Tag: Digital

Kenya to introduce digital IDs for citizens by year-end

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The Kenyan government plans to roll out its digital identification system in December 2023 after the testing period, which will take the next few months. According to the president of Kenya, William Ruto, whose speech at the East Africa Device Assembly Kenya plant in Athi River was cited by local media on Oct.30: “The digital ID, which has been a major problem to us for a very long time, is now on testing mode for the next two months. I have been assured by all the stakeholders and the ministries…

Central Bank Digital Currency, or e-HKD, Could Add Unique Value, but Further Investigation Is Needed, HKMA Says

The report said the pilot found that an e-HKD could add value in three main areas – programmability, tokenization and atomic settlement – with the potential to facilitate faster, more cost-efficient and more inclusive transactions. However, the program’s 14 pilots with 16 participating firms were conducted on a small scale under a controlled environment, the report said. Source

Consultation on digital pound attracts more than 50,000 responses, privacy is key concern

The Bank of England’s consultation on the digital pound has sparked widespread public debate, underscoring critical concerns about privacy, cash usage and the currency’s future trajectory. The Bank of England has received more than 50,000 responses, on its idea of introducing a digital pound. Deputy Governor Jon Cunliffe talked about this in his speech, pointing out that people are worried about how private their information will be, what might happen to cash, and how the digital pound would actually work. Cunliffe said that if people use the digital pound, their…

JPMorgan Handles $1B Daily Transactions In Digital Token JPM Coin: Bloomberg

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US lawmakers discuss digital assets and the House gets a new Speaker

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Members of the United States House of Representatives have chosen Mike Johnson to be the body’s next speaker — the second in line to the U.S. presidency and a very powerful figure in Congress.  In an Oct. 25 vote, all 220 Republicans present in the House voted for Johnson, while 209 Democrats cast ballots for Representative Hakeem Jeffries. The vote marked the first time in more than three weeks that the government body had clearly defined leadership. Representative Patrick McHenry had been acting as temporary speaker since Oct. 3 following…

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,…