Tag: Digital

‘Wall of worry’ led to digital wallets, blockchain tech ignored: Cathie Wood

ARK Invest CEO Cathie Wood believes that digital wallets and blockchain tech were among “game-changing innovations” that the equity markets largely ignored in 2022.  In a Jan. 12 blog post on the ARK Invest website, Wood suggested that the equity market faced a “wall of worry” in 2022, caused by fears of entrenched inflation and higher interest rates, and largely ignored a number of innovative technologies. Wood highlighted that digital wallets are “replacing cash and credit cards,” noting that they overtook cash as the top transaction method for offline commerce…

China Recognizes Digital Yuan in Cash Circulation Data

The update on the digital yuan in circulation was revealed by the People’s Bank of China (PBoC) in the 2022 Financial Statistics Report.   For the first time, China included the digital yuan while calculating the amount of currency in circulation in December. This is significant to the country and the early adopters of the central bank digital currency. History will also recognize China as one of the first countries to develop its central bank digital currency. The country also conducted pilot tests and trials toward the launch of its digital yuan.…

UK Treasury Considers Digital Pound, Maintains Crypto Hub Objective – Finance Bitcoin News

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The U.K. is mulling over launching a digital pound as it remains committed to becoming a cryptocurrency hub, a government representative has indicated. British authorities should also regulate payments with stablecoins, according to the official. United Kingdom Prepares to Begin Consultation on Digital Pound Currency The executive power in London is considering the introduction a digital version of the national currency, Economic Secretary to the Treasury Andrew Griffith told lawmakers, the BBC reported. A public consultation on the attributes of a digital pound would be launched in the coming weeks,…

China’s central bank includes digital yuan in report on currency circulation

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The People’s Bank of China, or PBoC, has begun including the country’s central bank digital currency, the e-CNY, in reports measuring the amount of currency in circulation. According to a 2022 financial statistics report released on Jan. 10, the PBoC said there was 13.61 billion digital yuan — roughly $2 billion at the time of publication — in circulation as of Dec. 31. The currency in circulation grew at a rate of 15.3% in December 2022, with the broad money supply reported to be 266.43 trillion yuan. The PBoC reported…

City of London, British trade groups form new digital currency advocacy alliance

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The City of London has teamed up with a variety of trade associations to form the UK Forum for Digital Currencies, an alliance that will advocate for “better policies, practice and regulation around digital currencies,” according to a statement released by the five members.  Besides the City of London Corporation, the city’s municipal governing body, members of the forum include the Digital Pound Foundation, the Payments Association, CityUK and UK Finance. The latter three organizations are national financial and professional advocacy groups that have previously been engaged in crypto research…

Digital Currency Group CEO Barry Silbert Responds to Accusations by Gemini’s Cameron Winklevoss With Shareholders Letter – Bitcoin News

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Barry Silbert, CEO of Digital Currency Group (DCG), has released a letter to shareholders in response to a recent open letter from Gemini CEO Cameron Winklevoss. The letter, issued Tuesday by Winklevoss, calls for the DCG board to force Silbert to step down as CEO. Silbert shared his letter on Twitter and said he had been reflecting deeply over the past year on the state of the cryptocurrency industry and its direction. Digital Currency Group CEO Barry Silbert Releases Shareholders Letter On Tuesday, Digital Currency Group CEO Barry Silbert wrote…

Judge Clears Binance.US Bid to Acquire Bankrupt Crypto Lender Voyager Digital

Voyager attorney said that the Binance.US deal is in the best interest of Voyager’s creditors and would help them get their crypto back much faster. On Tuesday, January 11, bankrupt crypto lender Voyager Digital received initial approval to sell its assets to Binance.US in a proposed $1 billion deal. In New York, US Bankruptcy Judge Michael Wiles gave a green flag to Voyager to proceed with its purchase agreement with Binance.US. However, the judge has asked other attorneys working on the deal to revise the proposed order documents before approving…