J. Christian Giancarlo has stressed the importance of upholding values of liberty, privacy and economic freedom in a keynote address in London.
Donald Trump Calls CBDCs and Artificial Intelligence ‘Dangerous’
The Republican frontrunner also said that AI-powered deepfakes were a “tremendous problem.”
Trump Reiterates Anti-CBDC Stance, Credits Vivek Ramaswamy for Policy Guidance
The Republican frontrunner credited former candidate Vivek Ramaswamy for the policy.
Donald Trump Promises to “Never Allow” Central Bank Digital Currencies (CBDC) if Elected
Former President Donald Trump joins Ron DeSantis as a critic of CBDCs.
CBDCs could support a more stable economy — if banks pull the strings
Central bank digital currencies (CBDCs) could confer economic benefits if governments don’t use them to cannibalize the commercial banking industry.
Indian Billionaire Mukesh Ambani’s Firm Will Explore Blockchain Platforms and CBDCs
Reliance Industries Ltd. is entering the world of blockchain and central bank digital currencies (CBDCs), its Chairman and Asia’s richest man, Mukesh Ambani, announced on Monday.
Australia’s CBDC Likely Some Years Away, Central Bank Says
Australia will not be making any decision on a central bank digital currency (CBDC) for some years due to several unresolved issues.
Ron DeSantis Promises to Ban CBDCs if Elected President
DeSantis in March signed a bill as Florida’s governor to prohibit the use of CBDC’s within his state.
Florida’s DeSantis Waging Toothless Campaign Against Digital Dollars, Lawyers Say
The state-level campaign against a U.S. digital dollar made its first foray into established law with Governor Ron DeSantis’ signature on Florida’s effort to block the use of virtual government-backed money in business transactions.
Central Bank Digital Currencies Are Unexpectedly Becoming a Presidential Election Issue
The U.S. has no plans to issue a digital dollar. So why are so many politicians coming out against the idea?
Stablecoins must be programmable to counter CBDCs
Decentralization enables programmability — and that allows stablecoins to wield a key advantage over central bank digital currencies.
Hong Kong’s Banks Are Taking Lead on What e-HKD Will Look Like: Source
At least one bank is leaning towards developing it on a permissioned blockchain.
DeSantis is right — CBDCs will lead to absolute government control
From China to Canada, it’s clear that governments around the world are salivating at the prospect of introducing currencies they can manipulate hassle-free.
This Crisis Will Define the Future of Money
The recent collapse of three high-profile banks – Silicon Valley Bank, Silvergate Bank and Signature Bank – has caused worrying outflows at hundreds of regional banks. Now, with the U.S. Federal Reserve creating a new backstop facility reportedly worth $2 trillion and Switzerland’s central bank bailing out Credit Suisse to the tune of $54 billion, the echoes of prior crisis in 2008 and 2013 are loud.
Stablecoins and CBDCs might play ‘meaningful role’ in payments — Visa CEO
Visa began working on a blockchain interoperability project in Sept. 2021 to support CBDC and stablecoin adoption but few updates have been made since.
Chinese blockchain firm launches the ‘SWIFT’ of stablecoins and CBDCs at Davos
A SWIFT-style system for bank-issued and regulated digital currencies was launched by a firm with a tenure building China’s national blockchain project.
CBDCs require governments to put a special focus on security
Any nation implementing a CBDC in the near future must make sure it’s ready to defend its digital assets and, most importantly, its private keys.
IMF Says Central Bank Digital Currencies Are The Future Of Money
The International Monetary Fund (IMF) managing director has called for a “ prudently designed” central bank digital currency to rival private forms of crypto-assets and stablecoins.
“If CBDCs are designed responsibly, they can potentially offer more resilience,” said Kristalina Georgieva during an interview last week. However, she continued by acknowledging that while these types of currencies may have their benefits in certain circumstances, they come with risks.
The future of money, cryptocurrency, and central bank digital currencies was the topic at hand for IMF Managing Director Kristalina Georgieva last week when she spoke before an audience at Atlantic Council in Washington D.C.
Related Reading | Bitcoin Price Rises As El Salvador Rejects IMF Call To Ditch BTC
Central banks are in the experimentation phase with digital currencies, but it’s still early days. We don’t know how far they will go or fast this new technology could take us.
The idea of Central Bank Digital Currency (CBDC) has been gaining momentum lately – not only because of its potential for reduced inflation rates and increased monetary stability across countries; but also due to recent developments within financial sectors around the world, which show strong interest among investors looking ahead at what may come next.
Crypto market cap has been following a downtrend since February 10 | Source Market Cap on Tradingview.com
IMF Managing Director Georgieva said;
If CBDCs are designed prudently, they can potentially offer more resilience, more safety, greater availability. Additionally, lower costs than private forms of digital money. That is clearly the case when compared to unbacked crypto assets that are inherently volatile. And even the better managed and regulated stablecoins may not be quite a match against a stable and well‑designed central bank digital currency.
World To Explore CBDCs
The head of the International Monetary Fund says that around 100 countries are exploring this new form of money. They think people will love using it because there’s no need for third-party intermediaries like banks or credit card companies when you have your own sovereign wealth fund.
The Federal Reserve released a report on CBDCs last month, and there are many other examples worldwide. For example, the Sand Dollar in the Bahamas by Sweden’s Riksbank and e-CNY in China was an early proof of concept. The CBDCs looks promising as it aims to reduce interest rates for citizens. Additionally, it maintains financial stability through the increased use of cashless transactions.
Adding to Georgieva said;
The IMF is deeply involved in this issue, including through providing technical assistance to many members. An important role for the Fund is to promote exchange of experience and support the interoperability of CBDCs.
IMF Cheif Expressed Her Thoughts
In a speech delivered at the Atlantic Council, she discussed central banks’ digital currency efforts. She offered some lessons learned from them regarding how to best implement such programs in the future.
Thought pieces by female economists are still rare, but they’re becoming more common than ever before. The world is changing fast. As technology continues evolving, we need people with all sorts of different skill sets. Those who can think critically about new trends or technologies like blockchain that may shape our tomorrow today.
Related Reading | Why Is Talent Leaving Silicon Valley For Crypto Companies? Recruiters Explain
The IMF’s chief has stressed that there is no universal case for CBDCs. The reason is each economy, and the country needs it differently. She said central banks should tailor plans to their specific circumstances. The plan should mark privacy concerns or financial stability issues in the design phase of creating this new monetary system. As well as its implementation afterward. The design must maintain an appropriate balance between developments on both fronts: design and privacy.
Georgieva said, “In conclusion.”
The history of money is entering a new chapter. Countries are seeking to preserve key aspects of their traditional monetary and financial systems, while experimenting with new digital forms of money.
Featured image from Flickr, chart from Tradingview.com