Circle CEO Suggests China Consider Allowing CNY-Backed Stablecoins for Internationalization
Circle CEO Jeremy Allaire suggested that Beijing should consider allowing Chinese Yuan-backed stablecoins to internationalize its currency, as they may be a better option than central bank digital currency (CBDC) for trade and commerce. Allaire believes that stablecoins and CBDCs are complementary, but stablecoins are superior.
Brazil's CBDC Source Code Reveals Functions Allowing Central Authority to Freeze Funds or Reduce Balances, Says Blockchain Developer
A blockchain developer claims to have reverse-engineered the source code of Brazil's pilot central bank digital currency and discovered functions that would allow a central authority to freeze funds or reduce balances. However, the developer argues that such functions could be beneficial in certain situations.
Bank of England Governor Bailey: Stablecoins Are Not Robust and Do Not Meet the Standards of Safe Money
Bank of England Governor Bailey says cash will still exist despite the advent of digital currencies. Stablecoins are not robust and do not meet the criteria of a safe currency. Our work on retail central bank digital currencies does not change our commitment to physical currencies. The main motivation for launching a retail central bank digital currency is to ensure that the public has central bank money that they can use in their daily lives. Bitcoin-type cryptocurrencies are best viewed as highly speculative assets.
Federal Reserve Bank of New York Completes Proof of Concept for Regulated Liability Network with Distributed Ledger Technology and Simulated CBDC
The Federal Reserve Bank of New York's Innovation Center (NYIC) has successfully completed a proof of concept for a regulated liability network (RLN) using distributed ledger technology and a simulated U.S. central bank digital currency (CBDC).
Brazilian Central Bank Uploads CBDC-Related Documents to GitHub, But No Source Code Yet
The Brazilian Central Bank has published a collection of documents related to their central bank digital currency (CBDC) pilot on GitHub. The documents provide information on the CBDC's architecture, network connection issues, smart contracts, and sample smart contracts.
Reserve Bank of India Expands Digital Rupee's Cross-Border Payment System with 18 Countries
The Reserve Bank of India (RBI) is in discussions with at least 18 countries to explore cross-border payment systems using its Central Bank Digital Currency (CBDC), the "digital rupee". The aim is to facilitate trade between countries that lack US dollar reserves and to accelerate foreign infrastructure to meet growing demand for the digital rupee.
European Commission's CBDC Proposal Prioritizes Record-Keeping Over Privacy
June 30 (Cointime) - The European Commission's proposed regulations for a future central bank digital currency (CBDC) claim to prioritize privacy, but the required record-keeping provisions for payment service providers suggest otherwise. These provisions require providers to record data on transactions, which is not required for cash transactions. However, CBDCs could bring economic value if done right, and initiatives like Project Hamilton are developing privacy-preserving templates for digital currencies. It is important to acknowledge that governments systematically demand information from the people they govern and work towards a compromise that protects privacy. A middle-ground solution for CBDCs could erect cryptographic and legal barriers to protect privacy.
Majority of UK Citizens Express Concerns Over Potential Control of Central Bank Digital Currency, Survey Finds
June 30 (Cointime) - According to a survey by Trezor, 75% of respondents are worried about the UK government's potential control over access to funds through its proposed Central Bank Digital Currency (CBDC).
Presidential Candidate Robert F. Kennedy Says Bitcoin (BTC) Is a Bulwark Against Totalitarianism
June 29 (Cointime) - Robert F. Kennedy Jr., a presidential candidate, has pledged to protect the public's right to own and transact with Bitcoin if he is elected. Kennedy believes that Bitcoin is a safeguard against government and corporate intrusion, and people should have the right to own their private keys.
ECB Plans Decision on Digital Euro by October, Says Lagarde
June 28 (Cointime) - The European Central Bank (ECB) is set to decide on the creation of a digital euro by the end of October, according to ECB President Christine Lagarde. However, Lagarde also stated that widespread adoption of a digital euro is not expected in the near future.
