The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Digital Currencies Heat Up As World’s Leading Central Banks Join Forces to Explore New Financial Infrastructure

by Daily Hodl Staff
January 21, 2020
in Regulators

Several central banks have announced the formation of an official group to assess potential use cases for central bank digital currencies (CBDCs).

The new group, co-chaired by European Central Bank Board Member Benoit Coeure and Bank of England Deputy Governor Jon Cunliffe, and joined by the Bank for International Settlements (BIS), will explore how emerging technologies can impact cross-border transactions and other central banking functions.

Central Banks Joining Resources to Explore CBDCs

  • Bank of Canada
  • Bank of England
  • Bank of Japan
  • European Central Bank
  • Sveriges Riksbank
  • Swiss National Bank

According to the announcement,

“The group will assess CBDC use cases; economic, functional and technical design choices, including cross-border interoperability; and the sharing of knowledge on emerging technologies. It will closely coordinate with the relevant institutions and forums – in particular, the Financial Stability Board and the Committee on Payments and Market Infrastructures (CPMI).”

China pushed governments to jump into gear and take action on digital currencies. Spurred by the prospect of Facebook launching its own stablecoin project, dubbed Libra, which has the ability to reach over two billion users, China has been taking the lead to become the first major economy to digitize its national currency. The digital yuan is reportedly on track and is entering the next phase of development.

Says Multicoin Capital’s Beijing-based partner Mable Jiang,

“It’s a kind of Cold War, but not just for crypto. Currency is the leverage.”

In the United States, former US Commodity Futures Trading Commission Chairman J. Christopher Giancarlo is spearheading the Digital Dollar Project, an effort to explore the creation of a digital US dollar backed by the Federal Reserve.

The new digital currency race is on among the world’s leading economies. CBDCs promise a competitive edge by enabling countries to move money digitally, securely and more swiftly by shaving days off of transactions.

Digital currencies are also capable of streamlining back office functions for banking and financial services by boosting the efficiency and speed of interbank transfers and cross-border transactions while also targeting use cases for crypto-friendly Millennials and tech-savvy consumers.

.@GBBCouncil's #BlockchainCentral Davos sessions start today with "The Revolution of Money is Here: Are You Ready?" cohosted by GBBC member @Accenture!@DBTreat @giancarloMKTS @JoannePo @ddisparte @vaizey

See the complete #BlockchainCentral agenda here:https://t.co/jwPfp07l18 pic.twitter.com/d6J9HITrka

— GBBC (@GBBCouncil) January 21, 2020

Giancarlo is emerging as a leading figure in the US pushing for an overhaul of the financial infrastructure that underpins the world’s most traded currency. Speaking at the Global Blockchain Business Council (GBBC) in Davos, Switzerland for this week’s 4th Annual Blockchain Central Davos, and as the keynote speaker at BEF Davos, Giancarlo says the US needs a digital dollar to remain competitive in the global economy.

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Michelangelus

Submit a Press Release

Industry Announcements

  • Binance Launches Free Tax Tool To Provide Tax Details for Crypto Transactions in First Step of Global Launch
    February 6, 2023
  • BlockJoy Secures Nearly $11 Million From Gradient Ventures, Draper Dragon, Active Capital and More To Launch Decentralized Blockchain Operations
    February 2, 2023
  • Peer Acquires Elite Team of Engineers Behind Zenly’s Popular 3D Maps
    February 1, 2023
  • Sign Up Today for the TRON Grand Hackathon aka HackaTRON Season Four
    February 1, 2023
  • MegaWorld Land Gameplay on BNB Chain Starts February 15, 2023
    February 1, 2023
  • Web 3.0 Hackathon on Astar Sponsored by Toyota Motor Corporation
    February 1, 2023
  • Match-Trader White Label by B2Broker Gives Brokers a Comprehensive Online Trading Platform With B2Core Integration
    February 1, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$23,006.16
$23,006.16
0.71%
Ethereum
$1,645.48
$1,645.48
0.98%
Cardano
$0.389811
$0.389811
0.27%
XRP
$0.397146
$0.397146
0.09%
Dogecoin
$0.091526
$0.091526
0.54%

Spotlight

  • New Cardano-Based Stablecoin DJED Quickly Attracts Over 27,000,000 ADA in Reserves
    February 1, 2023
  • U.S. Senate Banking Committee Schedules ‘Crypto Crash’ Hearing for February 14th
    February 4, 2023
  • ARK Invest Details Massive $1,480,000 Bitcoin Price Target, Says BTC’s Long-Term Opportunity Is Strengthening
    February 7, 2023
  • Legendary Trader Peter Brandt Says Bitcoin Flashing Rare Bullish Signal – Here’s His Target
    January 31, 2023
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl