CoinGapeNews

China Offers Global Regulatory Guidelines For CBDC

China has proposed a set of global guidelines on Central Bank Digital Currencies (CBDC) to help other central banks towards the development of their respective CBDCs. The announcement comes in the wake of many western countries showing great interest in launching their sovereign digital asset as the world moves towards a more digital future in the wake of the coronavirus pandemic.
China is currently leading the CBDC race as its digital Yuan is currently in the testing phase with pilot programs running in several provinces of the country. It started working towards developing its digital currency after banning crypto trading in the country nearly 6 years ago.
Mu Changchun, the director-general of the PBOC’s digital currency institute, laid out the new proposals at a Bank for International Settlements seminar and said,

“Interoperability should be enabled between CBDC (central bank digital currency) systems of different jurisdictions and exchange. Information flow and fund flows should be synchronized to facilitate regulators to monitor the transactions for compliance.”

While China is currently in the final stages of CBDC roll-out many other European countries like Germany and Britain have started their work towards a CBDC. The likes of Japan and South Korea are currently in the testing phase with several sandbox programs running in the respective countries.
China’s Progress in the CBDC Field Make Western Counterparts Accelerate Their Plans
China is currently at the forefront of the CBDC development, something the likes of the US perceive as a monetary threat to the US Dollar’ …
Story continues on CoinGape

Related posts
cryptocurrencyCryptocurrency NewsFidelity InvestmentsNews

Fidelity’s Durbin Says Wealth Managers Are Yet to Grasp Cryptocurrencies

The boss of Fidelity Investments’ institutional arm, Mike Durbin believes that the recent upsurge in the adoption of cryptocurrencies by giant firms is not birthed from a thorough understanding of the cryptosystem. Mike Dubin in a Tuesday interview with Reuters,…
BitcoinBTC Trading ViewNewsNews 1SocialTrading View

Bitcoin 'very likely' to be an outcast, claims Ray Dalio

During a recent interview with Andy Serwer, Hedge Fund mogul and billionaire investor Ray Dalio reiterated his predictions about a possible ‘ban’ on Bitcoin. According to Dalio, there’s a “good probabThe post Bitcoin ‘very likely’ to be an outcast, claims…
AlgorandAuctionCointelegraph.comCopyrightFoundationNer York TimesNewsNFTSuperrareTimes magazine

Nifty News: Italian copyright agency mints 4M NFTs, breast cancer LINK found, and more

Algorand helps secure almost 100,000 authors’ copyrights, NFTs raise breast cancer awareness, the New York Times gets in on the action, and more. Italian copyright collecting agency Società Italiana degli Autori ed Editori, SIAE, has minted more than four million…