When the crypto bubble was on the rise, it prompted governments to step up development of their own form of electronic cash, known as central bank digital currencies. Now that enthusiasm for crypto has waned, will CBDCs fade away, too? I believe they still have ample potential to fulfil the promise of a more efficient … Read more
The Eastern Caribbean Central Bank is celebrating 40 years since its founding. What do you view as the main benefits of the Eastern Caribbean Currency Union? The main benefit, without a doubt, is relatively low inflation over an extended period. Since 1976, we have pegged US$1 to EC$2.7. Our inflation is largely imported and typically … Read more
DUBAI, United Arab Emirates, Nov. 24, 2023 (GLOBE NEWSWIRE) — OKX, a leading crypto exchange and Web3 technology company, has issued updates for November 24, 2023. OKX to List Fetch AI (FET) and SingularityNET (AGIX) on its Spot Market OKX today announced that it will list two tokens on its spot market at 10:00 (UTC) … Read more
To safeguard consumers’ interests in a fast-evolving digital financial landscape, Circle is a strong proponent of responsible and globally applicable stablecoin rules that ensure transparency, security and compliance with financial regulations. To cater to enterprise clients like Singapore-headquartered superapp Grab and convenience store chain FamilyMart in Taiwan, Circle offers a suite of Web3 services – … Read more
Harare skyline, including the Reserve Bank of Zimbabwe tower in the centre Zimbabwe’s central bank lowered its policy rate by 20 percentage points, to 130%, on October 23. This is the first change to the policy rate since June, when Zimbabwe devalued its currency and raised its rate 1,000 basis points. According to official statistics, … Read more
“Modern money is backed by a series of institutions, mostly housed in central banks. Its value rests on confidence. The value of money requires not just the belief of the public at a point in time but, critically, the consent of the public at all times … When it comes to money, the consent and … Read more
Will the use of CBDCs improve cross-border payments? Central Banking Source link
Imagine a world where a party could buy or sell currencies at the market rate, and get their hands on the cash in close to real time without having wait for the trade to settle two days later. Settlement and counterparty risk would be close to zero and funding costs would be slashed. Fewer intermediaries … Read more
Some China watchers have recently sounded the alarm that the digital yuan, a central bank digital currency, is poised to challenge the U.S. dollar’s dominance in the global financial system. Could China’s new digital currency soon displace the dollar as the favored means of pricing commodities, powering global commerce, and banking foreign currency reserves? Might … Read more
Singapore’s financial regulator on Tuesday said it had finalized rules for a type of digital currency called stablecoin. Reserves that back stabelcoins must be held in low-risk and highly-liquid assets. They must equal or exceed the value of the stablecoin in circulation at all times, the rules say. The stablecoin market is valued at around … Read more