• libra stablecoin launch January
    Uncategorized

    Facebook’s Libra stablecoin could launch in January

    The Libra Association expects to launch a dollar-backed stablecoin early next year—but is it just limping in the direction of the finish line?

    According to a Nov. 27 Financial Times report, Libra will launch in January with just a single dollar-backed stablecoin. The exact launch date depends on when the association receives the Swiss Financial Market Supervisory Authority’s approval to operate as a payments service, which could come in January after the May 2020 application.

  • Bank England not protect banks
    Cryptocurrencies,  Politics,  Regulation

    Bank of England: Not our job to protect private banks from central bank digital currencies

    Bank of England Deputy Governor Jon Cunliffe said that private banks will have to adapt to a new financial system on their own

    Cunliffe explained that private banks will have to adapt to survive in the new financial system and pointed out that Bank of England’s “job is to ensure that if bank business models change, we manage the financial and macro-economic consequences of” the shift. Furthermore, he said that CBDC research should be prioritized to avoid the private sector deploying digital currencies before public institutions:

  • Tech giants force central bank innovation
    People,  Politics,  Technology

    Bank for International Settlements official: Tech giants forcing central banks to innovate

    Benoît Coeuré argued that financial innovation by private companies is behind the recent embrace of central bank digital currencies

    “If the ECB, the Fed and the other central banks want to continue to fulfill their role vis-à-vis society, which is to ensure financial stability and to ensure that monetary policy can be adjusted, broadcast throughout the economy, they must adapt their intervention methods to the new digital situation," said Coeuré.

  • CBDC Google searches
    Politics,  Technology

    Central bank digital currencies capture public’s interest like Bitcoin, Libra

    Google searches about CBDCs have grown as fast in 2020 as Facebook’s Libra did last year and Bitcoin in late 2017/early 2018

    According to an Aug. 24 report from the Bank for International Settlements, “there is growing discussion of a new payment technology: central bank digital currencies (CBDCs).”