Stablecorp CEO Jean Desgagne said VersaBank's digital currency was intended to provide an alternative to concerns over volatility and security in crypto markets.
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?
Tencent-backed WeBank and Ant Financial-backed MYbank will reportedly be the first private banks to join China’s digital yuan pilot.10873
The Central Bank of the Bahamas partnered with Mastercard and digital payment startup Island Pay to launch a card for its central bank digital currency.8837
Sweden's exploration into CBDCs will continue until 2022 as the nation's central bank seeks to construct a digital version of the krona.15395
Russian wireless service providers MegaFon and Beeline proposed to link digital ruble wallets on smartphones to user's phone numbers.6986
China’s first hardware wallet for the digital yuan supports dual offline payments without an internet connection.8808
An exec at the Bank for International Settlements wants central banks to helm the evolution of digital money.3298
Larry Fink said he was fascinated with the media hype surrounding Bitcoin but expressed concerns about the crypto asset's volatility and market size.9520
The bank still claimed that government bodies and regulators in India are both “skeptical” and “apprehensive” about crypto.17155
China is building a new system to integrate international central bank digital currencies as part of its national blockchain project, the BSN.7375
Cryptocurrency may seem like the perfect holiday gift this year, but education is key when deciding how to gift digital assets.13343
The numbers come following the Suzhou municipal government giving away roughly $3 million in a digital yuan lottery for residents.13156
Sweden is examining the risks and consequences of moving its economy to its e-krona digital currency.8634
Cryptocurrency platforms perform audits to ensure transparency, but it’s not a golden solution to solve all potential trust and security issues.4316
Executives from Facebook’s ‘Diem’ Association, Circle, Soramitsu, and Coinbase discussed how and when digital currencies will go mainstream, at the Singapore Fintech Festival.18662