CBDCs (Central Bank Digital Currencies)

Analysts Agree That A Digital Dollar Is Well On Its Way

Analysts Agree That A Digital Dollar Is Well On Its Way

Crypto analysts have a reputation for making claims that can sometimes be completely spot-on, or very inaccurate. However, the individual predictions often come down to the analysts themselves, not the claim that they are making. And while some are fixating on when Bitcoin will rally, others are focusing on the more likely possibility of there being a Digital Dollar. More specifically, analysts are saying that a digital US dollar backed by the Central Bank is not just possible, but it is inevitable. Although the timeline for when this digital currency will come out is still many years off, the chances…
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Reserve Bank of India Declares Crypto as an Instrument of “Fraud” & “Consumers’ Nightmare”

Reserve Bank of India Declares Crypto as an Instrument of “Fraud” & “Consumers’ Nightmare”

Reserve Bank of India (RBI) had never lent out any sort of recognition nor any support to digital currencies ever, however, it has been continuously discouraging Indian to beware of them because they are instruments of “fraud” and “consumers’ nightmare”. It recently shared the same point of view when RBI said that engaging with cryptocurrencies may lead to consumers’ nightmares and expose them to risks of fraud and extreme volatility. The Financial Stability Report has recently been compiled and made public by the Reserve Bank of India (RBI). The report is comprehensive in nature as it expands over 150 pages…
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Russian Central Bank Directs Financial Institutions to Supply Transaction History of Private Persons/Entities

Russian Central Bank Directs Financial Institutions to Supply Transaction History of Private Persons/Entities

Russian commercial banks will be asked by the Central Bank of Russia to provide data relating to transfers of funds between individuals to individuals, however, the aim is to find out what crypto transactions were made by private individuals. The directives of CBR would directly affect the business of online exchanges that CBR believes are involved in illegal activities. There are certain transactions that the Central Bank of Russia (CBR) assumes as illegal. In an effort to identify such transactions, CBR has decided to seek out information related to the transfer of funds between individuals to individuals. The decision of…
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Digital Yuan: First Case of Money Laundering Reported in China

Digital Yuan: First Case of Money Laundering Reported in China

China has just recently launched its central bank digital currency, digital Yuan, and there are already reports that the Xinmi police has uncovered the first money laundering scheme involving the digital Yuan. This is contrary to the claim by the Chinese government who celebrated the digital Yuan as a safe and secure method of payment.  The money laundering scheme was uncovered by a joint effort between the Xinmi Police Force and Security Force in Zhengzhou. Their joint effort led to the arrest of eleven suspects due to their involvement in money laundering racket using digital Yuan. It was also revealed…
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Former Chinese Bank President Talks About The Cryptocurrency Ban

Former Chinese Bank President Talks About The Cryptocurrency Ban

China banned cryptocurrencies because it is not more suited to its traditional economic systems, a former government official has said. The ban on cryptocurrency in China has been met with varied reactions but the country refused to give an official reason why it announced the ban in August. China banned active cryptocurrency trading and also announced that it would increase its crackdown on crypto miners across the country. The development has led to the mass migration of miners and the suspension of certain user functions of top cryptocurrency exchange platforms such as Binance and Huobi. Zhuo Xiaochuan, former president of…
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China’s Digital Yuan Set to be Tested by Beijing Winter Olympics

China’s Digital Yuan Set to be Tested by Beijing Winter Olympics

Cryptocurrency is currently a serious topic for significant economies of the world as several countries are rapidly developing digital assets for their national currencies and creating a means for the integration of crypto into finance systems proper. This is especially true in China, which takes its digital yuan for an international test by the Winter Olympics scheduled to take place in Beijing in February. This particular development is a very positive one for China and global cryptocurrency development as it sets the pace for other countries and their digital currencies. Earlier the week, BIS alerted countries and their central banks…
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