The European Central Bank (ECB) revealed a few days ago that the specific timeline for the creation of the digital euro is already underway, with its launch potentially occurring in 2029.

This was stated by Piero Cipollone, member of the Executive Board, who emphasized that the purpose is “to offer an electronic version of the euro, with the aim of facilitating everyday transactions in the Eurozone.”

The official commented that “the European Parliament, the European Council, and the European Commission could have their respective positions ready by May 2026, after which they will begin working together on the legislation.”

The ECB entered the preparation phase for the digital currency at the end of 2023, which combines “technological development with the implementation of legal frameworks throughout the European Union, to ensure compliance with privacy and anti-money laundering regulations.”

In any case, the necessary regulatory framework must first be approved, after which the ECB will establish a period of between two and three years to effectively develop and launch the digital euro.

M.Pino

Source: cripto247

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La entrada Digital euro could be ready by 2029 apareció primero en Bitfinance.

The Central Bank of Norway is studying the measures necessary for the country’s financial stability, including the launch of a CBDC that would contribute to improving cross-border payments.

Although the nation has given its support to the Markets in Cryptoassets Regulation (MiCA), it is currently analyzing a project on additional regulations to promote financial stability, led at the Central Bank by Kjetil Watne.

Watne has stressed that the bank has not yet made a decision but “is evaluating how to mitigate regulatory gaps related to decentralized finance.”

The project director has indicated that the Central Bank sees central bank digital currencies as a tool to improve cross-border transactions, without replacing fiat money or cash payments.

Support for MiCA but with caution

The European Union’s MiCA regulation comes into force on December 30. In this regard, its implementation could pose systematic risks for stablecoin reserves, according to Paolo Ardoino, CEO of Tether.

“Under MiCA, stablecoin issuers will be required to hold a significant portion of their reserves, at least 60 %, in European banks, which creates a concern regarding lending,” Ardoino stresses, noting that the MiCA requirements “could create significant points of vulnerability for reserves if a bank holding them goes bankrupt” considering that banks can lend up to 90% of their reserves.

M.Pino

Source: cointelegraph

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La entrada Norway is considering launching a CBDC to stabilize its economy apareció primero en Bitfinance.

A pilot plan to create a new digital currency platform and accelerate cross-border payments is led by the G7, the Federal Reserve and the main central banks of Europe, Korea and Japan. 40 of the world’s main banks have joined the project.

The project was named Agora. “Seven central banks in total are involved and their goal is to test whether so-called tokenized bank deposits can be used in combination with tokenized central bank currencies (CBDCs) in a faster and more advanced system.”

This pilot will focus on a wholesale CBDC, used only between banks and not by the public, with the aim of solving the “problems posed by different time zones, legal requirements, and regulatory and technical systems.”

On the list of participating banks are major lenders such as JPMorgan, HSBC, UBS and the Japanese MUFG.

The banks of the Ágora project and another called mBridge are working on the development of a CBDC aimed at these purposes, “launched in 2021 by the central banks of China, Hong Kong, Thailand and the United Arab Emirates, to which Saudi Arabia has recently joined.”

M. Pino

Source: eleconomista

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La entrada G7 leads digital currency pilot plan with participation of 40 banks worldwide apareció primero en Bitfinance.

A strategic partnership between the Central Reserve Bank of Peru and telecommunications company Viettel Perú, the South American country has launched its first CBDC pilot project.

The BCRP did not release details about this project. However, it is known that the Vietnamese telecommunications company Viettel Group began operations in the nation in 2014.

The partnership between both organizations will allow Peru to advance on the path towards the digitalization of payments to improve efficiency and reduce costs. Likewise, the way is paved for “financial inclusion,” taking into account that the most recent data indicates that “only half of Peruvians had access to formal financial accounts.”

Given this situation, it is noted that “Peru depends largely on cash. According to the International Monetary Fund (IMF), high costs and insufficient digital infrastructure remain vital impediments.”

The IMF estimates that a CBDC would help eliminate barriers in the digital payments sector. In any case, the country would be forced to establish “some critical considerations, such as offering the digital solution through USSD, since a large part of the population does not own a smartphone,” in addition to “decoupling the CBDC from the banking system, since the people who need it most do not have bank accounts.”

M.Pino

Source: cripto247

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La entrada Central Bank of Peru launched first CBDC pilot project apareció primero en Bitfinance.

The Central Bank of Chile recently indicated that the tests started in May 2022 for the launch of a new digital currency will be expanded.

In the announcement made last Thursday, the Central Bank of the South American country indicated that there will be tests in a controlled environment, which is known as a sandbox, “to better understand the challenges and implications in technological and operational terms that the eventual issuance of a digital currency.”

The measure has been included in the second report “Issuance of a Central Bank Digital Currency in Chile”, which records the dialogue and interaction with the public carried out by the regulatory entity on the potential issuance of a CBDC.

This year, the explorations will include the relevant processes to complement the analysis and study, with an applied instance, so that the Chilean economy aligns with the advances of other countries in this area.

The bank has made it clear that the evidence does not indicate that the decision to issue a digital currency in the country has already been made. Much less is it a replacement or substitution for traditional Chilean means of payment, particularly cash.

“The Central Bank of Chile continues to consider that there is still not enough information to make a definitive decision regarding its issuance,” according to the report.

With these tests, Chile seeks to follow in the footsteps of other central banks in the international environment, added to the increasingly marked digitalization of payments, as a sign of technological evolution.

The Central Bank of Chile is betting with the measure to achieve greater benefits related to or derived from the digital economy.

M.Pino

Source: americaeconomia

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La entrada Central Bank of Chile will carry out new tests to issue digital currency apareció primero en Bitfinance.

Ron DeSantis, a staunch opponent of central bank digital currency (CBDC), decided to withdraw from the White House race. The politician expressed his inability to continue a campaign without a clear path to victory.

In an emotional 4-minute statement shared on X, DeSantis confirmed his long-awaited endorsement of former President Donald Trump. “I won’t stop now. It is clear that most Republican voters want to give Donald Trump another chance,” he said.

In the recent Iowa primary of the Republican Party, held on January 15, DeSantis came in second, trailing Trump by a margin of 21%. The Florida Governor, who officially launched his candidacy in July 2023, acknowledged the lack of support and visibility needed to stay in the race.

During his campaign, DeSantis pledged to ban an eventual version of the digital dollar if he reached the presidency. “If I am president, on the first day we will cancel the central bank’s digital currency. Done. Dead. It won’t happen in this country,” he said at an event in Iowa.

This position is also backed by Donald Trump, who, during a recent speech in Portsmouth, New Hampshire, promised to “never allow” the creation of a CBDC by the Federal Reserve.

The CBDC, a form of digital national currency backed by a nation’s central bank, has sparked debate around the world. While some see potential improvements in efficiency and financial inclusion, critics warn of possible breaches of privacy and excessive government control.

K. Tovar

Source: Cointelegraph

(Reference image source: X, @SaharaReporters)

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La entrada Ron DeSantis withdrew his candidacy for the US presidential race apareció primero en Bitfinance.

The upcoming launching of the US dollar-pegged cryptocurrency Activo Digital San Luis, in the province of Sal Luis, western Argentina was announced this week. The provincial Executive Power will established the value of the stablecoin.

The proposal was sanctioned by the Financial Innovation Law for investment and socioeconomic development, which establishes: “The issuance of the San Luis Digital Asset will function as a debt issuance for the provincial State. The difference is that instead of issuing bonds, the State will issue this cryptocurrency.”

The stablecoin will be backed to the value of the US dollar and based on a blockchain that has not yet been revealed. For its storage, a special wallet will be established, accessible to anyone over 18 years of age.

The deputies and senators who voted in favor of the new San Luis cryptocurrency focus on it as a new savings instrument. In addition to helping “higher education students, from the age of 16, in their financial education,” through the launching of the “school savings stamps for my future.”

The province of San Luis would also be considering the creation of its own collection of non-fungible tokens (NFTs) with digital works by artists from the province.

M.Pino

With information from national and international media specialized in cryptocurrencies

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La entrada Argentina: Province of San Luis will launch its own cryptocurrency apareció primero en Bitfinance.

Inflation in Argentina continues to rise. Analysts estimate that by the end of 2022 it could be above 90 %. The way out of this crisis could be in the creation of the digital peso and the elimination of the current currency.

This measure, if taken in the not too distant future, would represent a 180° turn in the Argentine financial system. According to the former director of the New Bank of Chaco, Carlos María De Los Santos, one option would be to eliminate the “physical representation of the Argentine peso” and in this way speed up the processes that allow reducing tax evasion, currently located at 50 %.

There has been talk of the “Digital Argentine Peso” plan, which according to local experts would help reduce taxes in addition to opening the way to a surplus for the national economy. The plan is part of the need for a fintech strategy for the country, which especially proposes the creation of digital peso.

The digital transformation of the financial sector in the South American nation is, without a doubt, another crucial factor to achieve the goal of digital peso, with the due regulatory framework that provides security to all the actors involved and to the population of Argentina.

M.Pino

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Source: diariobitcoin

La entrada Inflation in Argentina accelerates favorable position towards the creation of the digital peso apareció primero en Bitfinance.

The Central Bank of Thailand (BOT) assured that it has no intention of rushing the launch of its own digital currency, CBDC, so it will take more time than expected to study this possibility and determine the benefits it would bring to the economy.

The local regulator aims to guarantee a version of the national fiat, with additional benefits to the Thai financial system under correct risk management.

Retail CBDC development is expected to take more than five years before market launch, according to BoT Governor Sethaput Suthiwartnarueput, quoted by the Bangkok Post.

Last week, the top executive explained that the bank wants to better understand the benefits and risks of retail CBDC and, in particular, whether there are additional benefits with respect to Promptpay, the nation’s digital payment system. The central bank hasn’t seen that yet, the governor said. Sethaput also emphasized that a digital currency should ultimately change the country’s financial system and benefit everyone.

K. Tovar

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Source: Diariobitcoin

La entrada Thailand will need more time for its CBDC apareció primero en Bitfinance.

The authorities of Hong Kong, China, presented the prototype of what will be its digital currency issued by the central bank (CBDC).

This project is called “Project Aurum”, which includes a two-tier platform with a wholesale interbank and a retail electronic wallet system, according to part of the team in charge of development.

It is important to point out that the project stems from a collaboration between the BIS Innovation Hub Hong Kong Center (of the Bank for International Settlements), the Hong Kong Monetary Authority (HKMA) and the Hong Kong Research Institute of Technology and Applied Science, which has A prototype of Hong Kong’s upcoming digital currency has been produced, the Bank for International Settlements (BIS) announced.

Aurum participants want to launch two different types of digital tokens. The first type will be a brokered digital currency, while the second will be a CBDC-backed stablecoin that will circulate in the interbank system.

The document states that “the goal is to bring to life two very different types of tokens: intermediated CBDC and CBDC-backed stablecoins in the interbank system. The latter is unique in the CBDC study to date. Privacy, security and flexibility are fundamental to the system.”

K. Tovar

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Source: Diariobitcoin

La entrada Hong Kong presented its CBDC prototype apareció primero en Bitfinance.