What Does The Digital Yuan Mean For Bitcoin? – Bitcoin Magazine

The Chinese government hasn’t been too kind to cryptocurrencies in the past years. First, initial coin offerings (ICO) were banned in China in September 2017. Then, following the crackdown on ICOs, exchange platforms that traded cryptocurrencies or provided facilitation services were also ordered to be closed. This made the task of purchasing bitcoin almost impossible for investors in China.  However, this was not merely a blanket ban. It  was a preparation for things to come.  To understand the harsh attitude of the Chinese government toward cryptocurrencies, we have to look…

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Art or digital heresy? – Cointelegraph Magazine

Since 2011, a group of enthusiasts and collectors have been obsessed with the physical manifestation of Bitcoin.  On the face of it, physical Bitcoin seems like a contradiction to the key terms that define it, so a trustless, instantly transferable virtual currency becomes a real world coin that has all the disadvantages of Earth-bound cash. But there are numerous advantages too when it comes to privacy, storage and ease of use — and they look pretty cool too. “A lot of people know about Bitcoin, but very few people actually…

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IMF Says Only 23% of Central Banks Can Legally Issue Digital Currencies

Researchers at the International Monetary Fund (IMF) have examined the central bank laws of 174 IMF members to answer the question of whether a digital currency is really money. They found that of all the central banks studied, only about 23%, or 40 central banks, “are legally allowed to issue digital currencies.” IMF Explores if Digital Currency Is Money The IMF published a blog post on Thursday exploring whether digital money is really money in the legal sense. The post is authored by Catalina Margulis, a consulting counsel in the…

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Ukraine taps Stellar to develop digital asset infrastructure, including CBDC framework

The Stellar Development Foundation has signed an agreement with the Ukrainian government to facilitate the creation of a digital asset ecosystem, including a framework for a central bank digital currency, or CBDC.  Ukraine’s Ministry of Digital Transformation announced Monday that it has entered into a Memorandum of Understanding with the Stellar Development Foundation. The MOU outlines Ukraine’s strategy for developing virtual assets and CBDC infrastructure. This includes providing support to projects specializing in digital assets, implementing and regulating stablecoin circulation and promoting the development of a CBDC.  A press release…

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Digital Currencies Could Outshine SWIFT System, Says Central Bank of Russia’s Deputy Governor

The first deputy governor of the Central Bank of Russia (CBR) has been vocal in a recent online meeting, reported by Russia Today (RT), about the topic of digital currencies challenging the SWIFT international payments system and make it redundant. Digital Currencies Could Challenge SWIFT System, Even Replace It According to Olga Skorobogatova, the development of digital coins makes international banking payment systems a topic of discussion, in the way that such traditional logic could become obsolete. She backed her comments on the fact that over 30 financial regulators “are…

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Russia’s central bank digital currency: Prospects and problems

Active digitalization of large domestic financial institutions is a noticeable, definitely positive trend. Russia is one of the five world leaders in the speed of transition to cashless payments, and the number of contactless transfers and payments are increasing every year. Such active development requires changes in legislation, and inevitably, many specialists and representatives of the financial sphere turn to the issue of cryptocurrency and its place in the modern financial world. In this matter, the Bank of Russia’s policy mainly focuses on destigmatizing the discourse that surrounds cryptocurrencies. The…

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China has no plan to replace USD with digital yuan, former PBoC head says

The Chinese government is not seeking to replace existing fiat currencies with its own digital currency, according to a former governor of the People’s Bank of China, or PBoC. Zhou Xiaochuan, the president of the Chinese Finance Association and former PBoC governor, claimed that China’s digital yuan is not intended to replace global fiat currencies like the United States dollar and the euro, the South China Morning Post reported on Dec. 14. Also known as a digital currency electronic payment, or DCEP, China’s digital yuan is purely designed to transform cross-border…

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Digital Euro, CBDCs and Bitcoin – Bitcoin Magazine

Listen To The Episode: This episode of Bitcoin Magazine’s Fed Watch is a cosmic ride though the broad topics of money, central banks, and bitcoin. My co-host Christian Keroles and I started by extending the analogy of a financial hurricane, which I spoke about in another recent podcast. Many people point to certain asset price rises as a sign of inflation, however, I argued that it is a natural evolution of prices due to the malfunctioning financial system. This malfunctioning financial system acts similarly to a physical natural disaster by…

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Mysterious ‘cat burglar’ pilfers CryptoKitty from digital art installation

On Friday, Kevin Abosch — an Irish conceptual artist who was among the first to use blockchain technology as a medium — reported that a dastardly heist had been committed in one of his on-chain installations, an Ethereum wallet-turned-artwork titled “Stealing The Contents of This Wallet Is a Crime” (2018). In a Tweet the artist, whose work has been exhibited at The Hermitage, said that a CryptoKitty had been swiped from the freely-accessible address: Hi @CryptoKitties/@dapperlabs – Someone tipped me that “IAMA Kitty” was sitting in the #crypto wallet of…

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Lebanon to launch digital currency in face of economic and financial turmoil

Lebanon’s central bank plans to launch a new digital currency in 2021 as part of a broader effort to combat a parallel economic and financial crisis that has engulfed the country. Central bank governor Riad Salameh told a gathering of officials Monday that “we must prepare a Lebanese digital currency project” as a way to shore up confidence in the banking system. “As for the monetary supply in the Lebanese market, it is estimated that there are $10 billion stored inside homes,” Salameh said, according to the state-run National News Agency.…

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