News
"Who’s gonna use the euro in its current form? There are gonna be so many choices," said ConsenSys South Africa lead Monica Singer.
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Digital Currency News
For two decades, the digital currency paradigm was a largely fringe concept championed by cryptography advocates before the launch of the cryptocurrency Bitcoin (BTC) in 2008, which heralded a new technological and social phenomenon.
While the goal of cryptocurrencies is to provide a medium for global, peer-to-peer transaction settlement that preserves privacy and financial security, digital currencies more broadly encompass any digital form of money, including the more recent trend of central bank digital currencies, or CBDCs.
Currently in development in China and other countries, these digital currencies may leverage blockchain technology for secure payments but with added capital controls and surveillance practices in stark contrast with the ethos of cryptocurrencies.
The future of digital currencies is uncertain. Will CBDCs become the dominant form of digital cash adopted by the masses, or will people opt into a more open, secure, permissionless financial system in the form of Bitcoin and the crypto economy?
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In partnership with the Indonesian government, Kinesis is delivering digitized gold-based financial services to the local population.
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Macau’s government is taking steps toward introducing a digital currency to combat tax evasion and money laundering in the gambling hub.
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A project that aims to deliver a decentralized, digital store of value has unveiled a series of portfolios that allow investors to find opportunities based on their appetite for risk.
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Privacy concerns regarding the digital euro abound as the European Central bank tests the waters for a central bank digital currency.
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The Sveriges Riksbank said that CBDC technology still requires further investigation.
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Tech Mahindra wants to provide U.S. banks with a stablecoin solution after the OCC authorized federally chartered banks to use stablecoins for settlement in January.
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The first phase of Japan’s CBDC pilots will have been completed by March 2022, the central bank states.
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The digital yuan continues to develop apace.
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The ECB will decide whether to proceed with digital euro pilots by mid-2021, Lagarde said.
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The digital ruble will become an integral part of national settlements by 2023 or 2024, Anatoly Aksakov of the Russian State Duma predicted.
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Alibaba’s Alipay and Tencent’s WeChat Pay reportedly account for 98% of the mobile payment market in China.
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Thanks to COVID measures, the local economy may not recover until 2022.
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The People’s Bank of China intends to enable anonymous digital yuan transactions of small amounts in order to protect “reasonable” anonymity needs.
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Russia is apparently preparing to scrutinize cross-border cryptocurrency transactions for potential illegal activity.
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