Tag: Digital

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

boss

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

boss

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…

FIX Protocol Adds Support for Digital Token Identifier (DTI) ISO Standard

“Adding the DTI standard to the FIX Protocol was an easy decision as the DTI extends the existing functionality to the world of digital assets, which helps the market evolve to work with this asset class,” Jim Kaye, executive director at FIX, said in the press release. “We can see many benefits of adding the DTI, including making it easier for the industry to audit their transactions and increase transparency, thereby bringing more efficiencies to the market.” Source

Zimbabwe’s central bank to issue gold-backed digital currency: Report

boss

The Reserve Bank of Zimbabwe is set to introduce a gold-backed digital currency to serve as a legal tender in the country. The move is a government initiative to stabilize the local currency from its depreciation against the United States dollar.  According to a report from local media Sunday Mail, the move will allow small amounts of Zimbabwe dollars to be exchanged to the digital gold token, enabling more Zimbabweans to hedge against the currency volatility. Central bank governor John Mangudya said the plan intends to “leave no one and…

Chinese City to pay civil servants using digital yuan

Changshu City in Jiangsu Province, East China, will begin paying all public sector personnel in e-CNY, better known as digital yuan, from May 2023.  This is important in promoting the digital yuan, China’s official digital money. The decision will affect government personnel, teachers, healthcare professionals, journalists, technicians for accredited media outlets, and staff members of state-owned businesses. The introduction of digital yuan payments in Changshu City is a part of China’s more extensive initiatives to advance its centralized digital currency.  Changshu City has been promoting digital yuan pilot programs, and many consumption…

Chinese city public servants to receive digital RMB salaries from May

boss

A notice issued by authorities governing the Chinese city of Changshu stated that all civil servants in its jurisdiction will be paid their full salaries in digital RMB or digital yuan from May 2023.  According to the notice issued by local Chinese authorities, Changshu Local Financial Supervision Bureau and the Changshu Municipal Bureau of Finance, civil servants including public service personnel, public institution personnel and personnel of state-owned units at all levels in the city will be compensated in digital RMB payment. An on-site staff member of a local hospital…