Central Banks are Running Scared of Cryptocurrencies

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It’s one thing when your worst fears remain in your mind, but when they manifest in your markets, then it’s time to gear up for action.

A growing number of high profile investors and institutions are cottoning on to cryptocurrencies and central bankers are running concerned.

Itwas easy for Samantha Reid to ignore the signs at first — a tracking cookie on her computer (who didn’t have those?) and the sense that someone was following her after she knocked off work.

But she dismissed those fears, convinced that they were always bigger in her mind than they were in her reality.

Continue reading at bbntimes.com

Bank of England should lead the world by developing its own cryptocurrency, urges former WorldPay boss

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The Bank of England should steal a march on the rest of the world and develop a crypto-currency, a fintech entrepreneur has urged.

Ron Kalifa, former boss of payment processing company Worldpay, urged governors at the Bank to embrace the currencies rather than dismiss them as a dangerous fad. He said: 'Britain should get ahead on this. Why leave it to China?'

In a report on how to improve the UK's burgeoning fintech sector, he added: 'Individuals would be able to access central bank money.

Continue reading at thisismoney.co.uk

Government Will Explore Blockchain for Digital Economy, Union Minister Says About India’s Own Cryptocurrency

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he government will explore the use of blockchain technology for digital economy, Minister of State for Finance Anurag Singh Thakur said in response to a question raised in Rajya Sabha on Tuesday. The comments from the Ministry of Finance come just days after the Reserve Bank of India (RBI) mentioned plans to bring a digital version of the Indian Rupee. The central bank stated that it was exploring the possibility as to whether there was a need for a digital version of fiat currency, and in case there was then how to operationalise it.

Thakur also reiterated that the government's current stance on Bitcoin and other crypto-based payment systems is that they are illegal: “It was announced in the Budget Speech of year 2018-19 that the government does not consider cryptocurrencies legal tender or coins and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system.” He was responding to Member of Parliament Sanjay Raut on whether the government is considering the possibility of introducing India's own cryptocurrency.

In April 2018, the RBI had effectively banned cryptocurrency transactions via banks and e-wallets in the country. It was initially supported by the Supreme Court, though the top court later quashed the ban in March last year.

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Goldman Sachs Investigates Crypto Custody, Solving the Blockchain ‘Trilemma’

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Happy Martin Luther King Jr. Day to our U.S. readers! A former Canadian prime minister said bitcoin could become a global reserve currency, Goldman Sachs is reportedly looking to get into the crypto custody business and MetLife is bullish on CBDCs.

Its crypto custody plans will be “evident soon,” according to an internal source. CoinDesk’s Ian Allison reported the major investment bank has issued a request for information to explore digital asset custody, though it is not interested in becoming a prime broker. Last week crypto-native Anchorage attained conditional approval from the Office of the Comptroller of the Currency to become a national digital bank.

Coinbase, a bellwether for bull runs because the exchange is likely to go down during periods of heavy volatility, is updating its infrastructure to prevent outages. It will also bring on more customer support. Coinbase has sent smoke signals about going public this year, though it has not yet filed.

Continue reading at finance.yahoo.com

Is Central Bank Digital Currency the Future of Money?

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Remember a few years ago, when the most digital thing about money was using a credit card to pay for a purchase? Then came along cryptocurrencies, which took a bit of time to get used to but after you were able to wrap your head around blockchain technology, seemed to make sense. There was Bitcoin, the so-called “King of Crypto,” which reigned supreme for a few years, and nowadays it seems there is a new crypto popping up every day. However, the newest digital currency to hit the headlines is CBDC, short for Central Bank Digital Currency. In this iFOREX News article, we’ll take a look at what CBDC is, and what potential it has to change the way the world uses money.

What is CBDC?

In short, Central Bank Digital Currency is a digital version of so-called “fiat money,” or the regular currency a country uses, as established and regulated by its government. For example, in the United States of America it’s the US dollar, in Argentina it’s the Argentine peso, in Japan it’s the yen, in Mexico it’s the Mexican peso, and so forth. This digital currency could then be used by people and businesses to make payments, without having to get the physical money (also known as “paper money”) involved.

We know what you’re thinking: this sounds an awful lot like cryptocurrency. And the truth is, it kind of is and kind of isn’t.

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Ankara Should Be Built As A Cryptocurrency Base As A Moment

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Becoming the Blockcha Turkey's and the current parameters of the development of the technology of the priority and urgency to pass mandatory subject of financial literacy in schools I İNOSA (Innovative Strategic Research Center) were negotiated by online activity panel.

In terms of saving, attitude and investment habits, Turkish people are inadequate and unsuccessful in managing their money and, in this respect, their life; In this context, in addition to the pandemic effect, it has become necessary to teach financial literacy in schools during this period when the world has entered a digital age, and the transformative power of blockchain technology in the economic / public services of the new world and Ankara's neighboring geography, especially the Turkish and Islamic world. Issues have been negotiated as the encrypted virtual) currency base should be.

About the relevant topics and results evaluated in the panel, the President of İNOSAM, Gürkan Avcı, stated the following in summary.

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What Is Steve Wozniak’s New Blockchain Venture?

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Steve Wozniak, the co-founder of Apple, ventured into Efforce, a blockchain-based energy efficiency startup - 45 years after starting its first venture. Wozniak's ambitious project aims to use cryptocurrency and blockchain technology to make it cheaper and more comfortable for companies to fund "green" projects. The Malta-based startup was in stealth mode last year, which Wozniak had suggested at Delta Summit 2019.

This is the first blockchain-based energy-saving platform that is accessible to large and small investors, regardless of their borders, to monetize their transferable energy savings. Its goal is to democratize the $250 billion markets for energy efficiency projects.

The release of Efforce came with the listing of a digital token, WOZX, which was named Wozniak. According to the company, it had received an initial valuation of $80 million by investors in private sales. However, it recorded a market capitalization of $950 million in the first 13 minutes – which is remarkable.

Read the full story at: analyticsindiamag.com.

SIX Stock Exchange Adestors To The Venture By Opening Digital Assets To Swiss Banks

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The Swiss stock exchange SIX has invested in Custodigit, an institutional-level cryptocurrency custody company founded by Swisscom and Sygnum in 2018.

Announced on Monday, the investment is part of a deal for a new venture in which SIX Digital Exchange will team up with the other two companies to allow Swiss banks to offer digital assets to their customers.

The Institutional Digital Asset Gateway suite, already listed on six's website, will provide services including trading, routing and settlement of smart orders, as well as secure asset storage through Custodigit.

Read the full story at: nasdaq.com.

German Finance Minister Calls For Accelerated Development Of Digital Euro

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Germany's finance minister and well-known crypto critic Olaf Scholz wants the European Central Bank (ECB) to move faster with its decision on a potential digital euro. Scholz is known for defending anti-cryptocurrency sentiments while encouraging the EU to develop digital currencies to prevent the proliferation of virtual private currencies.

Scholz's call for an EU CBDC echoes the sentiment shared by The Governor of France's central bank, François Villeroy de Galhau, in September. According to de Galhau, a digital euro was important because the EU could not afford to lag behind in the CBDC race. The president of the European Central Bank (ECB) also commented on the digital euro in September. As CryptoPotato reported, ECB chief Christine Lagarde said the introduction of a digital euro would work in a complementary way to the region's fiat currency system.

Scholz is arguably one of Europe's noisiest anti-crypto finance chiefs. On several occasions, the German finance minister has issued warnings about the dangers of private digital currencies such as Facebook's Libra.

Read the full story at: cryptopotato.com.

Saudi Bilateral, UAE Digital Currency Experiment Shows Benefits Of Distributed Ledgers, Says Central Banks

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The central banks of Saudi Arabia and the United Arab Emirates (UAE) have completed a digital currency pilot (CBDC), finding that distributed accounting technology can improve international transactions and meet the demands of financial privacy in a purely digital context.

In a 93-page overview of the "Aber" project, the two central banks outlined the lessons learned from a year-long proof of concept designed to test the viability of a digital currency shared between nations. They found that a distributed payment system offers "significant improvements over centralized payment systems" for settlements of domestic and international commercial banks.

In addition to the two central banks, six local commercial banks managed us and contributed "real money" from reserves deposited in central banks. The pilot was built on Hyperledger Fabric, an open source and authorized distributed ledger linked to the Linux Foundation and IBM. However, the JPMorgan Quorum, a private version of Ethereum, and the R3 DTL String system were also considered.

Read the full story at: nasdaq.com.