Interoperability will determine CBDC winners and losers
To be first is to set the tone for the industry and control the space — a tactic otherwise known as the first-mover advantage. China has opened testing for its digital yuan. The excitement surrounding this project has electrified several major Chinese cities, as well as onlookers throughout the world.Most recently, Shenzhen launched its “iShenzhen” lottery, wherein the city government will distribute 20 million digital yuan among 100,000 central bank digital currency, or CBDC, wallet holders. This comes on the back of a similar lottery held in the city of Suzhou, one of China’s major....
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U.S. Senator Pat Toomey has called on Congress to stop the Treasury Department from maximizing its ability to regulate and tax crypto by picking winners and losers. “Congress should not allow that to happen,” he said. US Senator Urges Lawmakers Not to Crush Crypto Innovation Following the endorsement of a crypto tax amendment by the White House, concerns have been raised that the U.S. government is picking winners and losers in the crypto space. Two crypto tax amendments to the $1 trillion infrastructure bill have been introduced but the White House has chosen to endorse the....
Ripple Labs has officially responded to the complaint by the U.S. Securities and Exchange Commission (SEC). Besides explaining that the XRP cryptocurrency is not a security, Ripple accuses the securities regulator of being out of step, picking winners and losers, as well as distorting facts regarding the cryptocurrency. In the court document filed on Jan. 29, Ripple claims that XRP is not an “investment contract,” insisting that the crypto “is a virtual currency and thus, outside the SEC’s jurisdiction.” Furthermore, the company stated that it never held an....
Whenever a disruptive concept comes along, there are winners and losers. But things aren't so black-and-white with blockchain technology in the picture. A lot of people have been saying how the blockchain is much bigger than Bitcoin itself, and they are right for the most part. Even though the Bitcoin protocol is powered by blockchain technology, the capabilities of distributed ledgers are not just linked to the digital currency ecosystem. A recent report by Citi seems to be thinking along those same lines, although most of their use cases are still focused on the financial aspect. This....
Cooperation between public and private sectors would be vital for a global CBDC system, says a new joint report. The Bank for International Settlements (BIS) continues investigating the development of the global central bank digital currency (CBDC), publishing a new joint report with seven central banks.Released Sept. 30, BIS’ latest CBDC report refers to joint efforts to explore a retail CBDC alongside the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the United States Federal Reserve, Sveriges Riksbank and the Swiss National Bank.The report provides....
The well-known global financial messaging service, SWIFT, is set to test the Central Bank of Digital Currency (CBDC) by interlinking several CBDC networks in order to execute cross-border payments. Besides currently linking financial institutions worldwide to communicate and execute financial payments, the Belgium-based network has approached consulting firm Capgemini and French information technology services to […]