Visa and ConsenSys, a blockchain software startup, are working to develop a central bank digital currency (CBDC) pilot program to explore retail applications such as cards and wallets. Both firms will first meet with an estimated 30 central banks to discuss the goals that governments hope to achieve with government-backed digital currency. The pilot program…
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…
Norway’s central bank, Norges Bank, has thrown its weight behind the European Union’s Markets in Crypto-Assets (MiCA) regulation as it evaluates the potential launch of a central bank digital currency (CBDC). The move aims to bolster financial stability and facilitate smoother cross-border transactions, aligning Norway’s digital finance initiatives with EU standards. In remarks reported by…
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…
On Jan. 11, Federal Reserve Chair Jerome Powell told Senate legislators that nothing prevents privately issued stablecoins from coexisting with a prospective Fed central bank digital currency (CBDC). Jerome Powell Confirms Fed-issued Digital Currency Is Underway Sen. Pat Toomey (R-Pa.) asked Powell during his confirmation hearing for a second term as Fed chairman whether there…
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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…
TL;DR The House passed the 21st Century ROAD to Housing Act after earlier Senate approval. Crypto-focused provisions would restrict federal CBDC development until 2030. The bill now heads to President Trump after rare bipartisan support. Anti-CBDC Language Moves To The President Congress has sent the 21st Century ROAD to Housing Act to President Trump after…
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,…
The Reserve Bank of India (RBI) recently organized a conference exclusively for directors of Indian banks, shedding light on the importance of adopting technologies like Blockchain and AI. During the event, RBI Deputy Governor Mahesh Kumar Jain took center stage, urging the bank directors to embrace technologies such as Artificial Intelligence (AI) and Blockchain. Jain…