HSBC CEO supports CBDCs as opposed to cryptocurrencies and stablecoins
HSBC Group CEO Noel Quinn, believes CBDCs are a transparent legal tender that avoids the “many risks” associated with cryptocurrencies and stablecoins. HSBC, Europe’s largest bank with $3 trillion in assets, is dubious of bitcoin while pushing the creation of central bank digital currencies (CBDCs). New forms of digital money might promote growth, according to […]
Turkish President Declares War on Cryptocurrencies
The president of Turkey, Recep Tayyip Erdogan, stated that Turkey was at war with cryptocurrencies during a conference with students from 81 districts, which took place in the city of Mersin on September 18. The Turkish central bank put a ban on cryptocurrency payments in mid-April, effectively prohibiting local businesses from engaging in transactions using […]
Bank for International Settlements: The Rise of Stablecoins and DeFi Make Central Bank Currencies “Urgent”
Traditional banking is under threat, according to Benoit Coeuré, the director of the Bank for International Settlements’ Innovation Hub. According to Benoit Coeuré, head of the Bank for International Settlements ‘ (BIS) Innovation Hub, key pillars of today’s cryptocurrency economy, such as stablecoins and decentralized financial infrastructure (DeFi), pose a danger to the world’s central […]
CBDCs could have a negative effect on interest rates – Wall Street Journal
Central bank digital currencies (CBDCs), according to the Wall Street Journal, might have a detrimental impact on interest rates by providing the central bank more power over interest rate adjustments. Senior columnist James Mackintosh suggested in his Sept. 8 article, ‘Digital Currencies Pave Way for Deeply Negative Interest Rates,’ that the distinction between a CBDC […]
Honduras and Guatemala are studying CBDCs and the values they bring
Following El Salvador’s Bitcoin debut, Honduras and Guatemala, two Central American countries, are studying central bank digital currencies and the value they could bring to their respective monetary systems. Rather than adopting an existing cryptocurrency as legal money, as El Salvador did, Honduras and Guatemala’s central banks are now researching central bank digital currencies (CBDC). […]