American blockchain and software development firm Orchid Labs has launched its privacy network alongside its native token OXT. According to a blog post on Dec. 16, Orchid’s digital currency OXT was immediately available for trading on major United States-based cryptocurrency exchange Coinbase Pro. According to an announcement, OXT will be available in Coinbase’s supported jurisdictions, with the exception of New York State. Coinbase Pro started accepting OXT deposits on Dec. 13. OXT token allows one to buy and sell VPN services or provide bandwidth As previously reported, Orchid provides a decentralized virtual private network (VPN) for anonymous communication and virtual …

Sweden’s central bank is planning plans to create a pilot platform for a digital currency known as the e-krona. While Switzerland took a negative stance towards a central bank digital currency (CBDC) earlier today, with its government claiming that it could do more harm than good, Sweden is starting to explore the potential benefits of e-krona, Reuters reports Dec. 13. Riksbank eyes partnership with Irish professional services firm Accenture According to the report, Riksbank, Sweden’s central bank, said that it would partner with Irish professional services company Accenture to create a pilot platform for a digital currency dubbed the e-krona. …

Cryptocurrency and blockchain technology continues to be a global phenomenon, with adoption and utilization cases emerging in almost every corner of the globe. Digital technology has become so popular that it is now a major talking point not only in the financial sector but also in politics and governance. The seven “-stan” countries of Central and South Asia — Pakistan, Kazakhstan, Afghanistan, Kyrgyzstan, Uzbekistan, Tajikistan and Turkmenistan — haven’t shied away from the sweeping digital technology phenomenon. Whether it be revitalizing Afghanistan’s healthcare sector with blockchain adoption or introducing a waiver for crypto mining in Kazakhstan, digital technology utilization appears …

China’s securities regulator is reportedly setting up a tech division that will be headed by the former chief of the central bank’s digital currency initiative. Yao Qian, a former director of the Digital Currency Research Institute at the People’s Bank of China (PBoC), will serve as director at the China Securities Regulatory Commission’s (CSRC) first technology supervision department, Beijing-based media outlet Caijing reports Dec. 11. Yao was the first director of the PBoC’s Digital Currency Research Institute As reported, Yao is now working as general manager at China Securities Depository and Clearing (CSDC), a branch of the CSRC. According to …

The Bank of Lithuania said that central banks’ “parental controls” are obsolete when it comes to crypto assets, but that should not prevent them from entering the space in order to understand it. In an analysis dedicated to central bank digital currencies (CBDCs) released on Dec. 10, the Bank of Lithuania argued that banks should participate in the digital asset space in order to gain experience with the rapidly developing asset class. Bank board member Marius Jurgilas said in an accompanying statement: “It is fascinating to follow how fast the area of digital assets and currencies is evolving. It is …

The adoption rate of blockchain technology in China continues to impress as the Bank of China has reportedly issued 20 billion yuan ($2.8 billion) in blockchain-based special financial bonds for small and micro-enterprises. According to local news outlet Sina Finance in early December, the funds are specifically used to issue loans to these Chinese small and micro-sized companies to support their continued development in the economy. As of the end of September, the Bank of China issued around 404 billion yuan ($57.7 billion) to 410,000 small and micro enterprise customers, representing an increase of 35% since a year ago. As …

China is at last planning to conduct the first real-world test of its central bank digital currency (CBDC), fresh reports claim. According to local news outlet Caijing on Dec. 9, the initial pilot for the CBDC is set for the city of Shenzhen before the end of 2019, and may possibly include the city of Suzhou. Banks in a digital currency “horse race” Under the auspices of China’s central bank, the People’s Bank of China (PBoC), four major banks and major economic participants such as China Telecom will test digital currency payments. “One step will be to rationally select the …

No global stablecoin project will begin operation in the European Union (EU) until the associated risks to monetary sovereignty are addressed, according to EU authorities. In a joint statement adopted by the Council of the European Union and the European Commission (EC), the Council and the Commission admitted that stablecoins may be effective at providing cheap and fast payments, but they have far more risks and challenges. The statement was approved by the Economic and Financial Affairs Council (ECOFIN), one of the oldest configurations of the Council, on Dec. 5, based on the data in an official document released in …

The central bank of France plans to pilot a central bank digital currency (CBDC) for financial institutions in 2020. François Villeroy de Galhau, the governor of the Bank of France, announced that the bank will start testing the digital euro project by the end of the first quarter 2020, French financial publication Les Echos reports Dec. 4. The Bank of France confirmed the news on Twitter, noting that the announcement was made at a conference co-hosted by two major French financial regulators, the French Prudential Supervision and Resolution Authority and the Autorité des marchés financiers. Digital euro pilot won’t involve …

Bank of Japan (BOJ) Governor Haruhiko Kuroda said that there is no public demand for a central bank digital currency (CBDC) in the country. During his speech at the symposium for the 35th anniversary of the Center for Financial Industry Information Systems on Dec. 4, Kuroda addressed the challenges posed by private global stablecoins and CBDCs. He concluded that at present there is no reason to issue a CBDC in Japan: “In Japan, the amount of cash outstanding is still increasing, and it does not seem that there is a demand for CBDC from the public at present. Nevertheless, the …

MUFG Bank, the largest bank in Japan and the world’s fifth-largest bank, has denied reports that it plans to launch a digital currency in Japan next year. In a statement on Dec. 4, Mitsubishi UFJ Financial Group Bank (MUFG) said it had not decided whether a recent business partnership would ultimately form a digital currency entity. MUFG: digital currency claims unofficial Previously, various local English-language media outlets including Japan Times had reported that MUFG was eyeing a release date in the first half of 2020 for an as-yet-unnamed digital currency. “These reports are not based on any announcement made by …

Blockchain startup LifeLabs announced that it is developing a digital currency dubbed BVI~LIFE in partnership with the British Virgin Islands (BVI). According to a press release on Dec. 3, the currency is part of a broader initiative to grow the local fintech sector and will be presented during the BVI Digital Economy symposium. The coin will be a stablecoin pegged 1:1 to the U.S. dollar — which the BVI have used since 1959 — and its use is expected to reduce transactional fees, increase transaction speed and be accessible to outsiders such as tourists. LifeLabs is also developing Rapid Cash …