• Bank of International Settlements backs CBDCs
    Politics

    CBDCs could be a ‘sea change’ for payments, Bank of International Settlements says

    The Bank of International Settlements has come out firmly in favor of central bank digital currencies (CBDCs) in a new report—calling them a potentially evolutionary change that can “set high standards for safety and risk management and serve as a basis for sound innovation in payments.”

  • French test digital euro
    Cryptocurrencies,  Politics

    France successfully tests digital euro

    Further experiments are set to take place in the coming weeks, Banque de France said, as the global race to launch a central bank digital currency heats up

    In Banque de France’s experiment on May 14, a blockchain developed by its team was used to settle an issue of digital securities by Société Générale. Covered bonds worth $44 million were issued as security tokens directly registered on a public blockchain.

  • China testing digital yuan
    Cryptocurrencies,  Politics

    China testing digital yuan in four cities

    European and Asian countries have been scrambling to catch up in the race for a digital currency, even as the U.S. drags its heels; annoucement suggests no 2022 Winter Olympics roll-out

    The People’s Bank of China (PBoC) said in an April 17 release that its prototype, central bank-issued digital yuan is being put through its paces in Shenzhen, Chengdu, Suzhou, and Xiong’an, which lies about 60 miles from Beijing. It will also be tested at the 2022 Winter Olympics in Beijing.

  • crypto’s use as currency is growing
    Cryptocurrencies,  Technology

    Although ranked last for trustworthiness, crypto’s use as currency is growing

    60% of those polled are currently using cryptocurrencies for day-to-day purchases or plan to do so within a year, according to an Economist Intelligence Unit survey

    Although nearly 40% cryptocurrencies face an uphill struggle against distrust to be crowned as its anointed successor.