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Masayoshi Amamiya: The future of money | BoJ
Masayoshi Amamiya: The future of money | BoJ
"Today's topic is "The Future of Money." Indeed, this topic is now gaining great attention and being lively discussed among various entities, due to on-going IT innovation, global developments of various cashless payment means including mobile payments, the emergence of crypto-assets and the idea of central bank digital currency."
#Fintech#CryptoAssets#CBDC#DFC
·bis.org·
Masayoshi Amamiya: The future of money | BoJ
Venezuela Officially Launches Sale of Controversial Petro Coin for Fiat, Crypto | Coin Telegraph
Venezuela Officially Launches Sale of Controversial Petro Coin for Fiat, Crypto | Coin Telegraph
"According to an infographic included in the tweet, Petro can now be purchased directly from the country’s treasury via the coin’s official website or from six crypto exchanges authorized by the government. The state-issued coin can be purchased for fiat, specified in the graphic as yuan, Euro and U.S. dollars, or for certain cryptocurrencies, by legal entities and individuals who have registered and passed a validation process on the coin’s official site. According to Petro’s official Twitter, which has evidently been suspended as of press time, the coin can be purchased with Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH) and Dash (DASH). However, the National Cryptocurrency Association reports the Petro is currently only available for BTC and LTC, among cryptocurrencies."
#CryptoAssets#AltCoins#CBDC#Venezuela#DFC
·cointelegraph.com·
Venezuela Officially Launches Sale of Controversial Petro Coin for Fiat, Crypto | Coin Telegraph
Sovereign money: A challenge for science | VoxEU
Sovereign money: A challenge for science | VoxEU
There has been an intense academic and policy debate on what monetary architecture is the most appropriate recently, but many issues are still unresolved. This column looks at the circumstances under which the current system and the sovereign money system yield the same outcomes, the core arguments in favour of the current system, and what advantages a sovereign money architecture might offer.
#CBDC#DFC
·voxeu.org·
Sovereign money: A challenge for science | VoxEU
Petro Cryptocurrency Is Legally Recognized As Valid Tender By Venezuela Supreme Court | BCG
Petro Cryptocurrency Is Legally Recognized As Valid Tender By Venezuela Supreme Court | BCG
"Interestingly enough, the country’s Supreme Court ruled that workers are entitled to monetary compensation of 266 petros. This is significant because the ruling recognizes the petro as legal tender. Several sectors have criticized using cryptocurrencies as money because they believe that the only currency in the country should be the Bolivar."
#CryptoAssets#AltCoins#CBDC#Venezuela#DFC
·bitcoinexchangeguide.com·
Petro Cryptocurrency Is Legally Recognized As Valid Tender By Venezuela Supreme Court | BCG
The Bank of Israel published a summary of the work of the team to examine central bank digital currency (CBDC)
The Bank of Israel published a summary of the work of the team to examine central bank digital currency (CBDC)
"The Bank of Israel today published a summary of the work of the interdepartmental team established by the Governor, Dr. Karnit Flug, in November 2017 to examine the issue of central bank digital currencies (CBDC).  The objective of the publication is to bring the work done at the Bank of Israel to the public’s attention, and to enable public discussion."
#CryptoAssets#CBDC#DFC
·boi.org.il·
The Bank of Israel published a summary of the work of the team to examine central bank digital currency (CBDC)
New Bank of Israel Report Recommends Against Creating Digital Shekel
New Bank of Israel Report Recommends Against Creating Digital Shekel
"The Bank of Israel has released the results of a research study commissioned in late 2017 to examine the feasibility of issuing a cryptocurrency that would be equivalent in value to the shekel. Dubbed the ‘Digital Shekel’, the proposed cryptocurrency has been found to be unsuitable to the needs of Israel in a number of areas and consequently the report has recommended that the Israeli central bank should not issue the cryptocurrency in the near future."
#CryptoAssets#CBDC#DFC
·ccn.com·
New Bank of Israel Report Recommends Against Creating Digital Shekel
E-krona theme in new edition of Economic Review | Sveriges Riksbank
E-krona theme in new edition of Economic Review | Sveriges Riksbank
"The Riksbank is investigating the possibility and consequences of introducing a Swedish central bank digital currency, a so-called e-krona. The latest issue of our journal Economic Review is a special theme issue discussing the e-krona from different perspectives. What is the role of the central bank in the payments market? What might the demand for an e-krona be? What consequences will this have for the banks? How will rate-setting be affected, and what further effects might the e-krona have for monetary policy and economic developments in the long run?"
#CryptoAssets#CBDC#DFC
·riksbank.se·
E-krona theme in new edition of Economic Review | Sveriges Riksbank
Venezuela to Introduce Petro to OPEC as “Digital Currency for Oil” - CoinWire
Venezuela to Introduce Petro to OPEC as “Digital Currency for Oil” - CoinWire
"In a Twitter post on Wednesday, Venezuela’s minister of petroleum and government-owned oil firm PDVSA president Manuel Quevedo has announced that the country is set to introduce the Petro as the “main digital currency backed by oil” to the Organization of the Petroleum Exporting Countries (OPEC) next year."
#CryptoAssets#AltCoins#CBDC#Venezuela#DFC
·coinwire.com·
Venezuela to Introduce Petro to OPEC as “Digital Currency for Oil” - CoinWire
Iran Completes Development of National Crypto | Bitcoin Market Insider
Iran Completes Development of National Crypto | Bitcoin Market Insider
"Iran has finalized the development of its national cryptocurrency, which is endorsed by the local fiat device, the rial. When the Central Bank of Iran (CBI) approves its use, the yet-to-be-named digital currency will then be issued to banking associations for analyzing in payments, inner and interbank settlements according to local media reports."
#CryptoAssets#AltCoins#CBDC#DFC
·bitcoinmarketinsider.com·
Iran Completes Development of National Crypto | Bitcoin Market Insider
Central Bank of Iran (CBI) Finalizes Cryptocurrency Development of Rial-Pegged National Token
Central Bank of Iran (CBI) Finalizes Cryptocurrency Development of Rial-Pegged National Token
"Developed by the Informatics Services Corporation on behalf of the Central Bank of Iran (CBI), the banking system is planning to make use of a national cryptocurrency. Iran’s Informatics Services Corporation (ISC) a central bank-affiliated body. The crypto has been developed using open-source Hyperledger Fabric technology, the blockchain framework initially developed by IBM and New York-based industry startup Digital Asset. The Hyperledger Fabric is now code hosted by the Linux Foundation, which also leads the Hyperledger blockchain consortium."
#CryptoAssets#AltCoins#CBDC#DFC
·bitcoinexchangeguide.com·
Central Bank of Iran (CBI) Finalizes Cryptocurrency Development of Rial-Pegged National Token
Iran Completes Development of Rial-Supported National Cryptocurrency
Iran Completes Development of Rial-Supported National Cryptocurrency
"Measures against the financial system have already started to hurt international financial settlements. This week, the U.S. armtwisted global banking network Swift into severing ties with Iran’s central bank, leaving the country and its citizens in limbo. In the cryptocurrency realm, global exchanges Binance and Bittrex have reportedly unofficially dropped Iran from the list of supported countries to receive services."
#CryptoAssets#AltCoins#CBDC#DFC
·news.bitcoin.com·
Iran Completes Development of Rial-Supported National Cryptocurrency
Casting Light on Central Bank Digital Currencies | IMF
Casting Light on Central Bank Digital Currencies | IMF
CBDC could be the next milestone in the evolution of money. The history of money suggests that, while the basic functions of money might not change, the form does evolve in response to user needs. Digitalization of many aspects of economic activity is prompting central banks to seriously consider the introduction of CBDC.
#CryptoAssets#CBDC#DFC
·imf.org·
Casting Light on Central Bank Digital Currencies | IMF
The IMF’s central bank digital currency push is not about crypto — it’s about centralising banking | Attack of the 50 Foot Blockchain
The IMF’s central bank digital currency push is not about crypto — it’s about centralising banking | Attack of the 50 Foot Blockchain
"The IMF CBDC paper discusses direct central banking in a manner that tries to appear balanced. But Lagarde’s speech, and the publicity, directly advocate the idea — and not just for failing economies. What’s driving this? My current theory is the Fallacy of Big Data, and the bureaucratic urge to centralised control — if only we had more data, then we could run everything perfectly! This is not an unreasonable urge! A central bank’s job is to manage an economy. And that requires data."
#CryptoAssets#CBDC#DFC
·davidgerard.co.uk·
The IMF’s central bank digital currency push is not about crypto — it’s about centralising banking | Attack of the 50 Foot Blockchain
Iranian National Cryptocurrency to be Granted to Commercial Banks - IBENA
Iranian National Cryptocurrency to be Granted to Commercial Banks - IBENA
"Talking to IBENA's reporter, Seyyed Abotaleb Najafi said the national cryptocurrency has been developed and designed by Informatics Services Corporation at Central Bank of Iran's request to be utilized new technologies in expanding banking system services . He stated that the national cryptocurrency is issued by the central bank and can be used in a distributed and one-to-one framework for transferring without any institute's interference."
#CryptoAssets#CBDC#DFC
·en.ibena.ir·
Iranian National Cryptocurrency to be Granted to Commercial Banks - IBENA
Cryptocurrencies—Investment or Electronic Currency of the Future? | Douglas Schulz et al
Cryptocurrencies—Investment or Electronic Currency of the Future? | Douglas Schulz et al
This article attempts to clear up many of the misunderstandings that have governments, regulators, banks, and consumers confused. The authors also posit what lies ahead for commerce, the global banking system, the unbanked without access to finance, reserve currencies, and central banking systems and that all have a ‘new player in town’.
#CryptoAssets#CBDC#DFC
·securitiesexpertwitness.info·
Cryptocurrencies—Investment or Electronic Currency of the Future? | Douglas Schulz et al
Here's what's happening with money around the world — Quartz
Here's what's happening with money around the world — Quartz
"We looked at 37 countries and determined how much cash is in circulation, as well as how much of it is being used. The TLDR: Electronic payment methods are booming, but as the data show, cash isn’t going down without a fight—especially in parts of the world where economic growth is both recent and fast."
#CryptoAssets#CBDC#DFC
·qz.com·
Here's what's happening with money around the world — Quartz
Stefan Ingves: The e-krona and the payments of the future
Stefan Ingves: The e-krona and the payments of the future
"When did you last pay with cash? I suspect it was rather a long time ago. In Swe-den, the Riksbank's money has been used for 350 years, so it entails a historical shift if you and all of us, completely stop using central bank money to make pay-ments. Today we can buy food, pay our bills and receive medical prescriptions without needing to leave our homes. The more goods and services we purchase digitally, the more we need rapid and simple payment services that are adapted to our new way of shopping. Is it a problem that cash is being used less and less? Yes, in a way it is. If the Riks-bank is to fulfil its mandate, to ensure that Sweden has a payment system that is both safe and efficient, the means of payment we issue must also be used."
#CryptoAssets#CBDC#DFC
·bis.org·
Stefan Ingves: The e-krona and the payments of the future
Benoît Cœuré: The new frontier of payments and market infrastructure: on cryptos, cyber and CCPs
Benoît Cœuré: The new frontier of payments and market infrastructure: on cryptos, cyber and CCPs
A recent CPMI survey of some 80 central banks on their work [on CBDCs finds that a] clear majority, 69%, is currently, or will soon be, conducting work related to CBDCs. The remaining central banks are typically either small in size, face more pressing challenges, or indicated that they rely on work by regional research programmes or international organisations, such as the BIS or the IMF. And of those that are conducting work - you can see this on the right-hand side - the majority, 57%, investigates two broad forms of possible application: a wholesale payment application restricted to large-value and high-priority transactions, such as interbank transfers, or a widely available, consumer-facing payment instrument targeted at retail transactions - what we call general purpose CDBC.21 Recent successful experiences also show a potential for cross-border remittances-related payment services, which confirms the potential for new technologies to support financial inclusion.
#CryptoAssets#Fintech#Blockchain#CBDC#DFC
·bis.org·
Benoît Cœuré: The new frontier of payments and market infrastructure: on cryptos, cyber and CCPs
Dubai Government-Backed Digital Currency Will Get Its Own Payment System
Dubai Government-Backed Digital Currency Will Get Its Own Payment System
"Consumers in Dubai will soon be able to use digital currency to pay for goods, services, and utilities following a new government partnership, a press release confirms Tuesday, Oct. 9. The deal between emcredit, a subsidiary of the Dubai Department of Economic Development, blockchain payment provider Pundi X, and its partner Ebooc Fintech & Loyalty Labs LLC will facilitate point of sale (PoS) payments in emcredit’s emcash currency."
#CryptoAssets#CBDC#DFC
·cointelegraph.com·
Dubai Government-Backed Digital Currency Will Get Its Own Payment System
Why Central Bank Digital Currencies Will Destroy Cryptocurrencies by Nouriel Roubini - Project Syndicate
Why Central Bank Digital Currencies Will Destroy Cryptocurrencies by Nouriel Roubini - Project Syndicate
Nouriel Roubini: "Leading economic policymakers are now considering whether central banks should issue their own digital currencies, to be made available to everyone, rather than just to licensed commercial banks. The idea deserves serious consideration, as it would replace an inherently crisis-prone banking system and close the door on crypto-scammers."
#CryptoAssets#CBDC#DFC
·project-syndicate.org·
Why Central Bank Digital Currencies Will Destroy Cryptocurrencies by Nouriel Roubini - Project Syndicate
IMF Explores Evolving Forms of Money, Prospects of CBDC – Diar
IMF Explores Evolving Forms of Money, Prospects of CBDC – Diar
"The International Monetary Fund released their latest perspective on the development prospects of Central Bank Digital Currencies. Exploring the benefits of various forms of money, the IMF seems to be of the mindset that while cryptocurrencies have gained traction, it is in fact private eMoney solutions that provide stored value facilities and an easy user experience that are best ranked. While citing Bitcoin, Ether and Ripple, the report seems to be remiss of the larger and intertwined developments occurring in the space as of late. One cryptocurrency firm is, at the very least, attempting to address issues and concerns the report highlighted having secured the necessary licenses, in the US and the UK, provide on-chain stable stored value facilities, in line with KYC and AML compliance requirements, as well as an easy customer facing interface – Coinbase."
#CryptoAssets#CBDC#DFC
·diar.co·
IMF Explores Evolving Forms of Money, Prospects of CBDC – Diar