• 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.

  • The Bank of England (George Rex via Flickr, CC-BY-SA).
    Politics

    6 central banks team up to explore digital currencies

    England’s apex bank is joining forces with the Bank of Canada, the Bank of Japan, the European Central Bank, and others to study use cases for central bank digital currencies

    The Bank of England’s statement said the group will explore “CBDC use cases; economic, functional and technical design choices, including cross-border interoperability; and the sharing of knowledge on emerging technologies.”

  • This is for my boyfriend, so don't tell my husband! (Library of Congress via Wikimedia Commons).
    Cryptocurrencies,  Regulation

    Rationing Privacy: ECB suggests digital currency ‘anonymity vouchers’

    An EU-issued central bank digital currency could provide an allowance of tokens good for keeping Big Brother from looking at your spending

    Planning to score some cocaine before meeting your girlfriend at a hotel? Neither the cops nor your wife will be any the wiser if you use some of the “anonymity vouchers” Europe’s central bank just proposed building into an e-euro. It’s kind of like trying to sneak across a room unseen by screaming, “nobody look at me!”

  • Mario Draghi, President, European Central Bank, Frankfurt during the special address session at the Annual Meeting 2013 of the World Economic Forum in Davos, Switzerland, January 25, 2013. . . Copyright by World Economic Forum. (via Wiki commons, swiss-image.ch/Photo Remy) Steinegger
    Cryptocurrencies

    Outgoing ECB president (somewhat) optimistic on stablecoins

    European Central Bank President Mario Draghi says crypto-assets are not yet ‘suitable substitutes for money’ but have potential

    The biggest obstacle to a European Central Bank-issued digital currency is not the technology, according to departing European Central Bank President Mario Draghi. Rather, he said, the “key issue is … its utility in terms of costs and benefits to the public.”