier. Bitcoin peaked at $39,536 before plummeting to a low of $37,192. It completed the day…
One of 2021’s biggest stories was the China ban on Bitcoin mining. On one hand, the news did affect Bitcoin’s price and gave ammunition to the naysayers that think that governments will outlaw Bitcoin. On the other, the network kept working without a hiccup, recovered its hashrate in record time, and gained in decentralization. However,…
As the adoption of digital assets is becoming more mainstream, some countries are awakening to join the flow. This has borne the desire to get a central bank digital currency, CBDC, by some countries. One of such countries is France. For some months, the Central Bank of France has explored a central bank digital currency…
The Monetary Authority of Singapore (MAS) finally shortlisted 15 companies that will assist in developing retail CBDC. These firms will participate in the Global CBDC challenge and help build the in-house retail central bank digital currency. MAS announcement indicates that the participants include four companies from the United States and six from Singapore. There’s also…
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To improve the country’s high-value payment system, Colombia’s central bank is experimenting with Ripple’s new end-to-end central bank digital currency technology. How will this collaboration affect the price of XRP? On Thursday, Ripple announced that the central bank of Colombia and the Ministry of Information and Communication Technologies (MinTIC) would be exploring the use of…
Fabio Panetta, a member of the Executive Committee of the European Central Bank (ECB), recently announced that the European Commission would be presenting a legislative proposal for the digital euro in June. He further stated that the next steps would be decided in October. Digital Euro Regulatory Framework In Progress In an interview with the…
The world is gradually heading towards a cashless society such as CBDC making cash payments obsolete. When this happens, fiat currencies might no more be in use. So central banks are aggressively launching Central Bank Digital Currencies for easy virtual transactions. Many countries are either in the process of developing their Central Bank Digital Currency…
Central banks have been responding to the rise of Bitcoin with the introduction of central bank digital currencies, or CBDCs. Thus far, movement on this front has been somewhat slow. Save for China, most central banks are still in the ideation phase, or are looking more into how a CBDC would affect their economy and…