CBDC Debate Heats Up: BIS Project Sparks Controversy Among Critics; Lynette Zang Warns of Dangers of CBDCs
During the weekend, discussions about central bank digital currencies, or CBDCs, trended on social media as many people believe the idea will result in increased financial surveillance and a totalitarian monetary system. In a recent interview, Lynette Zang, the chief market analyst at ITM Trading, warned that CBDCs will “take the world into a full surveillance economy that can be controlled directly by the central bank.”
IMF To Publish CBDC Handbook in Response to Increasing Demand for Guidance
With interest in central bank digital currencies (CBDCs) at an “unprecedented” level, the International Monetary Fund (IMF) is experiencing heavy demand for guidance in regard to them. In response, the IMF planned to release a CBDC handbook, deputy managing director Bo Li said in a recent speech.
G7 Countries Discuss Crypto Regulation and Support for Developing Nations' Central Bank Digital Currencies
The G7 countries are discussing tighter cryptocurrency regulation and ways to assist developing nations in introducing central bank digital currencies (CBDCs) consistent with international standards. Masato Kanda, Japan's Vice Minister of Finance for International Affairs, stated that the discussions will address challenges posed by digital technology, including cyber-security, misinformation, social and political divides, and destabilizing financial markets.
Swedish Riksbank Report Looks at Collaboration With Potential E-krona in Retail Payments
Sweden's central bank Riksbank has released a report detailing the third phase of its central bank digital currency (CBDC) research. A collaborative model for retail payments and conditional payments is the focus this time.
CBDCs Are Aimed at Tracking Purchases and Controlling Our Money: US Congresswoman
Former presidential candidate and political commentator Tulsi Gabbard is taking a stand against the Biden administration’s plans to develop a Central Bank Digital Currency (CBDC) in the United States.
Bank of England Seeks to Build 30-Person Team for Central Bank Digital Currency Development
The Bank of England is reportedly seeking to build a team of up to 30 individuals to develop a central bank digital currency (CBDC), according to the Sunday Times.
Texas Lawmakers Introduce Bill Proposing to Establish a Gold-Backed Digital Currency
Two Republican lawmakers from Texas, senator Bryan Hughes and representative Mark Dorazio, have introduced legislation to create a gold-backed digital currency that could be enacted by the state legislature.
Cointime News Afternoon Wrapup: Google and Amazon Struggle to Lay Off Workers in Europe
Labor laws make it difficult to fire staff in France, Germany.
CBDC Will be Used for ‘Control,’ ECB President Admits in Vid Chat with Fake Zelensky
A video of European Central Bank (ECB) President Christine Lagarde admitting to the limited control over payments that a digital euro would allow has been revealed to be a prank video from March 17. The video had been widely shared on social media, generating significant chatter. In the prank video, Lagarde appears to speak candidly to Ukraine President Volodymyr Zelensky, admitting that there would be a "limited amount of control" over payments with a digital euro. However, she also noted that terrorist attacks have been financed by small, anonymous transactions. The ECB began investigating a digital euro in July 2021, with a decision about its launch expected in October 2023. The crypto community has criticized Lagarde's comments, with some suggesting that they will push people towards using decentralized currencies such as Bitcoin. (Cointelegraph)
Is Ripple Powering India’s One Million CBDC User Goal?
In the wake of India’s recent experimental projects with the central bank digital currencies (CBDCs), latest reports suggest the country has an ambitious target with regard to domestic payments. The country’s central bank, the Reserve Bank of India (RBI), initiated a pilot project on usage of CBDCs for retail and wholesale use. The authorities recently said the CBDCs could potentially offer benefits like financial inclusion and improved payment systems. In a latest, the plans for CBDC adoption in the country could be expanded for a wider usage.
