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…
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 Eastern Caribbean Central Bank (ECCB) expanded its CBDC (DCash) to two more nations of the commonwealth: Dominica and Montserrat. Now, the digital version of the EC dollar has been rolled out in seven out of all eight-member from ECCU countries. The Eastern Caribbean dollar (EC$) is the currency used by the members of the…
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…
Is President Erdogan so out of touch with what’s happening around him that he declared war against Bitcoin? Or is this a case of “lost in translation” and quotes out of context? An article titled “We are in a war against bitcoin,” says Turkey’s president” has been making the rounds over at Bitcoin-Twitter, receiving both…
The biggest property developer in China, Evergrande, seems to be on the verge of collapse. They apparently owe $300B. Is bankruptcy on the table? There’s a better question, though. Is Evergrande the only company in the sector with these kinds of debts? Or is Evergrande just a symptom of a widespread disease? Also, how does…
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…
The UAE (United Arab Emirates) is moving to secure its presence within the digital asset sector. They have also applied various efforts to promote the adoption of blockchain-based technologies. According to Bittrex Global cryptocurrency exchange CEO Stephen Stonberg, Dubai and the United Arab Emirates are among the very friendly jurisdictions to the crypto industry. Dubai…
The Chinese Central Bank Digital Currency (CBDC) is progressively spreading out to more users. This can be seen as 35 banks in China include the digital Yuan in their mobile apps. According to a local report, the digital RMB App reveals a recent addition of more banks to the interface. Before now, the digital app…
Started by the end of July 2021, the Bank Of Korea central bank digital currency (CBDC) project has been gaining traction. Per a report by the Korea Times, the project will be aided by electronics company Samsung. The company and the financial institution will build the platform that will support the CBDC. In addition to…