Digital Currency
China to Build ‘Digital Central Bank’ Infrastructure, Striving to Become the World’s Leader in Digital Currency Development
China’s Central Bank, People’s Bank of China (PBoC) is planning to look into building a digital central bank infrastructure to improve the standards of financial services in the country. On May 18, the Chinese Central Bank’s 2020 video conference on scientific and technological work was held in its capital, Beijing. The meeting focused on the technological achievements made in 2019, an in-depth analysis of the current situation and challenges, and the upcoming key plans for 2020.
Singapore State Investor Temasek Joins Libra Association, Facebook’s Global Digital Currency Project
Singapore’s state investor, Temasek Holdings has officially been named a member of the Facebook-backed digital currency project Libra. Temasek as a portfolio value of 313 billion Singapore dollars (roughly $219 billion), making it one of the more prominent backers of Libra. The Libra Association, an independent group based in Switzerland has also welcomed crypto investor Paradigm and Slow Ventures, a private equity firm.
Visa Applies for Blockchain-Based Digital Currency Patent to Potentially Remove Physical Currency
Visa has filed a patent application to create a blockchain-based digital currency on a centralized computer, according to a publication by the US Patent and Trademark Office (USPTO). The patent was originally filed in November 2019, and was described as “Digital Fiat Currency.” The US dollar was mentioned as one of the fiat currencies to be used potentially, although the patent could also apply to other central bank digital currencies including the pound, yen, and the euro.
CBDCs Gain Traction Amid Fears of Coronavirus-Contaminated Banknotes, The Economist Survey Uncovers
In a survey conducted by The Economist and Crypto.com, it found that consumers generally had more trust in central bank digital currencies (CBDCs), rather than decentralized cryptocurrencies.
China’s Central Bank Digital Currency DCEP to be Operational for Local Government Employees Starting in May
Local government employees in the city of Suzhou will be receiving China’s central bank digital currency, digital currency electronic payment (DCEP) in May, according to a local news outlet. China has been charging full speed with its digital currency development plans shortly after Facebook revealed its Libra stablecoin project.
IMF Official Talks Benefits and Shortcomings of CBDCs, Proposes a Hybrid Solution
Tao Zhang, deputy managing director of the International Monetary Fund (IMF), acknowledges the tremendous promise that CBDCs hold and challenges lying ahead.
Hawaii Pushes Out New Digital Currency Regulatory Sandbox to Boost Crypto Growth
The government of Hawaii has recently announced its establishment of a regulatory sandbox for digital currency companies. The partnership between the Department of Commerce and Consumer Affairs, Division of Financial Institutions (DFI) and Hawaii Technology Development Corporation (HTDC) will see the launch of Hawaii’s first pilot program aimed for digital currencies.
Ethereum’s Vitalik Buterin: Centralized Digital Currencies Without Privacy Are a Huge Step Back
Vitalik Buterin the Ethereum co-founder believes that mainstream adoption of digital currencies is inevitable, with or without blockchain, but will that currency be sovereign, corporate or decentralized?
Impending Central Bank Digital Currency: Data Shows Not All Central Banks Support the Move
The paradox of the situation is that banks with the capacity to push the world into the digital currency era are actually not showing much interest towards adoption; with the reason for their reluctance remaining a question with no answer.
US Fed Chair Jerome Powell Grilled Over FedCoin Digital Currency Progress
Federal Reserve chairman Jerome Powell spoke before the US House Financial Services Committee. He was questioned regarding the central bank’s digital currency efforts, China, and Libra. He said that they are working hard on the digital currency.