Tag: Digital

Ripple, Montenegro sign deal on project for unspecified national digital currency

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The Central Bank of Montenegro announced on April 11 that it had signed an agreement with Ripple for the development of a strategy and pilot program for a Montenegrin digital currency in the form of a central bank digital currency, or a stablecoin. The country has used the euro as its currency since its introduction in 2002, despite not being part of the Eurozone. “More details will be revealed later in the year,” RippleX’s vice president for central bank engagements and CBDCs, James Wallis, told Cointelegraph in a written interview.…

Texas’ gold-backed digital currency project: Law Decoded, April 3–10

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The topic of central bank digital currencies is in the crossfire of United States politicians, with figures like Ron DeSantis and Ted Cruz trying to prevent them from existing. But what about a statewide digital currency? The first of its kind, a gold-backed state-based digital currency project has appeared in Texas.  On the same day, two Texan lawmakers introduced identical bills for creating a state-based digital currency backed by gold. Each unit of the digital currency would represent a particular fraction of a troy ounce of gold held in trust,…

Dollar to Play Lesser Role Due to Its Weaponization, Digital Currencies, Economist Jeffrey Sachs Says – Finance Bitcoin News

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Within the next decade, the U.S. dollar will play a much less dominant role than it is today, according to Jeffrey Sachs. The renowned economist listed a few factors for the diminishing status of the greenback such as its use as a political weapon by Washington, the introduction of currencies like the digital yuan, and America’s shrinking share of the global economy. United States’ Smaller Share in World Economy to Affect the Dollar The role of the U.S. dollar will naturally decrease as the share of the United States in…

Bank of England assembles 30 experts to design the digital pound

The Bank of England (BoE) is assembling 30 experts to design a central bank digital currency (CBDC). Designing the digital pound According to reports on April 8, the CBDC, dubbed the “Britcoin” or the “digital sterling,” will be a digitized version of the British Pound, the region’s fiat currency. The central bank plans to hire a “digital pound solution architect” and a “digital pound security architect.”  The solution architect will, among other responsibilities, have to “understand and interpret strategic and policy drivers around CBDC” while also “providing technical guidance, direction, and collaborative leadership to…

‘Not Related to a Digital Currency’ — US Central Bank Addresses Concerns Over Fednow Payment Network – Bitcoin News

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The U.S. Central Bank has issued an update regarding the Federal Reserve’s Fednow project, which is scheduled to commence in July. The Fed has responded to recent criticism of the Fednow service and asserts that the Fednow payment network is “neither a form of currency nor a step toward eliminating any form of payment, including cash.” Fednow Won’t Replace Cash, the U.S. Central Bank Insists When the U.S. Federal Reserve announced the launch of the Fednow service in July, it sparked immediate opposition and led many to believe it is…

Texas lawmakers propose a gold-backed state digital currency

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Two Texas lawmakers have introduced identical bills for creating a state-based digital currency backed by gold, a move that comes despite objections from several United States lawmakers against introducing a central bank digital currency (CBDC). Senator Bryan Hughes introduced Senate Bill 2334 on March 10, and Representative Mark Dorazio introduced House Bill 4903 on the same day, stating that a fractional equivalent amount of physical gold would back the proposed digital currency. “Each unit of the digital currency issued represents a particular fraction of a troy ounce of gold held in trust,”…

Texas Lawmakers Introduce Bill Proposing to Establish a Gold-Backed Digital Currency – Bitcoin News

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Two Republican lawmakers from Texas, senator Bryan Hughes and representative Mark Dorazio, have introduced legislation to create a gold-backed digital currency that could be enacted by the state legislature. The policymakers believe that this currency could greatly benefit the Lone Star State and, as an alternative digital currency, it could provide Texas residents with the ability to circumvent a central bank digital currency (CBDC). S.B. No. 2334 Introduces the Establishment of a Digital Currency Backed by Gold in Texas In recent times, U.S. lawmakers have been discussing the reimposition of…

Sphere 3D files lawsuit against Gryphon Digital Mining after BTC transfer

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Crypto miner Sphere 3D has filed a lawsuit against its partner Gryphon Digital Mining after an allegedly spoofing attack led to the irregular transfer of Bitcoin (BTC), according to court documents on April 7.  “Today we filed litigation against Gryphon, the custodial management services provider of our blockchain and cryptocurrency-related services, for materially breaching the Master Services Agreement (“MSA”) we entered into with Gryphon,” said Patricia Trompeter, CEO Sphere 3D in a statement for investors, adding that “Gryphon has put the Company’s assets at significant risk and willfully violated their…

Pheu Thai Candidate Promises Digital Currency Airdrop of $300 to Every Citizen in Thailand if Elected – Bitcoin News

A Pheu Thai candidate running for prime minister of Thailand position, Srettha Thavisin, has promised that every citizen in the country will receive 10,000 Thai baht ($300) in digital currency if he wins the general election in May. However, a minister within the prime minister’s office in Thailand is concerned and has explained that the proposed airdrop could pose major challenges with specific implications. Thailand Prime Minister Candidate’s $300 Airdrop Promise Raises Concerns On Wednesday, Srettha Thavisin, a Pheu Thai candidate for prime minister of Thailand, declared that if his…