• digital dollar private sector powell
    The government can't build a digital dollar without help, according to Federal Reserve Chairman Jerome Powell (Photo: Wikipedia)
    Cryptocurrencies,  Politics,  Regulation,  Technology

    Building digital dollar requires private sector’s help: Fed Chairman

    Jerome Powell told an international financial conference that ‘the private sector has the experience and expertise’ needed to help build digital currencies

    March 18, 2021 /

    The chairman of the Federal Reserve said today that the U.S. government will have to work with private firms to improve the way money is moved around the world. Speaking via video at a Bank for International Settlement (BIS) conference in Basel, Switzerland on March 18, Jerome Powell acknowledged that the current system of cross-border payments needs to be improved and digitalized. He said: “The COVID crisis as brought into even sharper focus the need to address the limitations of our current arrangements for cross-border payments.” It has, he said, “shined a light on the less efficient areas of our current payment system and accelerated the desire for improvement and digitalization.” A key…

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  • Symbol blockchain launches
    Malaysia's LuxTag is using Symbol for provenance and anti-counterfeiting (Photo: Symbol)
    Uncategorized

    Symbol blockchain launches, with bourbon-backed security token

    Developer New Economy Movement says the public blockchain will run in parallel with its NIS1 blockchain, adding DeFi and security token capabilities

    March 17, 2021 /

    NEM’s Symbol is intended to run in parallel with its NIS1 protocol, expanding its capabilities to include decentralized finance (DeFi), security token offering (STO) and regulated assets applications. Among the first tokens to launch on Symbol: The Kentucky Whiskey Digital Fund security token, backed by an inventory of roughly four million bottles of bourbon.

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  • russia testing digital ruble
    The road to a digital ruble is growing wider (Photo: Sergei Egorov/Pixabay)
    Cryptocurrencies,  Regulation

    Russia’s Central Bank will test digital ruble in 2022

    The central bank deputy chairman said that he expects a prototype of the digital currency to be ready this year, but many regulatory changes will be needed

    March 11, 2021 /

    Deputy Chairman of the Central Bank Alexey Zabotkin said that the central bank will start “testing rounds” of its CBDC as early as 2022. In October, Bank of Russia head Elvira Nabiullina said that the forthcoming transformation of the economy is taking place, and as a result, “there must be a transformation of the settlement system.”

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  • XRP beats Bitcoin Ether as CBDC platform
    An Australian university looked at three major cryptos as potential CBDC platforms (Photo: Patty Jansen/Pixabay)
    Ripple,  XRP

    XRP beats Bitcoin, Ether as central bank digital currency platform

    An Australian report said Ripple’s permissioned network enjoys ‘the trust of many banks as a model for CBDCs’

    March 8, 2021 /

    Ripple is a better platform for central bank digital currencies than Ethereum or Bitcoin, according to a new report from CPA Australia, a large accounting industry association. It said that Ripple and the XRP token that underpins it “enjoy the trust of many banks as a model for CBDCs because it is highly centralized and is based on a permissioned network where only certain network nodes can validate transactions, as opposed to decentralized and permissionless Bitcoin and Ether.”

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