Share quote to Twitter Jeffrey Sachs, an American economist and best-selling author, has stated that the end of the dollar’s hegemony is near and that central bank digital currencies (CBDCs) will become the basis of cross-border settlements. For Sachs, the abuse of the U.S. dollar as a geopolitical weapon is one of the factors that…
The Bank of England’s plans for a CBDC launch raise concern among U.K. Tax Reform Council and the broader Bitcoin community. The United Kingdom Tax Reform Council has launched a campaign against the Bank of England’s plan to introduce a central bank digital currency (CBDC). The nonprofit organization warns that such a move could seriously harm…
The issuance of a CBDC aims to address inefficiencies in cross-border payments and drive innovation for domestic payments. The Central Bank of the United Arab Emirates (CBUAE) is planning to launch a central bank digital currency (CBDC) for cross-border and domestic use as part of the first of its newly-launched financial infrastructure transformation (FIT) program. …
India’s central bank, the Reserve Bank of India (RBI), has revealed that 50,000 users and 5,000 merchants are now using its central bank digital currency (CBDC). Digital rupee transactions are currently processed by eight banks, with five more banks set to join the pilot soon, said RBI Deputy Governor T. Rabi Sankar. Digital Rupee Now Has…
The American Banking Banking Association highlighted that a CBDC issued by the U.S. Federal Reserve lacks “compelling use cases.” While some countries like Nigeria are aggressively pushing the use of central bank digital currencies (CBDCs), a new report summarized why a number of private stakeholders are against the idea of a CBDC. The report dubbed “The State…
The American Banking Banking Association highlighted that a CBDC issued by the U.S. Federal Reserve lacks “compelling use cases.” While some countries like Nigeria are aggressively pushing the use of central bank digital currencies (CBDCs), a new report summarized why a number of private stakeholders are against the idea of a CBDC. The report dubbed “The State…
The country launched an e-rupee pilot for the wholesale segment on November 1. The initial excitement among Indian bankers over the launch of a central bank-sponsored digital rupee seems to be fizzling out. They find it adding to their paper and accounting work without bringing any significant benefits over the existing procedures. Bankers point out…
The Reserve Bank of India (RBI), the country’s central bank, is finalizing the rollout of the retail digital rupee pilot, the Economic Times of India (ETI) reported on Nov. 19. The RBI initiated the wholesale central bank digital currency (CBDC) pilot on Nov. 1 to test its usage in settling transactions in government securities. At the time, the RBI…
Central Bank Digital Currencies (CBDCs) sound like the next frontier in crypto—but are they really? In this article, we’ll be exploring the idea behind CBDCs and why they are ultimately the antithesis of cryptocurrencies. A Pale ImitationWhen Lehmann Brothers declared bankruptcy in 2008, they probably had no idea that they would inadvertently create Bitcoin. The…
The Monetary Authority of Singapore will trial a retail central bank digital currency in various contexts at a fintech event, despite the electronic payment options already available. The Monetary Authority of Singapore (MAS) has wrapped up the first stage of its Project Orchid examination of a retail central bank digital currency (CBDC). According to the white…