An announcement has been made on recent collaboration between the Bank of Thailand with the Hong Kong Monetary Authority (HKMA). The collaboration reportedly established for a cross-border blockchain and vision to create a test a proof-of-concept (PoC) for domestic wholesale funds transfer using a wholesale central bank digital currency (CBDC).
An announcement has been made by the People’s Bank of China (PBoC) regarding their intention to accelerate the development of its cryptocurrency. Apart from that, PBoC has also shared that they should accelerate the research and the development of its digital currency and paying attention to the domestics and foreign currency and strengthen their financial risk remediation.
The ex-Central Bank chief, Gustavo Franco has praised cryptocurrency (Bitcoin) and nudged all major companies to follow Facebook to develop their own cryptos. He argued, “In theory, any global company – not just big IT enterprises could do something similar . McDonald’s could create the ‘Mac,’ a cryptocurrency that could be converted into Big Macs. Starbucks could create the ‘Star,’ letting people buy cappuccinos – all based on blockchain technology. Why not?”
The president of Germany’s central bank Bundesbank, Jens Weidmann has come in defense of Facebook’s Libra crypto, by urging his counterparts across G7 nations not to prematurely condemn the digital currency and alternate financial system the tech giant plans to roll out. Weidmann said, “If they deliver what they promise, they can be attractive to consumers, inadvertently suppressing innovative concepts before the details have been clarified.”
The Central Bank of Barbados and the Financial Services Commission has announced that the Bitt Digital Inc is the first company to complete and exit the Regulatory sandbox. The Governor of the Central Bank of Barbados, Cleviston Haynes clarified, “On behalf of the panel, I can confirm that the Regulatory Review Panel (RRP) Considers the type of business activity trailed by bitt to be a candidate for regulation under legislation that is currently being drafted.”
The blockchain platform of the People’s Bank of China has successfully processed more than $4.36 billion dollars (30 billion yen) in foreign exchange transactions. In a total of 483 branches of the 28 banks present in Shenzhen has expressed their support to the blockchain platform which helps in avoiding the slow and extremely time consuming paper trail that usually exists between the various departments in a traditional banking ecosystem.
European Central Bank (ECB) executive board member Benoit Coeure has shared that financial regulators must act fast to prepare for Facebook’s Libra stablecoin. Coeure in his call for action, “All these projects are a rather useful wake-up call for regulators and public authorities, as they encourage us to raise a number of questions and might make us improve the way we do things.”
SIX Swiss Exchange has asked its central bank to issue a stablecoin to settle payments on its new digital securities trading platform. The exchange argued for crypto by, “SDX would accept CHF payments from member banks in central bank money and issue equivalent tokenised CHF in SDX. The value of tokenised CHF would be pegged 1:1 with CHF at all times. We most definitely favour a central bank issued stablecoin.”
A fintech company headquartered in Barbados, Bitt, has been invited by the Central Bank of the Republic of Haiti, La Banque de la République d’Haiti (BRH) to showcase the potential of blockchain-based Central Bank Digital Currency. The BRH reported are now “considering a pilot to create a digital version of the Haitian Gourde, which aims to improve the domestic payments system and promote financial inclusion in Haiti”.
Stephen Moore the economist who advised Trump on his tax cut policy and now has joined a cryptocurrency project that aspires to function as a new type of central bank. Moore is more likely to wear shoes of step of the chief economic officer at a new crypto project dubbed as Decentral, which counts tech entrepreneur Sam Kazemian as CEO and crypto merchant bank Galaxy founder Mike Novogratz as a purported investor.