Loading cryptocurrency prices...

7 Of The World’s Most Powerful Banks Are Preparing a New digital Currency

Systemic central banks’ interest in cryptocurrencies is nothing new, however, the COVID19 pandemic and increasing mobility from mega-technologies (see Facebook with Libra) seem to be fuelling developments in the creation of a new digital currency as an alternative.

- Advertisement -

As Reuters reports, seven central banks around the world have come together to accelerate the development of a “resilient” digital currency that is accessible at low or minimal cost and protected by a strong legal framework. Participants include the Central European Bank, the Bank of England, the Bank of Japan, the Swiss National Bank and the US Federal Reserve, but there is no member from China.

In fact, those involved in the project to create a new digital currency have set out to prevent similar private sector initiatives and, of course, to isolate China, which has already launched its own project through the People’s Bank in order to equate the yuan with the dollar.

Japan’s top economic diplomat Kenji Okamura said yesterday that China is seeking to take advantage of the pioneer with its own digital currency, warning that this “is something we should fear.”

“I don’t think there is a competition race between central banks,” Canlif said, adding that no digital central bank currency will dominate the entire world.

- Advertisement -

Bank of England (BoE) deputy governor and chairman of the BIS payments committee John Canlief said the increase in cashless payments following quarantine measures to tackle the pandemic accelerated the role of technology in changing the forms of money.

Interesting developments are also expected in this area in the coming years, which may radically change the way money is marketed.

Previous Articles:

- Advertisement -

Latest News

Apple Joins Robotics Race as TSLA Faces Rising Mag-7 Competition

Apple is expanding manufacturing in Vietnam to build tabletop robots and smart home devices. Morgan...

Trump Confirms US-China Trade War, Bitcoin Market Reacts to Tariffs

President Donald Trump has declared that the United States is currently in a trade...

Amazon to Hire 250K for Holidays Amid Layoff, $19–$23/hr Pay

Amazon plans to hire 250,000 seasonal and permanent workers across the U.S. for the...

North Korean Hackers Target npm, Spread Malware to Web3 Devs

North Korean Hackers uploaded over 300 malicious code packages to the public JavaScript library...

Walmart Stock Hits ATH After OpenAI Deal, Eyes $125 Target

Walmart stock rose 5.6% over the past week, reaching a record high. The company's partnership...
- Advertisement -

Must Read

How to Buy Dedicated Hosting With Crypto

In this article I am going to show you how to buy dedicated hosting with crypto from one of the best European hosting providers...