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Argentina Ordered Exchanges To Provide Monthly Reports On Users

Argentina ordered crypto exchanges to start providing reports on the crypto users as the country still tries to halt the devaluation of its national currency as we reported in our previous cryptocurrency news. Argentina took steps in the past few months to regulate the entire crypto industry and the move came as the country tried to fight the capital flight. Argentina updated its regulatory framework to include more control on the financial operations related to crypto and as a result, Argentina’s tax authority, AFIP demanded monthly reports on the client data from crypto exchanges with the release of Form 8126.…

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UK will likely need to issue a digital currency, says BoE deputy governor

The Bank of England's deputy governor has argued that, with the possible rise of non-bank actors issuing currency, public money in digital form could serve as a crucial anchor for confidence in money as a social convention. The Bank of England's deputy governor Jon Cunliffe has argued that a sea change in the issuance and circulation of public and private monies could make general access to a digital form of central bank money crucial for ensuring financial stability in future. In a speech at the OMFIF Digital Money Institute in London, Cunliffe reflected on past, present and future trends in the…

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Central Bank of Bahrain and JPMorgan to work on digital currency settlement pilot

The Central Bank of Bahrain expects that its digital currency collaboration with JPMorgan and Bank ABC could extend to a CBDC. The government of Bahrain, the third-richest Arab country, is working with American investment bank JPMorgan Chase on a digital currency settlement pilot. The Central Bank of Bahrain officially announced Tuesday that the bank is now collaborating with JPMorgan and the Arab Banking Corporation BSC, or Bank ABC, in a pilot scheme to introduce an instant cross-border payment solution based on digital currency technology. Aiming to cut settlement processing time, the new digital currency pilot will involve transferring funds from…

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Bank of Korea wants to monitor crypto trading activity, cites monetary risks

South Korea’s central bank is the latest entity seeking powers to monitor crypto trading activity in the country. The Bank of Korea reportedly has plans to maintain strict oversight on crypto trading activity via real-name bank accounts. According to a report by The Korea Herald on Thursday, the BOK is seeking authority under Article 87 of the country’s central bank Act, stating: “We plan to utilize our legal authority over requesting document submittal from financial institutions to monitor the volume of cryptocurrency transactions made through bank accounts.” The above comments are reportedly from documents submitted by the BOK to lawmakers in…

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Hong Kong to expand pilots for cross-border use of digital yuan

The first phase of tests for use of the digital yuan across borders has been successful, the Hong Kong Monetary Authority has said. The Digital Currency Institute of the People’s Bank of China and the Hong Kong Monetary Authority are quickly moving forward with their joint testing of the use of the digital yuan for cross-border payments. According to Bloomberg, this week, the HKMA staff confirmed that the first phase of testing for the currency’s cross-border use had been successful. The initial tests involved multiple parties, including selected merchants and a bank designated by mainland Chinese authorities. HKMA said that…

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Bank of Israel Drafts Model of a Digital Shekel

The central bank of Israel has offered a glance at what a digitalized version of the national fiat currency may look like. According to a released “draft model” of the coin, Israelis should be able to use the digital shekel in payments, even offline, and convert it to cash at any moment. The Israeli central bank digital currency (CBDC) will provide some privacy, but not anonymity. This Is What the Digital Shekel Should Look Like The Bank of Israel is getting ready to jump on the CBDC bandwagon with a plan to issue a digital currency of its own, after…

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Israel’s central bank floats possible digital shekel with new action plan

The bank has been exploring the introduction of a CBDC since 2017. The Bank of Israel is accelerating its research for the potential issuance of a central bank digital currency. In a statement from the central bank today, the Bank of Israel said it was preparing an action plan to explore the benefits of a digital shekel on the economy. Though the bank said it had not yet decided whether to issue a central bank digital currency, or CBDC, it added it would be prepared to do so should the benefits “outweigh the costs and potential risks.” The central bank…

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China’s Digital Yuan Smart Card to Feature Biometrics and Fingerprint Scanning

The People’s Bank of China’s upcoming digital yuan card will feature IDEX Biometrics and fingerprint scanning, according to regional reports. China’s “Digital Currency Electronic Payment” or DCEP is getting closer toward launch by the day. Last week, smart card manufacturer Chutian Dragon and IDEX Biometrics announced the companies are working on a digital yuan payments card. China’s DCEP Will Boast Advanced Fingerprint Identification and Authentication Solutions China’s DCEP continues to make headlines as the crypto asset and central bank-crafted network inches closer toward reality. As the digital yuan draws near, Bitcoin.com News reported on JD.com’s employee participation, Tencent and Ant…

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Bank of Russia Tests Services Related to Cryptocurrencies

Russia’s central bank has examined three platforms offering crypto-related services. The projects have been tested in its regulatory sandbox in the course of 2020. Bank of Russia has received dozens of requests to pilot various financial services since it created the closed regulatory environment around three years ago. CBR Pilots 3 Crypto Projects in 2020 The Central Bank of the Russian Federation (CBR), also known as Bank of Russia, launched the sandbox back in 2018, when developments in financial technology and decentralized digital assets presented regulators with a new set of challenges. Since the start of the initiative, over 70…

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Kazakhstan Is Preparing the Launch of a CBDC Pilot With Private Financial Companies

Central bank digital currencies (CBDCs) are steadily becoming a serious discussion among governments globally, with Kazakhstan as the latest country unveiling its plans. The National Bank of Kazakhstan is making preparations to launch a CBDC pilot program soon. The National Bank Released a Public Consultation Paper According to the announcement published on their website, the bank expects to pilot its prototype of a digital tenge within the private companies of the financial industry in the first stage. The participants will adopt the CBDC to provide payment services via a two-tier architecture where the digital currency will be built. That said,…

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Fintechs Invited to Work on Georgia’s Central Bank Digital Currency

National Bank of Georgia (NBG) has issued a call for companies in the fintech sector, financial institutions and technology firms to support its efforts to create a digital currency. Georgia’s central bank wants to employ new technologies to raise the efficiency of the country’s payment system and promote financial inclusion. Georgia’s Central Bank Mulling Digital GEL NBG is now inviting companies from innovative industries as well as interested financial institutions to join a public-private partnership tasked to facilitate the adoption of a central bank digital currency (CBDC). The bank is considering launching the digital version of the national fiat, Georgian…

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Kazakhstan opens public consultation for central bank digital currency

The potential national digital currency in Kazakhstan is not intended to replace either cash or cashless payments, the central bank stressed. Kazakhstan’s central bank is planning to examine the potential benefits and risks of adopting a state-backed digital currency. The National Bank of Kazakhstan, or NBRK, published Wednesday a report on a digital tenge pilot project and opened a public consultation on the potential central bank digital currency, or CBDC. According to the report, the digital tenge would be a new form of money issued by the NBRK to enable the “further development of the national payment system and reduce…

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Georgia’s central bank is exploring ‘Digital Gel’ CBDC

The Republic of Georgia's central bank has invited fintech firms and others to participate in the CBDC project. The National Bank of Georgia said that it is considering launching a central bank digital currency. In an announcement today, the central bank hinted at the issuance of a central bank digital currency, or CBDC, in an effort “to enhance efficiencies of the domestic payment system and financial inclusion.” The National Bank of Georgia, or NBG, said it would be inviting fintech firms and other financial institutions to participate in the project, named Digital Gel after the symbol for the country’s fiat…

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Bahamas central bank prepares national Sand Dollar push this summer

The Bahamas is beginning a push for national digital currency adoption this summer, the central bank's governor, John Rolle, said. The Central Bank of the Bahamas is preparing a national push for its digital currency this summer to get more Bahamians signing up for the Sand Dollar. In another move toward the adoption of the Bahamas’ central bank digital currency, the CBOB is now focused on connecting mobile Sand Dollar wallets with commercial banking systems, CBOB Governor John Rolle announced. According to a Wednesday report by the Nassau Guardian, Rolle said that the Bahamian government has initiated a number of…

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Digital Yuan Launch Draws Near: JD.com Employees Paid in e-CNY, Tencent, Ant, Mastercard Engage With PBoC

China, the world’s most populous country, has jumped leaps and bounds in comparison to a great number of other countries when it comes to the creation of a central bank digital currency. As each day passes, China’s digital yuan is seemingly getting closer to large-scale adoption, as big-name corporations like the e-commerce giant JD.com, Mastercard, Ant Group, and Tencent have been bolstering the venture. China’s Digital Yuan Is Seemingly Near Completion, JD.com Employees Paid in e-CNY China’s central bank digital currency (CBDC) that’s being crafted by the People’s Bank of China (PBoC) has many names. Some are calling it the…

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ECB Deepens Analysis of Digital Euro, Decision Expected by Mid-Year, VP Confirms

Faced with challenges on many fronts, the European Central Bank is now deepening the analysis of how to digitalize its currency. A decision on whether to issue a digital euro, which has the potential to become a major CBDC, is expected around mid-2021, a high-ranking official of the central bank has confirmed. Eurozone’s Central Bank to Decide on the Digital Euro Project Within Months Occupied with planning a “cautious exit” from the social, economic and health emergency forced upon the European Union by the Covid-19 crisis, the ECB is also compelled to think about a digital version of the euro,…

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Binance CEO warns of CBDC drawbacks as digital dollar pilots proceed in US

CBDCs will never offer the same freedom of use as cryptocurrencies like Bitcoin, according to Binance CEO Changpeng Zhao. Cryptocurrencies like Bitcoin (BTC) and Ether (ETH) will co-exist “for a while” with more restrictive digital currencies like China’s digital yuan, Binance CEO Changpeng Zhao said in a Bloomberg interview on Monday. According to Zhao, some of the key features of cryptocurrencies like Bitcoin (BTC) — freedom of use and limited supply — won’t be offered by central bank digital currencies. “At the end of the day, those are core properties that users care about,” he stated. Zhao said that the differences…

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Digital euro’s privacy promise not worth a centralized system, Oasis exec says

A former Apple executive believes the European Central Bank might just be paying lip service to the concept of privacy in relation to a digital euro. When European Central Bank board member Fabio Panetta addressed the European Union Committee on Economic and Monetary Affairs in April, he emphasized the importance of privacy in any potential future CBDC rollout. The ECB had conducted a public consultation on the possibility of a digital euro, canvassing the opinions of over 8,000 individuals and businesses. The responses that came back suggested privacy was the number one concern surrounding the issuance of a central bank…

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Turkey Drafting Crypto Regulation — Central Bank Says No Intention to Ban Cryptocurrencies

The Turkish government is reportedly creating a regulatory framework for cryptocurrencies after two crypto exchanges in the country abruptly halted trading and are now being investigated for fraud. The government is reportedly planning to establish a central custodian bank among other initiatives. The Turkish government is working on cryptocurrency regulation. Bloomberg reported on Tuesday that “The government is planning to establish a central custodian bank to eliminate counterparty risk,” citing a senior official familiar with the plans. The Treasury & Finance Ministry, Capital Markets Board and financial crimes watchdog Masak are involved in establishing the crypto framework, the publication conveyed,…

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