The Republican U.S. Senator, Cynthia Lummis, representing Wyoming, revealed at a recent crypto event in Washington D.C. that the U.S. is losing out on the crypto space. Dubbed “Crypto Queen,” Lummis disclosed that she bought her first Bitcoin in 2013 and wished she had bought more of the token. Supporting Crypto Regulation It is not…
Central bankers are scheduled to begin testing the digital euro this year, which has prompted EU finance ministers to demand that it offer both transparency and privacy. The idea of a digital euro had first been introduced back in October 2020 and the European Central Bank (ECB) is spearheading its development. In 2021, the ECB…
Crypto adoption thrives where there is official approval. And a government agency approving the use of digital assets could help boost its expansion. Financial institutions operating in South Africa and having crypto clients can now offer digital asset services. South Africa’s central bank has approved financial services providers to offer crypto services to their clients….
The United States-based crypto firm Ripple has partnered with the foreign exchange platform, Travelex, to facilitate cross-border payments between enterprises. Accordingly, the new development would see Travelex utilize Ripple’s XRP token to process transactions in Brazil. Meanwhile, Travelex will use RippleNet’s On-demand Liquidity (ODL) to facilitate payments between entities using XRP. The Brazilian Central Bank…
Since the advent of digital currencies, various institutions have been exploring their potential. Various institutions, including central banks, have supported using these nascent technologies for payment. This is due to the ease of usage, speed, and financial inclusion it offers even to unbanked citizens. Meanwhile, central banks and other financial institutions are exploring the usage…
The Director of Brazil’s central bank, Fabio Araujo, has lauded Bitcoin’s properties. He referred to the flagship currency as the catalyst for Web3 development. According to the Director, BTC is a financial asset that uses modern technology. He made this statement while speaking at an event sponsored by a Business School in Sao Paolo. Furthermore,…
Today, Israel has imposed further restrictions on the usage of cash for payment. The aim is to reduce the case of illegal activities and increase the usage of digital payment options. Israel Government Pushing Citizens To Embrace Digital Payment In January 2019, the government subjected Israeli consumers and businesses to cash payment limits. It also…
The CBK (Central Bank of Kenya) is working on issuing a digital Shilling. This shows that Africa is gradually opening up to the adoption of CBDCs. However, the IMF has warned that Kenya’s CBDC could limit private digital currencies. Also, it could harm banks and fintech firms by stealing their customers. Hence, the IMF has…
China has been making headlines with its CBDC recently. The digital Yuan has received wide usage compared to other CBDCs globally. Meanwhile, the country has vowed to safeguard the privacy of those using the digital Yuan. This is due to recent criticisms from analysts. China To Prevent Illicit Usage Of The Digital Yuan According to…
As technology continues to advance, the issue of cybersecurity becomes more crucial for companies. This is due to increased fraud and data theft going on the internet. As a result, the CEO of PolySwarm firm, Steve Bassi, has called on firms to embrace blockchain technology for improved cybersecurity. PolySwarm’s CEO Highlights The Need For Blockchain …
After launching the eNaira about nine months ago, the adoption rate is still shallow. Meanwhile, the CBN (Central Bank of Nigeria) governor, Godwin Emefiele, blamed commercial banks for the low patronage. Additionally, he stated the banks do not like the idea of a CBDC. This is because the increased usage of the eNaira will not…
According to the British Financial Conduct Authority (FCA), the United States and the United Kingdom will boost their cooperation on cryptocurrency regulation. The FCA noted that before now, most businesses would have argued for lesser regulation. However, recent occurrences have changed their minds. Now, these investors value and recognize the fact that regulations exist to…
Recently, the US Fed Reserve held a conference in the United States. The panelists agreed that a digital Dollar would not affect the international currency system. Additionally, they agreed that other CDBCs do not threaten the value of the USD. However, well-developed cryptos could change the global role of the USD. Some members stated that…
Despite the IMF’s stance toward crypto, the agency has acknowledged the usefulness of digital assets. The organization believes digital assets could become an alternative to conventional financial products. In June, the IMF (International Monetary Fund) published a blog post citing the usefulness of cryptos and CBDCs. It believes they can be more effective for payment…
Recently, there was turmoil in the stablecoin industry. This was after the popular DeFi platform, Terra, collapsed. Also, its stablecoin, the USD crashed, and several investors lost millions of dollars. Following the news, a Swiss National Bank (SNB) executive has commented on the matter. The executive, Thomas Moser, believes that regulators would favor centralized stablecoins…
The recent crash in the crypto sector has caught the attention of global authorities. Several regulatory agencies are sitting up on the issues of crypto regulation. According to the Bank of Canada, urgent regulation is needed in the crypto sector. It added that: “The sector is growing and might affect the overall financial market if…
A recent report states that Brazil’s central bank is developing a unique kind of CDBC. According to the central bank’s president, the CBDC will be used for wholesale purpose. Also, private banks will be able to use the digital Real as collateral to issue stablecoins. Digital Real Will Be wholesale Oriented Brazil plans to issue…
KenGen, an energy company in Kenya, has good news for BTC miners. The company has excess renewable energy, which it is willing to sell. Additionally, the firm stated that over 86% of its power is renewable. The report states it is mainly from a geothermal source. Also, the company has rentable land at its power…
The central bank of Russia will ensure that the digital ruble they are developing will be available for use by non-residents and would also be convertible into digital currencies. The regulator has reiterated its concerns about the risks pertaining to currencies in a document that’s aimed at digitalizing the Russian financial sector and said that…
According to Nigerian cryptocurrency and blockchain experts, most of the people will only consider using the e-naira, once the country’s central bank makes enough effort to make the CBDC an attractive currency to use. The Central Bank of Nigeria (CBN) recently made claims that majority of the people in the country of about 200,000 residents…
