The Bank of Japan is keen to ensure the seamless integration of its central bank digital currency with the existing payment architecture.
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 Mexico and the National Banking and Securities Commission issued a statement earlier this year warning financial institutions not to deal with digital assets, but the president has not often spoken directly on the subject.3149
The think tank wants to ensure the United Kingdom keeps pace with the developments in the emerging digital landscape.3442
The partnership will enable MoneyGram customers to fund and withdraw from their accounts using the USDC stablecoin at physical branches.9099
Kristalina Georgieva said that stablecoins "fill the digital gap in privately issued money," but labeled Bitcoin and other cryptocurrencies as assets rather than a form of money.5965
The central bank of New Zealand has outlined the major benefits of CBDC designs based on blockchain technology.6034
The development marks another sign of the digital hryvnia project picking up steam.3132
According to Polygon’s co-founder, Sandeep Nailwal, it is only a matter of time before Ethereum overtakes Bitcoin as the dominant layer-one protocol.22335
One of the world’s largest point-of-sale providers has partnered with BitPay to allow U.S.-based merchants to accept crypto payments6294
A BIS report based on a multi-CBDC pilot also showed significant improvements in international remittance speed.3451
Are stablecoins really stable? An in-depth case study based on the third-biggest stablecoin in the world answers the industry’s most pressing concerns.5453
The Central Bank of the Republic of Turkey has signed agreements with various firms to form the Digital Turkish Lira Collaboration Platform.3235
Diem’s push to launch stablecoins and a global payment system might suffer from the seemingly brewing anti-crypto sentiment among key U.S. policymakers.4944
The global payments giant plans to incorporate the crypto intelligence project into its digital currency expansion plans.5395
Bank of Communications and China Construction Bank are working with fund managers and insurers to facilitate e-yuan payments for Chinese citizens.2616