Digital Currency

According to various reports, on Tuesday, August 23, China entered the next phase of the pilot test for its central bank digital currency. The public transport system in the city of Guangzhou now accepts digital yuan (e-CNY) payments for bus fares. Guangzhou Transportation launched a digital RMB payment code that residents can use to pay for rides. Passengers first need to download the Digital RMB app and fund their accounts. Then they can simply scan the QR code displayed in…

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…

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…

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,…

According to a post on Circle's website by Founder and CEO Jeremy Allaire, the USDC stablecoin has filed with the Securities and Exchange Commission to become a U.S. federally-chartered national commercial bank. This happens amid executives at Tether, its larger rival, facing a criminal probe by U.S. prosecutors. Though the firm officially announced its decision to become a bank in its August 9th blog post, their  S-4 filing to the SEC on August 6th insinuated its plans to become a…

We've all heard a lot about cryptocurrencies and blockchain. People talk so much about the good, and the hype could easily blind us from industry setbacks. Not like the drawbacks come anywhere close to what blockchain and cryptocurrencies provide. More people are adopting digital currency, and institutions are accepting them as payment.  Tesla CEO's acceptance of Bitcoin was part of what threw Bitcoin to an all-time high earlier in 2021. However, for anyone getting started in the crypto world, it's…

According to their Head of Digital Assets, Mathew Mcdermott, Goldman Sachs would soon be launching trading of futures and options for Ether trading for its clients. Moreover, the bank plans to move away from focusing on Bitcoin alone since it took another step toward more crypto acceptance earlier this year. The New York-based bank reopened its dormant trading desk to help customers deal in publicly traded futures linked to Bitcoin, offering its derivatives to its client, which is a move…

The Salvadorian Congress garnered 62 out of 84 votes on Wednesday morning to become the first country to recognize bitcoin as a legal tender officially. President Nayib Bukele, who proposed the bill approved by Congress, is set to sign it later today. Making History According to El Salvador'sSalvador's proposed bill, its citizens can now pay bills and taxes in bitcoin. Exchanges within the country's borderline will not be subject to profit tax. Article 7 of the bill states that businesses…

American stockbroker and founding member of the Euro Pacific Asset Management Peter Schiff is skeptical about Elon Musk's idea of a sustainable BTC mining practice. The Tesla CEO attended a meeting hosted by Micro Strategy's head Michael Saylor to urge the North American Bitcoin miners and the global mining community to publish their current and planned energy usage.  In addition to that, the miners in attendance agreed to develop a Bitcoin Mining Council that will encourage sustainable initiatives on a…