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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
Riksbank considers joining EU’s faster payments system - deputy governor - Central Banking
Riksbank considers joining EU’s faster payments system - deputy governor - Central Banking
"The rise in the volume of payments, Skingsley said, meant the Riksbank needed to think about whether it needs to update the RIX payment network – the system that handles the settlement of all payments made in kronor. “We are analysing whether we can take advantage of our European co-operation by joining the European Central Bank’s system for faster payments,” Skingsley said. But she said she was concerned such an arrangement would see another part of the core payments infrastructure move beyond Sweden’s borders."
#CryptoAssets#CBDC#DFC
·centralbanking.com·
Riksbank considers joining EU’s faster payments system - deputy governor - Central Banking
Getting serious about digital fiat currencies - Livemint
Getting serious about digital fiat currencies - Livemint
"The digital revolution has profound implications for central banks. They have to decide whether to issue digital fiat currencies (DFCs) in order to maximize economic gains, remain relevant in a digital world, and respond to the cryptocurrency challenge. These considerations were apparent in the ITU DFC Focus Group conference at Cornell’s New York Tech Campus in late July, where central bankers formed the majority of more than 100 participants, and where I moderated the economic implications panel."
#CryptoAssets#CBDC#DFC
·livemint.com·
Getting serious about digital fiat currencies - Livemint
Bitcoin’s crash is not the end of cyber currencies | Financial Times
Bitcoin’s crash is not the end of cyber currencies | Financial Times
"The IMF has suggested Central Bank Digital Currencies, a digital-only form of fiat money which would seek to combine the ease of use of cash with a central bank ledger system to verify transactions. Implementing CBDCs requires significant testing: an IMF paper acknowledged they may be popular mainly in countries with less secure banking, and worried that adoption could cause digital bank runs. But CBDCs might one day offer consumers a faster, cheaper and safer alternative to physical cash and credit cards."
#CryptoAssets#CBDC#DFC
·ft.com·
Bitcoin’s crash is not the end of cyber currencies | Financial Times
Venezuela: Parliament Approves Crypto Bill to Combat 'Financial Blockade'
Venezuela: Parliament Approves Crypto Bill to Combat 'Financial Blockade'
"The law consists of 64 articles and five transitory provisions. It validates Petro as a unit of commercial exchange within the country, and states that goods and services can also be purchased with Petro. Venezuela’s crypto exchanges are also reportedly allowed to carry foreign exchange operations using Petro under the new laws."
#CryptoAssets#AltCoins#CBDC#Venezuela#DFC
·cointelegraph.com·
Venezuela: Parliament Approves Crypto Bill to Combat 'Financial Blockade'
Did The IMF Reveal That Cryptocurrency Is The New World Order End-Game? | Zero Hedge
Did The IMF Reveal That Cryptocurrency Is The New World Order End-Game? | Zero Hedge
"I suggest that the IMF already has a cryptocurrency mechanism ready to replace the dollar as world reserve, and that it will be infused into the SDR basket at the height of the coming crash. The fact that the IMF has been introducing central bank crypto talking points over the past year indicates to me that the crash is imminent."
#CryptoAssets#CBDC#IMF#DFC
·zerohedge.com·
Did The IMF Reveal That Cryptocurrency Is The New World Order End-Game? | Zero Hedge
Sweden’s Push to Get Rid of Cash Has Some Saying, ‘Not So Fast’ - The New York Times
Sweden’s Push to Get Rid of Cash Has Some Saying, ‘Not So Fast’ - The New York Times
"Few countries have been moving toward a cashless society as fast as Sweden. But cash is being squeezed out so quickly — with half the nation’s retailers predicting they will stop accepting bills before 2025 — that the government is recalculating the societal costs of a cash-free future."
#CBDC#DFC
·nytimes.com·
Sweden’s Push to Get Rid of Cash Has Some Saying, ‘Not So Fast’ - The New York Times
Philip Lowe: A journey towards a near cashless payments system
Philip Lowe: A journey towards a near cashless payments system
Perhaps a more important source of ongoing demand is the fact that using cash does not require the internet to be up, electricity to be working and the banks' systems to be operational. Banknotes are therefore an important emergency or back-up payment instrument. They are particularly useful in the event of natural disasters or failure of the electronic system. Perhaps one day the various systems will be so reliable that a backup will not be needed, but that day still seems some way off.
#CBDC#DFC
·bis.org·
Philip Lowe: A journey towards a near cashless payments system
China's smartphone-obsessed cashless economy is leaving its elderly behind
China's smartphone-obsessed cashless economy is leaving its elderly behind
“Mobile payments are carving out lines between young and old, and between the prosperous urban middle class and those left behind by the boom times. Mismanaged moves to mobile payments by municipalities could also lock the elderly and the poor out of the consumption economy—just when the Chinese government needs as many spenders as possible.”
#CBDC#DFC
·qz.com·
China's smartphone-obsessed cashless economy is leaving its elderly behind
Goodbye Cash, Hello E-krona | AIER
Goodbye Cash, Hello E-krona | AIER
"As long as the e-krona’s design conforms to such regulations, it will offer an extremely constricted form of anonymity, one that is likely to be constricted even more over time. This would be a missed opportunity, especially since the Riksbank acknowledges that as a central bank it “does not need to observe” the narrow dictates of e-money laws. For now, the Riksbank’s pilot project will involve traceable transactions. One hopes that as the project evolves, the central bank will rethink its approach. The world is watching you, Sweden. "
#CryptoAssets#CBDC#DFC
·aier.org·
Goodbye Cash, Hello E-krona | AIER
Swedish Monetary Ingenuity | AIER
Swedish Monetary Ingenuity | AIER
"Stefan Ingves, the Riksbank’s governor, has asked the Riksdag to modify the concept of legal tender so that retailers are forced to accept banknotes. More specifically, Ingves wants providers of goods and services that are “important from a citizen’s perspective” to be subject to a cash requirement. He proposes that pharmacies, special transport services, food shops, and petrol stations be included on this list."
#CBDC#DFC
·aier.org·
Swedish Monetary Ingenuity | AIER
5 Reasons a Man Should Still Carry Cash | The Art of Manliness
5 Reasons a Man Should Still Carry Cash | The Art of Manliness
"Many people just don’t see much reason to continue to carry around paper money. But, there are in fact several good reasons to still keep an ample supply of greenbacks in your wallet, including..."
#CBDC#DFC
·artofmanliness.com·
5 Reasons a Man Should Still Carry Cash | The Art of Manliness
ECB launches real-time payments system
ECB launches real-time payments system
"The European Central Bank has unveiled its response to the rise of digital wallets with the launch of Target Instant Payments Settlement (TIPS), a pan-eurozone instant payments system. The new service will be available to both consumers and businesses across the 19 states in the eurozone and will offer near real-time payments via smartphones, PCs and in-store payment points."
#Fintech#CBDC#DFC
·finextra.com·
ECB launches real-time payments system
BIS Conference on "Economics of Payments IX"
BIS Conference on "Economics of Payments IX"
"Payments and financial market infrastructures stand at a crossroads. Digital innovation, regulation and ever-evolving market structure have fundamental impacts on payments, clearing and settlement. Economics of Payments IX conference continues the tradition of bringing together academic researchers, central bank economists, and representatives of authorities to look at recent developments in these areas and to think creatively about the future of payments."
#Fintech#Blockchain#CryptoAssets#CBDC#DFC
·bis.org·
BIS Conference on "Economics of Payments IX"
Venezuela Artificially Inflates Petro 150 Percent As Bitcoin Sets New Record - Bitcoinist.com
Venezuela Artificially Inflates Petro 150 Percent As Bitcoin Sets New Record - Bitcoinist.com
"Data from Coin Dance confirms that in the seven days ending Saturday, Venezuelans transacted 1284 BTC ($5.1 million) via P2P trading platform Localbitcoins alone. In terms of the country’s highly volatile national currency the Sovereign Bolivar (VES), last week saw higher numbers still, Localbitcoins trade capping 2.35 billion VES. The records come as president Nicolas Maduro instigated further upheaval Friday and Saturday, first raising the minimum wage in VES by 150 percent. A day later, Venezuela devalued the VES by more than 40 percent in a Dicom exchange rate reassessment – the first such major move since the currency replaced the old bolivar in August."
#CryptoAssets#CBDC#Venezuela#DFC
·bitcoinist.com·
Venezuela Artificially Inflates Petro 150 Percent As Bitcoin Sets New Record - Bitcoinist.com
G+D Currency Technology | G+D
G+D Currency Technology | G+D
"The value of money is based on confidence. In a dynamically changing world G+D Currency Technology shares its unique knowledge of securing values. As a leader in currency technology in all key areas of currency circulation, we are constantly maximizing productivity, efficiency, and profitability."
#CryptoAssets#CBDC#DFC
·gi-de.com·
G+D Currency Technology | G+D
Digital Fiat Currency Institute
Digital Fiat Currency Institute
"The Digital Fiat Currency Institute promotes the study, development, standardization, specification, promotion, and adoption of digital fiat currency (DFC) for the betterment of all people, regardless of their geo-socio-economic status, under the auspices and governance of a central bank, as an economically beneficial use and means of currency, without prejudice or discrimination.  "
#CryptoAssets#CBDC#DFC
·dfc-institute.org·
Digital Fiat Currency Institute
Bitt, Central Bank and FSC on right track with Regulatory Sandbox Framework – Blog | Bitt
Bitt, Central Bank and FSC on right track with Regulatory Sandbox Framework – Blog | Bitt
"November 14th 2019 may not seem like a historic day to most, but for those in the Digital Currency world, it was seen as a watershed moment, as the Managing Director of the International Monetary Fund stated at a Fintech forum in Singapore “I believe we should consider the possibility to issue digital currency. There may be a role for the state to supply money to the digital economy. This currency could satisfy public policy goals, such as (i) financial inclusion, and (ii) security and consumer protection; and to provide what the private sector cannot: (iii) privacy in payments.”"
#CBDC#CryptoAssets#DFC
·blog.bitt.com·
Bitt, Central Bank and FSC on right track with Regulatory Sandbox Framework – Blog | Bitt