Tag: Digital

Chinese Digital Currency Transactions Exceed 100 Billion Yuan, Central Bank Says – Finance Bitcoin News

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Spending with China’s state-issued digital currency has surpassed 100 billion yuan, close to $14 billion, by the end of August, the country’s monetary authority revealed. More than 5 million merchants now accept the digital yuan in 15 Chinese regions as Beijing continues to expand the pilot areas. People’s Bank of China Reports 360 Million Digital Currency Payments Transactions with China’s central bank digital currency (CBDC) exceeded 100 billion yuan in value ($13.9 billion) as of Aug. 31, 2022, rising from almost 88 billion yuan by the end of 2021, the…

Nigeria Can Become World Leader in the Digital Economy Says Vice President Yemi Osinbajo – Africa Bitcoin News

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According to Nigerian Vice President Yemi Osinbajo, his country is well-positioned to become a global leader in the digital economy. However, for that to happen, Nigeria must choose the right approach and spend more time developing digital skills. Nigeria Better Equipped Than 3 Decades Ago The Nigerian vice president, Yemi Osinbajo, recently claimed that his country has enough human capital to see it become a world leader in the digital economy. The vice president, however, said for this to become a reality, Nigeria must choose the right approach and policies.…

Digital Asset Bank Custodia Files Lawsuit in U.S. Court Over BNY Mellon’s Crypto Approval

“Last week, the Federal Reserve told a federal judge that keeping custody of digital assets, like Bitcoin, posed a ‘novel, precedent-setting risk.’ This week, the Fed allowed BNY Mellon to do the exact same thing. So it has one rule for innovators like Custodia Bank, and another for the nation’s oldest bank,” said Nathan Miller, a spokesperson for Custodia Bank, in an email to CoinDesk. “After waiting more than 24 months, we are seeking nothing more than fair and equal treatment.” Source

Bank of China: Digital yuan transactions volume crossed $14B mark

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The largest CBDC pilot in the world is going to expand on citizen payments and cross-border operations with Hong Kong. China’s central bank digital currency (CBDC) project has reached the mark of 100.04 billion yuan (close to $14 billion) of made transactions during its pilot phase. It makes digital yuan, the e-CNY, the most widely adopted CBDC in the world. As the Bank of China reported in the post on its official WeChat page on Oct. 10, by the end of the summer, the number of transactions made in 15…

Zimbabwe Tertiary Learning Institution Developing Central Bank Digital Currency – Bitcoin News

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Harare Institute of Technology, a Zimbabwean higher learning institution, is reportedly developing a central bank digital currency (CBDC). Quinton Kanhukamwe, the institution’s vice chancellor, said the digital currency is expected to help eliminate vices such as currency manipulation and unsanctioned foreign exchange deals. Eliminating Illegal Foreign Exchange Deals A Zimbabwean tertiary learning institution, the Harare Institute of Technology (HIT) is developing a central bank digital currency (CBDC), the organization’s vice chancellor Quinton Kanhukamwe has said. According to Kanhukamwe, the envisaged CBDC is expected to help eliminate vices such as currency…

Inside the Design of a Digital Euro

And then will come the final challenge for the digital euro: whether people actually use it in daily life. Even without using cash, European shoppers have a range of options available to them – they can pay via contactless cards, mobile wallets and QR-code scans – and, Witlox said, the digital euro will complement those payment means, not replace them. Source

Crypto and digital bank MinePlex secures $100M in funding from GEM

The funding will be used in new banking technologies, including a collaboration with Mastercard and Visa for crypto transactions. In another round of investments in the crypto space, Singapore-based crypto bank MinePlex has secured $100 million from digital asset investment firm GEM Digital Limited (GEM), aimed at closing the gap between digital assets and traditional banking.  According to an Oct. 11 announcement, MinePlex will use the funding to develop new banking technologies, including a collaboration with Mastercard and Visa for transactions accepting Tether (USDT), Bitcoin (BTC), Ether (ETH) and TRON (TRX).…

Coinbase Gets Singapore Digital Payment Token License

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OECD releases framework to combat international tax evasion using digital assets

The OECD said it planned to present the Crypto-Asset Reporting Framework to a meeting of G20 finance ministers and central bank governors on Oct. 12-13. The Organisation for Economic Cooperation and Development, or OECD, has published a framework aimed at having tax authorities achieve greater visibility on crypto transactions and the users behind them. In an Oct. 10 announcement, the OECD said it planned to present the Crypto-Asset Reporting Framework, or CARF, to a meeting of G20 finance ministers and central bank governors on Oct. 12-13. The crypto tax framework…