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China’s City of Suzhou Reportedly Set to Roll Out “Red Envelope” Trial For Digital Yuan

China’s Central Bank Digital Currency (CBDC) Digital Yuan is gaining wider traction across the whole country as another city of the country is reportedly launching a trial for the country’s centralized digital currency. As reported by the local media outlet The Paper on November 23, the Chinese city of Suzhou is going to conduct Digital Yuan’s test in red envelopes. A Red Envelope Test As per the report, the trial of digital yuan is expected to begin the next month. According to sources close to the matter, it is scheduled to occur on the 12th of December which is considered…

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Ripple Looks To Define New Strategy On Central Bank Digital Currencies

Ripple looks to define a new strategy on central bank digital currencies and wants to find an expert that specializes in central bank digital currencies or CBDCs so let’s read more about it in our latest Ripple XRP news. According to a recent job posting by the company, Ripple looks to define a new strategy with a help of a senior director of a central bank that will engage in supporting CBDCs initiatives with Ripple’s real-time gross settlement system which is the XRP ledger. With the new position, Ripple looks to define its CBDC strategy with central banks but to…

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Ripple Set To Hire New Executive To Strengthen CBDC Strategy

One thing that has changed drastically when compared to previous patterns in the perception and sentiment of the digital assets market. Taking a look at the crypto market, one can notice that the industry is now gradually warming its way into people’s hearts and being accepted by all and sundry. Of all the parties that have accepted crypto this year, one can argue that institutional investors are the ones that have championed the cause the most, as even regulators across the globe are now softening their stance on the crypto industry. However, while those are a welcome development, the most…

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Chinese President Discusses Central Bank Digital Currency at the Platform of G20

As China is making satisfactory measures for the launching of the digital economy, the president of China urges world leaders to make necessary standards for central bank digital currencies at the platform of G20. Xi Jinping, the president of the People’s Republic of China asked the world leaders of G20 to work in a combined form over central bank digital currencies (CBDCs). “We should support the UN’s leadership role in this field, and work together to foster an open, fair, just and nondiscriminatory environment for building the digital economy,” Xi said while talking at the platform of G20 nations. Standards…

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30 Largest Financial Institutions will Accommodate Central Bank in Testing Digital Yen

Different tech firms are willing to test digital Yen in Japan as the central bank is planning to launch a pilot test for the state digital currency in 2021. As reported by Reuters, the companies and firms that are willing to take participate in the launch of digital currency include the three largest banks, retailers, and brokerage firms. According to the given information, the pilot project will start in 2021. Race for Digital Currency Due to the onset of the Coronavirus pandemic, the need for a digital currency has increased and tech giants also want to see digital Yen that…

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CBDC Will Replace Tether’s Stablecoin, Central Bankers Say

Central bankers believe that CBDC will replace Tether’s stablecoin as they express optimism for digital currencies but it could take up to four years before this happens so let’s read more in the Tether news today. ECB President Christine Lagarde is positive on the launch of central bank digital currencies but in a few years. The US Fed Chairman and the governor of BoE said that they are also analyzing the cost and the benefits of the payment system. Speaking of the annual ECB forum about central banking, the heads of three central banks said that they believe in CBDCs…

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UK Treasury Department To Draw Up Regulatory Framework For Stablecoins And CBDC

The Treasury Department of the United Kingdom has announced plans to regulate stablecoins across the country while stressing that research is ongoing into creating a CBDC. The Department announced on Monday, where it said that it has already drawn up a draft regulatory framework for stablecoins across the country. In the statement, the Treasury Department also mentioned that research was already ongoing into the creation of a state-backed central bank digital currency (CBDC). Also, the Treasury Department’s Chancellor has lauded digital assets and stablecoins as one of the fastest and easiest ways to facilitate payments in and out of the…

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BLOX – A New Establishment of Crypto Exchange In Netherland

From now on the investors from the Netherlands would be free to invest in crypto. In particular, they can invest their money in their own country. Earlier there wasn’t any crypto exchange firm available in Netherlands which was registered with the country’s central bank. Due to this, Netherland’s investors were forced to invest online in an exchange that had no office available in Netherland. Alternatively, they had to invest in those crypto exchanges which were not regulated by the central bank. A news report had confirmed that for long investors of the country wanted to have an exchange present in…

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PayPal crypto services to go global early 2021, support for CBDCs coming

PayPal is planning to launch crypto services for users of its platform globally, along with the Venmo app, and the company will explore central bank digital currencies. Senior executives at global payments giant PayPal have revealed further details about its plans to aggressively push into the crypto sector next year during the firm’s Q3 2020 earnings call, including plans to support central bank digital currencies (CBDCs). “Clearly the world is rapidly moving from physical to digital,” said PayPal CEO, Dan Shulman, emphasizing the accelerated rate of change within the payments and financial services sectors. Citing discussions with central banks, regulators,…

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Reserve Bank Of Australia Ready To Look Into Creation Of CBDC

Australia’s Central bank has announced that it is looking to partner with several companies and tap into Ethereum to create a digital dollar. According to the Reserve Bank of Australia, it will begin to look into the modalities required to create the Central Bank Digital Currency (CBDC). Furthermore, the central bank also said it would partner with some financial institutions to bring their idea to life. Firms like Commonwealth Bank, National Australia Bank, and ConsensSys Software will be their official partners when the project officially begins. Australia Reserve Bank to partner with financial institutions The adoption of the Central Bank…

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Huawei’s Next Flagship Phone to have Digital Yuan Hardware Wallet

A lot of people in the crypto industry are excited about the progress China has made with the digital yuan. The country has seen some substantial success in the tests it conducted for its Central Bank Digital Currency (CBDC). Even though the asset doesn’t have an official launch date as yet, it appears that they already have the required infrastructure for release. Now, Huawei, the Chinese tech conglomerate, made an announcement on its Weibo channel that a hardware wallet supporting the digital yuan would be included in their next flagship smartphone i.e. the Mate40 series. The phone was touted by…

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MasterCard CEO Says Bitcoin Can Never Promise Financial Inclusion

MasterCard CEO Ajay Banga has said that Bitcoin can never promise financial inclusion for the unbanked due to its increased volatility and lack of clear structure. Since it launched, Bitcoin has revolutionized the financial markets with big-game players adopting the coin in some cases to make gains. Various financial institutions have also tweaked the way they operate to be able to remain in the game. Due to the digital asset being decentralized, nobody controls it, which has pushed many analysts and experts to say that it can promise the unbanked financial inclusion. MasterCard CEO faults Bitcoin volatility as a significant…

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Will CBDCs Pose A Threat To Bitcoin Or The Other Way Around?

Will CBDCs pose a threat to Bitcoin or will they help its role within the digitizing of the world, or will Bitcoin eventually become a threat to CBDCs? Let’s try and answer that in today’s bitcoin latest news. Even since Facebook announced plans to create a digital payment currency Libra, central bankers tried to counter the project by inventing their own coin. While Libra is still facing regulatory troubles, a BIS report indicated that more than 80% of the world’s central banks that are currently developing a central bank digital currency. The idea of a central bank digital currency is…

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LINE Messaging Platform Set To Launch Its CBDC Development Platform

The developers of LINE, a japan based messaging app, has announced that it is presently developing a blockchain which would deliver customizable CBDC to Central banks. The firm said the new blockchain would be centered around developing the central bank digital currency. According to Chosun, a newspaper company based in South Korea, LINE seeks to help central banks who wants to venture into the creation of CBDC with its blockchain platform. Furthermore, LINE will ensure that the CBDC on its blockchain will be specially customized and possess adaptability and strength, which are the core quality of the blockchain technology. LINE…

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Central Bank Rules Leave No Room For Private Stablecoins: Report

The Central Bank rules for digital currencies could lead to restrictions for existing stablecoins as a few countries and regions are developing fiat-backed and central bank digital currencies as we are reading more in the latest cryptocurrency news. Some regulators aim to restrict or to even ban the existing stablecoins in order to make more room for official CBDCs. However, these central bank rules have not yet been enforced. Numerous central bank digital currencies are under development which means that various countries plan on issuing a digital asset tied to their own regional fiat currency. This was considered as mostly…

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Cordite Society Launches First Digital Currency XDC on the Public Corda Network

A new cryptocurrency known as XDC has just been introduced by Cordite Society a United Kingdom-registered co-operative society. XDC is said to be the first-ever digital currency that has been launched on R3’s Public Corda blockchain network. As per a White Paper issued by Cordite Foundation, XDC is a finance-grade, enterprise-ready, and regulatory-friendly digital currency. XDC has been launched for decentralized finance (DeFi) as well as for central bank digital currency (CBDC) projects. The developers of this digital currency said while announcing its launch on Tuesday that this token is set to open a door to decentralized finance apps that…

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Central Bank Of Spain Wants To Develop A CBDC Under Its Strategic Plan

The Central bank of Spain has announced its strategic plan for four years with studying and launching a potential CBDC one of the five points of the plan. In its statement, the financial house said that the major objectives of the strategic plan were to ensure a boost in the country’s economy. Furthermore, the bank said that it was going to use the strategic plan to open the country’s financial institutions to the requirements of the modern era. To make this achievable, the bank is going to study the Central Bank Digital Currency (CBDC) within these four years. This one…

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Bank Of Japan Official Says Central Banks Should Improve Payment Systems To Avoid CBDC Domination

A senior official of the Bank of Japan has reiterated that if central banks across the world enhance their settlement system, no digital currency will be able to dominate transactions across the globe. In the report that was released by Japan Today, a local news outlet, the senior official said that despite China’s success in their quest for a digital currency, a good payment system by central banks would reduce their domination. The People’s Bank of China has previously mentioned that it wants to be the first country to launch the Central Bank Digital Currency (CBDC) so it would ease…

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China Launches Pilot Test of Utilizing Digital Yuan as Payments at Gas Stations in Shenzhen

Chinese citizens can now use central bank digital currency at gas stations without an internet connection. Guangdong Petroleum has launched the pilot program for digital yuan on October 13. In Shenzhen, citizens can utilize digital currency for retail payments such as refueling at eleven different gas stations. For payments, digital currency holders will have to scan the QR code provided by the gas stations. In terms of QR code scanning, the application will work similarly to Apple Pay. “Dual Offline” Technology Offline processing is the most interesting and outstanding feature of the digital yuan application. To process, it does not…

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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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