Central Banks of Canada, Singapore and UK Propose CBDCs for Cross-Border Payments

The reserve banks of Canada, Singapore and the United Kingdom have singled out central bank digital currencies as being one of the solutions that can be implemented in order to solve the challenges encountered when making cross-border payments. The report by the Monetary Authority of Singapore, Bank of England and Bank of Canada notes that

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Central Bank of Azerbaijan Rules Out Issuing Cryptocurrency

The Central Bank of Azerbaijan (CBA) has indicated that it does not intend to issue a state-backed cryptocurrency, also known as a central bank digital currency (CBDC). Speaking to reporters in Baku on November 15, CBA first Chairman Alim Guliyev stated that the Bank treats cryptocurrencies conservatively, based on a belief that the use of

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Singapore’s Central Bank, Stock Exchange Settle Tokenised Assets on a Blockchain

In a blockchain breakthrough, Singapore’s central bank and the country’s primary stock exchange have successfully developed an automated method for rapid settlements of tokenized assets. In an announcement on Sunday, the government of Singapore announced the successful development of a Delivery versus Payment (DvP) mechanism – powered by smart contracts – for settlement of tokenized

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New Bank of Israel Report Recommends Against Creating Digital Shekel

The Bank of Israel has released the results of a research study commissioned in late 2017 to examine the feasibility of issuing a cryptocurrency that would be equivalent in value to the shekel. Dubbed the ‘Digital Shekel’, the proposed cryptocurrency has been found to be unsuitable to the needs of Israel in a number of

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Newsflash: China’s Central Bank Slams Blockchain Investment ‘Bubble’

China’s central bank has called on the government to strengthen supervision into ‘speculative’ financing and investments in the blockchain sector. The Research Bureau of the People’s Bank of China, the country’s central bank, published a working paper titled ‘What can a blockchain do and cannot do?’ on Tuesday. An early analysis of the working paper

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Sweden’s Central Bank Hastens Plans for National Digital Currency

Riksbank, Sweden’s Central Bank, is adapting to the shifting financial landscape in the country where the transition to a cashless society has accelerated quickly. Several banks in Sweden no longer handle cash, which is a problem some groups of people who struggle to adapt to new technologies, such as the elderly. The central bank believes

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IBM Study: Central Banks Favor Digital Currencies for Interbank Settlements

Central banks maintain their distance from Bitcoin but have shown interests in issuing their private digital currencies. And a new IBM-OMFIF survey revealed how this future financial infrastructure would appear. The Background The study found that central banks are increasingly adopting Central Bank Digital Currencies (CBDCs). A clear overview revealed that banks were initially reluctant in

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No Point of a Central Bank Digital Currency in Australia: Assistant Governor

Australia is not likely to see a central bank digital currency (CBDC) any time soon as the country’s reserve bank is of the view that the existing system ‘works well’. Speaking at this year’s Swift International Banking Operations Seminar (SIBOS) currently underway in Sydney, the assistant governor of the Reserve Bank of Australia (RBA), Michelle

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Bitcoin is Not a Legal Tender in Zambia, Says Central Bank

Zambia’s central bank has said that cryptocurrencies like bitcoin aren’t legal tender in the country. The Bank of Zambia (BoZ), responsible for creating and implementing monetary policies for the world’s 105th largest economy, explained their stance against the use of cryptocurrencies in contrast to the growing public interests in the field. The central bank admitted

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India’s Central Bank Did Not Establish Blockchain, Cryptocurrency Unit: Report

The Reserve Bank of India has denied the creation of a new internal unit dedicated to cryptocurrency, blockchain and artificial intelligence (AI) research. In late August, India’s most-popular financial daily, the Economic Times, reported that the Reserve Bank of India (RBI) had formed a new unit for researching and even regulating disruptive technologies like blockchain.

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