Bank of England’s Digital Pound Won’t Replace Cash
The Bank of England (BoE) has said that a digital pound is "likely to be needed" in an increasingly digital world but clarified that it will not replace cash under the proposed Central Bank Digital Currency (CBDC) system. In February, the Treasury opened a public consultation on the digital pound, inviting individuals and businesses to share their opinions. The Times reported that the proposed CBDC will be more stable than decentralized cryptocurrencies, but it could not provide a firm answer on the difference between regular, existing card payments and the digital pound. Public opinion on CBDCs is generally negative, including concerns about financial privacy and infringement of personal freedoms.
Robert Kennedy Jr: Government Could Ban, Seize Bitcoin — CBDCs Could Lead to Financial Slavery, Political Tyranny
Presidential hopeful Robert F. Kennedy Jr. has issued a warning regarding the Federal Reserve’s new Fednow system and the potential risks of central bank digital currencies leading to financial slavery and political tyranny.
European Central Bank Head Reveals CBDCs Could Be Used for ‘Control’ Amid Banking Crisis
In a prank video, the president of the European Central Bank (ECB), Christine Lagarde, has admitted that a digital euro, a central bank digital currency (CBDC) planned for release in the near future, would be used in a 'limited' way to control the payments that individuals can make. Lagarde acknowledged that "there will be control" but specified it would be a "limited amount of control." She voiced her desire for Europe not to be dependent on an "unfriendly country's currency" or a "friendly currency but which is activated by a private corporate entity like Facebook or Google." Lagarde has been concerned about the growth of cryptocurrencies and their threat to the traditional banking system, demanding greater oversight over the crypto industry. The ECB's plans prioritize e-commerce and person-to-person payments during the first phase of the CBDC release, followed by other contexts in the second phase.
Robert F. Kennedy Jr.’s Presidential Bid Could Lead to Greater Bitcoin Adoption
Environmental lawyer Robert F. Kennedy Jr. has filed paperwork with the Federal Election Commission to run for president in 2024 as a Democrat, with the filing confirmed on Wednesday, April 5, by his campaign treasurer, John E. Sullivan.
BIS Research Suggests Optimal Level of CBDC Is 40% of GDP
Economists at the Bank for International Settlements (BIS) have suggested that introducing a retail central bank digital currency (CBDC) with a rate of issuance of 40% of Gross Domestic Product (GDP) could bring significant macroeconomic and financial stability gains in the long run.
India Targeting One Million CBDC Users in Three Months, Prioritizing Offline Transfers: Sources
India's retail central bank digital currency (CBDC-R) architects are aiming to scale the use of the digital rupee to one million users, according to sources. The Reserve Bank of India (RBI) is running both retail and wholesale CBDC pilots, with the retail CBDC pilot active in at least 15 cities with over 13 banks participating. The RBI is hoping to conduct offline transactions by testing the use of wearables, cards like debit and credit, bluetooth technology, and a smartphone, with more than 50 proposals submitted to the RBI to solve the problem of offline transactions. The RBI has not announced a timeline for rolling out a full-scale retail CBDC but has previously indicated it was aiming for the end of the year.
Opposition to CBDCs Grows After U.S-Based Cato Argues Against Its ‘Risks’
According to a report by the Cato Institute, a central bank digital currency (CBDC) issued by the United States would pose a risk to the financial privacy and economic freedom of Americans. The report argues that CBDCs raise concerns about citizen privacy, free market destabilization, and cybersecurity and pose a fundamental threat to America's core liberties. The report suggests that there should be no CBDCs in the American economy, and Congress should forbid the Federal Reserve and the Department of the Treasury from issuing any form of CBDC. The report also notes that CBDCs do not provide unique benefits compared to existing private sector alternatives, such as stablecoins and other cryptocurrencies. Republican Congressman Tom Emmer has also warned of the risks of a "surveillance-style CBDC."
Citi Analyst: CBDCs Will Be a ‘Trojan Horse’ for Blockchain Adoption
Central bank digital currencies (CBDCs) will be the driving force behind getting more people to use blockchain, Ronit Ghose, future of finance global head at Citi, told CoinDesk TV.
Crypto Evening Briefing: Saudi Arabia’s $620B Wealth Fund Has Backed Crypto-Friendly VCs
Saudi Arabian wealth fund Sanabil now discloses its investments across the venture capital space, and many of them are into crypto.
As CBDCs Gain Traction in Asia, Crypto-Native Projects Will Need to Prove Their Worth
In the article, we will discuss the growing trend of central bank digital currencies (CBDCs) in Asia and their potential impact on the existing cryptocurrency ecosystem.
