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Systems

China’s Central Bank Developing Own Digital Currency in Response to Libra

July 9 2019

• in
• Central bank digital currencies (CBDC)

“China’s central bank is reportedly developing its own digital currency in response to Facebook’s Libra as the latter could purportedly pose a risk to the country’s financial system, the South China Morning Post reported on July 8. Wang Xin, director of the People’s Bank of China (PBoC) research bureau, argued that “if [Libra] is widely […]

On The Web

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Systems

Central Banks, Stablecoins and the Looming War of Currencies

August 20 2019

• in
• Central bank digital currencies (CBDC)

“By far the most important player here is not a startup, a bank, or even a tech company. It’s the Chinese government. The People’s Bank of China’s forthcoming central bank-backed digital currency , or CBDC, is not a stablecoin per se – its value isn’t just expressed in terms of a fiat-currency benchmark; it’s a […]

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Systems

Facebook’s Libra Is Spurring Central Banks’ Interest in Issuing Cryptocurrency

July 1 2019

• in
• Central bank digital currencies (CBDC)

“The Bank for International Settlements (BIS) in Basel, Switzerland is the bank for global central bankers. It’s the stodgiest of stodgy institutions, in other words, and it’s been slow-moving when it comes to cryptocurrency. Now it appears to be picking up the pace, however, spurred by Facebook’s announcement this month that it plans to issue […]

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Systems

Bundesbank Sees Dangers in Digital Central Bank Money

May 30 2019

• in
• Central bank digital currencies (CBDC)

“Central banks must exercise caution in introducing digital currencies that could potentially destabilize the financial system during times of crisis, Bundesbank President Jens Weidmann said on Wednesday. Central banks around the globe are examining the benefits of digital money, spearheaded by the Swedish Riksbank with its e-krona pilot scheme, a potential response to the rapid […]

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Global

Alibaba, Tencent, Five Others To Receive First Chinese Government Cryptocurrency

September 3 2019

• in
• Central bank digital currencies (CBDC)

“China’s central bank will launch a state-backed cryptocurrency and issue it to seven institutions in the coming months, according to a former employee of one of the institutions who is now an independent researcher. Paul Schulte, who worked as global head of financial strategy for China Construction Bank until 2012, says the largest bank in […]

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Systems

Why China’s Rushing to Mint Its Own Digital Currency

September 11 2019

• in
• Central bank digital currencies (CBDC)

“The People’s Bank of China is poised to become the first major central bank to issue a digital version of its currency, the yuan, seeking to keep up with — and control of — a rapidly digitizing economy. Unlike cryptocurrencies such as Bitcoin, though, dealing in the digital yuan won’t have any presumption of total […]

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Systems

China Delays Launch of Digital Currency

September 25 2019

• in
• Central bank digital currencies (CBDC)

“China has ‘no timetable’ for the launch of its digital currency, the governor of the country’s central bank has revealed. The People’s Bank of China (PBOC) released in-depth information earlier this month on how its DC/EP digital currency would work and there has been speculation that it would go live as soon as 11 November […]

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Opinion

The Ascent of Digital Money – The Boston Globe

September 16 2019

• in
• Central bank digital currencies (CBDC)

“The advent of various kinds of digital currency creates a new state of affairs. Since the launch of Bitcoin, the world has seen a wave of monetary innovation. Cryptocurrencies have proliferated. Many of these, it is true, have been mere experiments. Some have been downright frauds. And maybe it will turn out that blockchain as […]

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Systems

Facebook’s Libra Cryptocurrency ‘Will Be Blocked in Europe’

September 12 2019

• in
• Central bank digital currencies (CBDC)
• Cryptocurrencies

“France has said it will block the development of Facebook ‘s Libra cryptocurrency as it poses a threat to “monetary sovereignty”. At the opening of an OECD conference on cryptocurrencies, French Economy and Finance Minister Bruno Le Maire said: “I want to be absolutely clear: In these conditions, we cannot authorise the development of Libra […]

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Systems

US Congressmen Ask Fed to Consider Developing ‘National Digital Currency’

October 3 2019

• in
• Central bank digital currencies (CBDC)

“Two U.S. lawmakers want the Federal Reserve to consider creating a digital dollar. In a letter sent to Federal Reserve Chairman Jerome Powell , Rep. French Hill (R-Ark.) and Rep. Bill Foster (D-Ill.) outline concerns they have about risks to the U.S. dollar if another country or private company creates a widely used cryptocurrency, and […]