Posts filtered by tags: Digital Currency[x]


CBDC would be an essential tool for combating crypto, according to the Bank of Indonesia.

Central bank digital currencies (CBDC), digital versions of national currencies introduced in response to growing cryptocurrency adoption, would be an essential tool for combating crypto, according to the Bank of Indonesia. While maintaining a mixed stance on crypto, Indonesian regulators have been increasingly looking at a potential CBDC. In May, the Bank of Indonesia Governor Perry Warjiyo announced plans to launch a digital rupiah as a legal payment instrument in Indonesia. In mid-November, ...
Tags: Business, News, Indonesia, Digital Currency, Elvira Nabiullina, Bank of Russia, Bank of Indonesia, CBDC, Perry Warjiyo, Bank of Indonesia While

RBI wants the government to broaden the definition of “bank notes” to include digital currency.

The union government today informed the Parliament that it has received a proposal from the Reserve Bank of India last month for an amendment to the RBI Act, 1934 to enhance the scope of the definition of ‘bank note’ to include currency in digital form. The minister further stated that the introduction of a digital currency has the potential to provide significant benefits, such as reduced dependency on cash, higher seigniorage due to lower transaction costs, reduced settlement risk. Through th...
Tags: Business, News, India, Parliament, Digital Currency, RBI, Reserve Bank of India

Coinstore, a virtual currency exchange, enters India as the Centre prepares a crypto bill.

Singapore-based virtual currency exchange Coinstore has begun operations in India. Coinstore is the second global exchange to enter India in recent months, following in the footsteps of CrossTower which launched its local unit in September. Coinstore has launched its web and app platform and plans branches in Bangalore, New Delhi, and Mumbai which will act as its base in India for future expansion [Via]
Tags: Business, News, Singapore, India, Mumbai, Digital Currency, Coinstore, India Coinstore, Bangalore New Delhi

Japan To Implement Bank-deposit-backed Digital Currency in 2022

A new digital currency backed by bank deposits is set for a test run in Japan as early as this year, an effort that will involve the nation's top banks and about 70 other companies. From a report: The test run will focus on the digital currency's feasibility for business transactions, such as large payments between companies. The group aims to bring the currency into circulation as soon as the latter half of 2022. The Digital Currency Forum announced the trial on Wednesday. The Forum includes MU...
Tags: Japan, Tech, Forum, Tokyo, Digital Currency, Holdings, Japan To Implement Bank, Digital Currency Forum, Mitsubishi Corp Kansai Electric Power, Internet Initiative Japan

Govt to ban cryptocurrencies, get ready for India’s own digital currency issued by RBI

Govt to ban cryptocurrencies, make way for India’s own digital currency. The government is set to introduce a bill to ban private cryptocurrencies and create a framework for an official digital currency to be issued by the Reserve Bank of India during Parliament’s Winter Session starting November 29. RBI said in July it was working towards its own digital currency and the Central Bank Digital Currency. [Via]
Tags: Business, News, India, Parliament, Digital Currency, Cryptocurrency, RBI, Reserve Bank of India, Central Bank Digital Currency

RBI may pilot digital currency in the first quarter of next year

The Reserve Bank of India may do a pilot of its central bank digital currency in the first quarter of the next fiscal year. While many see CBDCs as a legalised replacement of cryptocurrencies, in reality, CBDCs could just be a digital replica of the physical cash in circulation. According to a 2021 BIS survey, quoted in the RBI report, 86 percent of the central banks surveyed are actively researching the potential for CBDCs, 60 percent were experimenting with the technology and 14 per cent were...
Tags: Business, News, Bis, Digital Currency, RBI, Reserve Bank of India

Peru's Central Bank Joins Global Push to Develop a Digital Currency

LIMA (Reuters) - Peru is joining the global push to develop a central bank digital currency (CBDC), central bank President Julio Velarde said on...
Tags: Peru, Digital Currency, Central Bank, CBDC, LIMA Reuters Peru, Julio Velarde

Satoshi Nakamoto's $64 billion Bitcoin stake is the focal point of a Florida trial — here's what's going on

Dorian S. Nakamoto, a man that Newsweek claimed was the founder of Bitcoin, denied he had anything to do with it and said he had never even heard of the digital currency until his son told him he had been contacted by a reporter.REUTERS/David McNew The family of a deceased man is claiming their family member helped create Bitcoin. The identity of Bitcoin's creator, known as Satoshi Nakamoto, has long been a point of interest The family is suing for half of Nakamoto's Bitcoin cache tha...
Tags: Florida, News, Trends, Bitcoin, Cryptocurrencies, Wall Street Journal, Digital Currency, Journal, Satoshi Nakamoto, Craig Wright, Wright, Newsweek, Nakamoto, Kleiman, Tech Insider, David Kleiman

The International Chess Federation is the world’s first worldwide sports organisation to have its own NFT market.

Digitalization keeps on coming to one of the oldest games in the world as FIDE, the International Chess Federation, announces its plans for a nonfungible token(NFT) marketplace. The group said that the marketplace, which launches at the end of November, will be called ChessNFT. FIDE is the first global sports federation to create its own NFT ecosystem and it does so ahead of the FIDE World Chess Championship 2021. Just last month, the reigning world champion, Magnus Carlsen, won an NFT trophy i...
Tags: Business, News, Digital Currency, Magnus Carlsen, NFT, International Chess Federation, ChessNFT FIDE

China’s Digital Yuan’s adoption at a rise, nearly $10 billion people transacted.

China’s central bank digital currency, the digital yuan, has been used in transactions worth nearly $10 billion, according to an official with the Chinese central bank, the People’s Bank of China. The digital yuan has been used in transactions totaling about 62 billion yuan, Reuters reported. Also, the government’s digital wallet has been downloaded by about 140 million people. [Via]
Tags: Business, News, China, Bitcoin, Digital Currency, Reuters, People s Bank of China, Digital Yuan

Paytm hints at Bitcoin offering services if India makes crypto “fully legal”

Interestingly, in August last year, Paytm reportedly froze Paytm Payments Bank’s customer accounts, suspecting them of cryptocurrency trading. It is worth noting that the Indian government has been working on a cryptocurrency bill for quite some time. The Reserve Bank of India had banned cryptocurrencies in 2018 but the order was struck down by the Supreme Court in March 2020. [Via]
Tags: Business, News, Supreme Court, India, Bitcoin, Digital Currency, Crypto-Currency, Blockchain, Paytm, Reserve Bank of India, Paytm Payments Bank

Facebook selects Coinbase as custody partner for its Novi cryptocurrency wallet

Facebook. Chinnapong/Shutterstock Facebook launched Novi, its digital wallet for crypto, and has tapped Coinbase to be its custody partner. Novi users will be able to transact paxos dollar, a stablecoin whose value is pegged to the US dollar. David Marcus, head of Novi, said he chose USDP because it is fully backed by the US dollar. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Facebook launched Novi, its digital wallet for cryptocurrencies Tuesday, and has tap...
Tags: Facebook, Yahoo, US, Trends, Markets, David Marcus, Crypto, Guatemala, Digital Currency, Marcus, Instagram Facebook, Coinmarketcap, Novi, Paxos, USDP, Coinbase Custody

Ripple, Avalanche join independent group to support the development of a digital UK pound

UK officials are looking into possibly launching a digital pound sterling. Thomson Reuters Blockchain-based companies Ripple and Avalanche have joined a group to support the creation of a digital UK pound. The Digital Pound Foundation is an independent group aiming to support the launch of a 'well-designed" digitized currency for Britain. The Bank of England is working on what UK's finance minister has dubbed a potential "Britcoin". Ripple and Avalanche will work on advancing th...
Tags: UK, England, Trends, Markets, Bank Of England, Britain, Avalanche, Jeremy Wilson, Treasury, Digital Currency, Cryptocurrency, Wilson, Bank for International Settlements, Carla Mozee, Ripple, Susan Friedman

The Fed Is Evaluating Whether To Launch a Digital Currency and In What Form

An anonymous reader quotes a report from CNBC: The Federal Reserve is pushing ahead with its study into whether to implement its own digital currency and will be releasing a paper on the issue shortly, Chairman Jerome Powell said Wednesday. No decision has been made on the matter yet, he added, and said the Fed does not feel pressured to do something quickly as other nations move forward with their own projects. "I think it's important that we get to a place where we can make an informed decisio...
Tags: Tech, Mit, Federal Reserve, Digital Currency, Cnbc, Fed, Powell, Jerome Powell, Brainard, Lael Brainard, Randal Quarles, The Boston Fed

Digital currencies pave way for deeply negative interest rates

This matters for investors, because if rates can be taken deeply negative it would shift the long-term outlook for interest rates and inflation. The aim of deeply negative rates would be to stimulate the economy, creating a quicker recovery and allowing the central bank to raise rates again more quickly than if it was stuck at the lower bound for years, as the Fed was from 2008 to 2015. Either way, interest rates matter for bond yields, and electronic money can give central banks more freedom w...
Tags: Business, News, Digital Currency, Fed

India’s digital architecture: From infrastructure to superstructure

India’s digital architecture: From infrastructure to superstructure. Earlier, the law stipulated that for an NBFC to engage in the factoring business, its: financial assets in the factoring business and income from the factoring business should both be more than 50%, or more than a threshold as notified by the Reserve Bank of India. In August, the National Association of Software and Service Companies had brought out a report on India’s digital public goods. [Via]
Tags: Business, News, India, Digital Currency, NBFC

India needs tech moonshots to power $10 tn ai-driven economy

For India to play a massive role in this upcoming ecosystem, we need to launch ambitious technology moonshots, which will create the innovation ecosystem necessary to dominate the experience economy. Else, China, with its almost-ready experience economy ecosystem, will grab half of the estimated $15.7 trillion of new economic value this AI-driven experience economy might provide. We can break these moonshots into achievable expeditions in 3-, 5- and 10-year horizon goals like the original moons...
Tags: Business, News, China, India, Digital Currency

RBI digital currency trial could launch by December

The Reserve Bank of India has been working on a phased implementation strategy for a central bank digital currency and the pilot may be launched by the end of this year. [Via]
Tags: Business, Digital Currency, Reserve Bank of India, Digital India

Inside the Reserve Bank’s digital currency dream

Today, policymakers seem to be ready for a new form of money that cannot be seen or touched-CBDC. A survey conducted in late 2020 by the Bank for International Settlements-also known as the central bank of central banks – showed that 86% of the global sovereign monetary institutions were actively researching the potential for CBDCs, 60% were experimenting with the technology and 14% were in the process of deploying pilot projects. Central bank digital currency, as the name suggests, is essentia...
Tags: Business, Digital Currency, Bank for International Settlements, Reserve Bank, Digital India, CBDC

PayPal expands the ability to buy, hold and sell cryptocurrency to the UK

PayPal will now allow users outside the U.S. to buy, hold and sell cryptocurrency for the first time. The company announced today the launch of a new service that will allow customers in the U.K. to select between four types of cryptocurrencies — including Bitcoin, Ethereum, Litecoin and Bitcoin Cash — which can be purchased using a connected bank account or debit card. The company first rolled out support for cryptocurrency in the U.S. last fall, in partnership with Paxos Trust Company. That se...
Tags: TC, Apps, Europe, UK, Money, Finance, Tech, Paypal, Bitcoin, Hawaii, United Kingdom, Crypto, Cryptocurrencies, Digital Currency, Cryptocurrency, Blockchain

Crypto community slams ‘disastrous’ new amendment to Biden’s big infrastructure bill

Biden’s major bipartisan infrastructure plan struck a rare chord of cooperation between Republicans and Democrats, but changes it proposes to cryptocurrency regulation are tripping up the bill. The administration intends to pay for $28 billion of its planned infrastructure spending by tightening tax compliance within the historically under-regulated arena of digital currency. That’s why cryptocurrency is popping up in a bill that’s mostly about rebuilding bridges and roads. The legislation’s voc...
Tags: Energy, TC, Republicans, Colorado, Finance, Government, Senate, White House, Tech, Cryptography, Bitcoin, Democrats, Wyoming, US Treasury, Biden, Jack Dorsey

Amazon denies it’ll accept crypto, Bitcoin swiftly drops

Amazon on Monday denied a media report that the company plans to accept Bitcoin payments by the end of the year. Speculation had been mounting about the e-commerce giant’s moves crypto strategy. The rumors starting swirling last week after the company posted a job ad for a “Digital Currency and Blockchain Product Lead.” They gathered pace on Sunday when UK-based news outlet City AM cited an unnamed insider as saying the retailer will take Bitcoin payments “by the end of the year” and plans to la...
Tags: Amazon, Startups, UK, Bitcoin, Digital Currency, Insider, City AM, Hard Fork

Amazon exploring plan to accept cryptocurrency

By Matt Day and Katherine Chiglinsky | Bloomberg’s payments team is exploring letting customers use cryptocurrencies to pay for their orders — a development that’s roiling digital currency markets. An Amazon job posting published online last week seeks a “Digital Currency and Blockchain Product Lead.” After Insider reported the existence of the posting earlier, Bitcoin surged near $40,000. Amazon shares gained about 1% in New York at 10:22 a.m. “You will leverage your domain expertise...
Tags: Amazon, Business, Elon Musk, New York, Sport, Paypal, Soccer, Aws, Pentagon, Digital Currency, Amazon Web Services, Musk, Ftc, Bezos, Jedi, Andy Jassy

Bitcoin surges near $40K amid rumors that Amazon will accept it for payments

Bitcoin soared 12.5% to nearly $40,000 on Monday amid speculation that Amazon plans to start accepting cryptocurrencies for payments. Bitcoin briefly surged above $39,000, its highest price since mid-June, while Ether and other digital currencies also rose. The rally followed mounting rumors about Amazon’s crypto plans, triggered by last week’s discovery of a job ad for a “Digital Currency and Blockchain Product Lead” at the company. “The Payments Acceptance & Experience team is seeking an exper...
Tags: Amazon, Startups, Digital Currency, Insider, Hard Fork, Amazon 's Digital Currency

Amazon's Hiring a 'Digital Currency and Blockchain' Lead, Confirms Interest in 'Modern' Payments

"Amazon is looking to add a digital currency and blockchain expert to its payments team," reports CNBC, "suggesting the company could be taking a more serious look at cryptocurrencies such as bitcoin." According to a recent job posting, Amazon's payments acceptance and experience team is seeking to hire an "experienced product leader to develop Amazon's Digital Currency and Blockchain strategy and product roadmap." "You will leverage your domain expertise in Blockchain, Distributed Ledger, Ce...
Tags: Amazon, Tech, Digital Currency, Cnbc, Amazon s Digital Currency

Robinhood's Planned IPO Faces Delays Amid SEC Review of Crypto Enterprise

Robinhood’s plan to go public this summer is facing delays as federal regulators scrutinize its growing cryptocurrency enterprise, Bloomberg reports.Read more...
Tags: Elon Musk, Science, Finance, Bloomberg, Paypal, Cryptography, Bitcoin, Cryptocurrencies, Robinhood, Digital Currency, Short Selling, Dogecoin, Business Finance, Internet activism, Gamestop Short Squeeze, SEC Review of Crypto Enterprise

A digital dollar could speed up benefit payments and aid 'underbanked" Americans, says Fed Governor Lael Brainard

Fed Governor Lael Brainard with Federal Reserve Chairman Jerome Powell in 2019. Reuters Federal Reserve Governor Leal Brainard on Monday outlined some merits and risks of issuing a central bank digital currency. A CBDC could foster competition and lower transaction fees for certain retail payments, she said. A digital currency could raise the risk of flight out of deposits at weak banks during times of financial stress, she said some research indicates. See more stories on Insider...
Tags: UK, China, US, Trends, Markets, Federal Reserve, Digital Currency, Cryptocurrency, Fed, Internal Revenue Service, Reuters Federal Reserve, Jerome Powell, Brainard, Lael Brainard, Carla Mozee, CBDC

Crypto: A pyramid scheme!

Thank you to @cnbctechcheck for having me on! I realize that “cryptocurrency is a gambling token and pyramid scheme” is a simplistic argument, but… pyramid schemes are not that complicated, and I think it’s useful to say it on TV for all those intimidated by blockchain woo Let me tweet a little longer for people who want more than a sound bite. By its own criteria, crypto was supposed to be a decentralized currency that no one person or government could control, a safe store of value compared...
Tags: Business, Elon Musk, Tech, Bitcoin, Crypto, Digital Currency, Cryptocurrency, Blockchain, Cryptowallet

The Fed is advancing its efforts to develop a digital currency - and says it will publish a research report this summer

Reuters Fed Chair Jerome Powell revealed on Thursday that the central bank has taken further steps in its exploration of a digital currency. Powell said the Fed will release a research report this summer outlining their current thinking on digital payments. The Fed chief also said cryptocurrencies have not found a way to make payments convenient, blaming their volatile price swings. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Federal Reserve Chair Jerome Powe...
Tags: UK, China, US, Trends, Markets, United States, Treasury, Janet Yellen, Norway, Federal Reserve, Digital Currency, Cryptocurrency, Yellen, Fed, Massachusetts Institute Of Technology, Powell

China's new digital currency will be another tool for its police state

China Photos/Getty Images China's central bank is currently conducting trials for its digital currency. Privacy advocates worry that Chinese authorities will be able to collect even more data through the new digital yuan. See more stories on Insider's business page. China's central bank is currently conducting trials for its digital currency, which it hopes to have available for widespread use by the 2022 Winter Olympics in Beijing.But many privacy advocates are alarmed at the...
Tags: China, Digital, US, Trends, Beijing, Bitcoin, Chinese communist party, Digital Currency, Yuan, Government Surveillance, Reuters, Renminbi, People s Bank of China, China Bank, Surveillance State, World Politics Review