HSBC, the largest European bank with total assets of $3 trillion, maintains a skeptical stance on cryptocurrency while promoting the development of central bank digital currencies (CBDC). HSBC Group CEO Noel Quinn penned an article titled “New forms of digital money could spur growth,” in which he outlined the firm’s commitment to supporting the concept of a CBDC, as it provides transparent legal tender designed to avoid “many risks” associated with cryptocurrencies and stablecoins. Released on Tuesday, the piece argues that global CBDC efforts like the Chinese digital yuan are the “new form of digital money,” while private money itself, …

The central bank of Ukraine has moved to support the development of the cryptocurrency industry after the Ukrainian parliament adopted a major crypto law in early September. The National Bank of Ukraine (NBU) issued an official statement on the basic principles of monetary policies for the upcoming year in which it paid particular attention to the regulation of cryptocurrencies on Sept. 13. The central bank emphasized that the NBU recognizes the importance of technological innovations associated with virtual assets and sees “many promising opportunities,” like improving access to financial services and increasing competition in the payments market. According to the …

Institutional interest for digital assets continues to grow rapidly, demonstrating that cryptocurrencies, stablecoins and nonfungible tokens (NFT) are here to stay. At the same time, traditional financial institutions are beginning to understand the dire need to properly support digital assets. For example, although payments giants such as Mastercard and Visa currently offer crypto-enabled credit and debit cards, these companies are also forming partnerships with crypto organizations to enable better security and trust for consumers transacting with digital currencies. Shedding light on the matter, Ajay Bhalla, president of cyber and intelligence at Mastercard, told Cointelegraph that Mastercard’s customers and other partners …

Resolution 215 of 2021 issued by the Banco Central de Cuba (BCC) — the country’s central bank — recognizing cryptocurrencies like Bitcoin (BTC) is now in effect. According to Cuba’s official state news agency Prensa Latina, the order became official on Wednesday. With crypto legally recognized by the BCC, Bitcoin and other cryptocurrencies can now be used for commercial transactions and investments in Cuba. As previously reported by Cointelegraph, the central bank first announced plans to recognize and regulate crypto back in late August. Indeed, Resolution 215 of 2021 contains provisions for a licensing regime for crypto exchanges and other …

The Central Bank of the Republic of Turkey (CBRT) has made a major step forward with a research and development project that could see the Turkish lira go digital. On Wednesday, CBRT announced the signing of memoranda of understanding with three domestic research and technology companies that will form the “Digital Turkish Lira Collaboration Platform.” The pool of participants is expected to expand as the project moves forward. The three original technology stakeholders are Aselsan, a major defense corporation, Havelsan, a software and systems developer operating in the defense and IT sectors, and TÜBİTAK Informatics and Information Security Research Center. …

The Republic of Uzbekistan will never adopt cryptocurrencies like Bitcoin (BTC) as a payment method, according to a central bank official. Behzod Khamraev, deputy chairman of the Central Bank of Uzbekistan (CBU), predicted that local authorities will never allow residents to use Bitcoin as payment, alleging that BTC is backed by nothing. In an interview with local business publication Spot.uz, Khamraev argued that Bitcoin is widely considered “speculative” and will never become equal to fiat currencies like the United States dollar, the euro, the Japanese yen or the Russian ruble. The official pointed out that there are about 28 trillion …

The governor of Sweden’s central bank, the Sveriges Riksbank, has dismissed Bitcoin (BTC) as an altogether far-fetched alternative to government-backed fiat currencies. Speaking at a banking conference in Stockholm, Sveriges Riksbank governor Stefan Ingves argued, “Private money usually collapses sooner or later.” In a further disparaging remark, he claimed, “Sure, you can get rich by trading in bitcoin, but it’s comparable to trading in stamps.” Notwithstanding Ingves’ view of Bitcoin’s weaknesses as a currency, he has taken its popularity among investors seriously. Highlighting consumer interests and money laundering as being of particular concern, the central banker conceded this June that …

The governor of the Bank of Mexico, Alejandro Díaz de León, dismissed Bitcoin’s (BTC) position as a reliable legal tender, citing price volatility as a major roadblock toward full-fledged adoption. Díaz de León said in a Reuters interview that Bitcoin’s position in today’s financial system resembles “a dimension of precious metals” when compared to the central bank’s fiat money. In stark contrast to El Salvador’s mainstream Bitcoin adoption that requires businesses to accept payments in Bitcoin, Mexico’s central bank chief questioned Bitcoin’s position as a viable legal tender: “Whoever receives bitcoin in exchange for a good or service, we believe …

Two Central American countries, Honduras and Guatemala, are taking a cue from their common neighbor’s adoption of Bitcoin (BTC), but they are taking a very different road. Instead of embracing an existing cryptocurrency as a legal tender, like what El Salvador did, the central banks of Honduras and Guatemala are currently studying central bank digital currencies (CBDC). Following the approval of the board of directors, the Central Bank of Honduras kicked off a study “to determine the feasibility of conducting a pilot test issuing its own digital money or a central bank digital currency,” according to Honduras central bank president …

Global payment network Roxe has recruited a seasoned economist from the International Monetary Fund, or IMF, to help lead its central bank digital currency project backed by Bitcoin’s (BTC) hashrate. Andreas Jobst, whose career spans the IMF, World Bank and Bermuda Monetary Authority, has been appointed as Roxe’s chief currency economist, the company announced Wednesday. Jobst will be tasked with helping to scale Roxe’s CBDC Plus Program and payment network, which allows countries to issue new primary or secondary fiat currencies backed by the computational power of Bitcoin. Jobst’s most recent appointment at the IMF was an unspecified role in …

The central banks of Australia, Singapore, Malaysia and South Africa have announced a joint initiative to trial international settlements using central bank digital currencies (CBDC). The initiative, dubbed Project Dunbar, will prototype shared platforms enabling direct transfers between institutions using digital currencies issued by multiple central banks. The pilot’s findings will be used to inform the “development of global and regional platforms” in addition to supporting the G20’s roadmap for improving cross-border payments. Project Dunbar will be carried out in partnership with the Bank for International Settlements (BIS) Innovation Hub from its Singapore Center. The project will engage multiple partners …

Lesetja Kganyago, governor of the South African Reserve Bank (SARB), has argued against classifying crypto as currencies. According to a report by MoneyWeb, the central bank chief likened crypto to assets rather than currency during an interactive session at the Wits Business School Leadership Dialogues. According to South Africa’s central bank governor, cryptocurrencies only meet two of the three currency criteria, stating: “A cryptocurrency is a store of value. It is a medium of exchange, but is not generally accepted. It’s only accepted by those who are participating in it.” Kganyago’s comments are a common criticism leveled by central bankers …