Among the new executive orders signed by US President Donald Trump is one that bans the Fed from developing a digital currency, or CBDC, as well as stopping all work oriented towards that end.

Despite being in favor of cryptocurrencies, Trump has banned the Fed from creating a CBDC while he creates working groups to generate proposals to Congress in this field.

Trump seeks to clarify regulations in the cryptocurrency sector, refuting any central bank digital currency that has no justification.

In this regard, the Fed’s ban decree mentions among the president’s priorities “taking measures to protect Americans from the risks of central bank digital currencies (CBDC), which threaten the stability of the financial system, individual privacy and the sovereignty of the United States, including prohibiting the establishment, issuance, circulation and use of CBDCs within the jurisdiction of the United States.”

M.Pino

Source: elpais

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The Minister of Economy of Argentina, Sergio Massa, indicated this Monday that the country needs a digital currency, which is why he has sent the project for a CBDC to Congress.

Although there are no further details about a digital currency from the Argentine central bank, Massa has insisted that the country needs a CBDC, which provides greater security against crimes such as tax evasion, among others, and is under the control of the Central Bank.

According to Massa, “Argentina takes more dollars out of the country than it brings in, its economy is in the black, and it also has problems in the tax system that limit development.”

This reality leads to the search for alternatives for the financial and economic apparatus of the South American country. Regarding the creation of a CBDC, Massa added: “We are going to launch the Argentine digital currency, just as your children propose in their platform economy, the possibility of trading with the cell phone or with the card, we are going to do it in a way global for all of Argentina, along with a money laundering law, so that those who have money abroad can bring it to use tax-free.”

The governor of Chaco, Jorge Capitanich, joined Massa’s position, pointing out that Argentina requires a multimonetary system; that citizens can pay with different currencies, and for this a legal and mandatory digital currency is required.

A CBDC would provide greater openness, stability and security to the financial system, in addition to opening doors to the consolidation of other sectors, such as labor, goods and services, among others.

The central bank’s digital currency has the same guarantees as paper money, issued by the central bank, although it does not have a physical counterpart.

M.Pino

Source: news.agrofy

(Reference image source: EconomiaArg, Europa Press / dpa)

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La entrada Argentina sends CBDC project to congress apareció primero en Bitfinance.

Brazil’s digital currency (CBDC) will be launched in 2024. The country’s Central Bank has indicated that its launch is scheduled to boost financial services.

The DREX CBDC will be based on “distributed ledger technology (DLT) to settle wholesale interbank transactions, while retail access will be based on tokenized bank deposits.”

The BCB authorities had already anticipated that once the tests were completed, the coin would be launched on the market at the end of 2024. Fabio Araujo, coordinator of the initiative at the bank, pointed out that the purpose of DREX is to improve citizen access to financial services.

 “By enabling easy and reliable access to registered securities through DLT technology, we reduce costs and democratize access to financial services,” he emphasized.

Likewise, the BDV executive “highlighted that Brazilians already make numerous digital payments through the Pix instant payment platform, launched at the end of 2021 and which has been well received.”

DREX design refers to the strength of digital real

Regarding the choice and design of the name, DREX, it is known that it is an acronym formed by the letters “D” and “r”, both referring to the Real Digital which is the national currency, combined with the “e”, which means electronic in addition to the “x”, which “conveys the idea of ​​modernity and connection, the use of distributed ledger technology (DLT)”, according to the digital medium Tekios.

The logo shows the capital D, which transmits “the evolution of the national fiat currency, the real, to its digital version.” Inside, it has two arrow-shaped triangles in blue and green, where the transition “represents the transaction completed message.”

M.Pine

With information from national and international media, news agencies and social networks

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The Central Bank of Honduras (BCH in Spanish) is making significant progress towards the modernization of its financial system with the start of the pilot plan for a possible CBDC.

Central bank digital currencies are a safe, fast and stable payment alternative used in various countries around the world. With the launch of the study, Honduras opens the possibility of having a CBDC in the medium term to public consultation.

The pilot plan seeks to invite “interested sectors, professionals and the public to provide their comments and ideas on this innovative initiative. The consultation, accessible through the official BCH website, was released after the presentation of the BCH investigation on new payment options to the Financial Innovation Table (FOMIN).”

The Honduran regulatory entity prepared, with the support of the IMF, the study entitled “The future of money and payments in Honduras, which route to follow?”. There he studies the alternatives for the country regarding new payment means.

One of the principles of the study is identified as “exploring solutions that address not only financial inclusion, but also the current challenges facing Honduras, including interoperability issues and delays in cross-border payments.”

The deficiencies of the local payment system have given impetus to the possibility of creating a retail CBDC, added to proposals such as “amendments to the monetary and central bank laws, in order to establish the legal framework required to authorize the issuance of the CBDC.”

BCH, however, maintains a cautious stance regarding cryptocurrencies, which are not considered a viable solution due to their vulnerability, among other aspects.

M.Pino

Source: Criptopasion

(Reference image source: Bastian Riccardi, Unsplash)

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La entrada Honduras launches pilot for the creation of a CBDC apareció primero en Bitfinance.

A recent announcement on digital finance in the United Arab Emirates reported notable progress in launching a CBDC, as a further step towards digital payments.

The Board of Directors of the Central Bank of the UAE indicated this Sunday in a statement that they seek to “accelerate the digital transformation in the financial services sector.”

To achieve this they have launched the Financial Industry Transformation (FIT) program, made up of key initiatives for the UAE, including the issuance of a CBDC for cross-border and domestic payments.

The financial authorities have underlined the importance of this measure to promote “financial inclusion, as well as the promotion of innovation, security and efficiency in payments, avoiding the use of cash.

It is important to note that last October the Central Bank of the UAE completed the CBDC pilot project in twenty local banks, with digital transactions between their corporate clients across the border.

M.Pino

Source: hoycripto

(Reference image source: Unsplash, in collaboration with Getty Images)

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Huang Yiping, a former member of the People’s Bank of China’s Monetary Policy Committee, said the current ban on cryptocurrency trading in China could result in long-term missed opportunities for the formal financial system, including blockchain technology and tokenization.

Although he acknowledges the risks associated with cryptocurrencies, such as bitcoin, Huang argues that a permanent ban on cryptocurrencies should be carefully considered.

China is currently known for its “blockchain, not Bitcoin” stance, but despite the ban, the country remains a major Bitcoin miner.

Huang, who is now a professor of economics at Peking University, also touched on the Chinese central bank’s digital currency and the issuance of stablecoins based on the digital yuan, arguing that it is a “very delicate” issue that needs to be carefully considered.

K. Tovar

Source: Cointelegraph

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