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 […]
According to a high-ranking government official, Iran is unwilling to recognize cryptocurrency as a legitimate means of payment. This comment, which came from Iran’s deputy minister of communications, Reza Bagheri Asl, comes as the Central Bank of Iran (CBI) published rules for the rolling out of its national digital currency. The deputy minister made the […]
An executive at the Qatar Central Bank (QCB) has revealed that the financial institution is in the process of studying digital bank licensing and digital currencies. The insider, Alanood Abdullah Al Muftah, the head of the QCB’s fintech division, also noted that the study will help the apex bank acquire a better understanding of the […]
The government of India has told parliament that it has no plans on issuing a Reserve Bank of India (RBI)-regulated cryptocurrency. The Indian finance ministry made some clarification on the “RBI Cryptocurrency” in Rajya Sabha, India’s upper house of parliament, on Tuesday. Member of the Rajya Sabha Sanjay Singh asked the finance minister to explain […]
