As the world turns more digital, crypto's pioneer asset Bitcoin (BTC) could take on gold's store of value role, according to the CEO and co-founder of Digital Assets Data, an analytics firm. "I see Bitcoin replacing gold as the hardest money for savers with long time horizons," CEO Mike Alfred told Cointelegraph. "Young people are far more interested in Bitcoin in a world where the economy becomes increasingly online and virtual," he added. Bitcoin has gained significant status since inception Since its launch over a decade ago, Bitcoin has travelled a price path from less than a dollar, all the …

Consumer-facing digital currency solutions will not be taken seriously by central banks, according to a Visa executive. Visa head of crypto Cuy Sheffield tweeted on May 18 that he does not believe central banks are interested in providing a central bank digital currency (CBDC) directly to consumers, stating: “If a central bank decides to offer a digital wallet directly to consumers then by default CBDC and the central bank would have to become a household brand but this approach seems unlikely to be taken seriously by most major central banks due to operational challenges.” Sheffield’s remarks follow a report released …

A number of countries such as China and Sweden are already experimenting with central bank digital currencies, which are also referred to as CBDCs. The implementation of this new type of money requires a number of aspects including technology advancement and specific regulation. According to a key official at the European Central Bank, the main challenge of CBDC is philosophical rather than technological. Yves Mersch, an executive board member at the ECB, has again discussed CBDC issues at an "ask me anything" session hosted by Consensus: Distributed on Monday. At the session, the ECB executive reiterated that the central bank …

No central bank is currently working on a Central Bank Digital Currency, or CBDC, that can be used by consumers, according to enterprise blockchain firm, R3. A recent report by R3 claims that no central bank is currently pursuing the development of a retail CBDC. As the authors of the document explain, CBDC’s are divided into wholesale and retail: the first is limited to commercial banks while the latter can involve corporations, small businesses, and even individuals. The report explains that a wholesale CBDC is just a new modernization step for central banks, while a retail CBDC “is an opportunity …

In a fresh move to revive Facebook-backed digital currency project Libra, the Libra Association has onboarded another member. British payment startup Checkout.com has joined the Libra Association, becoming the 24th member engaged with the mission of building a better global payment network, Libra tweeted on April 28. Tech advancements would fail without necessary regulatory frameworks Guillaume Pousaz, Checkout.com founder and CEO, officially announced the news in a company statement on Tuesday. The executive outlined that Checkout.com joins Libra’s efforts to not only promote technological advancement but contribute to the formation of necessary regulatory framework to drive mass adoption of better …

As China is moving forward with blockchain projects amid the COVID-19 crisis, the government has tapped another tech partnership to continue the development of China’s digital yuan. Domestic artificial intelligence (AI) startup SenseTime has partnered with the People’s Bank of China’s (PBoC) Digital Currency Research Institute to provide its AI expertise amid the reported trials of the central bank’s digital currency (CBDC). SenseTime to accelerate AI advancement in a joint body with PBoC SenseTime, purportedly the world’s highest-valued AI startup with an over $7.5 billion valuation, will work with the PBoC to improve risk control and operational capabilities across financial …

Crypto.com and The Economist teamed up to survey more than 3,000 consumers on issues concerning crypto assets. The survey found far greater trust in central bank digital currencies, or CBDCs, than decentralized cryptocurrencies — indicating that crypto is still yet to gain widespread trust from the public. Cointelegraph spoke to Crypto.com COO, Eric Anziani, to discuss the survey’s findings. Twice as many people trust CBDCs over decentralized crypto The survey found that 38% of consumers consider decentralized cryptocurrencies not to be trustworthy. 26% expressed trust in decentralized crypto, while 25% said they sit in the middle.11% indicated that they did …

Economist and academic John Vaz believes Bitcoin (BTC) still faces stiff competition from Facebook’s troubled Libra project. Vaz told Cointelegraph that Bitcoin has scaling challenges in terms of payments and was used disproportionately as a vehicle for speculation. By contrast he said Libra has been purpose-built to scale as a payments network and could quickly emerge as a major competitor despite its ongoing issues with regulators. “Libra isn’t dead,” he said,“they’re just navigating the regulatory nightmare.” However, Vaz dismissed central bank digital currencies (CBDCs), describing them as a weak “defensive posture” in response to the threat crypto assets posed to …

According to top government officials in Japan, the current national tax system is not yet capable of accepting declarations of digital assets, potentially leading to outflows overseas. In a Q&A session at the Financial Statements Committee on April 6, Representative Shun Otokita of the Japan Innovation Party pointed out the importance of market research for the introduction of separate taxes for crypto currencies. Otokita was concerned with the current high-tax system in Japan. He acknowledged that it would be difficult to quickly change the tax code to apply to digital assets, and indicated the necessity of market research to determine …

The ongoing coronavirus pandemic accelerates central bank digital currency (CBDC) developments, according to Deutsche Bank macro strategist Marion Laboure. In a tweet from April 3, Deutsche Bank cites Laboure’s claim that the risk of cash spreading the coronavirus further will motivate authorities to consider digital alternatives. CBDCs: a necessary response to the coronavirus As Cointelegraph reported in mid-February, China started a quarantine of its used banknotes in an attempt to stop the spread of the coronavirus. Research published in 2008 showed that the influenza virus was able to survive on banknotes up to 17 days. Laboure claims that governments increasingly …

The Bank of International Settlements (BIS) has issued a report arguing in favor of central bank digital currencies (CBDCs) and digital payments amid the COVID-19 pandemic. The bulletin published by the BIS, a 600-member international financial institution representing the central banks of 60 countries, urges central banks to consider developing CBDCs in light of concerns regarding the spread of coronavirus through existing payment methods. BIS warns of COVID-19 transmission via credit card terminals The report notes a significant negative change in consumer attitudes regarding the use of cash in response to the World Health Organization’s (WHO) warning regarding the spread …

As a number of global jurisdictions like the Bahamas and Sweden are already testing their central bank digital currencies (CBDC), French central bank is getting more straightforward regarding its own CBDC plans. The Bank of France is now officially launching a program of experiments to test the integration of a CBDC for interbank settlements, inviting potential participants to submit their applications. Bank of France doesn’t insist on blockchain implementation for CBDC According to a March 30 document, France’s central bank is calling for applications to experiment with the use of a digital euro, aiming to explore the potential CBDC opportunities …