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Central Bank Digital Currency and Monetary Policy - Bank of Canada
Central Bank Digital Currency and Monetary Policy - Bank of Canada
"Many central banks are contemplating whether to issue a central bank digital currency (CDBC). CDBC has certain potential benefits, including the possibility that it can bear interest. However, using CBDC is costly for agents, perhaps because they lose their anonymity when using CBDC instead of cash. I study optimal monetary policy when only cash, only CBDC, or both cash and CBDC are available to agents. If the cost of using CBDC is not too high, more efficient allocations can be implemented by using CBDC than with cash, and the first best can be achieved. Having both cash and CBDC available may result in lower welfare than in cases where only cash or only CBDC is available. The welfare gains of introducing CBDC are estimated as up to 0.64% for Canada."
#Bitcoin#CBDC#DFC
·bankofcanada.ca·
Central Bank Digital Currency and Monetary Policy - Bank of Canada
Iran Inches Closer to National Cryptocurrency in Plan to Evade US Sanctions | CCN
Iran Inches Closer to National Cryptocurrency in Plan to Evade US Sanctions | CCN
"Iran is preparing to launch its own “indigenous” state cryptocurrency that authorities envision will help the country circumvent the latest economic sanctions enforced by U.S. President Donald Trump. According to Iran’s state-affiliated news outlet Press TV, domestic authorities have already initiated “a plan to create an indigenous cryptocurrency” that will function both as a domestic currency and an international settlement token for global trade and commerce while evading western financial sanctions."
#Bitcoin#CBDC#Tokenization#DFC
·ccn.com·
Iran Inches Closer to National Cryptocurrency in Plan to Evade US Sanctions | CCN
EU Research: International Nature of Crypto Markets a Challenge for Regulators - CoinWire
EU Research: International Nature of Crypto Markets a Challenge for Regulators - CoinWire
"A research commissioned by the EU states that the crypto markets’ international nature poses a challenge for European regulators because many players (specifically crypto miners) are beyond their jurisdiction. With commercial banks using sly tactics to curb the competition, the researchers expect that bank-issued coins have the potential to reshape the balance of power among cryptocurrencies."
#Bitcoin#CBDC#DFC
·coinwire.com·
EU Research: International Nature of Crypto Markets a Challenge for Regulators - CoinWire
Fintech firm creates new digital currency tied to the New Taiwan Dollar | Taiwan News
Fintech firm creates new digital currency tied to the New Taiwan Dollar | Taiwan News
"Taiwanese company Green World Fintech Services announced last week, that it is introducing a new digital currency into the country's financial markets, and one that will be pegged to the value of the New Taiwan Dollar (NTD). The new digital currency, referred to as a stablecoin, is reportedly being created using the Ethereum network, and will be called the Taiwan Digital Token (TWDT)."
#Bitcoin#CBDC#Tokenization#DFC
·taiwannews.com.tw·
Fintech firm creates new digital currency tied to the New Taiwan Dollar | Taiwan News
EU Parliament Report Suggests Introduction of Bank-Promoted Crypto - CoinWire
EU Parliament Report Suggests Introduction of Bank-Promoted Crypto - CoinWire
"The arrival of permissioned cryptocurrencies promoted by banks, even by central banks, will reshape the current competition level in the cryptocurrency market, broadening the number of competitors […] however, the market power of banks in traditional banking services might be used to limit competition in the cryptocurrency market through pre-emptive acquisitions or predatory pricing schemes."
#Bitcoin#CBDC#DFC
·coinwire.com·
EU Parliament Report Suggests Introduction of Bank-Promoted Crypto - CoinWire
Crypto Exchange HitBTC Adds Support for Euro-Pegged Stablecoin 'EURS' | CCN
Crypto Exchange HitBTC Adds Support for Euro-Pegged Stablecoin 'EURS' | CCN
"There seems to be progress for the EURS stablecoin with the recent announcement that an institutional investor had snapped up a $10 million stake in the coin just a few days after it’s launching in Malta. Now, the coin achieved another milestone when it was recently revealed that the world’s first crypto EUR to crypto USD pair was trading live on the crypto exchange HitBtc."
#Bitcoin#CBDC#DFC
·ccn.com·
Crypto Exchange HitBTC Adds Support for Euro-Pegged Stablecoin 'EURS' | CCN
PH Moving to Test Digital Fiat Currencies With RCBC's ePiso | Entrepreneur Philippines
PH Moving to Test Digital Fiat Currencies With RCBC's ePiso | Entrepreneur Philippines
"But the launch of RCBC’s ePiso, which is being described as a digitized version of the Philippine peso, and how the product works out on the ground could very well determine how the Bangko Sentral ng Pilipinas (BSP) will proceed with the idea of issuing its own digital fiat currency as legal tender in the future."
#Bitcoin#CBDC#DFC
·entrepreneur.com.ph·
PH Moving to Test Digital Fiat Currencies With RCBC's ePiso | Entrepreneur Philippines
A brief history of Stablecoins (Part 1) – BitMEX Blog
A brief history of Stablecoins (Part 1) – BitMEX Blog
"In this piece we look over the history of distributed stablecoins, focusing on two case studies, BitShares (BitUSD) and MakerDAO (Dai). We examine the efficacy of various design choices, such as the inclusion of price oracles and pooled collateral. We conclude that while a successful stablecoin is likely to represent the holy grail of financial technology, none of the systems we have examined so far appear robust enough to scale in a meaningful way. The coins we have looked at seem to rely on “why would it trade at any other price?” type logic, to enforce price stability to some extent, although dependence on this reasoning is decreasing as technology improves."
#Bitcoin#CBDC#DFC
·blog.bitmex.com·
A brief history of Stablecoins (Part 1) – BitMEX Blog
Stablecoins, The Only Real Threat To Government Money | Hackernoon
Stablecoins, The Only Real Threat To Government Money | Hackernoon
"Cryptocurrencies, unlike government money, are currently mere assets with a constant risk of gaining or losing their value; as a result, they can not be a sound, trustworthy way to store value or to be exchanged for other goods and services. For instance, one might sell a number of goods and receive some coins in return only to find out that prices have fallen in just a couple of minutes, and feel fooled. On the other hand, a buyer might spend some Bitcoin, Ether, or other cryptocurrencies to purchase something and then, figure out prices have skyrocketed in just a few days, and feel a great deal of remorse."
#Bitcoin#CBDC#DFC
·hackernoon.com·
Stablecoins, The Only Real Threat To Government Money | Hackernoon
Why another stablecoin? – Reserve Currency – Medium
Why another stablecoin? – Reserve Currency – Medium
"In order to correctly assess which stablecoin designs have the potential to work — which the industry really needs to be able to do right now — you’ll need to understand some important principles, and be willing to spend considerable time applying them."
#Bitcoin#CBDC#DFC
·medium.com·
Why another stablecoin? – Reserve Currency – Medium
Medici Ventures Portfolio Company Bitt Signs MOU with Centrale Bank van Curaçao en Sint Maarten - NASDAQ.com
Medici Ventures Portfolio Company Bitt Signs MOU with Centrale Bank van Curaçao en Sint Maarten - NASDAQ.com
Bitt, Inc. announces it has signed a Memorandum of Understanding (MOU) with the Centrale Bank van Curaçao en Sint Maarten (CBCS) to explore the feasibility of the CBCS issuing a digital Curaçao and Sint Maarten guilder to facilitate digital financial payments within the monetary union of Curaçao and Sint Maarten.
#CBDC#Bitcoin#DFC
·nasdaq.com·
Medici Ventures Portfolio Company Bitt Signs MOU with Centrale Bank van Curaçao en Sint Maarten - NASDAQ.com
Stablecoins in the wild – Hacker Noon
Stablecoins in the wild – Hacker Noon
We’re two-thirds of the way through the Year of the Stablecoin. Rather than taking yet another look at the many projects still cooking and the theory behind how stablecoins work (here is a good recent overview), I want to take a glance at the projects that are currently live already.
#CBDC#Bitcoin#DFC
·hackernoon.com·
Stablecoins in the wild – Hacker Noon
Blockchain Startup Announces Stablecoin Launch on EOS Network - CoinWire
Blockchain Startup Announces Stablecoin Launch on EOS Network - CoinWire
An Australia-based Blockchain startup initially established to provide cross-blockchain payments announced that it is launching its dollar-pegged token to the EOS Blockchain. Announced August 8, the project dubbed Havven disclosed plans of issuing its USD-pegged stablecoin on the EOS Network, slated to go live by the end of 2018. The firm’s token was initially rolled out on the Ethereum Network in June.
#Bitcoin#CBDC#Tokenization#DFC
·coinwire.com·
Blockchain Startup Announces Stablecoin Launch on EOS Network - CoinWire
Payment Systems and Privacy - St. Louis Fed Review
Payment Systems and Privacy - St. Louis Fed Review
Privacy in payments is desired not just for illegal transactions, but also for protection from malfeasance or negligence by counterparties or by the payments system provider itself. Proposals to abolish cash take inadequate account of these legitimate demands for privacy. While central banks can play a useful role in setting standards for payments privacy, they are unlikely to have a comparative advantage at providing privacy. Therefore the replacement of cash by central bank electronic money is likely to spur demand for alternative means of payments to solve specific privacy problems.
#CBDC#Bitcoin#Privacy#DFC
·research.stlouisfed.org·
Payment Systems and Privacy - St. Louis Fed Review
Centrale Bank van Curaçao en Sint Maarten, Bitt sign MOU to explore central bank digital currency - EconoTimes
Centrale Bank van Curaçao en Sint Maarten, Bitt sign MOU to explore central bank digital currency - EconoTimes
"The central bank is determined to address its challenges proactively by exploring the latest technology available, for example, to reduce the level of cash usage within the monetary union, and to facilitate more secure, more AML and KYC compliant, and more efficient financial transactions within and between Curaçao and Sint Maarten," Leila Matroos-Lasten, acting President of the CBCS, said.
#Bitcoin#CBDC#DFC
·econotimes.com·
Centrale Bank van Curaçao en Sint Maarten, Bitt sign MOU to explore central bank digital currency - EconoTimes
Central bank digital currency: Why it matters and why not | VOX, CEPR Policy Portal
Central bank digital currency: Why it matters and why not | VOX, CEPR Policy Portal
"The potential benefits and risks of digital central bank money for use by the general public have been widely debated. This column looks at one aspect that has been somewhat overlooked – the consequences of substituting outside for inside money. ‘Reserves for all’ could increase the incentive to extend credit but might undermine political support for implicit financial assistance to banks. However, the effects need not be disruptive. "
#Bitcoin#CBDC#DFC
·voxeu.org·
Central bank digital currency: Why it matters and why not | VOX, CEPR Policy Portal
Reserves For All? Central Bank Digital Currency, Deposits, and their (Non)-Equivalence | CEPR
Reserves For All? Central Bank Digital Currency, Deposits, and their (Non)-Equivalence | CEPR
"I offer a macroeconomic perspective on the "Reserves for All" (RFA) proposal to let the general public use electronic central bank money. After distinguishing RFA from cryptocurrencies and relating the proposal to discussions about narrow banking and the abolition of cash I propose an equivalence result according to which a marginal substitution of outside for inside money does not affect macroeconomic outcomes. I identify key conditions on bank and government (central bank) incentives for equivalence and argue that these conditions likely are violated, implying that RFA would change macroeconomic outcomes. I also relate my analysis to common arguments in the discussion about RFA and point to inconsistencies and open questions."
#Bitcoin#CBDC#DFC
·cepr.org·
Reserves For All? Central Bank Digital Currency, Deposits, and their (Non)-Equivalence | CEPR
How Countries Can Develop Sovereign Crypto Economies Efficiently And Cost-Effectively - Coinjournal
How Countries Can Develop Sovereign Crypto Economies Efficiently And Cost-Effectively - Coinjournal
"Countries need to be serious in developing a new crypto economy around their own cryptocurrency for long-term sustainability. Simply creating currency and selling that as a digital asset/commodity to global citizens through ICO or exchanges won’t create their own crypto economy.  The process for cryptocurrencies to be on its way to be a global reality can be accelerated with careful consideration of five key elements that glue us together to create an economy:"
#Bitcoin#CBDC#DFC
·coinjournal.net·
How Countries Can Develop Sovereign Crypto Economies Efficiently And Cost-Effectively - Coinjournal
Tether’s Printing Press Has Churned Out $415 Million in August | CCN
Tether’s Printing Press Has Churned Out $415 Million in August | CCN
"In addition to allegations that USDT has been used to manipulate the bitcoin price, the Tether company has faced criticism for operating behind a veil of secrecy. The firm has said that it plans to operate less opaquely moving forward, and, along with publishing its recent “Transparency Report,” the company has hired a former Bank of Montreal executive to head its regulatory compliance efforts."
#Bitcoin#CBDC#DFC
·ccn.com·
Tether’s Printing Press Has Churned Out $415 Million in August | CCN
Monetary policy implications of central bank-issued digital currency | Banco de Espana
Monetary policy implications of central bank-issued digital currency | Banco de Espana
Policy-makers should adopt a “watch-and-wait approach” to central bank-issued digital currencies, an article in the Bank of Spain’s economic bulletin argues. In "Monetary policy implications of central bank-issued digital currency" Galo Nuño notes several kinds of risk associated with central bank-issued digital currencies, or CBDCs. The technological risks are significant and “might cause considerable harm to the economy as a whole”, he says.
#Bitcoin#CBDC#DFC
·bde.es·
Monetary policy implications of central bank-issued digital currency | Banco de Espana
Not Even $515 Million in New Tether Can Help This Crypto Dump - Bloomberg
Not Even $515 Million in New Tether Can Help This Crypto Dump - Bloomberg
"It’s getting hard to pump amid the dump in the $209 billion cryptocurrency market. At least that appears to be the case when you look at Tether, one of the most-traded digital assets and also one that’s allegedly been used to manipulate the price of Bitcoin. Over half a billion dollars of Tether has been created in August alone, a move that in the past would have often coincided with a rally in Bitcoin, yet the larger cryptocurrency has fallen 15 percent."
#Bitcoin#CBDC#DFC
·bloomberg.com·
Not Even $515 Million in New Tether Can Help This Crypto Dump - Bloomberg
Iran: State-Backed Crypto Draft is Ready, Central Bank to Soon Announce Stance on Crypto
Iran: State-Backed Crypto Draft is Ready, Central Bank to Soon Announce Stance on Crypto
Saeed Mahdiyoun, the deputy director in charge of drafting regulations for Iran's Supreme Cyberspace Council, has reportedly revealed to local news agency IBENA that the idea of introducing a national cryptocurrency is being actively pursued by Iran's cyberspace authority. Mahdiyoun also stated that the state authorities will soon remove the existing uncertainty around cryptocurrencies, since the Central Bank of Iran is set to introduce its official stance on the issue at the end of September.
#CBDC#Bitcoin#DFC
·cointelegraph.com·
Iran: State-Backed Crypto Draft is Ready, Central Bank to Soon Announce Stance on Crypto
Liechtenstein Bank to Launch Its Own Cryptocurrency Backed by the Swiss Franc - Bitcoin News
Liechtenstein Bank to Launch Its Own Cryptocurrency Backed by the Swiss Franc - Bitcoin News
"Union Bank AG, a bank in Liechtenstein that offers corporate banking services mainly to companies based in Germany, Switzerland, Austria and the Middle East, has announced that it will be launching its own security tokens in alignment with Liechtenstein’s regulatory authority, FMA, and subsequently its cryptocurrency, “Union Bank payment coin,” which is fully backed by a fiat currency – the Swiss franc."
#Bitcoin#CBDC#Tokenization#DFC
·news.bitcoin.com·
Liechtenstein Bank to Launch Its Own Cryptocurrency Backed by the Swiss Franc - Bitcoin News
Bitcoin is Cool: St. Louis Federal Reserve | CCN
Bitcoin is Cool: St. Louis Federal Reserve | CCN
Notably, the paper further argues that central banks should not attempt to create anonymous digital cash, as it is unlikely that the public will ever believe that the government would willingly create a digital currency that did not have backdoors.
#CBDC#Bitcoin#DFC
·ccn.com·
Bitcoin is Cool: St. Louis Federal Reserve | CCN
Binance Backs $32 Million Funding for Unicorn Founder's Crypto Stablecoin - CoinDesk
Binance Backs $32 Million Funding for Unicorn Founder's Crypto Stablecoin - CoinDesk
et another stablecoin is attracting big investors. Announced Tuesday, the founder behind a $1.4 billion startup unicorn called TMON is revealing he has raised a $32 million seed round to build a stablecoin called Terra. But while a number of startups have deployed stablecoins – cryptocurrencies engineered to track the price of another asset, usually fiat currency – Terra comes with a notable addition: an existing user base.
#Bitcoin#CBDC#DFC
·coindesk.com·
Binance Backs $32 Million Funding for Unicorn Founder's Crypto Stablecoin - CoinDesk