Central bank digital currency could 'threaten' Bitcoin says CZ
Binance boss Changpeng Zhao aired his views on CBDCs adding that Bitcoin could be under threat if a more advanced currency was launched Changpeng Zhao, the enigmatic chief executive of Binance, believes a central bank digital currency that’s designed well enough could become a threat to Bitcoin. In a video interview with Fortune senior writer Jeff Roberts, he was asked how the People’s Bank of China’s digital yuan initiative would affect the crypto industry. Zhao responded that any blockchain or digital currency would be good for the industry overall as it legitimizes digital assets and....
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The U.S. government is reportedly concerned that China’s digital yuan could threaten the U.S. dollar’s status as the world’s dominant reserve currency. Officials at the Treasury, State Department, Pentagon, and National Security Council are increasing their efforts to understand the implications of China’s central bank digital currency. Digital Yuan Could Be a Threat to US Dollar The U.S. government is reportedly increasing scrutiny of China’s digital yuan. Some government officials are concerned that the Chinese central bank digital currency “could kick....
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....
The Central Bank of Chile revealed it is studying how to issue a national digital currency, the digital peso. The bank issued a report titled “Issuance of a Central Bank Digital Currency in Chile,” where it explores the possibility of the creation of a central bank digital currency (CBDC) in the future, the mechanism it might use, and how it will consult all sectors of the economy on this issue.
Central Bank of Chile Considers CBDC Issuance
More banks in Latam are considering the issuance of their own central bank digital currencies (CBDCs) to take advantage of the....
The Bank of England has proposed the introduction of a central bank backed digital currency alongside fiat banknotes. The idea of creating a central bank backed digital currency is not a new thing. The digital currency community and central banks of various nations have floated this idea at one point or another. While most nations are yet to act upon it, the Bank of England is already doing the groundwork for such an implementation. A ‘Staff Working Paper‘ published this month as part of the research commissioned by the Bank of England reports that introduction of a Bank of England backed....
India’s central bank, the Reserve Bank of India (RBI), is working on a “phased implementation of a central bank digital currency (CBDC) in both wholesale and retail segments.” Necessary amendments have been made to the RBI Act, 1934 to allow the central bank to pilot and issue a digital currency.
India’s Central Bank Digital Currency to Be Implemented in Phases
A Reserve Bank of India (RBI) official and the minister of state in the Ministry of Finance have independently provided an update on the central bank’s progress in issuing a....