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Tunisia Develops the Central Bank Digital Currency E-Dinar

Posted on November 11, 2019November 11, 2019 by Rehan Yousaf

In what comes as major development in the adoption of a blockchain technology and crypto, Tunisia announces its own Central Bank Digital Currency (CBDC). With this launch, Tunisia positions itself as the first major country to adopt a CBDC, faster even than previously anticipated. The new cryptocurrency, called “E-dinar,” was officially released at the Forex Club of Tunisia after initial test runs. A symbolic transfer of one E-dinar was made between the head of the…

Draft Document Reveals Intention to Develop Cryptocurrency by European Central Bank

Posted on November 6, 2019November 6, 2019 by Rehan Yousaf

Facebook’s announcement in June to launch its own cryptocurrency, Libra, met a lot of obstacles as countries including France and Germany claimed that the use of Facebook’s digital currency in their territories could be a potential risk for their financial sector. In accordance with that assessment, recently a European Union draft document obtained by Reuters stated that the European Central Bank (ECB) should research and consider the development of a public digital currency as Facebook’s…

Turkey to Complete Development of National Digital Currency by 2020

Posted on November 6, 2019November 6, 2019 by Rehan Yousaf

Turkey’s state-sponsored outlet Resmi Gazete, which regularly announces details of new legislation and publishes official announcements of the Turkish government, released a document detailing the progress of the digital Lira. The document was published early this week and affirms that the initial trials of the new digital currency would be conducted and completed by the end of next year. Cointelegraph Turkey reports that the country’s central bank aims to issue the digital Lira in hopes…

Argentina’s Central Bank Forbids Acquiring Cryptocurrency with Credit Cards

Posted on November 3, 2019November 3, 2019 by Julie Williams

In order to curb the fast depleting foreign reserve in Argentina, the Central Bank of the Argentine Republic has placed a stringent restriction on the amount of Bitcoin(BTC)trade and US dollar its citizens can purchase, and limited the means with which people could make such purchases. Argentina’s economy may have hit rock bottom already. The Argentinian government made several almost desperate moves recently, turning to its last resorts as the country’s foreign reserve continues to…

IBM Report: Central Banks to Issue Cryptocurrencies in Five Years (Central Bank Digital Currency)

Posted on October 31, 2019October 31, 2019 by Rehan Yousaf

A report commissioned by IBM and the central banking think tank the Official Monetary and Financial Institutions Forum (OMFIF), claims scores of officials from central banks around the world are considering launching their own consumer-ready central bank digital currency (CBDC). The report is based on findings of a research group which followed up with 23 central banks around the world during the time period of July-September 2019. The survey said that not only are these…

Bank of America Explores Ripple’s Blockchain Technology for its Banking System

Posted on October 21, 2019October 21, 2019 by Ravi Rd

American multinational investment bank and financial services company, Bank of America, has silently tested Ripple’s blockchain to incorporate distributed ledger technology (DLT) in its banking and other financial services. This might be the boldest step towards blockchain adoption as Bank of America is one of the largest and most distinguished banks in the United States. It seems that Bank of America wouldn’t stop here and go a bit further with blockchain deployment in their real-world…

Dubai Chamber of Commerce Partners with Major Local Bank for Blockchain Solutions

Posted on October 16, 2019October 16, 2019 by Ravi Rd

Dubai Chamber of Commerce and Industry (DCCI) has partnered with the major regional bank Emirates NBD by signing a memorandum of understanding (MoU) to boost the development of the blockchain-powered Digital Silk Road initiative. Emirates NBD was the first bank in the region to launch a blockchain pilot in this domain and will dispense trade finance solutions to Digital Silk Road using the latest decentralized ledger technology (DLT). Dubai is planning to become a trade…

Top US Fed Reserve Executive: We Shouldn’t Lead a Launch of National Digital Currency

Posted on October 6, 2019October 6, 2019 by Ravi Rd

The president of the Federal Reserve Bank of Philadelphia, Patrick Harker, said on Wednesday that the U.S. shouldn’t be the first nation to launch its digital currency payment system and lead the pack of other central banks issuing state-sponsored cryptocurrency. Harker further said that the trend of the central banks around the world planning to launch their own digital currencies has already started and it is inevitable that the Federal Reserve follows the same, but…

Major Banks to US Federal Reserve: Libra Is a Potential Threat to Sovereignty

Posted on October 3, 2019October 21, 2019 by Ravi Rd

The US Federal Reserve, the country’s central banking entity, recently called up the nation’s biggest banks to present their views regarding the launch of Facebook’s digital currency project Libra. Not surprisingly, most of them turned out to be negative and some even said that it could be a potential threat to monetary sovereignty. The representatives of the banks asserted, as it is showed by the Federal Advisory Council protocols: “Facebook is potentially creating a digital…

European Central Bank’s Board Member Explains Why Facebook Libra Is Feared

Posted on September 26, 2019September 26, 2019 by Julie Williams

While addressing the committee on Digital Agenda of the Deutscher Bundestag, the chairman of the Committee on Payments and Markets Infrastructures (CPMI) and the European Central Bank (ECB) board member, Benoit Coeure, took the time to give an in-depth explanation on the challenges facing our age-long financial market, how digital currencies such as Facebook Libra promise to solve these problems, and why stablecoins should be dreaded. Kicking off his speech with a little back story…

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