European Central Bank releases first CBDC progress update

The ECB promised pseudonymization and independent audits of the CBDC system to calm consumer fears of tracking.

View Details

Big banks rush in to test ECBs wholesale distributed ledger tech

The new participants in the European Central Banks DLT tests include major financial institutions.

View Details

Central banks must revise business model, embrace CBDCs ECB member

Bundesbanks president Joachim Nagel urged central banks to revamp their business models and adopt digital currencies during the BIS Innovation Summit.

View Details

How the Digital Euro will Impact Stablecoin Usage in Europe: Insights from ECB Executive

The European Central Bank (ECB) is considering the potential launch of a digital euro that could limit the use of stablecoins in the region. This move comes in response to the growing popularity of stablecoins, such as Tether and USD Coin, which are often used for digital payments and transfers. The ECB is concerned about [...]

The post How the Digital Euro will Impact Stablecoin Usage in Europe: Insights from ECB Executive appeared first on Crypto Breaking News.

View Details

European Central Bank wary of US stablecoin influence despite EUs MiCA safeguards

The European Central Bank (ECB) has reportedly raised alarms over the possible consequences of US President Donald Trump’s crypto-friendly stance, Politico reported on April 22, citing a policy paper. According to the report, the ECB highlighted the potential ripple effects of US stablecoin legislation as a key risk factor that could expose the bloc to market […]

The post European Central Bank wary of US stablecoin influence despite EU’s MiCA safeguards appeared first on CryptoSlate.

View Details

Bitcoin Advocacy Group Illuminates ECB, Eurotower, Encouraging Adoption And Education

The “Bitman” collective advocated for Bitcoin adoption by illuminating the ECB building with the Bitcoin logo. The “Bitman” collective, a group advocating for the adoption of Bitcoin, illuminated the Eurotower and the European Central Bank (ECB) building with the Bitcoin logo and the words “study bitcoin,” on the evening of March 29.  The goal was [...]

The post Bitcoin Advocacy Group Illuminates ECB, Eurotower, Encouraging Adoption And Education appeared first on Crypto Breaking News.

View Details

ECB Blog Casts Doubt on Bitcoin's Value Following ETF Approval

ECB blog post criticizes Bitcoin's utility and questions its value, even after SEC's ETF approval, warning of potential societal risks. (Read More)

View Details

European Banking Federation shares its vision of digital euro, wCBDC, bank tokens

The European Banking Federation (EBF) has released a paper detailing its vision for the digital money ecosystem of the future, and the retail digital euro in particular. The carefully worded paper expressed values and concerns about the digital euro from the perspective of commercial banks.  The paper, released on March 28, emphasized the bank’s values, [...]

The post European Banking Federation shares its vision of digital euro, wCBDC, bank tokens appeared first on Crypto Breaking News.

View Details

European Central Bank Follows US Fed’s Footsteps With 25 BPS Hike

On Thursday, the Governing Council of the European Central Bank (ECB) announced that it was raising “three key ECB interest rates” by 25 basis points (BPS) in a move similar to the one taken by the United States Federal Reserve.  The US Federal Reserve, on Wednesday, increased its fund rates by an additional 25 BPS, its highest interest rate in 22 years. European Central Bank In The Fight Against Inflation The European Central Bank, in its statement, admitted that although inflation continues to decline, it is “still expected to remain too high for too long.” In a bid to fight inflation and return it to its 2% medium-term target in a timely manner, the governing council has continued to hike the interest rates for some time now, and this has further raised concerns for investors in the financial market as to whether or not there will be hikes before year ends.  Related Reading: Lacoste Unveils Exclusive Ethereum-Based Virtual Store For NFT Holders For context, the ECB has raised rates by 4.00% since last year July, accounting for the fastest-tightening cycle in its history. It is projected that this rapid increase in rates could negatively affect the expansion of loans in the European region and economic activity also.  A quarterly poll released by the ECB on July 25 revealed that the companies’ demand for loans plunged to its lowest in the second quarter of this year. The eurozone has less developed and liquid capital markets than the United States, so there is an overreliance on banks in financing the economy.  And now, according to ECB Chief Economist Philip Lane, the tighter monetary policy is massively impacting bank loans. So such policies will undoubtedly cause a liquidity squeeze.  Bitcoin’s Role Although inflation continues to decline, it is evident that the ECB and US Federal Reserve aren’t getting the desired results as to the target to which they want to bring inflation down to. As such, these financial bodies may continue increasing the rates to as high as possible despite the dramatic economic slowdown.  Investors are aware of this position and are looking toward Bitcoin and other cryptocurrencies for succor. For a long time now, Bitcoin has been tagged as a ‘hedge against inflation,’ and it seems that many are realizing that this is more than a tag as Bitcoin has remained stable despite the growing rates, which many would have expected would send Bitcoin and the crypto market spiraling down.  Related Reading: Short-Lived Hype: Worldcoin (WLD) Signups Dwindle Less Than A Week After Launch Unlike the United States, European investors are lucky to have more regulatory certainty in the region. The Markets in Crypto Assets (MiCA) regulation offers a sense of direction to stakeholders in the European crypto industry. This will help businesses and investors navigate their way when operating and dealing with crypto assets.  BTC price sitting at $29,300 | Source: BTCUSD on Tradingview.com Featured image from PYMNTS, chart from Tradingview.com

View Details

ECB Raises Interest Rates by 0.25% Amid Inflation Concerns

View Details

ECB sums up digital euro prototyping exercise as it nears possible pilot launch

The European Central Bank exercise looked at a variety of use cases, most of which were quite satisfactory, as well as the use of self-custodied wallets.

View Details

ECB President Lagarde on De-Dollarization: Reserve Currency Status Should No Longer Be Taken for Granted

European Central Bank (ECB) President Christine Lagarde has warned that the U.S. dollar’s reserve currency status “should no longer be taken for granted.” Acknowledging de-dollarization efforts by various countries, she stressed: “New trade patterns may have ramifications for payments and international currency reserves.” ECB’s Christine Lagarde on De-Dollarization and Alternative Currencies The president of the

The post ECB President Lagarde on De-Dollarization: Reserve Currency Status Should No Longer Be Taken for Granted appeared first on BTC Ethereum Crypto Currency Blog.

View Details

7 central banks and BIS continue examination of ongoing policy issues for retail CBDC

The Bank for International Settlements has published the fifth paper by the group, highlighting its latest thinking on a potential retail CBDC.

View Details

ECB considers digital euro access, distribution in third design progress report

The digital euro, if it is created, will be available to Eurozone users first through familiar onboarding procedures.

View Details

ECB official labels crypto as 'deleterious' with 'no societal benefits' in scathing speech

According to Fabio Panetta, the volatility of crypto and aspects of blockchain technology made digital assets only suitable for gambling.

View Details

Republicans Seek to Repeal Biden’s Inflation Reduction Act in Exchange for Raising US Debt Limit

There has been a lot of commentary concerning the U.S. raising its debt limit, as Treasury secretary Janet Yellen said last month that a U.S. default would be “devastating,” and European Central Bank president Christine Lagarde warned it would be a “major disaster” if the U.S. defaulted on its obligations. It now appears that Republican [...]

The post Republicans Seek to Repeal Biden’s Inflation Reduction Act in Exchange for Raising US Debt Limit appeared first on Crypto Breaking News.

View Details

Issuing digital euro, or ‘Cash+,’ is probably a duty, French central banker says

François Villeroy de Galhau tried to soft sell the proposed euro CBDC to commercial bankers, emphasizing collaboration and the CBDC’s advantages.

View Details

IMF Working on Platform to Support CBDC Cross-Border Interoperability

The International Monetary Fund (IMF) is working to develop a platform that would serve as an interoperability layer for central bank digital currencies (CBDCs), allowing for settlements among different countries. According to statements from IMF Managing Director Kristalina Georgieva, this would avoid the underutilization of CBDCs for domestic purposes. IMF Working on CBDC Cross-Border Integration

The post IMF Working on Platform to Support CBDC Cross-Border Interoperability appeared first on BTC Ethereum Crypto Currency Blog.

View Details

US, Australia Make New Moves on CBDC

<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.

View Details

Dubai Forbids Operations With Monero, Zcash, and Other Privacy Coins

The new regulations imposed by Dubai's VARA disallowed the employment of privacy coins, such as XMR and ZEC.

View Details