Tag: Digital

Don’t Cap Digital Euro Holdings, European Parliament Study Says

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ECB’s Panetta Reinforces Digital Euro Focus on Payments – News Bitcoin News

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Fabio Panetta, a member of the executive board of the European Central Bank (ECB), announced the digital euro project was entering its final phase. Before the committee on economic and monetary affairs of the European Parliament, Panetta stated that the digital euro, if approved, would be focused on making payments easier for Europeans. ECB’s Panetta Explains Digital Euro Payment Focus Fabio Panetta, a member of the executive board of the European Central Bank, announced that the digital euro project, an initiative that seeks to digitize Europe’s fiat currency, was reaching…

China Pushes Digital Yuan for Wage Payments in Changshu – News Bitcoin News

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Changshu, a city in China with more than 1.5 million inhabitants, will pay public workers’ wages with the Chinese central bank digital currency (CBDC), the digital yuan. The move marks an acceleration of the adoption plans that Beijing has for the digital currency, which has been included in some limited programs before. Public Employees in Changshu to Receive Payments in Digital Yuan The city of Changshu, with a population of more than 1.5 million, will be the first city to use the digital yuan to pay wages of public employees,…

Zimbabwe’s Central Bank Says Upcoming Gold-Backed Digital Currency to Help Reduce Demand for US Dollar – Africa Bitcoin News

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The governor of the Zimbabwean central bank, John Mangudya, recently revealed that his institution is planning to introduce a gold-backed digital currency. According to the governor, the soon-to-be-introduced gold-backed digital currency is expected to help diminish local residents’ demand for the U.S. dollar. Taming High Demand for the US Dollar The Zimbabwean central bank has said it will introduce a gold-backed digital currency that will be used both as an alternative medium of exchange and a store of value. According to a report in the Sunday Mail, this gold-backed version…

Russia Launching Payment System With ‘No Restrictions’ — Digital Currencies to Be Completely Unrestricted – Regulation Bitcoin News

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Russia is launching a new payment system that is “bound by no restrictions” where digital currencies could be used in cross-border payments, said Russian Finance Minister Anton Siluanov. “Two parties come to an agreement, make settlement payments, and no other country could step in and freeze such payments,” the top official explained. Digital Currency ‘Bound by No Restrictions’ in Russia’s New Payment System Russian Finance Minister Anton Siluanov said Monday that a new payment system will be launched where the use of digital currencies in international payments will be completely…

ECB considers digital euro access, distribution in third design progress report

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The European Central Bank (ECB) released its third progress report on digital euro design on April 24. This time the bank looked at access and distribution options that have been endorsed by the ECB’s Governing Council.  Convenience is clearly a priority for access to the potential digital euro. Digital euro users would be onboarded by payment service providers (PSPs) following their established procedures, such as Know Your Customer verification. Initially, euro area residents, merchants and governments would be onboarded, with consumers in the European Economic Area and selected third countries…

Draft bill suggests separating legislation on payment stablecoins and digital asset markets

Republican lawmakers with the United States House Financial Services Committee have released a draft of a bill focused on payment stablecoins rather than overseeing other aspects of digital asset markets. A senior Republican committee staffer involved in drafting the legislation told reporters on April 24 that they had narrowed the scope of a stablecoin bill proposed in September 2022 in response to feedback from lawmakers. The bill, aimed at providing “for the regulation of payment stablecoins,” would be separate from legislation focused on custodial service providers, algorithmic stablecoins, and a…

Lawmakers Could Still Nix Digital Euro, ECB’s Panetta Says

“We want to be sure that in any situation, in any circumstance, we will have a framework that would allow all European citizens to pay everywhere in a safe and efficient manner at cheap costs,” Panetta told the committee. He cited ECB research that suggests citizens see the ability to pay anywhere as the “most important feature” of a CBDC. Source

Chinese City Changshu to Begin Paying Public Servants with Digital Yuan

China remains at the forefront of CBDC adoption on a global scale. The Chinese city of Changshu has told workers in the public sector that they will start receiving their full salaries in digital yuan. According to the South China Morning Post, the new payment regime will be in effect from May 2023. And, it is expected to affect many employees including doctors, teachers, and even reporters. A local media report also confirms the notice as being originally issued by the city’s financial authorities. Tagged as “Notice on the Implementation…