Governments & Central Banks are Now Funding Blockchain Research

Bitcoin is the future of global economy' is the mantra for many bitcoin enthusiasts. The potential of bitcoin as a global currency, replacing existing fiat currencies has been widely covered by many publications, including NewsBTC. Considering the scenario, many people are automatically led to believe that the Central Banks and governments are opposed to this idea and they are doing all they can to prevent bitcoin's global dominance. However, a closer look shows that the belief might not be entirely true. While few banks and governments have considered and even openly declared that they....

Bitcoin was designed to be a decentralised peer-to-peer payment protocol and one that would fall outside the control of both governments and banks. This, however, has not prevented central banks from voicing their opinion on the digital currency and its potential regulation. Although bitcoin regulation continues to be a contentious subject, some central banks have said it is necessary. Others have assessed the potential costs of regulation and realised that this would not outweigh the benefits. Additionally, institutions have explored both the risks and benefits associated with the use of....

Harvard Professor of Economics and former chief economist at the International Monetary Fund (IMF) Kenneth Rogoff says central banks and governments are “way behind the curve” in regulating cryptocurrencies. He added that officials throw out the idea of having central bank digital currencies (CBDCs) “to distract the conversation.” Harvard’s Professor on Cryptocurrency Regulation American economist Kenneth Rogoff discussed cryptocurrency regulation and central bank digital currencies (CBDCs) in an interview with Bloomberg Monday. Rogoff is the....

Central banks are increasingly showing interest in blockchain technology as it has the potential to reduce costs and increase the efficiency of its operations. The interest in cryptocurrencies and their underlying technology is at an all-time high. While the climbing Bitcoin price stands proof to the increasing interest in the digital currency, at least 100 research and white papers published by various banking and financial institutions vouch for blockchain technology. The global economy is based on a centralized model, but increasingly the Central Banks that play a major role in monetary....

Bitfinex’s “bail-in” scheme after a major theft raised questions regarding its risk and fund management. What can we learn from the recent bail-in event? To answer, a look at the result of the bail-in, and how it differs from central bank bailouts is necessary. With central bank bailout schemes in place around the world, many who are new to the concept....