Cryptocurrencies Will Never Replace Us, Cries Romanian Central Bank Official

By CCN.com: Central bankers occasionally lose their guard and reveal that they are constantly worrying they will be rendered irrelevant by cryptocurrencies. The latest proof comes from the National Bank of Romania courtesy of the central bank’s administration council member, Daniel Daianu. According to the Business Review, the central bank official views cryptocurrencies as financial assets and nothing else. Consequently, cryptocurrencies ‘won’t be able to fulfill the basic roles of currency’. That being the case, Daianu argued, central banks will always have a role to play in society: Cryptocurrencies will never be able to substitute the currency issued by a

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India’s Supreme Court Delays Crypto vs Central Bank Fight to July

The courtroom battle between the Indian cryptocurrency exchanges and the Reserve Bank of India (RBI) has reached its ninth month but remains far from conclusion. On March 29, the Supreme Court of India moved the hearing to a new date in July. It was the sixth time in a row when the apex court had adjourned the so-called Crypto vs. RBI case. The move breathed further extension into the ongoing RBI’s ban, leaving the cryptocurrency exchanges and investors without a banking service 12-months in a row. But new information reveals that July could see a full-fledged legal proceeding. The outcome

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India’s Supreme Court Sets 4-Week Deadline for Government to Regulate Cryptocurrency

Time is running out for the Indian government and the Reserve Bank of India to ignore/wholesale ban cryptocurrency, according to a local publication called Inc42. Last April, as CCN reported, the RBI banned all financial institutions from working with cryptos. India has gone back and forth over the issue, but the Supreme Court seems to be losing patience. Indians have petitioned the Supreme Court more than once to order a rescinding of the Reserve Bank’s order, to no avail. However, the court is hearing two other petitions demanding the court take action. Court Gives a Deadline of Four Weeks The

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70% of Central Banks are Working on Digital Currencies, No Hurry to Issue Them: BIS

A survey commissioned by the bank of central banks, the Bank of International Settlements, has disclosed that even though Central Bank Digital Currencies (CBDC) are being researched by a big number of reserve banks, the work is mostly conceptual. Consequently, only a handful of them have any intentions of issuing a CBDC in the near

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Sweden’s Central Bank Warns of Scammers Selling National Cryptocurrency ‘e-krona’

Sweden’s reserve bank has warned that the individuals and firms purporting to sell the electronic version of the national currency, the e-krona, are fraudsters as the digital currency project ‘has not been concluded’. According to Riksbank, ‘no decision has been taken on issuing e-kronas’ and therefore claims to the contrary were false. Riksbank pointed out

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UAE and Saudi Arabian Central Banks to Jointly Launch a Cross-Border Cryptocurrency

It’s confirmed. The United Arab Emirates (UAE) and Saudi Arabia will work on cross-border digital currency. The exact date when it would be issued is still unknown but we know one thing, the digital currency is not targeted at consumers. It’s strictly for banks. Arabian news outlet Gulf News reports that the central bank of

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Crypto to Get Regulatory Certainty in South Africa in Payment System Review

Authorities in South Africa are seeking comments on proposed policy changes that could, among other things, offer cryptocurrencies regulatory certainty. Per the South African Reserve Bank (SARB) and the National Treasury, an overhaul of the national payment system (NPS), a set of infrastructures and arrangements which allow the transfer of funds between individuals and entities,

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Singapore: Bill Tabled to Place Crypto Payment Services Under Central Bank Oversight

A new bill which will impact electronic wallets and digital payment tokens such as bitcoin has been tabled in Singapore’s parliament. The Payment Services Bill will place the providers of payment services that are not under the regulatory oversight of Money-Changing and Remittance Businesses Act and the Payment Systems Oversight Act under the umbrella of

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Central Bank has Final Say on Cryptocurrency Issuance: Malaysia’s Finance Minister

Malaysia has indicated that the country’s central bank has the last word regarding the introduction of new cryptocurrencies. According to the Minister of Finance, Lim Guan Eng, the country’s central bank Bank Negara Malaysia (BNM), will have to be consulted regarding cryptocurrency projects as the final decision rests with the apex bank. “This is where

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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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