Tag: Digital

Bank of Spain embraces ‘digital euro,’ explains its benefits

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Banco de España, Spain’s central bank, has joined a chorus of European banking institutions preparing their customers for the potential benefits of a digital euro. The central bank published a short text on Oct. 19 explaining the nature and uses of the European Union’s potential central bank digital currency (CBDC). The bank claims that the physical cash format “does not allow to exploit all the advantages offered by the growing digitalization of the economy and society.” However, the digital euro will make electronic payments a vital piece of the financial system.…

Euroclear launches digital securities issuance service, settles World Bank bond

Euroclear has launched a digital securities issuance service and settled a 100-million-euro ($106 million) digital World Bank bond. This is the first step in the Brussels-based settlement house’s digital infrastructure strategy, it said. The three-year bond, which is being called a digitally native note, was issued by World Bank lending arm International Bank for Reconstruction and Development to raise funds for sustainable development. It was listed on the Luxembourg Stock Exchange and was completed on Oct. 23. Related: Europe drives institutional crypto adoption: Blockchain Expo Amsterdam Euroclear’s digital infrastructure is…

Digital Yuan Completes Its First Cross-Border Oil Deal

The transaction is part of SHPGX’s efforts to provide a solid response to the Shanghai municipal government’s requirements to use the digital yuan in cross-border trade. Chinese Central Bank Digital Currency (CBDC) – digital yuan or e-CNY – has been used for the first time to settle a cross-border oil transaction. According to the Shanghai Petroleum and Natural Gas Exchange (SHPGX), the deal was closed by PetroChina International which bought 1 million barrels of crude on October 19. The exact sum of the deal has not been revealed, and the name…

Bit Digital diversifies crypto mining business with major AI expansion

Bit Digital is extending its crypto mining operations into the AI sector, signing a pivotal GPU rental contract and investing $35 million in high-performance computing hardware. New York-based digital asset and cloud computing firm Bit Digital is diversifying its portfolio by launching a new business vertical called Bit Digital AI. This move marks a concerted effort by the company to diversify its traditional crypto mining operations. To kickstart its AI venture, Bit Digital inked a binding term sheet with a well-capitalized customer in the AI sector. As per the agreement,…

Chinese digital yuan CBDC used for first time to settle cross-border oil deal

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The digital yuan has been used for the first time to settle an oil transaction, the Shanghai Petroleum and Natural Gas Exchange (SHPGX) announced. PetroChina International bought 1 million barrels of crude on Oct. 19.  The transaction was a response to a call by the Shanghai Municipal Party Committee and Municipal Government to apply the Chinese central bank digital currency (CBDC), also referred to as the e-CNY, to international trade, the exchange said. It is “another major step forward” for the digital yuan, according to the state-controlled China Daily. The…

China’s Digital Yuan (e-CNY) Used in First International Crude Oil Trade by CBDC: Report

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Bitcoin (BTC) Miner Bit Digital (BTBT) Diversifies Into ‘Substantially Higher Margin’ AI Infrastructure Business

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The miner will rent out a minimum of 1,024 graphic processing units (GPU) and a maximum of 4,096 GPUs to the unidentified customer. The deal, at minimum, is expected to generate between $23 million and $27 million in annual revenue, starting January 2024. If extended to three years and with the maximum number of GPUs, the contract could generate more than $250 million of revenue, the mining firm said. Original

Thailand delays digital money handout, critics call for probe

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Thailand’s planned digital wallet scheme that intends to payout 10,000 baht (~$274) to citizens over 16 years old has been delayed while critics call for a probe from the country’s electoral commission. As originally reported by the Bangkok Post, Thailand’s deputy finance minister Julapun Amornvivat announced that the planned Feb. 2024 launch of a new digital wallet has been delayed to buy more time for the development of the system. The Thai government hopes to use the wallet to issue 10,000 baht to eligible citizens in a bid to stimulate the…

Chamber of Digital Commerce opposes SEC’s overreach in Binance lawsuit

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The Chamber of Digital Commerce has aligned with various digital assets firms, associations, legal experts and legislators in a collective effort to challenge the Binance vs. U.S. SEC lawsuit.  The blockchain trade association through the recently filed amicus brief seeks to thwart the SEC’s endeavor to oversee the cryptocurrency sector without explicit authorization from the U.S. Congress, halting the SEC’s method of regulation through enforcement actions. As stated by Cody Carbone, the Vice President of Policy at the Chamber of Digital Commerce: “The SEC continues to try to regulate the…