Tag: Digital

Argentine central bank to introduce digital peso bill ‘as soon as possible’

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After a series of remarks about the potential benefits of a central bank digital currency (CBDC) for the national economy, the Central Bank of the Argentine Republic said it has accelerated its work on legislation to implement the CBDC workflow in the country.  On Oct. 18, during a public discussion on the Filo News channel, Argentina Central Bank director Juan Agustín D’Attellis Noguera revealed that the central bank is working on the legislative framework for the digital peso CBDC project recently proposed by the Minister of Economy and presidential candidate Sergio…

EU data protection regulators urge anonymity for smaller transactions in digital euro

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On Oct. 18, the European Data Protection Board (EDPB) and the European Data Protection Supervisor (EDPS) issued a joint opinion statement on the regulation of “digital euro,” proposed by the European Commission in July 2023. The regulators made several recommendations to enhance the personal data protection standards for the European central bank digital currency (CBDC).  The EDPB and EDPS suggest clarifying the proposed verification procedure for the maximum allowed amount of digital euro held by the individual account. The current draft allows the European Central Bank (ECB) and national central…

DTCC Acquires Blockchain Firm Securrency for Undisclosed Amount to Steer Forward Its Digital Assets Agenda

Through the acquisition by DTCC, Securrency will henceforth become DTCC Digital Assets with top executives also joining the new force under different roles. DTCC, a New Jersey-based post-trade market infrastructure for the global financial services industry that helped process securities transactions worth over $2.5 quadrillion in 2022, has announced a strategic acquisition of Securrency, an institutional-grade blockchain firm, for an undisclosed amount. According to the announcement, the acquisition of Securrency by DTCC is expected to close within the coming few weeks. Following the acquisition, Nadine Chakar, the Chief Executive Officer…

Finland works on instant payments system, embraces digital euro

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Bank of Finland (BOF) is coordinating the creation of a Finnish instant payment solution compatible with European standards. BOF board member and member of the Governing Council of the European Central Bank (ECB) Tuomas Välimäki made the announcement on Oct. 19.  Välimäki revealed that the Bank of Finland is actively promoting the development of new forms of payment. The official called the digital euro “the most topical project” in the European payment sector: “The possible introduction of a digital euro would give consumers the option of paying with central bank…

Digital Euro Enters ‘Preparation Phase’

If successful, the project will further move to the next stage, closer to the issuance. The full rollout will be possible only after completing the European Union’s legislative process by the Governing Council. The Governing Council of the European Central Bank (ECB) is moving to the next phase of the digital euro project – the preparation phase. For the next two years starting from November 1, the guideline on the use of the digital euro rulebook will be established, and providers in charge of the platform and infrastructure will be chosen. The preparation…

ECB officials move to ‘preparation phase’ for digital euro

The governing council of the European Central Bank (ECB) has announced it will begin the ”preparation phase” for the digital euro project following a two-year investigation. In an Oct. 18 notice, the ECB said it plans to “start laying the foundation for the possible issuance of a digital euro” beginning on Nov. 1, adding the issuance of a central bank digital currency (CBDC) was not a foregone conclusion. The announcement followed the release of a 44-page report on a potential digital euro’s design and distribution. The preparation phase, as the…

ECB’s Digital Euro CBDC Project Moves to ‘Preparation’ Phase

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EU Privacy Watchdog the EDPS Takes Aim at ‘Excessive Centralization’ of Digital Euro CBDC

“A high standard of privacy and data protection is instrumental in gaining citizens’ trust in this new digital currency,” the European Data Protection Board’s Deputy Chair Irene Loizidou Nicolaidou said in a statement, saying she wanted to “ensure that data protection is embedded early on in the design phase of the digital euro when used both online and offline.” Source AimCBDCCentralizationDigitalEDPSEuroExcessivePrivacyTakeswatchdog CryptoX Portal

South Korean regulator outlines steps to enhance digital asset legislation

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South Korea’s Financial Supervisory Service (FSS) is preparing regulations to supplement the Virtual Asset Users Protection Act passed earlier this year, according to local reports. New regulations should be ready by January, well ahead of the law entering into force, the FSS head said. The South Korean National Assembly Political Affairs Committee conducted an audit of the FSS on Oct. 17, at which FSS head Lee Bok-hyeon responded to criticism that South Koreans were losing money on crypto “burger coins,” Korean slang for foreign-issued cryptocurrencies that are traded in South…

Fed Governor Bowman Says Benefits of U.S. Digital Dollar Is ‘Unclear’ But Risks Are Obvious

“We have seen a range of arguments in the public debate about issuing a CBDC, including addressing frictions within the payment system, promoting financial inclusion, and providing the public with access to safe central bank money,” said Bowman, one of seven members of the Federal Reserve Board that oversees U.S. payments systems and banking. “I have yet to see a compelling argument that a U.S. CBDC could solve any of these problems more effectively or efficiently than alternatives, or with fewer downside risks for consumers and for the economy.” Source…