All Digital Currencies Are Up

Fan Yifei, vice-governor of the People’s Bank of China believes the best way to make the most of digital currencies is to supervise them and to create their own digital currency. Writing in the Bloomberg View column, Fan states that in order for the PBOC to tackle the challenge of supervising digital currencies it needs to think about how it can maintain financial stability, innovation and proper supervision regarding the issuance and circulation of the new digital currencies. Fan said: With internet access increasing and encryption technology improving, the conditions are ripe for digital....

There is a new breed of digital currencies making its way into the global digital economy. They are completely different from bitcoin and other altcoins that are based on it. These new digital currencies are known as identifiable digital currencies. Unlike bitcoin, identifiable digital currencies require the users to provide their identity and verify the same before executing any transaction. Nobody cared about bitcoin in the early days. Bitcoin, when it was first introduced was categorized along with other digital game currencies back then. The main reason for bitcoin to gain popularity,....

Regulators in Texas have warned digital currencies like bitcoin are volatile and probably more suited to young people than retirees, the Dallas Morning News has reported. Describing digital currencies as "very, very trendy" right now, Joseph Rotunda, director of enforcement at the Texas State Securities Board, said that all the "buzz" around digital currencies had led people to look only at the positives and not the risks. Rotunda said it wasn't just about bitcoin, but the myriad other digital currencies popping up every week that presented a risk to investors. "There's more of them in....

The State of Illinois has sought comment on a guidance document it has released on whether a money transmitter license is needed to engage in selling decentralized digital currencies. The document says the department does not require such a license since virtual currencies have not been adopted by governments as currency. The document outlines the Department of Financial and Professional Regulation (IDFPR) interpretation of the state’s Transmitters of Money Act (TOMA) and seeks to establish the regulatory treatment of decentralized digital currencies. The department is not aware of any....

A new Bank of America (BOA) research study has found that both central bank digital currencies (CBDCs) and private digital currencies hold “a lot of potential” for increasing financial inclusion in developing countries. In the report, the bank also argues that such “digital currencies could reduce transaction costs and allow more economic activities in emerging market economies.” Digital Currencies and Financial Inclusion Still, the study findings show that while digital currencies are likely to “boost economic growth” in developing countries, their....