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UAE Central Bank launches Digital Dirham strategy for wholesale and retail use

UAE Central Bank launches Digital Dirham strategy for wholesale and retail use

The Central Bank of the United Arab Emirates (CBUAE) has announced the commencement of the initial phase of its central bank digital currency (CBDC) strategy, marking an important stride towards the adoption of digital currency in the region.  In collaboration with R3 and G42 Cloud, the strategy aims to explore the utility of CBDC for […]

Liberia’s President Boakai Launches Audits to Combat Corruption

In a move to tackle corruption head-on, President Joseph Boakai of Liberia has initiated a series of audits targeting key government institutions, including the central bank. This step underscores Boakai’s unwavering commitment to transparency and accountability in governance, a cornerstone of his administration’s agenda since assuming office following his victory over predecessor George Weah in […]

Central Banks Warned of Risks in Embracing AI Tools

Central Bank

In a recent report by the Bank for International Settlements (BIS), central banks worldwide have been cautioned about the inherent risks associated with their growing reliance on artificial intelligence (AI) tools. This nine-page report titled “Artificial Intelligence in Central Banking” sheds light on the use cases and potential pitfalls of integrating large language models (LLMs) […]

Turkey’s central bank still on its plan to achieve disinflation in 2024

Turkey's central bank still on its plan to achieve disinflation in 2024

The central bank of Turkey has revealed that it remains committed to following a strategic plan to establish the conditions for achieving sustainable disinflation in 2024. On Monday, the head of the monetary authority stated that they are undertaking measured and resolute measures to achieve this objective. Despite a notable reduction in Turkey’s annual inflation […]

Bank of England appoints former Fed chair to review inflation forecasting misjudgment 

Bank of England appoints former Fed chair to review inflation misjudgment (3)

The Bank of England(BoE) has announced today that Ben Bernanke, who presided over the U.S. Federal Reserve during the global financial crisis, will oversee a review of the institution’s forecasting procedures. The BoE has been under fire from British legislators for failing to foresee the magnitude of last year’s inflation spike, which reached a 41-year […]

USA banks are looking into going crypto

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USA banks are looking into going crypto acting comptroller Brian Brooks confirmed. In a recent interview on the Unchained podcast with Laura Shin, Mr. Brooks explains that different USA banks are looking into the different possible paths they could take to adopt the digital coin. The Office of the Comptroller of the Currency (OCC) decision […]

Central African Bank warns its members of crypto restriction

Central Africa

On Friday, Central Africa’s regional banking organization issued a warning about its restriction on cryptocurrencies only weeks after the Central African Republic (CAR) declared bitcoin lawful money. The Banking Commission of Central Africa (COBAC) supervises the economic sector in the six nations that make up the Central African Economic and Monetary Community (CEMAC). After the […]

The Reserve Bank of India (RBI) keeps pushing for a complete crypto ban

Reserve Bank of India

TL;DR Breakdown: The Reserve Bank of India supports the idea of a complete crypto ban.  RBI presented the negative impact of crypto to the central board in the latest board meeting.  The Indian crypto community is fearful about a potential ban like China.  India’s central bank RBI has communicated its support to the central board […]

Bank of Russia will charge fees for CBDC transactions

Bank of Russia

TL; DR Breakdown Bank of Russia will charge fees for CBDC transactions The bank’s director says the charges will be small The bank is still opposed to digital assets Central bank digital currencies have become something that no country wants to be left behind regarding its development. Although some countries are in front regarding its […]

CBDCs: 17 countries launch pilot projects

CBDCs

The world is moving towards digitization in almost every field. Banking and finance are no exception to that digitization. Central Bank Digital Currency is the newly emerging concept of digitization of money. It is an attempt to properly regulate the money and bring all citizens into a process of inclusion. It can be taken as […]

Russian oligarch fumes at Bank of Russia for ignoring BTC

Bank of russia

TL;DR Breakdown BoR continues to ignore Bitcoin. Deripaska criticizes the Bank’s move; reiterates the need for adoption.  Billionaire blasts Bank of Russia The Bank of Russia (BoR) has again come under criticism over its handling of cryptocurrency regulations. While Russia has granted digital currencies legal status, they are not allowed for use as a payment […]

How Ripple will lose its coin identity

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One of the lead investors of Ripple in 2013 himself declared at the start of the year that he never believed Ripple would be seen as a coin. Kevin Rose believes that Ripple is limited as a currency, but it excels as a transfer. In an interview with tech crunch regarding how he felt about […]

US SEC charges Wells Fargo CEO

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US SEC charges Wells Fargo CEO for misdirecting its customers. The CEO of Fargo, an American banking giant, John Stumpf, was criminalized by the US Securities and Exchange Commission. Mr. Stumpf had to cough up almost three million dollars to appease the regulator while a former lead exec, Carrie Tolstedt, will be involved in a […]

Bank of England prints more money for UK economy to survive

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Bank of England (BoE) prints $196 million to sustain the UK’s failing economy amid a new lockdown. The announcement by the BoE came yesterday. The push of money into the economy was more significant than most people predicted. Bank of England prints more money for UK Economy to survive Bank of England (BoE) prints $196 […]

DeFi: the #1 decentralized finance beginners guide

jumpstory download

In this guide, we will discuss the ins and out of decentralized finance and answer some of the most often asked questions often not explained in the news. To begin, we will start with the most primarily asked and most important question: What is DeFi DeFi or decentralized finance is an umbrella term that applies […]

Experimentation of Digital Euro to begin soon, says ECB

euro

The European Central Bank is preparing the experimentation of the Digital Euro. The bank will launch a public consultation on the digital currency later this month Many Europeans are going digital, and the European authorities want to carry the economy along The European Central Bank (ECB) has informed in a press release on Friday that […]

Ripple CEO believes that interoperability is key to the success of CBDCs

Ripple CEO

Ripple CEO, Brad Garlinghouse is convinced interoperability is the main reason why the creation of a Central Bank Digital Currency (CBDC) would not threaten Ripple’s cross border payment system. In his statement, the Ripple CEO said the presence of interoperability puts Ripple’s cross-border payment system far ahead of the digital currency. Countries around the world […]

Blockchain experts: the Bank for International Settlements’ new hope

BIS

BIS, one of the most important banking institutions in the world, is hiring blockchain experts New hirings will be leads of development projects employing the blockchain technology It can be expected that such projects will be adopted by central banks of major economies The Bank for International Settlements (BIS) has today announced that they are […]

Digital banks: Central Bank of Philippines set to publish framework

digital banks

In a move that will see the emergence of digital banks across the country, the Philippines Central Bank is planning to lay down a framework that will support digital banking. According to the words of the Deputy Governor of Bangko Sentral ng Pilipinas, Chuchi Fonacier, the bank is set to release a memo detailing the […]

Retail CBDC launch considered by ECB

retail CBDC

President of the European Central Bank (ECB) has said that Europe is currently pushing for the creation of a retail CBDC after confirming that they have been behind in the talks about digital payments creation. The ECB is set to look into the prospect of creating a retail CBDC (Central Bank Digital Currency) after it […]

Brazil set to launch CBDC by 2022

CBDC

The President of the Central  Bank of Brazil has announced that the country is currently making plans to launch its CBDC by the start of 2022. Brazil is currently hoping to rival other countries involved in CBDC creation in the future as the President of the Central Bank ,  Roberto Campos Neto affirmed that the […]

Is crypto a realistic part of America’s financial future?

America s financial future

Acting Comptroller of Currency, Brian Brooks, in an interview lauded digital assets as the integral part of America’s financial future. Brian Brooks has been an ardent supporter of digital assets even before his appointment, and he has given reasons why he is pushing towards crypto-related payments.  Going further in the interview, Brooks mentions the difficulties […]

Is Ripple competing with established payment solutions?

payment solutions

In its August review, The International Monetary Fund has lauded Ripple’s payment solutions which has raised the question about Ripple competing with established payment solutions. In the full review, the international outfit said it focused closely on firms using technological initiatives to enhance payment solutions. Given that, it has noted one key player that has […]

Indian crypto ban unlikely as OKEx launches new platform in India

indian crypto ban

One of the leading crypto exchanges, OKEx, has recently announced that it has set up shop in India despite the country facing a tough future for digital assets. With rumors of another Indian crypto ban looming on the horizon, CEO of OKEx, Jay Hao, has said he thinks the conclusion might be otherwise. Talking about […]

Bitcoin outperforms G4 central bank balance sheets

G central Bank balance sheets

A seasoned investment specialist, Raoul Pal, has lauded Bitcoins growth rate as he confirms that the cryptocurrency posted a growth far better than that of G4 central bank balance sheets.  The G4 comprises four central banks which include the Bank of England, Bank of Japan, the Federal Reserve and the European Central Bank. These banks […]

BOJ appoints senior economist to lead Japan CBDC research department

japan

The latest report on Japan CBDC has informed that the central bank’s senior economist will now head the team overseeing the research of the nation’s planned digital currency. The appointment today shows the extent to which the central bank is pushing to research a feasible digital currency that can meet certain challenges highlighted in its […]

CBDC is helicopter money, says Tomas Holub of Czech central bank

CBDC is helicopter money says Tomas Holub of Czech central bank

Tomas Holub, a Czech National Bank board member, has said that CBDC is helicopter money. His remarks are different from other central bank spokespersons who are actively looking to experiment with central bank digital currencies. Theoretically, helicopter money is considered harmful as it can stoke unnecessary inflation. The world is warming up to the concept […]

BoJ heightens its approach towards Japan digital currency with new team

japan

Many central banks have woken to the concept of central bank digital currency (CBDC), probably due to China’s moves to issue one. Today, the Bank of Japan (BoJ) has heightened its approach towards a potential Japan digital currency, although it previously declined to have plans to launch a CBDC. Japan sets up a digital currency […]

Bank of Thailand launches digital Baht for businesses before public launch

Digital Baht

The Bank of Thailand (BOT) has entered the third phase of development for its digital Baht project and plans on expanding its use among corporations. According to The Nation Thailand, BOT assistant governor Vachira Arromdee revealed that the bank is already using the CBDC for financial transactions with some big businesses. Digital Baht The bank […]

Bahamas cryptocurrency ready to protect against Category 5 hurricane

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The Bahamas cryptocurrency project by the country’s central bank is all set to offer protection against a Category 5 hurricane. Sounds strange? Yes, now cryptocurrencies are set to battle it out with actual hurricanes and protect communities from natural disasters. Project Sand Dollar is the nation’s answer to the ongoing global CBDC trend. As per […]

Bank of Korea will now manage Samsung’s BankSign

Bank of Korea will now manage Samsung s BankSign

The News Asia reported on July 13 that the Bank of Korea, together with the Korea Financial Settlement Service (KFSS), will now take over the management of Samsung-owned BankSign. In a move to digitize the country’s financial framework, the South Korean central bank has taken control over the BankSign, South Korea’s blockchain solution for the […]

Bank of England exploring UK cryptocurrency, says governor Andrew Bailey

Bank of England sheds light on CBDC: what you need to know

A UK cryptocurrency could be a reality soon, reports The Bank of England’s governor, Andrew Bailey. In his latest statement, the governor said that the bank recently discussed the mechanisms of a probable UK cryptocurrency backed by the central bank. Central bank digital currencies, or CBDCs, are being developed by many countries. China is leading […]

Japan CBDC: BoJ explores offline usability of its digital currency

japan

Japan is another popular Asian country that is pushing through the launch of a central bank digital currency (CBDC). Reportedly, the Central Bank of Japan (BoJ) is exploring ways to initiate offline usability of Japan CBDC, due to some challenges facing the country. BoJ wants Japan CBDC available offline In the bank’s latest research report, […]

24,000 Lithuania digital token launches next week as CBDC trial

coins

The Euro Zone is set to experience another face of central bank-issued digital currency, following a recent announcement about the Lithuania digital token. The Baltic country is looking to secure its financial spot from the likes of Facebook, by proposing a digital coin which will be issued starting from next week. Euro Zone to see […]

COVID-19 has accelerated the need to develop CBDC, says BIS Report

COVID has accelerated the need to develop CBDC says BIS Report

The annual BIS Report by Bank of International Settlements has been released, and it says that Coronavirus pandemic has accelerated the need to create central bank digital currencies. The report mentions that central banks must realize that the time to move ahead with CBDC projects has come. The COVID-19 has exposed many new cracks in […]

Facebook suffers another blow as Brazil bans WhatsApp Pay

Facebook suffers another blow as Brazil bans WhatsApp Pay

Facebook’s recently launched WhatsApp payments services called WhatsApp Pay has suffered a significant setback as the central bank of Brazil announces its suspension over regulatory and security concerns. For this social media giant, it is crisis after crisis with no dearth of regulatory hurdles. After frantically updating the whitepaper of its ambitious digital currency project […]

Thailand CBDC prototype payment system launches after Ithanon completion

grand palace

The central bank of Thailand (BOT) is nearing the complete release of its digital currency. It recently revealed plans to debut the Thailand CBDC prototype payment system. This is coming after the successful completion of its CBDC project dubbed Inthanon. BOT readies Thailand CBDC On Thursday, the bank revealed it is looking to establish a […]

BOK establishes legal panel for Korea digital currency, ‘just in case’

south korea

The central bank of Korea (BOK) has established a legal advisory group for Korea digital currency or CBDC. Although this could be defined as another step by the country in launching a national digital currency, however, the bank said it doesn’t mean they are actually preparing to launch Korea digital currency.  BOK makes yet another […]

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