Draft bill to ban China’s digital yuan from US app stores

Lawmakers in the United States are moving to protect the country from the potential undesirable impacts of the global adoption of China’s national digital currency. Three ​​Republican senators, Tom Cotton, Mike Braun and Marco Rubio, introduced a bill on May 25, aiming to limit the use of China’s central bank digital currency (CBDC) in the United States. The bill is referred to as “Defending Americans from Authoritarian Digital Currencies Act” and proposes to prohibit the use of China’s digital currency payment system, e-CNY, for U.S. app stores and other purposes. The term…

US Fed Vice Chair Says Digital Dollar Would Take 5 Years to Launch

“I really see the potential for a digital dollar as being complementary to a more stable, efficient system that would include stablecoins and commercial bank money, so I really see them potentially enabling private sector innovation,” she said. CBDC holdings and transactions would still be managed through private sector accounts, Brainard confirmed, and not at direct customer accounts at the Fed. Source

Circle Asks US Fed Not to Step on Its Toes by Launching a Digital Dollar

“A host of companies, including Circle, have leveraged blockchain technology to support trillions of dollars of economic activity with fiat-referenced stablecoins,” the company told the Fed in a letter released Wednesday, meant to respond to the Fed’s invitation to comment on a January report. “The introduction of a CBDC by the Federal Reserve could have a chilling effect on new innovations.” Source AsksCircleDigitalDollarFedLaunchingStepToes CryptoX Portal

Consider Digital Assets Instead of Still-Pricey Real Estate, say JPMorgan Strategists

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated. The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity…

Billionaire Ray Dalio Speaks in Davos — Says ‘Blockchain Is Great, but Let’s Call It Digital Gold’ – Bitcoin News

This week the world has been talking about the World Economic Forum (WEF) meeting in Davos, Switzerland, which started on May 22 and ends on May 26. At the event, Bridgewater Associates founder Ray Dalio spoke about today’s economy, the Federal Reserve, cash, and cryptocurrencies. Dalio noted at the WEF conference that he believes blockchain is great, but says “let’s call it a digital gold.” Billionaire Hedge Fund Manager Ray Dalio Says ‘There’s Going to Be a Supply and Demand Problem That Produces a Squeeze’ During the first week of…

Wall Street Says a Fed Digital Dollar Spells Destruction for Banks

The Fed board has been weighing the logic of introducing a digital dollar, though officials have been careful to remain neutral and suggest that any plan should have the backing of Congress and the administration. That’s the line, too, that Michael Barr – President Joe Biden’s pick to be the next Fed vice chairman for supervision – echoed at his confirmation hearing last week. However, several new Fed board members were sworn in on Monday, marking an official transition to the era of Biden appointees. Source

Bankers at WEF see the need for caution and speed on central bank digital currencies

The process of introducing a central bank digital currency (CBDC) is fraught with unknowns, some of which were elucidated in a panel of experts gathered Monday at the World Economic Forum in Davos, Switzerland. The panel concluded that good design is key to a successful CBDC, and there are fewer challenges for wholesale CBDC introduction. Bank of Thailand governor Sethaput Suthiwartnarueput said that although many central banks are considering a CBDC, there is little practical experience with them. The Thai National Bank began proof-of-concept programs in 2018. Its mBridge project…

Mykola Udianskyi Wins “Best Digital Currency Influencer 2022” at WIBA Awards in Cannes

The fourth annual WIBA awards (World Influencer & Blogger Awards) have just concluded in Cannes, France, with Ukrainian IT entrepreneur and crypto guru Mykola Udianskyi winning the “Best Digital Currency Influencer 2022” award. And this year, it was the people of Ukraine who were the focus of the event, with the format of the ceremony being changed to that of a gala dinner and fundraiser to help the country’s most in-need citizens. And Mykola wasn’t the only Ukrainian to win an award this year. Over the two days from May…

Japanese Bank Sumitomo Mitsui Trust to Establish Digital Asset Custodian: Report

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated. The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity…