Ripple seeks director to engage with central banks on digital currency
Ripple is looking to define its strategy regarding central bank digital currencies. Ripple, the payment services using digital currency XRP, is looking for an expert specializing in central bank digital currencies, or CBDCs.According to a recent job posting by Ripple, the firm is seeking a senior director of central bank engagements focusing on supporting CBDC initiatives with Ripple’s real-time gross settlement system, XRP Ledger. With the new position, Ripple is looking to define its CBDC strategy with central banks, build relationships and projects, as well as educate global central....
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The Central Bank of Nigeria has issued a notice to financial institutions in the country, including banks, warning them of virtual currency transactions while effectively barring them from holding any reserves of virtual currencies. Contrary to some chatter making rounds that Nigeria has banned bitcoin, the Central Bank of Nigeria (CBN) has issued a circular among banks to urge vigilance with virtual currency transactions. Penned by Kevin Amugo, the bank’s Director of Financial Policy and Regulation, the regulatory authority sees risks inherent with virtual currency transactions, such as....
1. What is Ripple? Ripple is the name for both a digital currency (XRP) and an open payment network within which that currency is transferred. It is a distributed, open-source payments system that's still in beta. The goal of the ripple system, according to its website, is to enable people to break free of the "walled gardens" of financial networks - ie, credit cards, banks, PayPal and other institutions that restrict access with fees, charges for currency exchanges and processing delays. 2. What does Ripple do? According to is OpenCoin, the company behind ripple, the currency addresses....
The Bank of England (BoE), the central bank of the United Kingdom has sought a digital currency of its own. A centralized, completely central-bank controlled bitcoin clone in the form of a cryptocurrency called RSCoin. While financial institutions such as securities exchanges are openly favoring and investing in blockchain technology, central banks are going a step further in borrowing from bitcoin technology. Several central banks, including the recent prominent example of the People’s Bank of China, have revealed plans of developing their own digital currency. A report in the MIT....
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....
Researchers at the International Monetary Fund (IMF) have examined the central bank laws of 174 IMF members to answer the question of whether a digital currency is really money. They found that of all the central banks studied, only about 23%, or 40 central banks, “are legally allowed to issue digital currencies.” IMF Explores if Digital Currency Is Money The IMF published a blog post on Thursday exploring whether digital money is really money in the legal sense. The post is authored by Catalina Margulis, a consulting counsel in the IMF Legal Department’s Financial and....