UK’s government-backed Millicent Labs demos a retail full-reserve digital cur...
The issuer says the currency avoids pitfalls of central bank digital currency and stablecoins while bridging blockchain and traditional financial technology. A sandbox test of a retail full-reserve digital currency (FRDC) has been completed in the United Kingdom, distributed ledger fintech company Millicent Labs announced on Thursday. The test was a demonstration for Innovate UK, a branch of the government’s U.K. Research and Innovation, which co-funded the company. An FRDC is a privately issued digital currency pegged to a fiat currency, Millicent said in a statement. It is introducing a....
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Circle is willing to operate under supervision of the Federal Reserve, the U.S. Treasury, the OCC, and the FDIC, CEO Jeremy Allaire said. Goldman Sachs-backed digital payment company Circle has officially disclosed plans to become a full-reserve national digital currency bank in the United States.Announcing the news on Monday, Circle co-founder and CEO Jeremy Allaire noted that Circle is willing to operate under the supervision and risk management requirements of the Federal Reserve, the U.S. Treasury, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance....
There's at least one lesson to be learned from the recent closure of Liberty Reserve for alleged money laundering: whether you use "real" government-backed fiat or a distributed digital currency controlled by no one in particular, what you use it for is subject to laws and regulations of many kinds. Fall afoul of those, and the authorities will sooner or later come looking for you. The Costa Rica-based Liberty Reserve used its own digital currency -- also called the Liberty Reserve, or LR -- to provide low-cost payment processing services to customers around the world. Its ease of payments....
Some people believe the US dollar is backed by gold. This is inaccurate. The US Dollar is backed by something alright, but not by an object of value. Fiat notes are propped up by the truncheon and gun. “Fiat” literally means “by decree or arbitrary order”. This implies that government Federal Reserve notes are only valuable insofar as their worth is....
India’s central bank governor Shaktikanta Das has revealed that the bank has “major concerns” about cryptocurrencies, and it has informed the government of them. He expects that the government will soon make a decision on cryptocurrency. Meanwhile, the Reserve Bank of India (RBI) is giving its full attention to the digital rupee. RBI Has Major Concerns About Cryptocurrencies The governor of India’s central bank expressed concerns over the possible impact made by cryptocurrencies on the country’s financial stability and the economy Wednesday. In an interview....
The Reserve Bank of New Zealand will look at the potential for a CBDC “to work alongside cash as government-backed money,” and assess the issues around the emergence of crypto assets such as stablecoins. The Reserve Bank of New Zealand says a central bank digital currency might be a “solution” to the ongoing reduction in the use of cash and that it will look more closely at the use of cryptocurrencies.The bank will open up public consultations regarding a CBDC and the emergence of new digital forms of money including stablecoins. We'll be consulting extensively over the remainder of....