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PBoC's Digital Currency Chief Departs to Lead Securities Clearing House - CoinDesk
PBoC's Digital Currency Chief Departs to Lead Securities Clearing House - CoinDesk
"The former architect of China's central bank digital currency (CBDC) initiative has left the position to head the country's central securities clearing house. Yao Qian, who founded the Digital Currency Research Lab at the People's Bank of China (PBoC) last year, has now taken up the role of general manager at the China Securities Depository and Clearing Corporation (CSDC), according to an update from the firm on Monday."
#Fintech#CBDC#DFC
·coindesk.com·
PBoC's Digital Currency Chief Departs to Lead Securities Clearing House - CoinDesk
A new analysis on the impact of central bank digital currencies to private banks – Finadium
A new analysis on the impact of central bank digital currencies to private banks – Finadium
"A research paper from the St. Louis Federal Reserve investigates how a central bank digital currency would impact private banks, but along the way gets to the heart of a pressing global debate: should individuals have central bank accounts and what does that mean for policy making? This issue keeps coming up in one form or another."
#CBDC#Bitcoin#CryptoAssets#DFC
·finadium.com·
A new analysis on the impact of central bank digital currencies to private banks – Finadium
Assessing the Impact of Central Bank Digital Currency on Private Banks- Working Papers - St. Louis Fed
Assessing the Impact of Central Bank Digital Currency on Private Banks- Working Papers - St. Louis Fed
"I investigate the theoretical impact of central bank digital currency (CBDC) on a monopolistic banking sector. The framework combines the Diamond (1965) model of government debt with the Klein (1971) and Monti (1972) model of banking. There are two main results. First, the introduction of interest-bearing CBDC increases financial inclusion, diminishing the demand for physical cash. Second, while interest-bearing CBDC reduces monopoly profit, it need not disintermediate banks in any way. CBDC may, in fact, lead to an expansion of bank deposits if CBDCcompetition compels banks to raise their deposit rates."
#CryptoAssets#Bitcoin#CBDC#DFC
·research.stlouisfed.org·
Assessing the Impact of Central Bank Digital Currency on Private Banks- Working Papers - St. Louis Fed
Is a Cashless Society Problematic? - Bank of Canada
Is a Cashless Society Problematic? - Bank of Canada
"The use of bank notes in Canada for payments has declined consistently for some time, and similar trends are evident in other countries. This has led some observers to predict a cashless society in the future. This paper considers the implications of the abandonment of the use of cash in the future. More specifically, we look at a variety of ways in which the emergence of a cashless society could affect key concerns of a central bank, including seigniorage, monetary policy, payments and financial stability considerations. We find that a cashless society would not generally cause material, system-wide problems. There are a few areas, however, where concerns could emerge: the maintenance of both operational reliability and contestability in retail payments, and the provision of a safe store of value in an (extreme) financial crisis. We note policy options to address these potential concerns."
#CBDC#DFC
·bankofcanada.ca·
Is a Cashless Society Problematic? - Bank of Canada
Central Bank-Issued Digital Currencies: Why Governments May (or May Not) Need Them | Coin Telegraph
Central Bank-Issued Digital Currencies: Why Governments May (or May Not) Need Them | Coin Telegraph
"The concept of CBDC, or national cryptocurrencies, has attracted many governments across the world. Some of them have already rolled out their virtual currencies, some keep researching their economical impact, while others — like Japan — have decided to dismiss the idea altogether. Here’s what the concept entails, and why major governments choose to implement or deny it."
#CryptoAssets#Bitcoin#AltCoins#CBDC#DFC
·cointelegraph.com·
Central Bank-Issued Digital Currencies: Why Governments May (or May Not) Need Them | Coin Telegraph
New York Fed files to dismiss narrow bank lawsuit - Central Banking
New York Fed files to dismiss narrow bank lawsuit - Central Banking
"The Federal Reserve Bank of New York has filed a motion to dismiss The Narrow Bank’s (TNB) lawsuit, claiming that TNB’s case is “unripe” and has no legal ground to stand on. In August, the start-up bank filed a complaint in federal court seeking a judgement and injunction compelling the New York Fed to open a Fed account called a master account."
#CBDC#DFC
·centralbanking.com·
New York Fed files to dismiss narrow bank lawsuit - Central Banking
Next step – a technical solution for the e-krona | Sveriges Riksbank
Next step – a technical solution for the e-krona | Sveriges Riksbank
Sweden’s Riksbank will start a pilot next year to develop a tested and ready e‐krona that could be introduced should the bank wish to do so. The initial focus will be on an e‐krona that constitutes a prepaid value (e-money) without interest and with traceable transactions.
#CBDC#DFC
·riksbank.se·
Next step – a technical solution for the e-krona | Sveriges Riksbank
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