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A Swedish parliamentarian has introduced a budget-neutral plan to include Bitcoin in the countrys foreign exchange reserves. The proposal follows the executive order issued by U.S. President Donald Trump on March 7 to create a Bitcoin reserve. Rickard Nordin, a member of Swedens parliament, wrote an open public letter to Finance Minister Elisabeth Svantesson to […]
Fabio Panetta, a member of the Executive Committee of the European Central Bank (ECB), recently announced that the European Commission would be presenting a legislative proposal for the digital euro in June. He further stated that the next steps would be decided in October. Digital Euro Regulatory Framework In Progress In an interview with the [...]
The post European Commission To Present Regulatory Framework For Digital Euro In June appeared first on Crypto Breaking News.
Digital Euro Association releases whitepaper on the importance of privacy and its impact on CBDC adoption and implementation.
A member of the eurozone is amending its constitution in order to guarantee citizens the right to cash payments. The move comes amid growing fears that a digital version of the common European currency may eventually become the only means of payment in the eurozone, despite currently being touted as merely an alternative. Lawmakers in [...]
The post Right to Pay With Cash Enshrined in Constitution of Slovakia Amid Digital Euro Fears appeared first on Crypto Breaking News.
Legal tender status “would imply a legal obligation for (certain) payees to accept payments in digital euro … thereby increasing its network effects, and potentially affecting its distribution,” said the document, drafted by the secretariat of the Eurogroup, which brings together finance ministers from the 20-nation currency area, ahead of a monthly meeting Source: CoinDesk
The post EU Merchants Could Be Required to Accept Digital Euro, Ministers Told appeared first on Crypto Breaking News.
<p>The United States and Australia have both announced new updates on their efforts towards assessing the feasibility of a central bank digital currency (CBDC). While the United States says it is planning to establish a new Treasury Department-led working group to deliberate on the possible launch of a digital dollar, the Reserve Bank of Australia on Thursday unveiled 14 firms who proposed various CBDC uses cases to be tested in its limited-scale CBDC pilot that “will take place over the coming months.”</p><p>Nellie Liang, the US Department of Treasury Undersecretary for Domestic Finance announced the planned launch of the new senior-level working group on Wednesday, noting that the group will comprise top executives from the Treasury Department, the Federal Reserve, the National Security Council and other government agencies. Group members will meet often 'in coming months' to trash out the benefits of a CBDC to the US economy, she noted.</p><p>In addition, the group will discuss how a digital dollar can help the United States to maintain its position as a leader in global finance, preserve its national security and ensure privacy while stopping the illicit flow. However, Liang emphasized that the Treasury and the Federal Reserve have not yet decided on the importance of a digital dollar.</p><p>The planned launch of the working group comes almost a year after President Joe Biden <a href="https://www.financemagnates.com/cryptocurrency/unpacking-president-bidens-crypto-executive-order/" target="_blank" rel="follow">signed an executive order</a> that mandates a number of federal agencies to study the risks and benefits of cryptocurrencies and the possibility of a digital order.</p><p>Australia Makes Progress with CBDC Pilot</p><p>In August last year, the Reserve Bank of Australia <a href="https://www.rba.gov.au/media-releases/2022/mr-22-23.html" target="_blank" rel="follow">entered a partnership with</a> the Digital Finance Cooperative Research Centre (DFCRC), a $180 million research programme funded by financial industry participants and other stakeholders, to explore use cases for CBDC. The government later invited interested industry participants <a href="https://www.rba.gov.au/media-releases/2022/mr-22-31.html" target="_blank" rel="follow">to propose CBDC use cases</a> for the project.</p><p>Following a submission from industry participants, the central bank on Thursday disclosed that it has selected 14 use cases to be included in the project. These include the usage of CBDC for offline payments, nature-based asset trading, corporate bond and tokenized foreign exchange <a href="https://www.financemagnates.com/terms/s/settlement/" class="terms__main-term" id="2dc6d2c7-1626-4ecf-811e-4c1aabbdb280" target="_blank">settlement</a>, CBDC custodial models and high-quality liquid assets securities trading, among others.</p><p>The selected firms include the Australia and New Zealand Banking Group Limited (ANZ), the Commonwealth Bank of Australia, facility and maintenance management firm Oban, the Australian Bond Exchange, and giant payment processor Mastercard. Others include Canvas Digital, electronic payment firm Digi Cash, custody services provider Fame Captial, and Unizon, among others.</p><p>CBDC Race Presses on in Europe</p><p>Meanwhile, in Europe, the race towards a digital euro is in progress. In November last year, <a href="https://www.financemagnates.com/fintech/spanish-banks-embark-on-new-digital-euro-test/" target="_blank" rel="follow">30 Spanish banks partnered</a> to carry out new proof-of-concept trials to measure the impact of issuing a digital euro by the European Central Bank (ECB). The partnership is being organized in collaboration with a mobile payment solutions provider, Bizum, the payment service firm, Iberpay, which also oversees the Spanish interbank <a href="https://www.financemagnates.com/terms/p/payments/" class="terms__secondary-term" id="f1d2a713-da14-4a6b-8fcd-e8f360d07f45" target="_blank">payments</a> infrastructure, and Redsys, a payment system services provider.</p><p>Earlier in September, <a href="https://www.financemagnates.com/fintech/ecb-selects-amazon-nexi-others-fordigital-euro-prototype-excercise/" target="_blank" rel="follow">the ECB selected five companies</a> including Amazon to participate in its digital euro payment prototyping exercise. The firms emerged from a pool of 54 payment providers that responded to the apex bank’s call for an expression of interest.</p> This article was written by Solomon Oladipupo at www.financemagnates.com.
The European Central Bank (ECB) issued a request for "experts with experience" to apply yesterday with the intention of having them serve as volunteers on the group that will craft the regulatory code for the digital Euro system.
Candidates have until January 20 to submit a resume and responses to the five "justify credentials" questions posed by the group's executives.
The chosen individuals will join the Euro Digital Scheme Rulebook Development Group, tasked with creating the guidelines under which this asset can be traded and spent across Europe.
According to an ECB announcement, the development team working on the guidelines for the use of the digital euro will go to work on those guidelines on February 23.
The group's responsibilities include gathering market data and offering a sectoral view of the Eurosystem, as well as aiding in the development of a regulatory framework for the digital Euro. Christian Schäfer, manager of CBDC regulation, is in charge of coordinating all of this.
The building of the digital Euro is well underway...
The ECB has stated that the development group will include of market representatives with relevant experience as well as officials from the Eurosystem.
Payment service providers, banking industry members, and payment institutions/electronic money institutions will be chosen to offer the system. Consumers, brick-and-mortar stores, e-commerce sites, large and small businesses, and other organizations will all be represented on the demand side.
The distribution and implementation of this CBDC are still the subject of ongoing investigation by experts. Nonetheless, the ECB stated in its December report that the digital euro will be an asset that can only be handled and maintained by "supervised intermediaries" that will operate similarly to existing bitcoin (BTC) and cryptocurrency exchanges.
The Upgrade Nobody Wants...
Europeans have spoken, and they do not support the European Central Bank's plan to issue a digital euro. On the other hand, the bank sees the creation of the digital euro as imperative. It claims that the euro could lose "its position as Europe's monetary anchor" if its use as cash "is less and less" in member countries.
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Author: Mark Pippen
London News Desk
Breaking Crypto News
The "Digital Euro" is expected to officially launch at some point in 2025, and will be issued by the European Central Bank (ECB) as the official Central Bank Digital Currency (CBDC) of Europe.
We continue to learn more as the project continues developing, which involves creating an entire new framework of rules and guidelines as this is the first-ever digital currency issued by the ECB.
In the Project's Latest Updates We Get a Look at Something Many Have Been Wondering and Speculating On - How it Will Be Controlled?
In its most recent report, some of these questions are answered as the ECB introduces us to what they're calling "supervised intermediaries" - these will be the organizations having 'direct contact' with individuals, merchants and companies that use the digitized currency once it enters circulation.
For the EBC to consider an entity a qualified "supervised intermediary" that entity must be one supervised and controlled by a previously designated public authority, in charge of guaranteeing that the operations are executed within a pertinent regulatory framework.
In other words, those already operating under oversight of finance and banking regulations.
Among approved intermediaries - payment service providers, credit institutions, electronic money institutions and payment institutions all 'meet the defined criteria' to provide services using the Digital Euro.
But Don't Expect to See the Digital Euro Next to Your Crypto in your Existing Digital Wallet...
As most expected the Digital Euro and other CBDCs to come will not have much in common with cryptocurrencies - while both are digital the similarities end there, as the way everything from software, to the internet, are used will be completely different.
Owning a Digital Euro does not mean freedom to choose how to store it, any digital wallet or entity that will manage your money, for both individual users and retailers, will be done with tools developed in partnership with, or organizations operating under the guidelines of the European Central Bank.
A test run is scheduled to start at the beginning of the new year and run through the first quarter of 2023 This exercise will include participants from every relevant sector - banks, payment service providers, consumers and merchants, which will then provide feedback to be included in a new report from the Central Bank. This report is expected to either say that the tech is ready, or highlight what still needs to be changed or implemented before an official launch.
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Author: Mark Pippen
London News Desk
Breaking Crypto News
ECBs' vision of the digital euro puts banks squarely in control of users' accounts.
According to a newly released report by the ECB, Bitcoin is in the final stages of becoming irrelevant due to its many shortcomings.
The post Bitcoin’s current stability stems from market manipulation, ECP report appeared first on CryptoSlate.
According to a newly released report by the ECB, Bitcoin is in the final stages of becoming irrelevant due to its many shortcomings.
The post Bitcoin’s current stability stems from market manipulation, ECB report appeared first on CryptoSlate.
<p class="MsoNormal">The Federal Reserve Bank of New York’s Innovation Centre (NYIC) in partnership with some US banking giants has kickoff a three-month digital dollar proof-of-concept (PoC) project. </p><p class="MsoNormal">This project “will explore the feasibility of an interoperable digital money platform known as the Regulated Liability Network (RLN),” the US banking community noted. The goal of the project, the reserve bank <a href="https://www.newyorkfed.org/newsevents/news/financial-services-and-infrastructure/2022/20221115">further explained </a>on Tuesday, is to “explore the feasibility of an interoperable network of central bank wholesale digital money and commercial bank digital money operating on a shared multi-entity distributed ledger.”</p><blockquote class="twitter-tweet"><p dir="ltr" lang="en">The NYIC is participating in a proof-of-concept project with members of the private sector to explore the feasibility of an interoperable network of digital central bank liabilities and commercial bank digital money using distributed ledger technology. <a href="https://t.co/lxUorvd5U7">https://t.co/lxUorvd5U7</a></p>— New York Fed (@NewYorkFed) <a href="https://twitter.com/NewYorkFed/status/1592608119271886848?ref_src=twsrc%5Etfw">November 15, 2022</a></blockquote><p class="MsoNormal">Participating Banks</p><p class="MsoNormal">Some of the major banks and financial institutions participating in the projects are BNY Mellon, Citi, HSBC, Wells Fargo, PNC Bank, TD Bank, Truist, U.S. Bank and Mastercard, among others. International messaging service provider, SWIFT, is also a part of the project. These organizations are to issue simulated digital money or tokens and settle transactions on them through simulated central bank reserves on the ledger. </p><p class="MsoNormal">“The PoC will also test the feasibility of a programmable digital money design that is potentially extensible to other digital assets, as well as the viability of the proposed system within existing laws and regulations,” the banks <a href="https://www.businesswire.com/news/home/20221115005936/en/Members-of-the-U.S.-Banking-Community-Launch-Proof-of-Concept-For-A-Regulated-Digital-Asset-Settlement-Platform">explained</a> in a join-statement. NYIC added that the project will be conducted in a test environment and will adopt only simulated data. </p><p class="MsoNormal">The Center further clarified that the project is not targeted at advancing any specific policy outcome. The project also does not mean that the Federal Reserve “will make any imminent decisions about the appropriateness of issuing a retail or wholesale CBDC, nor how one would necessarily be designed.”</p><p class="MsoNormal">Digital Euro Pilot </p><p class="MsoNormal">The launch of the new digital dollar project comes days after <a href="https://www.financemagnates.com/fintech/spanish-banks-embark-on-new-digital-euro-test/">up to 30 Spanish banks partnered</a> to carry out new PoC trials to measure the impact of issuing a digital euro by the European Central Bank (ECB). The Spanish banking community project comes almost two months after <a href="https://www.financemagnates.com/fintech/ecb-selects-amazon-nexi-others-fordigital-euro-prototype-excercise/">the ECB selected five companies</a> including Amazon to participate in a digital euro payment prototyping exercise. </p><p class="MsoNormal">The prototyping exercise, which will focus on different specific payment usage of the digital euro, is part of the ECB's two-year digital euro investigation project. The exercise is expected to be completed during the first quarter of 2023.</p> This article was written by Solomon Oladipupo at www.financemagnates.com.
The work the European Central Bank has accomplished in its efforts to introduce a digital euro has been commended by Queen Maxima of the Netherlands. On 7 November 2022, the queen gave a virtual speech at a European Commission conference with the theme “Towards a legislative framework enabling a digital euro for citizens and for businesses.” […]
ECB Board member Fabio Panetta has hinted that the Digital Euro may come with a limit for individuals (Read More)
The European Central Bank (ECB) is collaborating with five firms to test “user interfaces” for the central bank digital currency (CBDC). (Read More)
Christine Lagarde, the President of the European Central Bank (ECB), has given her word that the proposed Digital Euro that it will not be used for commercial purposes. (Read More)
The European Central Bank is discussing how to improve and modernise CBDC services that it already offers.
The European Central Bank is discussing how to improve and modernise CBDC services that it already offers.
Continue reading ECB Considers Digital Euro for Securities Settlements at DailyCoin.com.
The European Central Bank (ECB) seeks to be ahead of the game by studying how blockchain-based bank transactions will enable more money control even if lenders change to distributed ledgers. (Read More)
The European Central Bank (ECB), has confirmed Jeff Bezos's tech company AMAZON, as part of the five partners to design a digital euro prototype
(Read More)
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