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Three U.S. senators have urged the United States Olympic & Paralympic Committee to forbid American athletes from receiving or using digital yuan during the Beijing Olympics. Raising many concerns, including privacy, they warned, “Olympic athletes should be aware that the digital yuan may be used to surveil Chinese citizens and those visiting China on an … Read more
China’s central bank digital currency can now be used on insurance policies that offer various levels of compensation for diagnosis of or death due to COVID-19. Go to Source Powered by WPeMatico
The Bank of Canada suggested that a Canadian CBDC could provide a number of innovations, including the elimination of transaction fees from debit and credit cards. Go to Source Powered by WPeMatico
ConsenSys, a major Ethereum software company, will contribute its technology to South Korean CBDC simulations led by Ground X. Go to Source Powered by WPeMatico
The trio urged the Olympic committee to work with federal agencies “to protect the privacy of American athletes from the Chinese Communist Government.” Go to Source Powered by WPeMatico
Yale Professor Gary B. Gorton and Jeffery Zhang of the Board of Governors of the Federal Reserve System have co-authored a 49-page paper called, “Taming Wildcat Stablecoins.” Go to Source Powered by WPeMatico
The International Monetary Fund (IMF), the World Bank, and the Bank of International Settlement (BIS) have conducted an extensive study of using central bank digital currencies (CBDCs) for cross-border payments. Their report to the G20 states that enhanced cross-border payments “can be achieved … as long as countries work together.” The Committee on Payments and … Read more
The working group involved with the research and development of the digital yuan for the People’s Bank of China (PBOC) has published a paper describing the digital currency’s progress. The PBOC initiated a task force dedicated to the creation of a digital yuan in 2014, and the recently published document is the project’s first white … Read more
A working paper released in English by the People’s Bank of China cites cryptocurrencies as an important context for the digital yuan’s development and reveals that the digital currency will use smart contracts to allow for programmability. Go to Source Powered by WPeMatico
Federal Reserve Chairman Jerome Powell believes that there is no need for cryptocurrencies if there is a digital dollar. “I think that’s one of the stronger arguments in its favor,” he said. The Fed chair also insists that the U.S. is not in danger of losing its reserve currency status. Fed Chair Powell Thinks Cryptocurrencies … Read more