RBI will also organise sandboxes and hackathons to let fintech innovators present their solutions. The Central Bank Digital Currency (CBDC) will provide numerous opportunities for India's fintech community to help the government and the Reserve Bank of India (RBI) in addressing technology challenges such as enabling CBDC transactions offline, preventing duplication of digital currencies, and preventing double payments, a senior RBI official said. This comes just a week after the Economic Survey 2023 emphasised the benefits of CBDC in expanding digital financial services. RBI will also organise sandboxes and hackathons to let fintech innovators present their solutions. Speaking at the Bharat Fintech Summit 2023, Anuj Ranjan, General Manager, fintech department, RBI said, “There is a lot of opportunity for the fintechs here. Presently, wallets are being given by the banks, it is synced with the digital currency to make payments. Going forward, we expect fintechs can do a … [Read more...] about CBDCs will bring a lot of opportunities for fintech community: RBI official
Share to Twitter Share to Linkedin Central Bank Digital Currencies (CBDCs) are digital versions of fiat money, issued and backed by a central bank. CBDCs have gained attention in recent years as a potential solution to the challenges posed by the increasing use of digital payments and the rise of private digital currencies such as Bitcoin. While this is still a new idea, it will have a profound change on the financial system. One of the main advantages of CBDCs is that they can provide a secure and reliable means of digital payment and remittance. CBDCs can be used for online and offline transactions and can be integrated into existing payment systems. They can also be used to facilitate cross-border payments, which can be a major challenge with traditional fiat money. In fact, most central banks around the world have already started experimenting with CBDCS and their economic potential. Another advantage of CBDCs is that they can provide financial … [Read more...] about The Advantages—and Drawbacks—of Central Bank Digital Currencies
Share to Twitter Share to Linkedin The Bank of England has announced a a four-month public consultation process on a a British central bank digital currency (CBDC) that could launch by the end of the decade . The Bank’s Governor, Andrew Bailey, says that a digital pound of some kind would provide a new way to pay that will "help businesses, maintain trust in money and better protect financial stability.” Think Platform, Not Product The Bank today released its consultation document together with an associated technology working paper on CBDC. Sir Jon Cunliffe, the Deputy Governor for Financial Stability, gave an interesting speech on the need for such a digital currency. How exactly such a retail CBDC will work is yet to be determined, naturally, but Sir Jon spoke about a public-private partnership in which the Bank would provide the digital pound and the central infrastructure and the private sector (banks or “approved non-bank firms”) would … [Read more...] about Bank Of England Plans A Digital Currency, But Not Yet
Share to Twitter Share to Linkedin What Happened In 2022 Even before a months-long winter engulfed the digital-assets market, 2022 was shaping up as the year that Washington began to get serious about regulating the cryptocurrency business. That resolve was bolstered throughout the year by a series of calamities that included a massive stablecoin failure of terraUSD and the associated luna, with contagion effects that impacted BlockFi, Celsius Network and Voyager Digital exchange that called into question the ability of crypto exchanges to be digital asset custodians that would protect investors’ assets. Essentially, the crypto industry managed to recreate the same risks of the traditional banking system, in which the institutions that were responsible for holding customer’s assets were simultaneously lending funds, leading to leverage, liquidity and capital conflicts. Before the year could end, the third-largest exchange, FTX – previously seen as a … [Read more...] about 2022 Year In Review: Crypto Policy Experiences Massive Turbulence In Congress Amid TerraUSD And FTX Failures
Digital Yuan has increased digital payment in China and is intended to spur innovation. However, many challenges must be overcome before CBDCs become actualized in other countries. China’s supply chain has adopted the digital yuan . One of the most critical hurdles will be figuring out a standardized and effective method for endorsing transactions. CBDCs can help integrate these processes into blockchain technology, thus making them more efficient and commanding broader community support. Digital yuan can aid the government’s anti-corruption efforts and improve China’s currency stability. In a new policy released on April 10, 2017, the People’s Bank of China announced that they would strive to promote their digital currency over the next five years. The central bank will begin with a pilot program to allow residents to exchange their yuan for digital yuan. Digital yuan uses blockchain technology as its foundation, which will provide an avenue for faster … [Read more...] about Digital Yuan Has Increased Digital Payment In China
What Is A Private Blockchain? – The main purpose of designing the original bitcoin blockchain was to allow it to operate without oversight from any central authority. In public terms, it usually used a distributed ledger that the community was able to verify and anyone could access. Talking about this concept of ‘distributed ledger’, has attracted the attention of businesses, banks, and governments. However, rather than a fully public setup, these entities typically employ a ring-fence version of what is known as a private blockchain. If you also want to get in-depth information about private blockchain, and what and how it is capable of working, then it is necessary to first understand how public blockchains work. The best automatic trading platform is the bitql app , which has millions of happy customers. About Public Blockchains As the name suggests, public blockchains are completely permissionless. which means that anyone can freely join and be able … [Read more...] about What Is A Private Blockchain?
Share to Twitter Share to Linkedin Stablecoin usage continues to climb in 2023, with hundreds of thousands of users relying on these US dollar-pegged cryptocurrencies every day. The most popular stablecoins include Bitfinex’s Tether USDT , Circle and Coinbase’s joint initiative USDC , and the Paxos plus Binance joint initiative BUSD . These three stablecoins represent over 90% of the stablecoin market, according to DeFiLlama.com. They are all supposedly backed by the equivalent value of US dollar denominated assets held as reserves, though their composition and management varies. Stablecoins are quite popular in the developing countries, where people use them to hold value and hedge against inflation. They are also popular among crypto traders. They are not generally seen as investments, since they are designed to maintain a relatively stable value. Not all stablecoins are created equal, so here are some of the facts you need to know if you want to use … [Read more...] about What You Need To Know About The Major Stablecoins In 2023