CBDC

During a statement at the World Economic Forum in Davos, Switzerland, Ukrainian vice prime minister Mykhailo Fedorov expressed his hopes for the nation’s crypto sector. Fedorov is confident Ukraine could soon lead other countries in effective crypto jurisdiction. Although still in the pilot phase, Fedorov intends to be the first to test the country’s forthcoming CBDC, the e-hryvnia. Fedorov Acknowledges Ukraine’s Wartime Fundraise  As of June last year, Ukraine had netted more than $500 million in donations. Crypto funds made…

Ted Cruz (R-TX) – a crypto-supportive Republican senator – believes a US Central Bank Digital Currency (CBDC) is likely to become a reality.  The politician believes both the Federal Reserve and the White House currently want one, and that the Democratic party won’t vote against its issuance.  In an interview published by What Bitcoin Did on Friday, Cruz discussed the current political climate surrounding crypto. In general, the senator believes Democrats are more opposed to the industry than Republicans, due…

On Tuesday, the European Central Bank (ECB) released the results of a study examining the ideal model for cross-border payments. According to the paper, next to options such as Bitcoin (BTC) and stablecoins, CBDCs come out on top. ECB Pursues the "Holy Grail" While Bitcoin and other crypto solutions have been touted as excellent options for cross-border payments, the European Central Bank thinks otherwise. In fact, the ECB thinks a rather perfect solution would possess some particular attributes they believe…

Panelists conclude Digital Dollars would add very little to the US economy.   Following a recent conference held by the United States Federal Reserve, it appears that the country’s key economists might not be too keen on CBDC development yet. The Fed Comes Together to Discuss the USD The Federal Reserve Board and the Federal Reserve Bank of New York hosted the event together. The conference mainly centered around the International Roles of the U.S. Dollar and featured top Reserve…

Lael Brainard – vice chairwoman of the Federal Reserve – showed support for a US CBDC at the House Financial Services Committee hearing on Thursday. She believes one could bring more efficiency to the financial system, but Republicans are staunchly opposed. Potential Need for a CBDC In advance of the hearing, Brainard issued a written statement discussing the pros and cons of a CBDC in the United States. When framing her argument, she first acknowledged the recent instability of private…

A report from the Bank of International Settlements indicates that nearly every nation is exploring the possible issuance of CBDCs. As the report reads, more than half of the planet is already developing central bank digital currencies (CBDCs), or running concrete experiments. Covid-19 is reported as an added reason for CBDC development, given their potential role in stabilizing advanced economies. Right now, pandemic supply chain issues and monetary stimulus have led to record inflation in both the European Union and…

Pierre Poilievre – a Canadian MP vying for Conservative leadership – has promised to ban CBDCs in Canada if he takes power. He’ll also adopt a bill allowing the auditor general to audit the Bank of Canada’s $400 billion quantitative easing program. Poilievre’s War on Inflation In a statement from his campaign website, Poilievre’s rationale is to restore central bank independence the Federal government. The MP claims that the Trudeau government’s deficits have forced the central bank to excessively print…

As part of efforts to evade UN-imposed financial sanctions, Russian legislator Sergei Mironov has proposed that Russia hasten its introduction of a CBDC. CBDC to Combat Inflation Mironov, who also heads the political party, A Just Russia, shared his thoughts with Russia’s central bank. The lawmaker believes that a digital ruble will be a good fit for infrastructural projects. Additionally, Mironov also pointed out that a CBDC could be instrumental in aiding advancement within the production and transport sector.  Mironov’s proposal…

The Federal Reserve recently released its discussion paper examining the costs and benefits of CBDC implementation in the United States. While inviting questions from the public, it marks the first official discussion from the central bank on how such a technology could improve domestic payments. A United States CBDC As released on the Fed’s website yesterday, the paper does not favour any particular policy outcome. Instead, it simply weighs existing payment infrastructure against the emerging cryptocurrency sphere and analyzes how…