Hong Kong Considering CBDC as Part of Fintech Approach

A study from Hong Kong Monetary Authority (HKMA) presents the thoughts and findings on CBDCs during the summer of 2022. Also, the Hong Kong regulators released a whitepaper today. In it, we discover the state is exploring the possibility of a digital Hong Kong dollar (e-HKD). Hong Kong might be analyzing the potential of a retail-focused central bank digital currency (CBDC) which aims to study the feasibility of e-HKD. What the Whitepaper Aims to Accomplish The whitepaper is part of…

How CBDCs Impact an Economy

Central bank digital currencies (CBDCs) are all the rage right now. These assets have been increasing since last year, and they continue to do so. Today, estimates suggest that countries representing 90 percent of global GDP will launch CBDCs in the next decade. So, what exactly is the impact of these assets on economies? The rise of CBDCs has been inspiring for sure. China started the race, launching trials for its digital yuan in 2020. Even with the global pandemic, problems for the…

Why the U.S. Government Should Digitize the Dollar

The entire world is looking into currency digitization right now. Countries everywhere are launching central bank digital currencies (CBDCs) and switching. The move towards this new development primarily started with China. Xi Jinping's administration had seen CBDCs as a means of transforming its economy. So, in 2019, it began work on a CBDC. Since China started its mission, several other countries have joined in. Many of them have been looking to optimize their currencies and make them more effective. So, digitization seemed like…

Relief: Federal Reserve Chairman Does Not Plan to Ban Cryptocurrency

Cryptocurrency fans and investors just breathed a major sigh of relief. Jerome Powell– Chairman of the Federal Reserve– has confirmed that he “has no intention” to ban cryptocurrency in the US. Powell’s Position on Crypto The chairman confirmed and clarified his position today while testifying in front of congress. House Representative Ted Budd asked Powell to explain one of his previous statements on the matter.  [caption id="" align="aligncenter" width="967"] Jerome Powell. Source: Reuters[/caption] In July, Powell joined a slew of…

RBNZ Exhibits Massive Interest in Digital Currency

The Reverse Bank of New Zealand (RBNZ) is seeking the public's input on the possible introduction of central bank digital currency (CBDC). They are looking to introduce the digital version of Kiwi. It is part of the bank's response to the digital advancements in payments and money. The Push for Digital Currency Adoption The Assistant Governor of RBNZ Christian Hawkesby said in a statement: ''A Central Bank Digital Currency would see the features and benefits of cash enjoyed in the digital world,…

U.S. Senator Roots For Stablecoins’ Transparency and Cash Backing

A vocal Pro-Crypto U.S Senator has called for further developments in the auditing of Stablecoins. Sen. Cynthia Lummis holds that the audit should go beyond the "proof" provided by the leading insurers. Senator said, "cash should fully back Stablecoins". But, again, there's a need to audit that condition regularly to ensure compliance by their providers. Lummis contributed to a Senate discussion on the potential for the U.S to develop. Its central bank digital currency (CBDC). She sounded alarmed over the…

BIS Touts CBDCs’ Role in Reducing the Cost of Cross-Border Transactions

Central Bank Digital Currencies (CBDCs) are the latest financial buzz. Governments want to build them, and many have started. Currently, more governments have started working on CBDCs. Also, the Bank of International Settlements (BIS) is supporting their activities. Less Time, Fewer Costs Earlier this week, the BIS published a report. In the statement, the bank said that CBDCs can help to reduce the delays in international transactions. The report's title was "Inthanon-LionRock to mBridge: Building a multi CBDC platform for international payments."…

Which CBDC is Likely to Dominate the Global Financial Markets?

In a volatile crypto market, developers found a way to stabilize trade. The solution comes from the invention of stablecoins, which entered the market in 2014. Stablecoins are digital currencies linked to an asset or a currency. Some of the most popular assets include gold and fiat currencies. Now, the promise of CBDC currencies can lead this evolution to the next step. The US Dollar backs the majority of stablecoins circulating the DeFi ecosystem. Therefore, the value fluctuations of digital currency remain…

Central Bank of Bhutan Partners with Ripple Ahead of CBDC Trials

As per Nikkei reports, the Royal Monetary Authority of Bhutan partners with Ripple for its CBDC trials. The main aim is to integrate Ripple’s XRP blockchain into Bhutan’s payment infrastructure to improve P2P transactions and international remittances. Central Bank of Bhutan and Ripple As per Japanese news company Nikkei, the San Francisco-based company Ripple will work with Bhutan’s Central Bank to try their CBDC. The main aim of this collaboration is to see to it that the CBDC will have flawless international…

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