central bank digital currencies.

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

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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India intends to make its central bank’s digital currency model public

August 9, 2021 by Syed Ahad

By the end of this year, the bank would be capable to come up with a central bank digital currency (CBDC) model, said the deputy governor of the central bank of India, the Reserve Bank of India (RBI).

At the press conference that was held at the post-Monetary Policy Committee (MPC), Deputy Governor T. Rabi Sankar told that by the end of this year the RBI may reveal a model of a central bank digital currency (CBDC).

He described, without providing additional facts:

It is necessary to make business decisions based on rapidly evolving technologies, and therefore it’s difficult to put a date, in the near future we would be able to come up with a model, maybe by the end of this year.

The deputy governor continued: “We are evaluating the issue of scope, technology, distribution and validation mechanism, etc.”

Last month, he publicized that the central bank was working on a “phased implementation strategy” for CBDC of India and also “examining use cases which could be implemented with little or no disruption to India’s banking or monetary systems.”

Over 90% of global GDP is represented by 81 countries that are considering introducing their own central bank digital currencies.

Bank of International Settlements (BIS), the World Bank, and the International Monetary Fund (IMF) said CBDCs “have the potential to enhance the efficiency of cross-border payments, as long as countries work together.”

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