The President of the European Central Bank (ECB) – Christine Lagarde – reiterated her negative stance on cryptocurrencies, claiming they are “based on nothing” and should be strictly regulated. Nonetheless, she revealed that one of her sons had distributed some of his wealth into the digital asset market. Diving Into Crypto Despite Mom’s Advice Numerous … Read more
PayPal is doing its best to bring all possible blockchain and cryptocurrency integrations to its platform, the firm’s vice president Richard Nash said. Global payment giant PayPal is doing its best to bring all possible blockchain and cryptocurrency integrations to its services, according to a senior executive at the firm. PayPal is working hard on … Read more
The global provider of secure financial messaging services, SWIFT, is testing to interlink multiple domestic-based emerging CBDC networks for cross-border transactions. The Belgium-based network, which enables financial institutions to communicate with each other for global payments, has tapped the French information technology services and consulting company Capgemini for the move. CBDCs’ Interoperability According to the … Read more
The bank messaging service, which dates back to the 1970s, is looking to connect CBDCs to each other and to traditional currencies as it tries to stay up to date. The Society for Worldwide Interbank Financial Telecommunication, or SWIFT, the Belgian financial messaging network used by banks in international money transfers, announced Thursday that it … Read more
Janet Yellen calls on lawmakers to develop a consistent federal framework for stablecoins, Hester Peirce urges to allow room for failure and more. This week will be remembered as the one when the stablecoins showed an unexpected ability to depeg. Terra’s TerraUSD (UST) dropped to a shocking $0.29 following the general meltdown of both crypto … Read more
With the crash of TerraUSD —the largest algorithmic stablecoin in the ecosystem— and the de-pegging of other stablecoins like Stasis, DEI (not to be confused with DAI and even Tether), financial institutions like the European Central Bank, used this weakness in their favor and started promoting their new CBDCs. On May 16, Italian economist and … Read more
Commenting on the recent market volatility, Fabio Panetta also said stablecoins were still “vulnerable to runs,” just as investing in cryptocurrencies carried certain risks. Fabio Panetta, an executive board member of the European Central Bank, or ECB, has said that a digital euro could come within four years, potentially designed with a person-to-person payment solution. … Read more
Does government-issued digital money pose an existential threat to cryptocurrencies? Probably not, but stablecoin usage could narrow. Government-issued electronic currency seems to be an idea whose time has come. “More than half of the world’s central banks are now developing digital currencies or running concrete experiments on them,” reported the Bank for International Settlements, or … Read more
The Chilean central bank withdrew its plans to release a CBDC by the end of 2022, saying it will conduct thorough research and additional analysis on the product before moving to its launch. Digital Peso Should Wait Banco Central de Chile published a report focused on the country’s current monetary network and examined the risks … Read more
The ECB drops another working paper on the digital euro causing more outrage from Europeans opposing a central bank digital currency. The ECB released another working paper on the digital euro, providing an extensive technical analysis of a potential European CBDC and its position in the existing financial system. Issued on May 13, the working … Read more