The Fed, like other central banks, is developing its digital currency. The motivations for developing these currencies are varied. These currencies may share common assumptions and characteristics, yet each will be unique in its own way. Let’s take a look at how a digital dollar would work and what motivates the Fed to develop one.
In fact, since the creation of the first cryptocurrency, Bitcoin, efforts have been made to regulate cryptocurrencies. In recent years, they have also been pushing for their own digital currencies. Mostly on the suggestion that digital currencies like Bitcoin are threats in their view. Let’s take a look at what central bank digital currencies could
Key message: Ground X, blockchain subsidiary of internet giant Kakao, has won the Bank of Korea’s (BoK) tender for the central bank digital currency (CBDC) and will be the main supplier of the digital won technology. Ground X won the tender Ground X will collaborate on the project with ConsenSys, a blockchain company based in
Key message: the People’s Bank of China (PBoC) has taken the next step to officially introduce a central bank digital currency, or CBDC. It has released an official whitepaper on the digital yuan (also called e-CNY), confirming that CBDC is designed to be programmable using smart contract features. PBoC and CBDC China has been working
If anything characterizes governments, it is competition. In the 1960s it was a race to see who could get into space and land on the moon first; now it is a different, more down-to-earth race. Now it’s a race for the top spot in CBDC, the central bank’s digital currency. It is a thrilling watch.
Key message: the Bank for International Settlements (BIS) has fully supported the development of central bank digital currencies (CBDCs), saying they are essential for modernising finance and ensuring that “big technology” does not take control of money. BIS and CBDCs Central bank digital currencies, or CBDCs, are fully digitized forms of their fiat counterparts. Led
Money, like everything, evolves over time, and today, more than ever, it is clear that money needs to be transformed into a new form that meets the demands and needs of modern times. Let take a look at what form money could take. Central bank digital currency At the moment, we have money divided into
Welcome to our weekly brief. Here you will find what is going on on the markets and what are expected events in week 22. It should help you with jumping back on track. Fundamentals and expected events: week 22 Crypto markets: Crypto markets are still struggling, lead by Bitcoin, which is currently failing to gain
In 2014, China first announced work on its CBDC, the digital yuan. Since then, China has been releasing details about its CBDC and its use. It was only in October last year that we were able to read the announcement that China had consolidated its status as a pioneer of virtual currency thanks to legal
The financial system as we know it needs to change. The currency you use daily to pay for goods and services also needs to be changed and “upgraded”. But would it be good to have only one world currency, as there some such proposals now? Let’s take a look at what would happen if humanity
Blockchain as we know it has a huge potential not only in the field of finance. In essence, it can change the world, making it a decentralized place that is fair and provides equal opportunities for everyone. But is there a chance that it could replace today’s banks? How would that be possible and what
The financial system needs a change. If you’ve been following our articles long enough, you know that there are various alternatives to the fiat currencies we know today. Many of these alternatives are digital. Central banks are trying to issue their own digital forms of their currencies. But could that be a good solution? Why