Tag Archives: digital currency

Biden takes big step toward government-backed digital currency

A US digital currency could be on the horizon. The Biden administration is supporting the research and development of a “US central bank digital currency,” or CBDC. The move is part of a broad executive order signed by President Joe Biden on Wednesday asking the federal government to explore possible …

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Finance Minister makes first transaction in digital currency

Finance Minister Dr. Nigel Clarke made the first digital currency transaction using the digital wallet, Lynk, on Tuesday. He used the Lynk app to pay his hairstylist, Paul Mills of PaulBless Cutz, in the central bank’s digital currency, Jam-Dex, as he opened the debate on the 2022-23 budget. Jam-Dex is …

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The Bank of Israel explores the impact of the digital shekel on the banking system – Ledger Insights

Last week the Bank of Israel published an article assessing the potential impact of issuing a central bank digital currency (CBDC) – the digital shekel (SHAKED) – on the stability of the banking system. While the central bank has built a action plan for the potential issuance of the SHAKED, …

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The United States needs a form of central bank digital currency that protects privacy

Text size Allowing individuals to maintain accounts with the Federal Reserve could capture the benefits touted by cryptocurrency proponents without the risks, write Andrew M. Bailey and William J. Luther of the Bitcoin Policy Institute. Brent Lewin/Bloomberg About the authors: Andrew M. Bailey is an Associate Professor of Humanities at …

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Crypto Owners Tend to Abuse Dangerous Leverage Practices More Often | by RD Rhoads | February 2022

Some images are courtesy of Pexels.com. Others are credited. An interesting study came out at the end of January 2022. This report examined the state of consumer banking and payment practices and how these behaviors may have changed in light of the COVID-19 pandemic. This study was published by Morning …

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Banking lobby group lukewarm on central bank digital currency

Banking lobby group New Zealand Bankers’ Association (NZBA) says that as the Reserve Bank considers developing a central bank digital currency (CBDC), it is important to probe what public policy issue a CBDC is facing. would attack. In an article on the future of monetary issues published last year, the …

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Kenya – Central Bank Calls for Opinion on Adoption of Digital Currency

The Central Bank of Kenya has released a discussion paper on a CBDC for the public to submit their views CBK governor optimistic about country’s adoption of central bank digital currency Written representations and submissions should be sent to the Central Bank of Kenya by May 20, 2022, 5:00 p.m. …

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Federal Reserve Explores Digital Currency Issuance – The Ticker

Jernej Furman | flickr.com The Federal Reserve released a discussion paper on January 20 on the potential issuance of a US central bank currency, otherwise known as the CBDC. The document covers the pros and cons of a CBDC and invites the public, not just professionals, to participate. under discussion …

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China’s digital currency rollout could be a model for the West

This month, during the Winter Olympics in Beijing, China is set to showcase its digital yuan to the world, becoming the first major global economy to roll out a central bank digital currency (CBDC). From Feb. 4, foreign nationals will be able to convert foreign currency into digital yuan, according …

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The end: Facebook-backed digital currency Diem sold to bank

A once-ambitious but now faltering Facebook-backed digital currency project known as Diem is dead, its assets sold to bank holding company Silvergate Capital Through BARBARA ORTUTAY AP Technical Writer February 1, 2022, 9:09 PM • 2 minute read Share on FacebookShare on TwitterEmail this article A once ambitious but now …

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Planned commercial banks will install 75 digital units in 75 districts

By 2022, 100% of the 1.5 lakh post offices will be attached to the central banking system. New Delhi: Union Finance Minister Nirmala Sitharaman on Tuesday announced the introduction of the digital rupee to be issued by the Reserve Bank of India from 2022-23 along with the establishment of 75 …

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Jamaican digital currency expected to roll out nationwide in coming months – central bank

Band Kate Chappell KINGSTON, January 31 (Reuters) – Jamaica will roll out its digital currency nationwide in the first quarter of this year as part of an effort to reduce transaction costs and provide financial services to citizens who do not use banks, Reuters a central bank official. The Bank …

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Bank of Korea concludes first phase of digital currency trials

The Bank of Korea (BOK) presented the first results of its central bank digital currency pilot project, which tested some of the basic functions such as distribution and issuance. The South Korean regulator said the first phase was successfully completed in December 2021, four months after launching a research process …

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How the digital dollar would be a better digital currency than crypto: Fed

A new report from the Federal Reserve has opened the door to debate around a central bank digital currency. The Fed avoided taking sides for or against the idea and instead raised a number of pros and cons. A CBDC could boast many of the benefits of crypto without the …

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Central Bank Digital Currency Contest Winners Announced – Jamaica Information Service

Finance and public service January 21, 2022 Written by: Bank of Jamaica In April 2021, Bank of Jamaica invited creatives to submit a suitable name, slogan, logo and representative image for its central bank digital currency (CBDC). We thank those who responded to the call and submitted entries for this …

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Federal Reserve Report on Digital Currency Centers on Banks

WASHINGTON (AP) — The Federal Reserve on Thursday released a much-anticipated report on central bank digital currencies that suggests it’s leaning toward having banks and other financial firms, rather than the Fed itself, manage central bank digital accounts. clients. A central bank digital currency would differ in some ways from …

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Swiss central bank completes CBDC settlement pilot project with commercial banks

The Swiss National Bank (SNB) has successfully completed a pilot test in which it integrated its central bank digital currency (CBDC) wholesale settlement with commercial banks. The bank partnered with the Bank for International Settlements and five commercial banks for the pilot project. As part of the Helvetia project, SNB …

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Digital currency ATMs used for drugs and human trafficking: GAO

A new report has recommended that the US government strengthen its oversight of digital currency ATMs to curb their alleged growing use in drug and human trafficking activities. The report by a US Congress-linked agency blamed lax regulations for ATM operators, saying they make it easy for criminals to convert …

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Rep Emmer makes huge claim on central bank digital currency

SARTELL, MN – FEBRUARY 22: Rep. Tom Emmer (R-MN) answers a question during a town hall on … [+] February 22, 2017 in Sartell, Minnesota. Emmer has been asked questions ranging from health care to immigration to education policy. (Photo by Stephen Maturen/Getty Images) Getty Images This week, Rep. Tom …

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Bank of England digital currency ‘a solution in search of a problem’

A House of Lords cross-party committee has said there is no compelling case for introducing a central bank digital currency. In a report published today (13 January), the Lords Economic Affairs Committee said that while a central bank digital currency could offer some benefits, it could present “significant challenges” to …

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Bahrain Central Bank oversees JPM Coin digital currency testing – Ledger Insights

Wednesday, the Bahrain Central Bank announced that an essay by JP Morgan JPM part digital currency system had been successfully completed. First announced in May, the tests involved commercial bank ABC and its customer Aluminum Bahrain (ALBA). ALBA used the corporate blockchain system for real-time US dollar payments with US …

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Bitcoin: Kosovo bans cryptocurrency mining after energy squeeze

A European nation has said it will repeal the Crypto Mining Law after the large amounts of energy needed for the task led to a crisis. A European country has banned bitcoin mining because the large amounts of energy the process requires cripples the power grid and contributes to blackouts. …

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Is Dogecoin a Better Currency Than Bitcoin? The Future of Payments is Digital – Jason Butcher

The future of payments will be virtual, with transactions taking place almost exclusively with digital fiat currencies or with cryptocurrencies, said Jason Butcher, CEO of Payments in coins . “I think 100% [of our daily transactions] will be dealt with crypto or with digital currency. One form of digital transaction …

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The current state of development of central bank digital currency (CBDC) around the world

In the first week of November 2021, the Bank of England and the UK Department of Finance announced their intention to conduct a “formal consultation” on the creation of a central bank digital currency or CBDC. If the consultation is successful, Britons can look forward to the creation of a …

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Short Position – PSPC Rules, Digital Currency, CPO Request

New SPACO rules It was known for a long time that the rules which allowed the listing of ad hoc acquisition companies or SAVS had certain weaknesses. Since SPACs or cash shells were first introduced to the Malaysian capital market in 2009, a rule required 75% of uninterested shareholders to …

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Digital Currency: Banks Raise Disintermediation Concerns Over RBI’s Digital Currency Plans

Mumbai: Government and Reserve Bank of India (RBI) conduct detailed analysis on the impact that a central bank digital currency (CBDC) would have on the Indian banking sector as a whole, and what reduced disintermediation would mean for commercial banks which have so far all the cards in hand as …

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Bank of England must beware of allure of digital currency

The author is the author of “Cryptocurrencies: money, trust and regulation” The Bank of England is still considering the introduction of a central bank digital currency (CBDC), a digital version of banknotes and coins, directly convertible into cash and deposits. The bank argues that this will increase financial inclusion. But …

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Rumor: What is a central bank digital currency (CBDC) and how does it work?

Digital currency, which was once reserved for the IT industry, is increasingly making its way into the realms of central banks. As part of the “e-krona” initiative, Swedish Bank Riks has revealed its intention to introduce a central bank digital currency. The Swedish currency is the crown. The significance of …

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Central Bank of Nigeria expresses discontent Commercial banks ignore eNaira one month after launch Nigeria news

On Monday, October 25, 2021, President Muhammadu Buhari officially unveiled the Central Bank of Nigeria. Digital Currency (CBDC), known as eNaira Nigerian commercial banks were supposed to use codes to register their customers but CBN is not happy, little effort has been made CBN recently claimed 600,000 downloads in 160 …

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FM Nirmala Sitharaman, Marketing and Advertising News, ET BrandEquity

Finance Minister Nirmala Sitharaman (file photo) The government has no proposal to recognize Bitcoin as a currency in the country, Finance Minister Nirmala Sitharaman said on Monday in a response to the Lok Sabha. She also informed the House that the government does not collect data on Bitcoin transactions. That …

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Japanese Banks Prepare to Test Digital Currency • NFCW

DIGITAL CURRENCY: The forum offers a linked infrastructure at two levels including a common area and a business process area A consortium of more than 70 banks, financial service providers and other leading companies in Japan will conduct a series of proof of concept (PoC) trials of a digital currency …

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Is cryptocurrency the currency of the future?

For many blacks, cryptocurrency has been seen as one of the tenants of true economic liberation In this news cycle, cryptocurrency seems to be the one thing everyone is talking about. It looks like society is suddenly being propelled into the future as we have seen nations begin to embrace …

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IMF warns enaira could reduce demand for commercial bank deposits

The International Monetary Fund (IMF) has warned that the eNaira portfolio could reduce “the demand for deposits in commercial banks”. This was disclosed in an IMF report titled: “Country Focus; Five observations on the digital currency of the central bank of Nigeria. ‘ The IMF has advised the Central Bank …

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Five Observations on Nigeria’s Central Bank’s Digital Currency

Nigeria’s central bank’s new digital currency, eNaira, is expected to increase financial inclusion and facilitate remittances, but the potential risks will need to be managed. (Photo: André M. Chang / ZUMAPRESS / Newscom) Five Observations on Nigeria’s Central Bank’s Digital Currency By Jack Ree IMF Africa Department November 16, 2021 …

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UK to consult on possible central bank digital currency

A person walks past the Bank of England in London, Britain on October 31, 2021. REUTERS / Tom Nicholson / File Photo LONDON, Nov. 9 (Reuters) – The Bank of England and the UK Department of Finance announced on Tuesday that they would hold a formal consultation next year on …

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Hong Kong’s Unique History with Currency May Be Valuable for Crypto

Even official money is almost private in Hong Kong, with people interchangeably using IOUs from its three note-issuing banks. But as central banks around the world plan to digitize cash, can this arrangement hold up? Or will the city’s 7.5 million residents have to transact in a brand new currency, …

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Digital currency is an imperative, not a choice

OPINION: America will have digital dollars accessible through smartphones and computers within a few years. Treasury Secretary Janet Yellen and Federal Reserve Governor Lael Brainard, who could be the next Fed chairman or vice chairman for oversight, have expressed keen interest in a digital currency. The advantages are compelling. Most …

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Digital currency promises new opportunities for MSMEs – Jamaica Information Service

Local entrepreneurs advertise the opportunities that now exist for Jamaicans due to the digital transition. The position was taken at the recent Wealth Summit on Digital Financial Inclusion hosted by the Ministry of Finance and the Civil Service. The six summit presenters, from both the public and private sectors, advocated …

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Will central and commercial banks negatively disrupt innovation?

Opinion “Deploying well-designed central bank-issued digital currencies can transform our societies into modern, innovative, more resilient and very user-centric economies. could even be risky from a national and global security point of view, ”writes Amnon Samid, a CBDC expert Amnon Samid 10:4302.11.21 To meet customer expectations, banks and financial institutions …

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The first digital currency backed by the central bank

In the digital age, popular trends have spread like wildfire and the blockchain-enabled digital currency mania appears to be reaching critical mass. In the near future, the People’s Republic of China (PBOC) will launch a new “digital yuan,” essentially an online version of its existing currency (i.e., Chinese yuan, renminbi, …

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Nigeria’s new digital currency was developed by a subsidiary of Overstock.com

Sarah Tew / CNET The Central Bank of Nigeria on Monday launched a digital currency designed for use with its physical currency. ENaira’s release was officially announced via a Press release issued by the Central Bank of Nigeria. A central bank digital currency is a type of cryptocurrency controlled by …

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Breaking: President Buhari to officially unveil CBN digital currency, eNaira on Monday Nigeria news

ENaira is the Nigerian digital currency issued and regulated by the Central Bank of Nigeria Apex bank had postponed the unveiling of the eNaira to October 1, citing key activities planned for the country’s 61st independence anniversary CBN describes eNaira as a major breakthrough in the evolution of money and …

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Critical analysis of the digital payment system in the Nigerian banking system | By Muhammad Adamu

Like most contemporary African states, Nigeria is the result of European imperialism. It was named after the vast Niger River, the dominant physical feature of the country. The name was suggested in the 1890s by British journalist Flora Shaw, who later became the wife of then colonial governor Frederick Lugard. …

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eNaira: What to expect from the Nigerian digital currency and how it will work

A few months ago, the Central Bank of Nigeria (CBN) announced that it was planning to launch a centralized and regulated digital currency called the eNaira. The digital currency was supposed to launch on October 1, but has since been moved indefinitely. To be clear, eNaira is not a cryptocurrency, …

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How could a Federal Reserve digital currency work?

The Federal Reserve is in the process of deciding whether or not to create a digital currency. At present, he is studying the risks and the benefits. He is expected to publish a report as early as this month. A central bank digital currency would be just a digital version …

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DIGITAL CURRENCY: experts advise central banks on connectivity

By Nkiruka Nnorom AS the Central Bank of Nigeria (CBN) is preparing to launch the planned digital currency, eNaira, industry experts have advised the CBN and other central banks around the world who are also muted the idea of ​​building flexible structures and durable that work with different countries. The …

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“PSE does not sell digital currency”

The Philippine Stock Exchange said on Monday that it does not sell cryptocurrencies and warned the public against dealing with people selling blockchain digital currency products using the exchange’s name. In a notice, the PSE said it had received information that a certain person claiming to be a member of …

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EXPLAINER | Is crypto a threat to fiat money? Or the future of money?

Express news service BENGALURU: Satoshi Nakamoto, the pseudonym of the person (s) behind the invention of Bitcoin – the first decentralized form of digital currency in 2008 – was to create a peer-to-peer electronic payment system without any intermediary such as the system government financial institution or business. Nakamoto’s white …

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What bank customers plan to do with digital currency

Through our journalists Before of the planned launch of the central bank’s digital currency (CBDC), Nigerians from all walks of life have spoken about their plans towards the use of currency to succeed in the program. While some insist on the security and protection of transactions from fraudsters and hackers, …

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Citi Big Idea: Central Commercial Banks Use Shared DLT for “Digital Currency Format War” – Ledger Insights

Given that this is how things work today and most laws are independent of technology, this likely would not require legislative changes and could dispense with the need for CBDC. The concept is to create a blockchain with levels and partitions, on which central banks play the same current role …

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RBNZ signals interest in central bank digital currency, seeks comment

WELLINGTON, Sept. 30 (Reuters) – New Zealand’s central bank said on Thursday it was seeking public input on the potential use of a central bank digital currency (CBDC). Many countries are exploring the use of CBDCs, which are digital forms of existing currencies. The US Federal Reserve will soon release …

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Citi Big Idea: Central and Commercial Banks Use Shared DLT for “Digital Currency Format War” – Ledger Insights

During today’s Cordacon Enterprise Blockchain conference, Tony Mclaughlin of Citibank said the regulated industry should work together to fight the “war of digital currency formats.” He suggested that central banks, commercial banks and e-money providers consider using a shared ledger, the Regulated Liability Network, to enable token money and other …

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Tajikistan enters blockchain era with central bank digital currency hosted on Fantom

As blockchain technologies reach widespread adoption, one of the most important forms of validation a project can receive is to be chosen by banks and government agencies to develop dApps and platforms to public use. That is why Fantom’s announcement That it signed a memorandum of understanding with OJSC Orienbank …

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CBDC and DLT combo outperforms correspondent banking system

A prototype of multiple central bank digital currencies (mCBDC) developed by the Bank for International Settlements and four central banks demonstrated the potential of using digital currencies and distributed ledger (DLT) technology for payments and cheaper and more secure cross-border regulations. The mBridge project is a cooperation between the BIS …

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Turkey’s central bank looks at digital currency

Turkey’s central bank said it had created the digital Turkish lira collaboration platform to conduct more research into the possible benefits of a digital currency, Reuters reported. The bank said it has signed separate agreements with Turks Havelsan, Aselsan and Tubitak-Bilgem for the platform, according to the report. These will …

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e-Naira will strengthen the banking system – CBN

Governor of the CBN, Godwin Emefiele e-Naira will strengthen the banking system – CBN The Central Bank of Nigeria has said that e-Naira will strengthen the banking system and make it easier to comply with existing laws such as combating money laundering, protecting customers from fraud, and ensuring safety and …

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Jamaica to deploy digital currency – NationNews Barbados – nationnews.com

Posted on August 22, 2021 Posted on August 22, 2021 The Bank of Jamaica (GP) KINGSTON – The Bank of Jamaica (BOJ) reports that the pilot implementation of a local central bank digital currency (CBDC), which began in June, is on schedule. This includes the minting of Jamaica’s first batch …

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Tackling high lending rates from commercial banks

President Nana Addo Dankwa Akufo-Addo President Nana Addo Dankwa Akufo-Addo urged the Bank of Ghana (BoG) to close the gap between its monetary policy rate and commercial bank lending rates to bolster the country’s rapid growth. He said it was not fair that the central bank’s monetary policy rate stood …

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Tackling High Commercial Bank Lending Rates – Chairman of the BoG

President Nana Addo Dankwa Akufo-Addo urged the Bank of Ghana (BoG) to close the gap between its monetary policy rate and commercial bank lending rates to bolster the country’s rapid growth. He said it was not fair that the central bank’s monetary policy rate stood at 13.5% while commercial banks …

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Commercial banks might not dodge CBDC disruptions

While carefully avoiding anticipating the findings of his new central bank digital currency task force, Sir Jon Cunliffe, Deputy Governor, Financial Stability, Bank of England, declined to worry about the disruption. potential that the introduction of the CBDC could cause to UK businesses. banks. “They have already had to reinvent …

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Chinese digital yuan to be distributed with help from commercial banks

China became the first major economy to deploy a digital currency. The digital yuan will bypass the global financial system. Economists warn, however, that this could put the US dollar at risk in the long run. Loading Something is loading. We are really sorry! We encountered a system failure and …

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Switzerland will give its central bank a monopoly on money creation

The Swiss federal government confirmed on December 22 that it would hold a referendum to determine the authority of the country’s commercial bank in money creation. The government’s announcement followed a campaign by the Swiss sovereign money movement known as the Vollgeld Initiative which presented a successful petition signed by …

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Purple House and MMT: the new money creation is real, it is not a “leftist” plot

A purple house, not a theory. Image by Alex Anstey It’s happening now, MMT. The Reserve Bank is making money. It should be called Modern Monetary Practice, not Modern Monetary Theory. In a speech last week, and questions after, central banker Guy Debelle explained it. Michael west reports on the …

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What Libra Means For Money Creation

When Facebook announced its intention last June to issue a digital currency, Libra, the official industry was put on hold in its initial response. Central banks could not be seen as being too overtly unwelcoming to innovation and new ideas, but also, the concept hit quite directly the sovereign privilege …

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