The central bank of central banks says CBDCs are necessary for maintaining the status quo of the legacy financial system.
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?
The Bank of France has completed a central bank digital currency pilot for securities transactions in collaboration with Swiss crypto bank SEBA.4678
The Agricultural Bank of China previously debuted digital yuan ATMs this January.3523
This nonfungible token platform specializes in the world of football — and it’s doing things a little differently to the many other NFT marketplaces out there.4306
China reportedly implemented the country’s first blockchain-powered digital yuan transactions in the Xiong’an New Area.16429
The Central Bank of Nigeria says it is gearing up to test a sovereign digital currency to ease foreign remittance restrictions.10330
- Mexico lawmakers aim to follow the example of neighboring countries with proposed Bitcoin legislation
“We are going to lead the shift to crypto and fintech in Mexico,” said one senator.35640
Ghana is striving to become the first African nation to float a central bank digital currency.7606
The ECB’s annual euro report stressed that a digital euro may be needed to fight off the threat of “artificial currencies” from “foreign tech giants.”11065
Beijing residents should apply to participate in the lottery until midnight on June 7.10076
55% of survey respondents said that they were aware of crypto despite never owning or using cryptocurrencies.10056
Amid the global CBDC race, the Canadian central bank does not currently see a strong case for issuing a state digital currency.9230
After banning crypto payments back in 2017, Indonesia is looking to allow payments in a digital rupiah currency.13811
The South African Reserve Bank has begun exploratory studies on central bank digital currencies.11136
The Federal Reserve Governor has urged the United States to be at the forefront of developing CBDC to maintain the U.S. dollar’s role as a global reserve currency.22786