It's now or never — The US has to prepare itself for digital currency
If the United States is still not ready for central bank digital currency, it will stay on the sidelines of tech and financial innovations. Welcome to the world of central bank digital currency, or CBDC, where big countries like China and small countries like the Bahamas are trying to mark their presence. It’s a world where 86% of the world’s central banks are trying to create digital currencies. Almost 60% of them are working on the concept and 14% have already introduced a pilot program.Related: Did CBDCs affect the crypto space in 2020, and what’s next in 2021? Experts answerCBDC: A....
Related News
Mobile operators need to prepare for the shift to digital currencies if they want to remain competitive. That is the takeaway from a report published by European consultancy firm Reply, which also urges the mobile industry to avoid past mistakes. The report, titled 'Embracing Bitcoin: Why Mobile Operators Should Prepare for the Digital Currency Shift', examines the benefits and pitfalls associated with digital currencies, and makes the case that this rapidly advancing technology is already hitting the mainstream in some respects: "It is now benefiting from a surge of interest, investment....
The Italian Banking Association, ABI, is conducting digital euro tests as the European Central Bank is yet to make a clear decision on a central bank digital currency. The Italian Banking Association, or ABI, has affirmed its support for the implementation of a sovereign European digital currency by beginning pilot studies on a digital euro project.According to an announcement, the association is working with its research and development arm, ABI Lab, and commercial banks in the country to develop an experimental digital euro.The ABI’s digital euro study will reportedly focus on two major....
As a wise man once said, there is no escaping taxes and death once you are born. When Bitcoin was introduced, however, there was a glimmer of hope, most of us thought that we might just be able to escape taxes. Unfortunately, it was short lived, as the IRS decided to impose taxes on virtual currency holdings. Now that Bitcoin is considered as an official asset by various government agencies in the United States, one can do nothing but pay the toll. How do we know what is taxable and what is not? Well, for that we have a few experts who can help us understand, but it will be easier if you....
President Vladimir Putin has tasked several ministries and the central bank to prepare to verify information provided by government employees about their digital asset holdings. The order comes as part of a new plan to combat corruption which was recently approved by the Russian leader. Authorities to Inspect Crypto Disclosures Filed by Russian Officials as Putin Approves Anti-Corruption Plan Russian President Vladimir Putin has signed a decree approving the country’s National Anti-Corruption Plan 2021-2024. As part of the new strategy, the Russian head of state has instructed the....
While the Bank of Tanzania (BOT) executives continue to reiterate the central bank’s willingness to heed the government’s call to prepare for cryptocurrencies, some economists insist Tanzania lacks the resources needed for it to adopt such digital currencies.
Economists: Tanzania an Unsuitable Candidate
In their views, published by the Citizen following the BOT’s latest update, Tanzania’s cryptocurrency opponents argue that a lack of resources makes it “difficult to participate in worldwide trade.”
For instance, the Citizen....