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Central Bank Digital Currency

Pakistan Govt Plans to Launch Digital Currency to Stabilize Rupee

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FIA recovers currencies worth Rs200 mn from suspects involved in hawala, hundi

Pakistan plans to introduce digital currency to save on printing and handling costs. Digital currency will be on par with the Pakistani rupee. The State Bank of Pakistan is supporting the initiative and collaborating with experts. The Pakistani government aims to introduce digital currency to save on costs associated with printing and handling physical money. … Read more

India might introduce its first digital currency programs by Dec 2021

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India

According to representatives, RBI, the Reserve Bank of India might introduce its first-ever digital currency programs by December 2021,

The RBI (Reserve Bank of India) is very curious about the Central Bank Digital Currency (CBDC) since it is totally a new invention.

As per the governor, the bank is investigating different features of a digital currency including its safety, effect on the financial sector of India along how it will affect monetary policy and currency.

The central bank is also discovering the choice between having a centralized ledger for the digital currency or the distributed ledger technology (DLT). The bank is developing a digital currency implementation strategy that will be phased over time.

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Facebook plans to merge its Novi Wallet with the Diem Stablecoin

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Facebook

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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