Built to fall? As the CBDC sun rises, stablecoins may catch a shadow
Will central banks allow stablecoins to survive? Maybe as a financial instrument for the unbanked or they will be able to peacefully co-exist? There’s a ferment brewing with regard to central bank digital currencies (CBDCs), and most people really don’t know what to expect. Varied effects seem to be bubbling up in different parts of the world. Consider: China’s e-CNY has already been used by 200 million-plus of its citizens and a full rollout could happen as early as February — but will a digital yuan gain traction internationally? Europe’s central bank has been exploring a digital euro....
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"Shadow economy" participants, those who use deal mostly in hard cash for anonymity's sake, are unlikely to be drawn to using a CBDC, according to a Reuters column.
Any nation implementing a CBDC in the near future must make sure it’s ready to defend its digital assets and, most importantly, its private keys. Today’s financial world is becoming increasingly digitized, and naturally, central banks want to adapt to the changing environment. The use of cash is rapidly declining. Globally, the rise of digital payment apps and COVID-19 have only accelerated the decline in cash usage, fueling interest in digital currencies and demand for easier payment solutions.As crypto adoption continues to expand, the idea of central bank digital currencies (CBDCs) has....
Central banks remained adamant private stablecoins do not factor into their CBDC calculus.
The Hong Kong Monetary Authority and the BIS Innovation Hub cooperated on a unique CBDC design that reflects the realities of money issuing in the special administrative region. The Hong Kong Monetary Authority presented its completed Aurum retail central bank digital currency (CBDC) prototype on Oct. 21. The system, developed in conjunction with the Bank for International Settlements (BIS) Innovation Hub, has a unique structure that reflects the intricacies of the existing system for issuing money in Hong Kong.Aurum consists of a wholesale interbank system and retail e-wallet. The....
Very often, Bitcoin enthusiasts have complained that the blockchain-based, decentralized cryptocurrency is not as anonymous as was initially thought to be. Hence, a significant percentage of them are resorting to highly unconventional methods to make Bitcoin transactions more anonymous. But in case, adopting such measures is not your thing, ShadowCash could prove to be the one-stop solution you have been looking for. Shadow has been built using Bitcoin's core principles of trustless decentralization and double-spend prevention to create the first truly anonymous, decentralized....