digital pound
Economic Affairs Committee Unsure UK Needs Retail CBDC
The United Kingdom’s Economic Affairs Committee has shared its views on the proposed plans by the country to launch a Central Bank Digital Currency (CBDC) or digital Pound.
UK lacks expertise for central bank digital currency
UK is unlikely to issue a central bank digital currency (CBDC) as the Bank of England lacks the necessary technical skills, according to Jon Cunliffe, the deputy governor. The BoE plans to partner with the private sector to test a digital pound in a simulated environment, with the aim of gaining the required expertise to develop a working prototype.
UK Advancing Towards a Digital Pound: Exploring CBDC Feasibility
The UK's Bank of England (BoE) and HM Treasury are advancing into the second phase of exploring the feasibility of a digital pound, also known as "Britcoin." A final decision is yet to be made, with a focus on user privacy and coexistence with cash.
Visa Applies for Blockchain-Based Digital Currency Patent to Potentially Remove Physical Currency
Visa has filed a patent application to create a blockchain-based digital currency on a centralized computer, according to a publication by the US Patent and Trademark Office (USPTO). The patent was originally filed in November 2019, and was described as “Digital Fiat Currency.” The US dollar was mentioned as one of the fiat currencies to be used potentially, although the patent could also apply to other central bank digital currencies including the pound, yen, and the euro.
Bitcoin Price Surges While the British Pound Falls During Brexit Fiasco
Bitcoin’s price shot up above $10,000, and other major cryptocurrencies have also seen gains. The turmoil surrounding the possibility of a no-deal Brexit has led to the fall of the British Pound.
Facebook’s Libra Encouraged to Exclude the Chinese Yuan Being Tied to the Stablecoin
While Facebook is facing regulatory approvals for its Libra project, Facebook told US senators that the initial group of currencies that Libra will be likely backed by the US dollar, Euro, Yen, British Pound, and the Singapore dollar.
CertiK Announces the Completion of British Pound Backed Stablecoin on Binance
According to the Exchangers representative, the token was going to be referred to as Binance GBP and was going to be fully backed by British pounds reserves. He also stated that in the nearest future more fiat currency backed stablecoins would be introduced on the platform
Wales Eyes Own Digital Currency for Speedy Business Transactions
Wales has set its eyes on creating a complementary digital currency. It has been speculated that it could enhance the nation’s economy by approximately £250m in the next ten years.
China Leads Pan-Asian Digital Currency Project to Compete with Facebook's Libra
Led by China, four Asian countries are in the early stages of developing a joint digital currency. The currency will help keep the Dollar and Libra in check
Facebook Moving Further Away From Libra, But Considering its Own Digital Token System
Facebook is now considering developing a system of digital tokens, pegged to different government-issued currencies including the US dollar and the euro. The new plan will still include Libra, although Libra Association, separately, will continue its work on the stablecoin pegged to a basket of global currencies.
Visa Joins Mastercard and PayPal in Turning Bullish for Crypto and Digital Currencies
Shortly after Mastercard showed its hand on its stance on cryptocurrency, Visa published a blog announcing that the payments giant is advancing its approach towards digital currency. PayPal was recently rumored to have partnered with Paxos to provide crypto trading services.
Bank of Japan Testing Digital Yen CBDC
The Bank of Japan (BoJ) has just announced that it will begin experimenting with a Digital Yen, its own Central Bank Digital Currency (CBDC) to test its technical application and feasibility.
World's First National Digital Currency to Be Built on Algorand
World’s First National Digital Currency to Be Built on Algorand
Galaxy Digital CEO Mike Novogratz Says Launch of Digital Euro Will Drive Bitcoin Adoption
Galaxy Digital CEO Mike Novogratz argues that central banks like the ECB launching their own digital currency could drive Bitcoin adoption further.