Tag: Digital

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…

Tencent launches credit solution for digital yuan

WeChat operator, Tencent, announced the launch of a new digital yuan smart contract enterprise credit solution platform. The new platform aims to bring a more convenient and efficient financing service for small and medium-sized enterprises. The project will use the digital yuan as the payment tool for companies that utilize the new platform. The new solution will imply the Tencent Blockchain platform technology, a scalable blockchain infrastructure that supports various applications and scenarios. The new initiative will combine elements such as the smart contract engine, the digital yuan wallet, and…

China Launches Its First Industrial Park for Digital Yuan CBDC Development

Currently, there are nine residents of the park. All of them will get access to ten government initiatives introduced to “boost the development” of the digital yuan ecosystem. The initiatives include payment solutions, smart contracts, hard wallets, and digital yuan promotion. The first industrial park has been opened in the Luohu district of Shenzhen, China, with a focus on developing China’s Central Bank Digital Currency (CBDC) – digital yuan or e-CNY. The official launching ceremony of the park was held on October 11. As was revealed by Shu Yumin, the Communist…

Voyager Digital was ‘no better than a house of cards’ — CFTC commissioner

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A commissioner for the United States Commodity Futures Trading Commission (CFTC) has slammed Voyager Digital for its mistakes that eventually led to the loss of billions of dollars of customer funds. Statement of @CFTCjohnson regarding @cftc‘s charges against Voyager’s chief executive officer. Learn more: https://t.co/OiBvOoCuV6 — CFTC (@CFTC) October 12, 2023 In an Oct. 12 statement, Commissioner Kristin Johnson took aim at Voyager for misleading practices, ignoring warning signs, and “bare-bones due diligence,” which failed to protect customers. “Because of Voyager’s failures, the company became no better than a house…

CFTC Files Lawsuit Against Voyager Digital And Former CEO For Fraud

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The US Commodity Futures Trading Commission (CFTC) has taken legal action against Voyager Digital and its former CEO, Stephen Ehrlich.  The CFTC filed a complaint in the US District Court for the Southern District of New York, alleging fraud and registration failures related to the operation of the Voyager digital asset platform and an unregistered commodity pool. Voyager Faces Legal Action For ‘Misleading Customers’ According to the CFTC, Ehrlich falsely marketed the Voyager platform as a safe haven for high-yield returns, deceiving customers to purchase and store digital assets.  Per…