Tokenization is finally unfolding in the finance sector after years of anticipation. This process, which involves transforming assets like cash or real estate into blockchain-based tokens, is gaining serious traction, with major financial institutions now rolling out pilot projects. UBS has introduced UBS Tokenize, JP Morgan is developing its own tokenization framework, and Visa has […]
Swift to embark on live trials for digital asset and currency transactions with banks in North America, Europe, and Asia starting next year. Swift is swiftly transitioning from experimentation to real-world application in the realm of digital asset and currency transactions. Beginning in 2025, financial institutions worldwide will utilize Swift’s global platform to conduct pilot […]
In a pivotal move, the U.S. House of Representatives has taken a step closer to potentially prohibiting the development of a digital dollar, a decision that could impact the nation’s competitiveness in the global race for Central Bank Digital Currencies (CBDCs). #NEW: The House Financial Services Committee advances national security, financial privacy, anti-CBDC legislation to […]
CBDCs are digital currencies that apex banks regulate. They are in two forms: retail and wholesale. The former are usually offered to the public, whereas the latter is meant for interbank transfers. CBDC structures can be tokenized or account-based. Token-based systems utilize personal codes to claim ownership of them, while account-based systems require middlemen to […]
As talks about digital euro progress, the European Central Bank (ECB) has selected five firms to develop user interface prototypes for the CBDC. The ECB plans to gauge how a technology hosting the digital euro would function with user interfaces developed by third parties. The financial institution noted: “The aim of this prototyping exercise is […]
With a central bank-issued euro becoming a medium-term possibility, analysts have said Ripple (XRP) could be dramatically affected. Olli Rehn, a policymaker at the European Central Bank (ECB), explained in a speech today that the ongoing feasibility study for a digital euro will be concluded in October 2023. Rehn added that following this investigation phase, […]
Inflation continues to eat deep into the value of the dollar. Compared to last year, there’s only a handful of items you can purchase with a $100 bill. Despite this obvious setback, your government-issued bill has one critical advantage over the central bank digital currency (CBDC); you can use it in any purchase while maintaining […]
The Bank of International Settlements (BIS) recently released a report titled “Gaining momentum — Results of the 2021 BIS survey on central bank digital currencies,” which highlighted its findings in a CBDC study. The report was written by senior BIS economist Anneke Kosse and market analyst Ilaria Mattei. Conducted in late 2021, the survey, which […]
Nirmala Sitharaman, the Finance Minister of India, commented on the nation’s pending central bank digital currency (CBDC) at a business roundtable on “Investing in India’s Digital Revolution” in San Francisco last week. The event, which was organized by the Federation of Indian Chambers of Commerce & Industry (FICCI)—an independent trade association and advocacy group in […]
