Tag: CentralBanks

India is on track to ban all but a few private cryptocurrencies after the government announced Tuesday the upcoming introduction of a new financial regulation bill. Indian crypto exchanges have already suffered panic selling over crypto bill confusion. The Cryptocurrency and Regulation of Official Digital Currency bill will create a facilitative framework for an official…

Saudi Arabia’s central bank (SAMA) should have no involvement with crypto-assets, as many people who deal with crypto are criminals, said its governor. He also called regulators to catch up in regulating cryptocurrencies. Fahad Al Mubarak, head of Saudi Arabia’s central bank, claimed there would be no smashing of the banking system by digital currencies,…

Nigeria launched on Monday a digital currency (eNaira), the central bank said, months after it barred banks and financial institutions from dealing in or facilitating transactions in cryptocurrencies. Nigeria joins 14 other countries now in the pilot stages with their own central bank digital currencies (CBDCs), including China, South Korea, and Sweden, with a total…

Governments in Asia are quickly researching or implementing CBDCs. What this means for the region’s overdependence on the U.S. dollar Jinia Shawdagor is studying on Cointelegraph. The rapid growth of mainstream attention toward cryptocurrencies has forced the hands of numerous governments to create their digital alternatives. Over the past few years, interest from various jurisdictions…

The Bank of International Settlements (BIS) and seven different central banks, including the Bank of England, Bank of Japan, European Central Bank, and U.S. Federal Reserve, published three new reports, which find that while a groundbreaking innovation to monetary policy, central bank digital currency (CBDC) pose many opportunities and uncertainties. Digital currencies backed by central…

Amid a cryptocurrencies price explosion in 2021, European Central Bank (ECB) president Christine Lagarde argued cryptocurrencies aren’t currencies, which should be treated as “highly speculative” and “suspicious.” Speaking on a Bloomberg podcast, Lagarde said: “I think we have to distinguish between cryptos that are those highly speculative, suspicious occasionally, and high intensity in terms of…