The Bank of Canada believes a central bank digital currency could be the answer to the threat that cryptocurrencies present.
Digital Currency News
Digital currency is a type of currency that has no physical form and only exists in digital form. Digital currencies include virtual money and cryptocurrency. This digital money may be used as traditional money to buy and sell goods, but with the allowance of instant transactions and borderless transfer-of-ownership. Digital money can be restricted to a certain community or be fully free for anyone to use. Digital money can also be decentralized or have a central authority over an emission process, can be backed by other currency or liquid asset, or work without any backing. Investing in digital currency has become very popular after the explosion of cryptocurrencies due to their volatility, which makes them a great speculation tool. Although digital currencies are useful and progressive, they are not yet widespread and most banks do not accept them.
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A Financial Times opinion piece continues Bruno Le Maire’s harsh criticism of Facebook’s unlaunched digital currency, Libra.
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Washington risks devaluing the dollar’s status in the future if it fails to respond to innovation, says the former regulator.
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Germany’s finance minister Olaf Scholz said in an interview that he intends to keep money issuance under the state’s control.
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PayPal has officially forgone participation in the Libra Association, the governing body of Facebook’s Libra digital currency.
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Developers behind Facebook’s Libra digital currency are pushing forward despite mounting issues with regulators.
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by Joeri Cant
Senior members of the House Financial Services Committee asked the Federal Reserve whether there are plans for launching a U.S. dollar digital currency.
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The Facebook CEO appeared very keen to address criticism of Libra in advance, in stark contrast to the company’s previous style.
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The head of the People’s Bank of China has contradicted previous comments about the readiness of Beijing’s new token.
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by Allen Scott
Chile’s top central banker says the financial system could benefit from central bank digital currencies, particularly in “unconventional” monetary policies.
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Bertrand Perez shrugs off concerns about Facebook’s multiple battles over Libra, saying the coming year will resolve disputes with governments.
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Three anonymous sources confirmed Telegram had set a release period over the next two months for its Gram token.
- Opinion
Sovereign states and central banks could digitize paper money and be the concrete alternative to Libra.
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