Central banks are in the midst of a gold buying spree, according to new numbers from the World Gold Council (WGC). The organization says central banks added $24 billion of gold, weighing 290 tonnes, to their coffers in the first quarter of this year. That’s the strongest level of net demand for any quarter on […]
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Purchases from foreign cryptocurrency exchanges, considered imports, have broken records in Brazil, putting some weight into the nation’s trade balance. During the last 12 months, cryptocurrency purchases reached $14.84 billion, after reaching $12.3 billion last year. Likewise, crypto imports reached $4.69 billion in Q1 2024, rising by 118% compared to the numbers registered in Q1 […]
Bundesbank’s president Joachim Nagel urged central banks to revamp their business models and adopt digital currencies during the BIS Innovation Summit.
Central banks’ future depends on a revision of their business model and speedy adoption of central bank digital currencies (CBDCs), said Joachim Nagel, president of the Bundesbank and member of the European Central Bank (ECB).
Nagel reportedly warned about the uncertainty surrounding central banks during a panel session at the Innovation Summit hosted by the Bank for International Settlements on May 6.
“If you would have asked me 20 years ago if the central bank business model” was “destroyable or not, I would have said no,” he reportedly stated in Basel, Switzerland. Nagel continued:
New Zealand's central bank has taken a four-stage approach to CBDC issuance and aims to issue an in-house digital dollar by 2023.
The Reserve Bank of New Zealand (RBNZ) opened a 101-day public consultation on the principles and design options it created for the nation’s digital dollar. However, the central bank plans to discuss the issuance of a central bank digital currency (CBDC) in future consultations.
RBNZ has taken a four-stage approach to CBDC issuance and aims to issue an in-house digital dollar by 2023. New Zealand’s central bank is in the second stage of its digital cash initiative, which involves exploring high-level design options for digital cash and related consulting and budgeting.
On April 17, the central bank released a consultation paper to help determine “future work on whether digital cash is right for New Zealand.” The consultation closes on July 26.
Federal Reserve Chair Jerome Powell stated before the Senate Committee on Banking, Housing, and Urban Affairs that the United States is far from adopting or even recommending the introduction of a central bank digital currency (CBDC), emphasizing a significant distance from such a possibility. He assured that any potential CBDC would not be designed for […]
The Central Bank of the Philippines will develop a central bank digital currency (CBDC) in the next two years, according to Governor Eli Remolona Jr. The still unnamed CBDC will focus on the wholesale market and won’t use blockchain tech, instead relying on the Philippine Payment and Settlement System, owned and operated by the central […]
The US is reportedly pushing G7 nations to confiscate $300 billion in Russian assets that were frozen in response to the country’s invasion of Ukraine. America, backed by the UK, Japan and Canada, want to have a proposal on how to take the assets ready in February at the two-year anniversary of the conflict in […]
The post US Pushing To Confiscate $300,000,000,000 After Freezing Assets Owned by Russia’s Central Bank and Members of the Russian Elite: Report appeared first on The Daily Hodl.
A central bank official spoke about ongoing CBDC research and other payment modernization Taiwan is exploring.
Taiwan’s central bank has completed a feasibility study of wholesale central bank digital currency (CBDC) and is continuing to consider its introduction. The central bank is seeking feedback from business and academics and will continue to work on platform design, deputy governor Mei-lie Chu said on Dec. 7.
In a lengthy speech at an event for bankers, Chu outlined what she called Banking 4.0, or “services embedded in customers’ daily lives,” including the integration of artificial intelligence and advanced mobile and digital technology into banking. She devoted about half of her presentation to CBDC.
Chu referred to Bank for International Settlements research and said she saw the advantages of CBDCs and tokenization of real-world assets. Furthermore:
Bitcoin does the complete opposite of what the EU's central bank warned about in late 2022.
Bitcoin (BTC) has gained almost 170% since the European Central Bank (ECB) warned of its impending “irrelevance.”
As noted by crypto proponent Eric Wall and others on Dec.
Bitcoin traded at just $16,400 when on Nov. 30, 2022, the ECB published a blog post dedicated to its death.
Coming just after the implosion of exchange FTX and subsequent market flight, the post argued that even those levels were a stopping point on the way to new lows.
“The value of bitcoin peaked at USD 69,000 in November 2021 before falling to USD 17,000 by mid-June 2022.
“For bitcoin proponents, the seeming stabilization signals a breather on the way to new heights.
This “last gasp” initially continued to play out.
A year after the ECB’s premature obituary, Bitcoin is at its highest since April 2022 — at $43,800 at the time of writing, or 166% higher than when the bank sounded the alarm, per data from Cointelegraph Markets Pro and TradingView.
The central banks of Italy and South Korea announced a memorandum of understanding in the development and deployment of their respective CBDCs.
The Bank of Italy announced on Dec.
According to the Italian central bank, this memorandum of understanding will entail the “mutual sharing of knowledge and information” when it comes to information and communication technology (ICT) issues.
Particularly, it mentioned ICT issues related to real-time settlement systems and central bank digital currencies (CBDCs).
The announcement said the meeting was attended by the general manager of the Bank of Italy, Luigi Federico Signorini, who signed off on the agreement.
Related: UK House of Commons recommends further CBDC tests on viability, risks
Throughout the last year both countries have been exploring CBDCs, though with different approaches.
In Italy, the central bank has mainly been focusing on interoperability in its solutions for settling distributed ledger technology (DLT)-based transactions via hash linked contracts, rather than a wholesale CBDC approach as is the case with other European countries.
Meanwhile South Korea has already begun to pilot its CBDC infrastructure technology as of October of this year.
