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Bank Of Korea To Conduct Simulation Experiments Of Its CBDC In H2 2021

Bank of Korea (BOK), the central bank of South Korea, will soon join the list of those central banks that are successfully testing their respective central bank digital currencies (CBDCs) as the bank has now officially announced to begin the testing of its centralized digital currency later this year. Simulation Experiments Of CBDC The central bank of South Korea seems to be escalating its effort for rolling out its own central bank digital currency as it has announced to make further progress regarding the introduction of its CBDC. South Korean bank has announced in its official report that it will…

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Can Facebook’s Diem And CBDCs Go Hand-In-Hand In Future?

Numerous countries are currently working on introducing central bank digital currencies (CBDCs). China is currently leading in the development of its CBDC, known as the digital yuan. Following China, many other countries have also started exploring and developing their own CBDCs. These countries include Japan, Australia, France, Sweden, and even the United States itself is considering the possibility of implementing a digital dollar. While on the other hand, Diem is a permissioned payment system and mechanism that utilizes blockchain technology. It is backed by Facebook Inc., a global social media platform and corporation. The Diem Association is working on rolling…

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The UK Is Considering The Creation Of Its CBDC

The United Kingdom has created a central bank digital currency task force to create its virtual currency. Many countries have announced plans to create a CBDC, and the UK is the next in line to commence plans concerning the subject matter. China is one of the most prominent countries with commenced CBDC plans, which has influenced other nations to make a government-owned digital currency. Bitcoin’s success as a virtual currency and asset has been the inspiration behind the latest creations. Her Majesty’s Treasury and Bank of England have started making plans regarding a central virtual currency. The regulator has started…

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China Plans To Allow Athletes Use Digital Yuan At The 2022 Olympics

China announced plans to permit foreigners and athletes to use the recently created digital yuan in the 2022 Beijing Olympics. The nation’s regulator and central bank would spearhead the new plans and facilitate the digital yuan usage during the commencement of the winter Olympics. One of the bank’s top officials revealed this good news, and sources claim that the opportunity would promote the digital yuan’s use within the nation. The central bank’s deputy governor, Li Bo, explained that the 2022 winter Olympics would allow the country to test the central bank’s digital currency with foreigners. The country had announced its…

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UK Treasury And Bank Of England Launch CBDC Taskforce

The UK Treasury and the Bank of England have launched a CBDC taskforce that will coordinate and explore the central bank digital currencies in the UK as we can see more in our latest crypto news today. The UK Treasury and the Bank of England have launched a CBDC taskforce to coordinate the exploration of CBDC while UK is still one of the few countries that consider launching its own CBDC like China and Japan. Both entities launched a task force to coordinate the exploration of the central bank’s digital currencies as per a statement. The project will explore how…

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Digital Yuan, Digital Dollar and Now Digital Euro Seem to Become the New Commerce Pylon

The first one to get on board with the digital currency program was the government of China, and it already has started to run tests and launch prototypes. The Treasury Secretary of the USA, Janet Yellen, is not a fan of decentralized cryptocurrencies, but she is willing to invest the federal reserves for launching a digital dollar. Now, it is time for Europe to jump on the cryptocurrency bandwagon.  Head of European Central Bank (ECP), Christine Lagarde, has told media that a central bank digital currency (CBDC) in the form of digital euro is under official consideration. The question of…

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Analysts Say That Banks Might Want To Regulate Centralized Stablecoins

In the last few years, we have seen considerable and commendable research in the blockchain and crypto sector by the financial institutions of different countries. The major reasons why the banks have been carrying out researches like this has boiled down to one major factor, the creation of a digital currency, which is also known by its popular name, the Central Bank Digital Currency. The idea behind creating a digital version of their physical currencies has been accepted by all financial institutions across the world. Even though not all, the developed and the developing ones. The design of their respective…

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Debates Arise Over The Design Of The Digital Yuan

Before now, China has been working on its digital currency for a long while, with the research into its feasibility taking up a larger part of the time. Putting it into numbers, the Peoples Bank of China set up the research wing of its bank in 2014. The bank saddled the research wing with one responsibility: look into the digital currency and how it can be used by the general population. As the research progressed, the bank was looking forward to a date that it would develop and launch its digital currency named digital yuan. Around 2016, the bank officially…

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PBoC Takes Digital Yuan Testing To Hainan Province

Digital currencies have continued to see positives reviews and feedbacks from countries across the world. This is evident because even though some countries are still opposed to digital assets, they are still trying to roll out their digital currencies. It is also a known fact that most countries have seen blockchain technology in a good light, hence the positive feedback on the design of a digital currency. In the latest news coming out of China, the Chinese government has announced that it is furthering its test on the Chinese CBDC. To actualize this dream, the government and the PBoC have…

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Bank Of Russia Set To Start Digital Ruble Pilots In 2022

The Bank of Russia has officially announced that tests for a digital Ruble will be taking place next year, thus marking a critical moment in the country’s economic history as the government moves ever closer towards adopting CBDC. Ola Skorobogatova, the First Deputy Governor, asserted that a prototype for the digital Ruble should be created sometime in December. At the press conference where this announcement had taken place, Skorobogatova had also announced that the asset, which is based upon Distributed Ledger Technology, is likely to utilize open-source code which will experience centralized control by the bank. ‘Many products may claim…

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Sweden CBDC Has Issues Despite Passing Pilot Test

When the coronavirus pandemic struck around this time last year, the entire world was thrown into confusion, and people had to stay indoors. As to that effect, most people had to take their affairs online, including buyers and sellers. While that was seen as the new normal, banks started to make moves to create a currency that would be spent without the need for moving or holding onto physical cash. That signaled the birth of various CBDCs across the world. Even though China had started its research some years prior, the country could only go as far as that. In…

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CBDC: Bank of Japan Begins Proof Of Concept

A new piece of information released this morning shows that Japan’s central bank digital currency (CBDC) now has its proof of concept. After completing the tests of the main features to confirm their viability for a release before mid-year, Japan’s apex bank now plans to roll out the first stage today. What Would Be Tested During This First Stage? The top three focus of this first stage would be creating a test environment for the digital bank’s system, testing out payment-related functions in their basic terms, as well as issuing, distributing, and redeeming a CBDC. Part of the press release…

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Thailand To Make New Moves On CBDC By 2022

There are growing demands by numerous countries globally for the Central Bank Digital Currency creation. Many countries have made notable moves to ensure the making of their own digital currency, and Thailand is the latest to announce new CBDC moves, which would face trials next year. The country had announced research steps some months ago, and the recent announcement shows that the Asian country would be joining its peers in promoting digital currency in the region. China is one of the most popular in terms of CBDC creation within the region, and Japan comes as the second country that showed…

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Soros CIO: Central Bank Digital Currencies a Real Threat to Crypto but Won’t Permanently Destabilize Bitcoin

Soros Fund Management’s chief investment officer (CIO) says that central bank digital currencies are a potential threat to bitcoin and other cryptocurrencies but it will only be temporary. She also says that bitcoin is taking some of gold’s buyer base away. Crypto’s ‘Inflection Point’ Soros Fund Management Chief Investment Officer (CIO) Dawn Fitzpatrick talked about bitcoin and the impact central bank digital currencies (CBDCs) could have on the crypto industry in an interview on Bloomberg’s Front Row last week. She said: We think the whole infrastructure around crypto is really interesting … We’ve been making some investments into that infrastructure…

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Japan And China Continue To Dominate Asia’s CBDC Space

Asia is not left behind in the ongoing Central Bank Digital Asset Currency trend, gaining some dominance in every part of the world. China is one of the biggest influencers of the new trend, which is why the country is ahead in terms of its digital asset creation. Chins have significantly advanced as it recently announced the completion of its CBDC and would continue trials in a different part of the region; this might have influenced Japan’s interest in the digital asset society. Recently, Japan explained that it would create its central bank-issued asset, and sources believe that the competition…

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New Report: “We should be prepared to issue a digital euro,” Says European Central Bank

The European Central Bank (ECB) has published a 50-page report which focuses on the need for digital euro for Europeans. The report addresses the major reasons behind the importance of digital currency for Europe. Comprehensive Report on Digital Euro The European Central Bank makes it clear that digital currency would complement cash instead of replacing it. Europeans should adopt the digital euro as the world is shifting to digital infrastructure. And the digital euro will be controlled by the European central banks. According to ECB, the digital currency “can either be centralised, with all transactions recorded in the central bank’s…

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The Bahamas is going to Launch World First Digital Currency In October

Central Bank of The Bahamas announces the launch date of the central bank digital currency called Sand Dollar. Bahamas will be the first-ever country to launch CBDC. Gradual Release in Phases The digital version of the Bahamas Dollar, Sand Dollar, will be released in gradual phases. The central bank will “gradually release a digital version of the Bahamian dollar nationally, outside of the pilot regions of Exuma and Abaco, through authorised financial institutions (AFIs), beginning on 20th October, 2020.” The name Sand Dollar is assigned to both initiative and the digital currency of the country. The project Sand Dollar is…

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China Needs to Shatter the Hegemony of the US Dollar, suggests PBOC

China’s yuan may challenge the dollar dominance as the central bank of China is determined to issue state digital currency as soon as possible. First Country to Issue a Digital Currency An article is published about the digital yuan in the magazine China Finance which is led by the People’s Bank of China (PBOC). The article states that China needs to issue a digital currency and become the first country to have state-owned cryptocurrency. Moreover, it also explains that the digital yuan will threaten the hegemony of the US dollar. “China has many advantages and opportunities in issuing fiat digital…

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dGen Report Says Three Countries May Replace Their Currencies With CBDCs in the Next 10 Years

Various central banks all across the whole world are working on introducing their own Central Bank Digital Currencies including the Central Bank of China, Japanese central bank, and European central bank. And they aim to launch their respective CBDCs as soon as possible. Meanwhile, a research company based in Europe has claimed in a new report that there are at least three to five countries that are planning on replacing their fiat currencies with central bank digital currencies within the duration of the next ten years. Replacing and implementing CBDCs In a recent report shared by dGen, the fintech and…

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Mastercard Rolls out Virtual Platform for Central Banks to Assess and Test CBDCs

Mastercard rolls out a virtual platform for central banks to test national digital currencies. Central banks can explore the feasibility of digital currency including “issuance, distribution and exchange ecosystem with banks and consumers.” Mastercard’s Testing Tool for Central Banks According to a survey by Bank for International Settlements, almost 80% of the central banks have talked about CDBC in a way or the other and nearly 40% have reached the experimentation stage. Mastercard’s testing tool aims to make the testing phase of a central bank digital currency simple and easy. Central banks can evaluate and explore use cases of CBDC…

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