CBDCs Are Better Than Bitcoin For Cross-Border Payments, Says ECB

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…

ECB President Lagarde Criticizes The Use Of Bitcoin And Cryptocurrencies

Christine Lagarde, President of the European Central Bank (ECB), has given her opinion on bitcoin (BTC). Lagarde believes that Bitcoin is a speculative asset and not worth the current hype surrounding its use. Volatile And Speculative Asset  Lagarde expressed her views on Sunday, February 7, on local french station BFM TV where she spoke on different financial topics. The ECB chief revealed that she considers bitcoin a superficial but highly speculative asset that robs investors. She further added that the leading coin…

European Central Bank Report Claims Crypto-Assets Pose Financial Risks

A financial report published today by the European Central Bank (ECB) claims that cryptocurrency assets pose significant financial risks. The report written by ECB President Christine Lagarde focused on the future of money within the European Union. Lagarde highlighted the historical value of money from early times when physical commodities backed money to the current fiat monetary system. She acknowledged that the current technological innovation means that the financial landscape is moving towards digitalization. This trend was further accelerated by…

Governments will Launch CBDCs Soon Says Former Goldman Sachs Chief

Former Goldman Sachs chief Raoul Pal says CBDCs are at the forefront of new banking policies. Pal, in a series of tweets, referenced several sources to buttress his point. Biggest financial overhaul in history? Pal believes that the introduction of CBDCs will be the biggest financial move since Bretton Woods. He also revealed that the International Monetary Fund (IMF) would hold a conference on October 19. The potentials of digital currencies and cross border payments will be the major topics…

Central Bank of Spain Begins Research on CBDC (Central Bank Digital Currency)

Spain's apex bank Banco de Espana is set to research the development of a CBDC. Banco de Espana released a strategic plan report where it revealed its priorities from 2020 to 2024. The apex bank plans to analyze policies from the European Central Bank (ECB) and trends within the Spanish economy. The report also looks at the effect of covid on banks, negative interest rates, and policies. Also, it revealed that CBDC research was a priority as part of new financial…

Battling Facebook Libra in Europe is Necessary, Says Wiedmann

Following the comments by the European Central Bank policymaker, Jens Weidmann, the ECB has no urgent needs in the creation of a digital currency at the current moment. Based on the reports of the ECB in December 2017, "Exploring anonymity in central bank digital currencies," a new report explained the primary functions of the Central Bank Digital Currency.  Its research focuses on contribution motive towards the border discussions of the ECB chains. The Accenture and R3 features presented in the…

ECB’s Report On Its CBDC Development

In December 2017, the ECB released a new report, with the title “Exploring anonymity in central bank digital currencies.” This report provides detailed information about the way CBDC could function. The CBDC research has a motive for contributing to the broader discussion of central bank chains.  The CBDC concept utilizes many features established by R3 and Accenture, and the network gets referred to as Eurochain. The Eurochain report’s content includes the hypothetical network’s benefits and the discussion on how anonymity…

U.S Federal Officials Link 50% of BTC Transactions to Malicious Activities.

Concerning the insight individuals have concerning cryptocurrency and Bitcoin, most people conclude a lot of beliefs and primarily consider their use in illicit activities, especially by criminals. Based on the analysis by a governing member of the Federal Reserve in the U.S., his thoughts on the matter suggest a ratio of one in four users of BTC utilize the service in conducting illegal activities. During an event on December 18, Lael Brainard indulged in commenting about the risks presented by…