The Bank of Jamaica invited technology solution providers to develop and test potential central bank digital currency, or CBDC, solutions. According to a statement published July 17, interested companies have been requested to submit the details of their solutions to the bank by Aug. 7, 2020. The developed solutions will be tested within the Fintech Regulatory Sandbox recently established by the bank It will ensure adequate consumer protection and data privacy before the solutions are introduced to the Jamaican economy, the bank said. Not a cryptocurrency The central bank stated that a bank-issued digital currency would be a fiat currency …
Thailand’s central bank has reportedly entered a new phase in the development of its central bank digital currency, or CBDC. The Bank of Thailand, or BOT, has reportedly deployed its CBDC, and has been using the digital currency for financial transactions with some large businesses, local English-language newspaper The Nation reports July 16. Thailand to roll out CBDC testing with the Hong Kong’s central bank in September The bank has entered the third phase in development of the digital baht and plans to expand to more businesses, BOT assistant governor, Vachira Arromdee, reportedly announced on Wednesday. According to the report, …
Sky Guo, founder of the Cypherium blockchain, predicts that central bank digital currency cross-border payments will happen “in the next couple years” or “even sooner”. In an interview with Cointelegraph on July 13, Guo said that CBDC development among central banks makes it likely that certain countries in European Union, China and America, will take the lead and experiment with cross-border payments sooner than expected. CBDC cross border challenges Countries around the world are experimenting with CBDC pilots domestically, such as ride-sharing giant Didi signing “a strategic partnership” with the Digital Currency Research Institute of The People's Bank of China. …
This live stream has now ended. A large-scale Twitter attack has taken over the accounts of some of the most powerful verified accounts in the world including: Joe Biden, Elon Musk, George Wallace, Bill Gates, Kanye West, Kim Kardashian, Wiz Khalifa, Warren Buffett, Mike Bloomberg, Barack Obama, and Jeff Bezos. Business accounts from Uber, Twitter Support, Coindesk and many others were likewise affected. The accounts are running a Bitcoin ‘giveaway’ scam and have so far conned Twitter users out of 12.8 BTC, or roughly $118,000. Join us as Cointelegraph hosts Jackson and Giovanni discuss the hack with industry experts as …
CloudCoin announced the launch of its cloud-based digital currency on July 15. With no blockchain, public ledger, accounts or encryption, CloudCoin claims it is the most private digital currency ever created. It uses technology adapted from the internet’s Domain Name Service, or DNS, to enable secure email-to-email or email-to-wallet transactions. CloudCoin says that it eliminates systemic risk of theft by not requiring private keys which can be stolen, and that lost CloudCoins can even be recovered. Not Bitcoin, not blockchain Since the release of the Bitcoin white paper back in 2008, cryptocurrencies have been inextricably linked with the blockchain technology …
Xiao Gang, the former chair of the China Securities Regulatory Commission, says in his latest book on China capital market reforms that the development of a central bank digital currency (CBDC) will pave the way for digital stocks. Stocks and currencies are separate entities in traditional finance, however blockchain-based digital currencies blur the boundaries between the two and raise new possibilities. Xiao adds that “digital stock is the natural product of digital currency in the future.” Before that can happen a number of challenges that need to be explored in theory and practice including: how to connect the CBDC with …
Mitsubishi UFJ Financial Group, or MUFGt, the fifth largest bank in the world, is reportedly planning to issue its own digital currency in the second half of 2020. Initiated back in 2015, the digital currency project was originally designed to run on a blockchain network and facilitate instant peer-to-peer transactions. Following multiple delays, the initiative is now scheduled to be rolled out no later than 2020, Cointelegraph Japan reports on July 13. “We think that everyone will be able to use it openly” Hironori Kamezawa, president and CEO at MUFG, announced the new plans on Monday to local news agency, …
Kazakhstan officials revealed the nation’s digital currency development plan to experts from Russia and China at "2020 Astana Online Financial Day". According to the China Ministry of Commerce on July 1, Kazakhstan plans to double its digital currency mining investment by the end of this year, and continues to develop its central bank digital currency. According to the report, Kazakhstan's digital currency mining project attracted 82.6 million Tenge, which is about 20 million USD. The scale of this investment will increase by 80 million Tenge in 2020. Blockchain and CBDC a work in progress The development of blockchain technology gives …
A digital Canadian dollar should imitate traditional banknotes in terms of availability and accessibility, according to staff from the country's central bank, the Bank of Canada. In an analytical note on June 30, experts from the Bank of Canada revealed some of the goals for its central bank digital currency (CBDC). Analytical notes are a product of staff and analysts at the bank, separate from the Governing Council, so they do not necessarily represent the opinion of the bank itself. The group of experts explained that the CBDC should imitate the features of regular bank notes. This means it must …
The former vice-chair of the People’s Bank of China’s National Council for Social Security Fund, Wang Zhongmin, announced that China has completed the backend architecture development of China’s central bank digital currency (CBDC). Wang made the announcement during the online 2020 Fintech Forum organized by Tencent Fintech Research Institute and the Fintech 50 Forum in Beijing. With so many cryptocurrencies already in existence and in development, China is seeking to create a payment infrastructure in which these currencies can co-exist with sovereign digital currencies. Wang said that such a system will create an environment in the digital currency space for …
Singapore's central bank and financial regulatory authority is looking to cooperate with China in the field of central bank digital money. Ravi Menon, the managing director of the Monetary Authority of Singapore, or MAS, has voiced the country’s readiness to enter into a close cooperation with China in relation to digital currencies. Speaking at a financial forum in Shanghai, Menon highlighted China’s progress in the development of its central bank digital currency, or CBDC, known as the digital yuan. Singapore, which is also actively exploring blockchain-based CBDCs, is looking to exchange related knowledge and expertise with China, Sina Finance reports …
The Marshall Islands’ project says its creation of a digital sovereign currency, named SOV, aims to be a “game-changer”. It could also pioneer how governments respond to crises such as the COVID-19 pandemic. In an exclusive interview with Cointelegraph, Joel Telpner, chairman of Sullivan’s Fintech and Blockchain Practice and Marshall Islands crypto advisor, highlighted that the project still faces “a lot” of challenges ahead, but looks forward to making the work “rewarding.” The current phase of SOV’s project Telpner said that the Islands’ government is currently in an 18 month phase. They’ll be issuing what’s called “preSOV,” which will later …