No need for central bank digital currency in Australia says Reserve Bank

While other countries may be placing central bank digital currencies — also known as CBDCs — at the top of their agenda, Australia could buck the trend. According to a local news report on Sept. 17, the Reserve Bank of Australia’s latest payments paper has taken a cautious and sceptical line toward CBDCs as well as private-sector stablecoins. The RBA does not believe there is currently a strong policy case for issuing a CBDC in Australia, pointing to the success of the country’s efficient, real-time New Payments Platform. Moreover, while…

Tezos Blockchain Tipped to Help Develop France-Backed Digital Euro

With the Bank of France making its intentions to test out its digital currency in 2020, the selection of Tezos is one of the bank’s proactive measures in this regard.  The Tezos blockchain has been chosen by the French investment bank Societe Generale, one of the eight partners chosen by Banque De France for its Central Bank Digital Currency drive, as the favorite to help power the proposed digital Euro. Per the press release from Nomadic Labs, a functional research and development center in the Tezos ecosystem, the Societe Generale-Forge…

Tezos Blockchain Chosen for French Digital Euro by Societe Generale-Forge

Societe Generale-Forge, a tech startup by French investment bank Societe Generale, has selected the Tezos blockchain for its central bank digital currency (CBDC) experiment as part of the French central bank’s digital euro experiment.  Societe Generale-Forge recently announced its plans to use Tezos for its digital euro stablecoin, in collaboration with Nomadic Labs, a major Tezos development firm. According to the recent announcement, Societe Generale-Forge decided on Tezos for a few reasons: its on-chain governance, proof-of-stake consensus model, and verified smart contracts.  Banque de France, the French central bank previously…

The Bahamas will launch a digital Central Bank ‘Sand Dollar’ in October

The Bahamas is gunning to become the first country in the world to roll-out a state-backed virtual currency nationwide, and has announced it will launch a central bank-issued cryptocurrency during October. The assistant manager of eSolutions at the Central Bank of The Bahamas, Chaozhen Chen, told Bloomberg that the digital currency, dubbed ‘Sand Dollars’, is intended to drive greater financial inclusion among the remote islands within the archipelago nation. “A lot of residents in those more remote islands don’t have access to digital payment infrastructure or banking infrastructure. We really…

Bank of Thailand Completes Digital Bond Issuance With Blockchain

Thailand’s Central Bank, the Bank of Thailand has leveraged the power of blockchain technology to launch a platform for government bond savings issuance. Per an official press release, the Bank of Thailand noted that the blockchain-based platform will help to improve investor’s buying experience, improve operational efficiency, and reduce the overall cost of operations. The platform dubbed DLT Scripless Bond Project is a collaborative effort involving seven other institutions including the Public Debt Management Office, Thailand Securities Depository Co., Ltd, Thai Bond Market Association, as well as selling-agent banks, including…

Nigeria regulators recognize digital assets in stunning new statement

The Securities and Exchange Commission of Nigeria has officially defined digital assets under its regulatory umbrella.  In a Sept. 14 statement, the Nigerian Securities and Exchange Commission, or SEC, defined tokens and coins in the country’s financial markets. The commission stated that these digital assets, which provide “alternative investment opportunities”, would be classified into four different categories for regulatory oversight. “Virtual crypto assets are securities, unless proven otherwise,” said the SEC. “The burden of proving that the crypto assets proposed to be offered are not securities and therefore not under…

China’s Blockchain Services Network Now Under Major Development Alongside “Digital Fujian” Project in the Province

China’s national Blockchain Services Network has been in development in China’s Fujian province, recently along with its 20 main blockchain projects as part of the “Digital Fujian” program.  These blockchain projects include the technical transformation in the industrial and commercial service industries, as well as a few major agricultural sectors. The blockchain construction projects also include the fields of government, public welfare services, industrial and agricultural production, including the blockchain application service platform.  According to Chen Ronghui, the director of the DIgital Office of Fujian, “Digital Fujian,” has the advantages…

China’s Digital Yuan Is Legally Compensatory to Local Fiat Currency

The digital yuan introduction is seen as a silent way for the Chinese government to make a huge move in accordance with the global market need and also a way to control the fast-growing ‘uncontrolled’ crypto industry. Through an opinionated blog post by Fan Yifei, a deputy governor of the People’s Bank of China (PBoC), highlighted some of the final expected touches to see a digital yuan come true successfully. Since the bank announced on October 31, 2019, the plans to implement digital yuan years, there have been a lot…

No one can refuse China’s digital currency, says central bank exec

China’s central bank digital currency (CBDC) known as the digital yuan should be regulated in line with cash-related laws, according to a senior exec at the country’s central bank. In an opinion article on Sept. 14, Fan Yifei, a deputy governor of the People’s Bank of China (PBoC), outlined the major regulatory principles for the operation of the digital yuan. the digital representation of the official currency of the People’s Republic of China. According to Fan, the digital renminbi is legally compensatory to the traditional fiat currency. In the article, the deputy governor…