CBDC

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New Crypto Aims to Solve ‘Zimbabwe’s Money Problems Using Blockchain Technology’

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The Zimbabwean currency’s collapse in 2008 and record hyperinflation are widely seen as textbook examples of what can go wrong with a centralized currency. For instance, some cryptocurrency enthusiasts — as well as opponents of the fiat currency system in general — have routinely pointed to the Zimdollar’s collapse when arguing for an alternative monetary … Read more

Central Bank of Turkey Expands Research, Prepares to Test Digital Lira on New Platform

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The Turkish central bank has established a new platform together with technology stakeholders to further the development of a digitalized version of the national fiat currency. The new collaboration will allow Turkey to focus on expanding research and conducting tests of the prospective digital lira. Turkey Sets Up Digital Lira Collaboration Platform The Central Bank … Read more

Digital Ruble to Help Curb Use of ‘Money Surrogates,’ Russia Says in Financial Strategy Document

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The launch of a digital ruble will be among Russia’s key priorities of digitalization this decade, the country’s financial market development strategy has confirmed. The document claims the issuance of a digital national fiat will help the central bank to prevent Russians from using “money surrogates” as officials have previously called cryptocurrencies. Bank of Russia … Read more

Nigeria’s CBDC ‘a Safer Option’ Than Privately Issued Cryptocurrencies: Central Bank Official

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As part of the Central Bank of Nigeria (CBN)’s digital currency charm offensive, Folashodun Shonubi, the institution’s deputy governor, has claimed that the country’s upcoming central bank digital currency (CBDC) will be a “safer option from privately issued cryptocurrency.” Payment System Stability In addition, the CBN’s digital currency — also known as the e-naira — … Read more

BIS Asks Central Banks to Urgently Develop CBDCs to Compete With Crypto Assets

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The head of the Bank of International Settlements (BIS) Innovation Hub, Benoît Cœuré, has urged central banks to act now on central bank digital currencies (CBDCs) to compete with initiatives in the private sector, including cryptocurrencies. “CBDCs will take years to be rolled out, while … crypto assets are already here,” he said. BIS Says … Read more

Crypto Mining Should Be Registered and Taxed in Russia, Financial Market Committee Chair Says

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Cryptocurrency mining should be registered as entrepreneurial activity and taxed as such, according to Anatoly Aksakov, chairman of Russia’s parliamentary Financial Market Committee. The lawmaker also thinks Russian digital currency regulations need refinement. Amendments Likely to Affect Mining, Taxation, Definition of Digital Currency Discussing upcoming changes in the legislation regarding digital currencies in Russia, head … Read more