Posts in category

central bank digital currency


The chief of the European Central Bank (ECB) said Friday that the institution sees no “concrete need” to issue a digital version of the euro, Reuters reports. In a letter to a member of the European Parliament, ECB President Mario Draghi said a lack of robustness in the technology that would underlie such an endeavor, …

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The Iranian government has recognized cryptocurrency mining as a lawful activity as part of its effort to introduce a national cryptocurrency – a move that saw bitcoin’s price briefly spike to record levels on local exchanges. According to news agency IBENA, which is affiliated to the Central Bank of Iran, Abolhassan Firouzabadi, the Secretary of Iran’s Supreme …

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India’s central bank is researching how to introduce a rupee-backed central bank digital currency (CBDC) into its monetary policy in a bid to reduce its hefty annual bill for minting physical cash. The news was revealed in the Reserve Bank of India’s (RBI) annual report, published Wednesday, which indicated an inter-departmental unit has already been formed within the …

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Barbados-based blockchain startup Bitt is partnering with the Centrale Bank van Curaçao en Sint Maarten (CBCS) to look into issuing a central bank-backed digital currency for the two nations. Bitt, a portfolio company of Overstock’s Medici Ventures, said Monday that it has signed a memorandum of understanding (MOU) with the central bank for the Dutch Caribbean …

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Central bank-issued cryptocurrency can potentially bring economic welfare gains for Canada and the U.S., according to a central bank researcher. In a working paper published Thursday, the Bank of Canada’s S. Mohammad R. Davoodalhosseini states that introducing a central bank digital currency (CBDC) “can lead to an increase of up to 0.64 percent in consumption for Canada …

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South Korea’s central bank has announced that it does not plan to launch its own digital currency over fears it could destabilize the economy. According to The Korea Times on Monday, the BoK said that issuing a central bank digital currency (CBDC) could pose a “moral hazard” by adversely affecting monetary policy and its implementation, and possibly …

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Bank of Thailand (BoT), the country’s central banking authority, is eyeing the adoption of blockchain technology in its interbank clearance and settlement system. According to a speech published on Wednesday, central bank governor Veerathai Santiprabhob indicated at an event in Singapore that developing a wholesale central bank digital currency is currently in the country’s pipeline as …

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The Hong Kong Monetary Authority (HKMA), the region’s de facto central bank, currently has no plan to issue a central bank digital currency (CBDC), a high-level government official said on Wednesday. During a council meeting with legislators in Hong Kong, Joseph Chan, acting secretary for financial services and the treasury, said the HKMA’s research on the …

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Bank of Japan (BoJ), the country’s central banking authority, currently has no plan to issue a central bank digital currency (CBDC), citing financial stability concerns. In a closing remark at a conference with the International Monetary Fund and Japan’s Financial Services Agency on Monday, the BoJ’s deputy governor Masayoshi Amamiya said issuing a digital currency directly …

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