CBDC – BOL News Staging

Fed says central bank digital dollar could offer benefits

January 30, 2022 by Muhammad Zubair

WASHINGTON: An official US digital currency could offer potential benefits to American consumers and businesses, but it is not clear they would outweigh the potential risks, the Federal Reserve said. In a long-awaited report on central bank digital currencies (CBDC), the Fed stressed that it is not taking a position nor does the paper signal … Read more

Zimbabwe’s Central Bank studies digital currency, rejects cryptocurrency

April 8, 2022December 8, 2021 by Muhammad Zubair

RIYADH: Zimbabwe’s Central Bank is exploring using its own digital currency instead of allowing cryptocurrency as legal tender, its Governor John Mangudya told Bloomberg. “As a central bank we don’t believe in cryptocurrencies,” Mangudya said in an interview on Monday. “We believe in central bank digital currency which is basically trying to say how do we … Read more

The United States should get ready for digital currency

September 26, 2021 by Syed Ahad

The United States Federal Reserve is still cynical about the efficiency of central bank digital currencies (CBDC). They are still years away from emerging their personal digital currency. Meanwhile, as per the Bank of America report, digital currency would make the U.S. dollar “remain highly competitive…relative to other currencies.” The United States House Committee on … Read more

Central Bank of Iran (CBI) to issue national crypto

September 2, 2021September 1, 2021 by Syed Ahad

The Central Bank of Iran (CBI) is in the procedure of having its virtual money (CBDC) issued, informed by a banking official.

The Central Bank of Iran seeks to cut the price of printing cash plus the risk of domestic private sector electric transactions.

CBI has been formulating itself for the past months to license imports of goods into the state through domestically mined cryptocurrencies (rial-based ones); i.e., Iran will shortly join the club of national cryptocurrency holders.

Only cryptos resulting from miners’ official by the Ministry of Industry, Mines, and Trade can be used, as per the new central bank announcement.

Authorized banks and exchange businesses that follow the CBI standards can pay for imports in cryptocurrencies.

The CBI has taken this unprecedented step in an effort to mitigate the impact of international sanctions on Iranian financial transactions with the rest of the world.

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Facebook denies BTC but accepts Non-Fungible Tokens

August 26, 2021 by Syed Ahad

Facebook is certain “not prepared” to include its stablecoin Diem into the mix so far, as the present structure wants an important upgrading for that. But as a “last resort,” if there’s no alternate method to provide value to customers, they might think through doing that, Marcus stated.

Head of Novi & Diem Co-Creator David Marcus stated “Blockchain is going to be transformational for the metaverse,”

He said,

“But we’re very determined and very motivated to launch with a stablecoin. And on a network that enables us to actually really change the game.”

Marcus also realizes CBDC (central bank digital currencies) arise over time, which will “bring an additional level of trust in the underlying digital currency that people use.” And after that takes place, Facebook will too be using that CBDC.

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Facebook plans to merge its Novi Wallet with the Diem Stablecoin

August 25, 2021 by Syed Ahad

Facebook intends to use its Novi wallet to assist users interested in entering the NFT market.

Head of Facebook Financial, David Marcus, developer of the Novi wallet stated that Facebook is watching at ways to get into the NFT space.

By considering the present trend of Non-Fungible tokens, Marcus believes that Facebook is in a great position to take benefit of it. He stated that Novi Digital is “ready now”, but that they are waiting to launch in tandem with the Facebook-backed Diem digital currency.

The project is ditched due to pressure from regulators and lawmakers.

The Diem is a stablecoin backed by the US dollar that is expected to be released later this year. Regulators are still closely monitoring it, as they were with Libra.

Perhaps in order to appease these regulators, the Diem organization did publicize that it was complete to extract the Diem stablecoin after a digital dollar, in the form of a CBDC (Central Bank Digital Currency) was moved out.

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Bank of Korea: CBDC will be tested on Samsung Galaxy phones

August 15, 2021August 15, 2021 by Syed Ahad

The central bank of Korea is piloting a digital currency with Samsung, a South Korean multinational firm.

Bank of Korea announced that it would make an offer to select its technological supplier for the central bank digital currency (CBDC). Ground X, whose Klaytn platform will host the CBDC, was given the contract despite tough competition.

The objective of CBDC is to provide an alternative for physical currency. Most countries are currently investigating CBDCs, including South Korea’s rival China, which has been testing its digital yuan.

The Bank of Korea’s pilot, which launched on June 28 this year, the digital payment will be tested using Galaxy mobile phones.

The objective of this pilot program is that whether it is “possible to conduct payments via mobile phones using the digital currency with no internet availability or to send CBDC remittances to other mobile phones or other connected bank accounts,” an anonymous bank executive said.

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CBDC pilot introduce by Bank Of Ghana for the first time

August 13, 2021 by Syed Ahad

Ghana is a West African country launching its first general-purpose CBDC (Central Bank Digital Currency) in Africa. The bank has collaborated with Giesecke+Devrient a German currency technology provider, to carry out the CBDC pilot project as a prelude to the launch of a digital form of the national currency, the Cedi.

‘Digital Ghana Agenda’ part of the project that includes government services and digitalization of the country of 30 million people. The digital Cedi, or ‘e-Cedi’ serves as a substitute for physical money.

The German currency technology is supplying technology and building a solution tailored to Ghana’s needs, a trial phase will also be conducted with the banks, payment service providers, merchants, customers, and other applicable stakeholders. For the pilot, G+D will provide its unique CBDC solution known as Filia.

This CBDC initiative is planned to drive Ghana’s cashlite goal by promoting varied digital payments and creating a secure and resilient payment infrastructure in Ghana. It also seeks to make payments possible without the need for a bank account, contract, or smartphone, which will increase the use of digital services and financial inclusion across all demographic categories.

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World Bank and IMF support CBDCs at G20

July 12, 2021 by Syed Ahad

The IMF, the World Bank, and the Bank for International Settlements (BIS) have expressed support for central bank-backed digital currencies (CBDCs), believing that their adoption might promote global development.

They argued in a report released jointly by the three institutions on Friday that projects like the US digital currency will help global growth by reducing dependency on the costly and time-consuming transfer services now used for financial transactions around the world.

Indermit Gill, World Bank Group Vice President for Equitable Growth, Finance, and Institutions, stated, “Faster, cheaper, more transparent and more inclusive cross-border payment services would deliver benefits for citizens, businesses, and economies worldwide.”

The G20 report also looked at the hazards of adopting digital currencies, emphasizing the importance of simple cross-border transactions. “could increase risks for runs on both local banking sectors and currencies.” Emerging markets and poor countries, according to Gill, are especially vulnerable.

With the usage of digital currencies, companies and banks will be able to communicate and exchange information more easily.

Several countries have taken steps to join the race to establish a CBDC, with China taking the lead. Ukraine just enacted a bill that elevates the country’s CBDC to the same level as fiat currency.

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