China’s incipient digital currency will apparently “bear similarities” to Facebook’s own proposed cryptocurrency and is intended to protect China’s ‘monetary sovereignty’, according to a superior within China’s central bank. Relaying the several key attributes of China’s new central bank digital currency (CBDC) Mu Changchun, deputy director of...
By CCN.com: The Bank of Canada and the Monetary Authority of Singapore (MAS) has conducted a successful pilot test of central bank-backed crypto assets to clear cross-border and cross-currency payments. The official statement of MAS released on May 2 described the potential of “central bank digital currencies” in increasing the efficiency and reducing risks for international transactions. “The...
The Central Bank of Azerbaijan (CBA) has indicated that it does not intend to issue a state-backed cryptocurrency, also known as a central bank digital currency (CBDC). Speaking to reporters in Baku on November 15, CBA first Chairman Alim Guliyev stated that the Bank treats cryptocurrencies conservatively, based on a belief that the use of digital currencies and similar financial instruments...
Masayoshi Amamiya, Bank of Japan’s Deputy Governor, stated on Saturday that it was unclear whether digital currencies could enhance the monetary policies of central banks. He elaborated that the Bank of Japan had no plans whatsoever to issue a cryptocurrency. Ongoing Debate Mr. Amamiya said that there was “quite a hurdle” for cryptocurrencies to overcome fiat currencies, and pointed out that...
Central banks will one day use government-backed cryptocurrencies to rapidly address the risks of future financial crises, researchers at Morgan Stanley predicted in a new report. The report, which examines how central banks could use state-sponsored cryptocurrencies to more effectively govern their monetary supplies, theorizes that this technology would allow central banks take negative interest...
A group of South Korean researchers has unveiled a “ledger-free blockchain” called “PureChain” that it says could hasten the introduction of a central bank digital currency (CBDC). The research team — which includes representatives from the Korea Advanced Institute of Science and Technology, Kyung Hee University, tech firm ICTK Holdings, and blockchain startup EpitomeCL — announced...
South Africa’s central bank is open to the innovation of cryptocurrencies and blockchain technology, the bank’s governor revealed in a speech given in cybersecurity conference in Johannesburg, yesterday. The South African Reserve Bank (SARB) organized and hosted a cybersecurity conference in Johannesburg yesterday. While opening the conference, Lesetja Kganyago, the governor of SARB, spoke about...