Central Banks Working on Digital Cash to Counter Bitcoin
According to a recent press release, central banks are working on issuing digital cash to counter the rising Bitcoin. A philanthropic investment firm-Omidyar Network-today announced its investment in eCurrency Mint, a relatively unknown start-up developing a technology that enables central banks to issue their digital fiat currency called eCurrency. According to a WSJ report, founder and chief executive of eCM, Jonathan Dharmapalan, said that the start-up has held meeting with over 30 central banks, of which two have agreed to issue the digital currency. eCurrency will have the same legal....
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Unfortunately, this appears to be another way of ending cash in Ireland. The war on cash waged by governments and central banks is in full effect as of right now. Ireland’s Central Bank plans to dispense more 10 and 20 euro banknotes through ATMs. Although that may sound like an innocent decision, it is a significant step towards getting rid of high-denomination banknotes. Officially, the bank sees this move as a way to make lower denomination notes “more accessible.” It is apparent the Central Bank of Ireland has a clear plan in mind. Banks are forced to issue lower denomination banknotes....
In a speech on Monday, Yves Mersch, Member of the Executive Board of the European Central Bank (ECB), discussed how the bank could design, issue, and manage a central bank digital currency for everyone, to be used alongside cash. One of the two types considered was a cash-like digital currency with anonymity. The proposed central bank digital currency or....
Central banks are paying very close attention to stablecoins, seeking to control them — and decentralization may be the solution. Over the last couple of years, we have seen a lot of interest from central banks and governments in the stablecoin market. The reason behind it lies in the development of central bank digital currencies, or CBDCs.The idea of issuing a digital alternative to cash is a great motivator for central banks. It allows them to gain more control over the transition and processing of cashless transactions, which are currently overseen indirectly through private payment....
The Central Bank of the United Arab Emirates has unveiled its plan to launch a digital currency as part of its 2023-2026 strategy to become one of the world’s top 10 central banks. A growing number of central banks worldwide are working to launch central bank digital currencies (CBDCs). The Central Bank of the United Arab Emirates (CBUAE) revealed Monday its plan to issue a state-backed digital currency within the next five years. The announcement was part of the central bank’s “2023-2026 strategy” to “position it among the world’s top 10 central....
Central bank digital currencies, often known as CBDCs, are seemingly imminent: over recent months, central banks around the world have revealed that they are working on their own digital currency projects. This trend is seemingly a response to the persistence of Bitcoin and other cryptocurrencies. This persistence may show central banks that they have something […]