Central Bank Digital Currency

A higher academic institution training Communist Party officials (Central Party School) in China has released a new book regarding cryptocurrency. On May 19, reports by a local blockchain news agency noted that the Party School of the Central Committee of the Communist Party of China published the book and it is one of the books in the book series on disruptive technologies. The focus of the book series is on the provision of a learning source for party officials and the general public…

The People's Bank of China (PBoC) intends to launch its much-awaited central bank-backed Digital Currency (CBDC) in Shenzhen and Suzhou. The WHO recommends using digital currencies over banknotes. They suggested this after discovering that the COVID-19 virus could be transmitted through banknotes leading to many central banks speeding up issuing their digital currencies. Recent reports say that research into China's central bank digital currency (CBDC) is dragging because of the COVID-19 outbreak. Still, the central bank has completed another milestone…

Tao Zhang, the Deputy Managing Director of the International Monetary Fund (IMF), has voiced his perspective on a central bank digital currency (CBDC). Zhang spoke about CBDC after assessing its merits and demerits during a keynote speech at the London School of Economics. Benefits and Demerits The deputy managing director's major highlight of the CBDC's benefits was its efficiency and lower costs. Several nations experience high costs of currency management with lower access to payment systems in rural and poor…

The U.K.’s central bank, the Bank of England (BoE) yesterday officially issued a discussion paper on Central Bank Digital Currency (CBDC). In the 57 page document, the bank outlined a model CBDC. According to the bank, it's CBDC would be an electronic form of central bank currency designed to store value and facilitate transactions between individuals and businesses. New Opportunities in Finance The BoE contends that CBDCs could open several opportunities in finance, including the realisation of a sturdy payments…

As the crypto market continues to reach new heights, it's more than just investors interested in the power of blockchain technology. Governments and critical financial institutions recognize the benefits of cryptocurrencies, such as higher efficiency and streamlined payments. As such, Central Bank digital currencies (CBDCs) have started to emerge across the globe. A recent survey revealed that around 10% of central banks are on the verge of issuing some form of centralized cryptocurrencies. Unlike cryptocurrencies designed to provide a reliable…