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CATEGORY: central bank digital currencies


41 firms join BIS Project Agora to advance unified ledger applications

Author: Cointelegraph by Derek Andersen
United States
Sep 17, 2024 12:00

41 firms join BIS Project Agora to advance unified ledger applications

The large private companies will work with seven central banks on improving structural inefficiencies in international transfers.

Sep 15, 2024 04:10

What Is the Future of Central Bank Digital Currencies (CBDC)?

In todays digital era, money is evolving fast. From cash transactions to online payments, the way we handle money has drastically changed. As physical cash becomes less common, especially during the COVID-19 pandemic due to hygiene concerns and cash shortages, more people are turning to digital transactions. Since then, banks

Louisianas new crypto law protects node operators, bans CBDC

Author: Cointelegraph by Ana Paula Pereira
United States
Jun 25, 2024 12:00

Louisianas new crypto law protects node operators, bans CBDC

The U.S. state of Louisiana has updated its legislation to ban the use of central bank digital currencies and establish rules for digital asset miners and node operators.

BIS inaugurates Toronto Innovation Centre with Bank of Canada

Author: Cointelegraph by Ezra Reguerra
United States
Jun 15, 2024 12:00

BIS inaugurates Toronto Innovation Centre with Bank of Canada

Bank of Canada Governor Tiff Macklem said that as finance evolves, the industry must innovate and apply new skills, allowing Canadians to benefit from advancements.

CBDCs, stablecoins must ensure liberty-based values  former CFTC chair

Author: Cointelegraph by Gareth Jenkinson
United States
May 09, 2024 12:00

CBDCs, stablecoins must ensure liberty-based values former CFTC chair

J. Christian Giancarlo has stressed the importance of upholding values of liberty, privacy and economic freedom in a keynote address in London.

Chinas CBDC Faces Hesitancy Among Users, Privacy Concerns Loom

Author: Aishwarya shashikumar
Estonia
May 15, 2024 02:30

Chinas CBDC Faces Hesitancy Among Users, Privacy Concerns Loom

China’s ambitious venture into the realm of Central Bank Digital Currency (CBDC) is facing hurdles as reports emerge of hesitancy among participants in the pilot program. The state-backed digital yuan, often referred to as e-CNY, is encountering resistance from users who are reluctant to hold onto it, citing various concerns regarding its utility and privacy. […]

Apr 16, 2025 04:10

The Emergence of Central Bank Digital Currencies (CBDCs) and Their Implications

The emergence of Central Bank Digital Currencies (CBDCs) is revolutionizing the international financial landscape. They are central bank-issued digital currencies designed to advance payments. Also, it enhances financial inclusion and counters the development of decentralized cryptocurrencies. As countries test or introduce CBDCs, their implications on world economies, monetary policy, and

Mar 04, 2024 05:55

Robert Kennedy Jr: Bitcoin Is Inflation Offramp BTC Is Key to Transactional Freedom

U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.) says bitcoin is the offramp from central banks’ “money printing machine.” Emphasizing that bitcoin is a “hard currency,” he stressed the importance of making the cryptocurrency available to the American public. “Transactional freedom is as important as freedom of speech and you only get that from [...]

The post Robert Kennedy Jr: Bitcoin Is Inflation Offramp BTC Is Key to Transactional Freedom appeared first on Crypto Breaking News.

May 25, 2023 10:30

Florida Governor Ron DeSantis Joins US Presidential Race, Promises to Protect Bitcoin

During a virtual discussion with Twitter’s proprietor Elon Musk on Wednesday, governor Ron DeSantis of Florida declared that he is throwing his hat into the ring for the presidency of the United States in 2024. DeSantis will confront the reigning president Joe Biden in addition to the existing presidential candidates: Donald Trump, Robert F. Kennedy [...]

The post Florida Governor Ron DeSantis Joins US Presidential Race, Promises to Protect Bitcoin appeared first on Crypto Breaking News.

Rising CONFLICT Over the 'Digital Dollar' - Some States Move To BAN IT Before It Even Exists, Others Quietly Pass Laws To Make it a Reality...

Author: noreply@blogger.com (Silicon Valley Newsroom)
United States
Mar 21, 2023 12:35

Rising CONFLICT Over the 'Digital Dollar' - Some States Move To BAN IT Before It Even Exists, Others Quietly Pass Laws To Make it a Reality...

The battle for the future of money is heating up in the United States, with some states proposing to ban the "digital dollar" before it even exists, while others quietly pass laws to make it a reality. It's a conflict that has raised concerns about privacy, surveillance, and control.

Florida Governor Ron DeSantis is leading the charge against the digital dollar, announcing a proposed bill to ban it in his state. According to a statement from the governor's office, the legislation is intended to "protect Floridians from the Biden administration's use of financial sector weapons through a central bank digital currency (CBDC)."

DeSantis's bill seeks to prohibit the use of the digital dollar or CBDC as money in Florida and to create "protections" against digital currencies issued by central banks belonging to nations sanctioned by the United States. He hopes that other states will follow suit and establish similar prohibitions to "fight this concept throughout the country."

In the view of the Republican governor, a digital currency "has to do with surveillance and control" of citizens, and it "will stifle innovation." adding that "Florida will not side with the economic central planners. "We will not adopt policies that threaten economic freedom and personal security."

Senator Ted Cruz of Texas is also pushing for a ban on the digital dollar, citing concerns about privacy implications. He argues that a digital dollar "could be used as a financial surveillance tool by the federal government."

As Other States Quietly Take Steps to Move the Digital Dollar Forward...

President Biden issued an executive order last year that instructs several government offices to research creating a central bank digital currency, since then things have appeared to be moving forward with no official updates from the federal government.

The silence seems to be deliberate when it comes to the most recent steps targeting the Uniform Commercial Code (UCC), which are laws that every state has, and every state controls. 

Intended to make sure states can easily conduct business with each other, the digital dollar may be the first time there's been major disagreements between some states and could result in the 'Uniform' codes ending up far from uniform nation-wide. 

Just this week South Dakota Governor Kristi Noem vetoed House Bill 1193 which would have opened the doors for the digital dollar in her state by amending their UCC to allow for fully electronic payments backed only by electronic records "this is extremely troubling. If Congress were to someday create an official electronic currency that is programmable, it would pose significant threats to Americans’ liberty and privacy rights. Why, then, would so many lawmakers want to make it easier for such a currency to be used in their states?"

Both republicans and democrats have made more public statements implying they are against the digital dollar, yet both parties have been found slipping the verbiage needed to make it happen into bills in their states, now there are similar bills headed to vote soon in 20 more states including in Arkansas, Montana, New Hampshire, North Dakota, Tennessee, Texas, and California.

One Major Roadblock Could Still Stop the Digital Dollar from Happening...Not because they share any of the same concerns citizens have voiced - but nonetheless, they hate the idea and they may have enough power over politicians to get their way - the banks.

Banks see the Digital Dollar as a way for the government to become their biggest competitor.  Imagine - your job pays you in digital dollars, they're stored in an app on your phone, and virtually every place you would spend money accepts it, what do you need a bank for? 

While banks would still have a role when it comes to investing, lending, and securing larger business and personal accounts, the average person could go months, or even years without needing to interact with a bank, and have no need for a personal account. 
A battle with significant consequences...Both for the future of our economy and the role of the government in our financial lives. Will we become a cashless society dominated by a digital dollar, or will we maintain the status quo? 

Until recently, this all felt like something so far in the future it was hard to really concern yourself with - but as we begin seeing real laws designed to move plans for the digital dollar forward proposed in multiple states, the potential implications are beginning to feel very real.

-----------
Author: Ross Davis
Silicon Valley Newsroom
GCP Breaking Crypto News

Subscribe to GCP in a reader

Rising CONFLICT Over the 'Digital Dollar', As Some States BAN IT Before It Even Exists...

Author: noreply@blogger.com (Silicon Valley Newsroom)
United States
Apr 21, 2023 08:55

Rising CONFLICT Over the 'Digital Dollar', As Some States BAN IT Before It Even Exists...

The battle for the future of money is heating up in the United States, with some states proposing to ban the "digital dollar" before it even exists, while others quietly pass laws to make it a reality. It's a conflict that has raised concerns about privacy, surveillance, and control.

Florida Governor Ron DeSantis is leading the charge against the digital dollar, announcing a proposed bill to ban it in his state. According to a statement from the governor's office, the legislation is intended to "protect Floridians from the Biden administration's use of financial sector weapons through a central bank digital currency (CBDC)."

DeSantis's bill seeks to prohibit the use of the digital dollar or CBDC as money in Florida and to create "protections" against digital currencies issued by central banks belonging to nations sanctioned by the United States. He hopes that other states will follow suit and establish similar prohibitions to "fight this concept throughout the country."

In the view of the Republican governor, a digital currency "has to do with surveillance and control" of citizens, and it "will stifle innovation." adding that "Florida will not side with the economic central planners. "We will not adopt policies that threaten economic freedom and personal security."

Senator Ted Cruz of Texas is also pushing for a ban on the digital dollar, citing concerns about privacy implications. He argues that a digital dollar "could be used as a financial surveillance tool by the federal government."

As Other States Quietly Take Steps to Move the Digital Dollar Forward...

President Biden issued an executive order last year that instructs several government offices to research creating a central bank digital currency, since then things have appeared to be moving forward with no official updates from the federal government.

The silence seems to be deliberate when it comes to the most recent steps targeting the Uniform Commercial Code (UCC), which are laws that every state has, and every state controls. 

Intended to make sure states can easily conduct business with each other, the digital dollar may be the first time there's been major disagreements between some states and could result in the 'Uniform' codes ending up far from uniform nation-wide. 

Just this week South Dakota Governor Kristi Noem vetoed House Bill 1193 which would have opened the doors for the digital dollar in her state by amending their UCC to allow for fully electronic payments backed only by electronic records "this is extremely troubling. If Congress were to someday create an official electronic currency that is programmable, it would pose significant threats to Americans’ liberty and privacy rights. Why, then, would so many lawmakers want to make it easier for such a currency to be used in their states?"

Both republicans and democrats have made more public statements implying they are against the digital dollar, yet both parties have been found slipping the verbiage needed to make it happen into bills in their states, now there are similar bills headed to vote soon in 20 more states including in Arkansas, Montana, New Hampshire, North Dakota, Tennessee, Texas, and California.

One Major Roadblock Could Still Stop the Digital Dollar from Happening...

Not because they share any of the same concerns citizens have voiced - but nonetheless, they hate the idea and they may have enough power over politicians to get their way - the banks.

Banks see the Digital Dollar as a way for the government to become their biggest competitor.  Imagine - your job pays you in digital dollars, they're stored in an app on your phone, and virtually every place you would spend money accepts it, what do you need a bank for? 

While banks would still have a role when it comes to investing, lending, and securing larger business and personal accounts, the average person could go months, or even years without needing to interact with a bank, and have no need for a personal account. 
A battle with significant consequences...

Both for the future of our economy and the role of the government in our financial lives. Will we become a cashless society dominated by a digital dollar, or will we maintain the status quo? 

Until recently, this all felt like something so far in the future it was hard to really concern yourself with - but as we begin seeing real laws designed to move plans for the digital dollar forward proposed in multiple states, the potential implications are beginning to feel very real.

-----------
Author: Ross Davis
Silicon Valley Newsroom
GCP Breaking Crypto News

Subscribe to GCP in a reader

Mar 11, 2023 06:55

South Dakota Governor Vetoes Bill Excluding Cryptocurrencies from State's Definition of Money


Governor Kristi Noem of South Dakota has vetoed House Bill 1193, which sought to exclude cryptocurrencies from the state's definition of money. The governor believes that the bill would put South Dakota at a disadvantage and potentially lead to future overreach from the federal government in issuing a digital dollar. (Read More)

Feb 14, 2023 02:00

UK’s digital pound project shows future of money is digital, says HANetf co-founder

HANetf co-founder & co-CEO Hector McNeil was commenting on the UK Treasury and Bank of England’s recent announcement regarding a digital pound. McNeil says “cash is on decline” and that the “future of finance and money is digital.” Yield App CIO Lucas Kiely last week told CoinJournal that the UK’s digital pound and CBDCs in […]

The post UK’s digital pound project shows future of money is digital, says HANetf co-founder appeared first on CoinJournal.

Feb 07, 2023 01:50

Head of Innovation At Bank For International Settlements Hawkish on Crypto

The newly appointed head of the Bank for International Settlements (BIS) ‘Innovation Hub’, Cecilia Skingsley, predicts a bright future for the crypto market and central [...]

Digital Euro Project Seeks 'Volunteers to Help Craft' Europe's Upcoming Digital Currency...

Author: noreply@blogger.com (Silicon Valley Newsroom)
United States
Jan 04, 2023 08:55

Digital Euro Project Seeks 'Volunteers to Help Craft' Europe's Upcoming Digital Currency...

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.

-------

Author: Mark Pippen
London News Desk 
Breaking Crypto News

Subscribe to GCP in a reader

Europe's Government-Approved Coin the 'Digital Euro' is Coming - Why it Definitely IS NOT a CRYPTOCURRENCY....

Author: noreply@blogger.com (Silicon Valley Newsroom)
United States
Dec 22, 2022 12:35

Europe's Government-Approved Coin the 'Digital Euro' is Coming - Why it Definitely IS NOT a CRYPTOCURRENCY....

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.

-------
Author: Mark Pippen
London News Desk 
Breaking Crypto News

Subscribe to GCP in a reader

CBDC Imposition A Boon Or Curse To Nigerian Citizens?

Author: Aishwarya shashikumar
Estonia
Dec 07, 2022 07:20

CBDC Imposition A Boon Or Curse To Nigerian Citizens?

Governments from every country in the world were working to develop their own Central Bank Digital Currencies (CBDC). Nigeria was one of the first countries to implement a CBDC. The eNaira makes its debut in 2021. The government has, however, been forced to artificially encourage adoption as a result of the lack of adoption. Nigeria […]

Nov 01, 2022 06:45

China’s national cryptocurrency is getting more ominous

China’s central bank governor gave an update on the national currency being developed this week Anonymity and privacy will be protected, he argues Our Analyst Dan Ashmore is not so sure, believing these digital currencies are potentially very dystopian Having said that, there are advantages to the nascent concept, too But with China leading the […]

The post China’s national cryptocurrency is getting more ominous appeared first on CoinJournal.

Sep 05, 2022 06:55

CBDCs Require Balance between Data Access & User Privacy Protection, HashCash CEO Says


CBDC would need a delicate balancing act between data access and user privacy protection in terms of taming illegal activities, according to HashCash Consultants CEO Raj Chowdhury. (Read More)

Aug 18, 2022 02:00

Colombia primed to launch digital currency

Colombia is an amazing country. I moved to Medellín, its second largest city, this…

The post Colombia primed to launch digital currency appeared first on CoinJournal.

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