Tag: Central Bank

ECB Paper Marks Success Factors for CBDCs, Digital Euro

ECB Paper Marks Success Factors for CBDCs, Digital Euro

A paper published by the European Central Bank (ECB) discusses various conditions for successful implementation of central bank digital currencies (CBDCs) such as the eurozone’s own digital euro. The authors also point to different risks that such projects entail, like the danger of crowding out the private sector. ECB: Digital Euro Should Be Widely Used […]

Continue Reading

Russia to Decide Fate of Crypto Exchangers in 2022

Russia to Decide Fate of Crypto Exchangers in 2022

Discussions on the future of “virtual currency exchangers” in Russia should be completed in 2022, a high-ranking representative of the country’s financial watchdog has indicated. Following international standards, authorities in Moscow would have to either regulate or ban such platforms. Decision on Digital Currency Exchangers in Russia Expected Next Year Considerations regarding the regulatory treatment […]

Continue Reading

Indonesia’s Central Bank Considers Issuing Digital Currency to ‘Fight’ Crypto

Indonesia’s Central Bank Considers Issuing Digital Currency to ‘Fight’ Crypto

Bank Indonesia, the country’s central bank, is reportedly considering issuing a central bank digital currency (CBDC) to fight the use of cryptocurrency. “A CBDC would be one of the tools to fight crypto. We assume that people would find CBDC more credible than crypto,” said an assistant governor of the central bank. Central Bank Sees […]

Continue Reading

Annual Volume of Crypto Transactions Made by Russians Reaches $5 Billion, Bank of Russia Finds

Annual Volume of Crypto Transactions Made by Russians Reaches $5 Billion, Bank of Russia Finds

With the growing capitalization of the crypto economy, Russians have been making crypto transactions worth billions of dollars a year, data gathered by the Central Bank of Russia shows. Russian residents are some of the most active participants in the crypto market, the regulator has acknowledged. Russians Among Most Active Crypto Users, Central Bank Admits […]

Continue Reading

Tanzania has begun preparations to launch its own central bank digital currency

Tanzania has begun preparations to launch its own central bank digital currency

Bank of Tanzania, the country’s central bank, has begun the process of launching its own digital currency. Governor Florens Luoga reportedly revealed the news at the central bank-organized 20th Conference of Financial Institutions (COFI) on Thursday. He said, “the Bank of Tanzania has already begun preparations to have its own CBDC” to ensure that the […]

Continue Reading

Bank of Russia Pushes to Introduce Liability for Illegal Use of Digital Assets

Bank of Russia Pushes to Introduce Liability for Illegal Use of Digital Assets

The monetary authority in Moscow, the Bank of Russia, wants those who use cryptocurrencies against the law to be held accountable. The financial regulator has proposed the introduction of legal liability for some operations with digital assets which it considers illegal. Central Bank of Russia Aims to Prevent Circulation of Decentralized Currencies Cryptocurrencies in the […]

Continue Reading

Here’s how El Salvador’s president plans to use bitcoin bonds

Here’s how El Salvador’s president plans to use bitcoin bonds

El Salvador’s president, Nayib Bukele, is planning to use a so-called bitcoin bond to fund a new municipality called “Bitcoin City,” which would be powered with geothermal energy from a volcano.  Bukele announced the plan in the late evening of Nov. 20, speaking on stage during an elaborate grand finale to wrap up the LABITCONF […]

Continue Reading

Biden re-nominates Powell as Fed chair, with Brainard as vice chair

Biden re-nominates Powell as Fed chair, with Brainard as vice chair

On November 22, the White House announced the re-nomination of Jerome Powell to serve as the chairman of the Federal Reserve Board.  Powell, a Republican who began his current term under President Trump, has enjoyed a reputation as a moderate in volatile times. Thanks to that reputation, he has been the presumptive candidate for Biden’s […]

Continue Reading

Central Bank of Peru Will Develop a Digital Currency

Central Bank of Peru Will Develop a Digital Currency

The Central Reserve Bank of Peru, the Peruvian central bank, is planning to develop a central bank digital currency (CBDC) like other economies of the world. The announcement was made by its president, Julio Velarde, who stated that the currency would be designed for use primarily in payments. However, Velarde also acknowledged this was not […]

Continue Reading