Central Banks

Swiss, French Central Banks to Trial Wholesale CBDC Settlements With BIS and Private Sector

<div class=”featured_image_container”> </div> <strong>The central banks of Switzerland and France are joining hands with the Bank for International Settlements to test wholesale central bank digital currencies in cross-border transactions. The experiment will be conducted with the help of a private sector consortium led by Accenture. </strong> European Central Banks to Collaborate on CBDC Project The …

Swiss, French Central Banks to Trial Wholesale CBDC Settlements With BIS and Private Sector Read More »

G7 Finance Chiefs to Publish Common Rules for State-Issued Digital Currencies This Year

<div class=”featured_image_container”> </div> <strong>The G7 finance ministers and central bank governors have met and agreed to work towards common principles for state-backed digital currencies and publish their conclusions this year. They said these digital currencies “could act as both a liquid, safe settlement asset and as an anchor for the payments system.”</strong> G7 Setting Common …

G7 Finance Chiefs to Publish Common Rules for State-Issued Digital Currencies This Year Read More »

ECB: Digital Euro to Boost Global Appeal of European Money, Fight ‘Artificial Currencies’

<div class=”featured_image_container”> </div> <strong>The digitization of traditional currencies like the euro has the potential to increase their international appeal, the European Central Bank says in a new report. A failure to offer a digital currency would endanger financial stability, ECB warns. The regulator is concerned about the prospect of tech giants dominating payments through their …

ECB: Digital Euro to Boost Global Appeal of European Money, Fight ‘Artificial Currencies’ Read More »

Danish Central Banker Tempted to Ignore Cryptocurrency — Sees Real Threat in ‘Big Tech Invading Currency Area’

<div class=”featured_image_container”> </div> <strong>Denmark’s central bank governor Lars Rohde says that he can be tempted to ignore cryptocurrency, stating that it is not a threat to the central bank at present. However, he pointed out that the real threat could come from big technology companies “invading the currency area or the transaction means.”</strong> Denmark’s Central …

Danish Central Banker Tempted to Ignore Cryptocurrency — Sees Real Threat in ‘Big Tech Invading Currency Area’ Read More »

Kenyan Regulator Commends Its Regulatory Sandbox— Says the Test Phase Enables It to Have Interactions With Innovators

<div class=”featured_image_container”> </div> <strong>According to a new report published by the Capital Markets Authority (CMA) of Kenya, the country’s regulatory sandbox has now received 24 applications, queries, and proposals since March 2019. From this total, only seven firms have been admitted into the sandbox, and “a few more (are now) in the final stages of …

Kenyan Regulator Commends Its Regulatory Sandbox— Says the Test Phase Enables It to Have Interactions With Innovators Read More »

Venture Capitalist Proposes a Single Decentralized Crypto as a Solution to Boost Africa’s Inter-Regional Trade

<div class=”featured_image_container”> </div> <strong>South African venture capitalist, Michael Jordaan, recently suggested that a single decentralized cryptocurrency may be the solution that brings great benefits to inter-regional trade and investment in Africa. According to Jordaan, who is also the former CEO of one of South Africa’s leading banks, FNB, such a single African currency “would go …

Venture Capitalist Proposes a Single Decentralized Crypto as a Solution to Boost Africa’s Inter-Regional Trade Read More »

The Global Economy Comes Before Savers: ECB President Christine Lagarde Defends Negative Interest Rates

<div class=”featured_image_container”> </div> <strong>The European Central Bank President Christine Lagarde is keeping the central bank’s monetary easing policies unchanged according to her statements from a press conference last Thursday. Moreover, the central bank’s Twitter account recently shared a video of Lagarde defending negative interest rates, as the bank’s President stresses that they “support companies and …

The Global Economy Comes Before Savers: ECB President Christine Lagarde Defends Negative Interest Rates Read More »

An ECB Board Member Attacks Bitcoin, Says It ‘Does Not Fulfill the Basic Properties of Money’

<div class=”featured_image_container”> </div> <strong>Isabel Schnabel, a board member with the European Central Bank (ECB), has attacked bitcoin claiming the crypto asset “does not fulfill the basic properties of money.” She also describes bitcoin as a “speculative asset without any recognizable fundamental value and is subject to massive price swings.” Schnabel also surmises that trust in …

An ECB Board Member Attacks Bitcoin, Says It ‘Does Not Fulfill the Basic Properties of Money’ Read More »

Microsoft President Says the World Is Best Served When Currencies Are Issued and Backed by Governments

<div class=”featured_image_container”> </div> <strong>Microsoft President Brad Smith says that “The world is best served when currencies are issued, backed by and regulated by governments.” He further emphasized that he is not a fan of encouraging the private sector to issue digital currencies.</strong> Microsoft’s President Says Currency Issuance Should Be Left to Governments Brad Smith, President …

Microsoft President Says the World Is Best Served When Currencies Are Issued and Backed by Governments Read More »

Goldman Sachs Reports Rising Customer Demand for BTC: Predicts an ‘Explosion’ in the Use of Digital Currencies

<div class=”featured_image_container”> </div> <strong>John Waldron, the chief operating officer (COO) of Goldman Sachs, says the financial services giant is seeing rising customer demand to own and invest in bitcoin. Nevertheless, the COO explained that his organization was still exploring ways of satisfying this demand without running afoul of regulators.</strong> ‘How Banks Should Be Regulated When …

Goldman Sachs Reports Rising Customer Demand for BTC: Predicts an ‘Explosion’ in the Use of Digital Currencies Read More »