Crypto is now a legal method of payment for commercial transactions in the Island nation.
Central Bank News
A central bank is the main entity responsible for a region’s money system. Some of the world’s prominent central banks include the eurozone’s European Central Bank, the United States Federal Reserve, the Bank of Japan, the Bank of England, the Reserve Bank of India and the People’s Bank of China. Central banks supervise a number of economic aspects regarding their respective regions, including money supply management.
A central bank digital currency, or CBDC, serves as a digital form of a region’s currency. A CBDC could possibly be called a central bank cryptocurrency, although because a CBCD is essentially a digital form of fiat currency, such assets are not decentralized and are not the same as the crypto assets native to the cryptocurrency industry.
The Central Bank of the Republic of Turkey has signed agreements with various firms to form the Digital Turkish Lira Collaboration Platform.2868
One official said that after banning crypto payments in late 2019, Uzbekistan won’t ever reconsider its decision.4260
In comments at a Swedish banking conference, Sveriges Riksbank Governor Stefan Ingves warned that private money “usually collapses sooner or later.”13571
Governor Díaz de León said Bitcoin resembles “a dimension of precious metals” when compared to the central bank’s fiat money.9117
Honduras and Guatemala are studying central bank digital currencies and the value they could bring to their respective monetary systems.8964
Central bank digital currencies are the next frontier for blockchain. Roxe wants to make BTC hashrate the anchor for future CBDCs.3134
The joint initiative will prototype shared DLT platforms enabling institutions to settle cross-border transactions using central bank digital currencies.22504
South Africa’s top banker has said that cryptocurrencies are more akin to assets than actual currencies.3391
The CBN considered Bitt Inc’s experience in the development of the Eastern Caribbean Central Bank’s DCash, launched in April.3424
The CBN says the proposed central bank digital currency will offer parity of value and will operate as a non-interest-bearing CBDC.4730
India’s central bank is carefully considering the merits of issuing a digital rupee, while CBDC exploration continues to gather steam across the globe.4297
Reduced remittance costs could prove significant in justifying El Salvador’s adoption of Bitcoin as legal tender.6363
The results of a new study from the Bank of Thailand point to three key considerations for making sure a retail central bank digital currency doesn't adversely impact financial stability.2462
The warning follows authorities in several countries issuing statements warning investors to exercise caution in regards to Binance, or claiming the exchange was operating illegally.14878