Cryptocurrency Analysis and News Portal
A report from the Cato Institute argues that a United States government-issued central bank digital currency, or CBDC, would usurp the private sector and threaten citizens’ privacy and core freedoms.The U.S. government is investigating the creation of a CBDC — essentially a digital dollar that would be backed by the
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That, however, could hinge on whether the use of CBDCs globally becomes a reality. By 2030, according to the Citi report, up to $5 trillion worth of CBDCs could be circulating in major economies across the world, half of which would be tied to distributed ledger technology. Source
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Citi believes that the tokenization of financial and real-world assets on the blockchain platform would be a “killer use case” and could reach up to almost $4 trillion in value by 2030. Blockchain technology and crypto assets are making inroads into mainstream finance very fast as financial giant Citi acknowledges the
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During the financial crisis of 2007–2008, many people lost trust in traditional financial institutions and turned to alternative forms of currency, such as cryptocurrencies. It was a way for people to maintain their financial freedom and privacy in a system that had let them down. However, the rise of central
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The United States has been working on its own CBDC after the Biden-led administration developed policy objectives in 2022. The governor of Florida, Ron DeSantis, is proposing a law that seeks to ban the use of central bank-issued digital currencies (CBDCs) in the state. According to a press release, the governor
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The IMF explained that CBDCs design is complicated by Islamic law prohibiting usury and speculation. The International Monetary Fund (IMF) has examined the central bank digital currencies (CBDCs) design and found some risks in the context of Islamic banking. Following the IMF study, results showed that the liquidity of CBDCs and
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The Biden Administration is currently studying the possibility of introducing a central bank digital currency. Source
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At Tel Aviv FinTech Week 2023, Yoav Soffer, the advisor to the deputy governor at the Bank of Israel, touched on the topic of central bank digital currencies (CBDCs) as an efficient cross-border payment option.The talk comes after the Bank for International Settlements (BIS) concluded its research on international retail
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The United States should lead the development of Central Bank Digital Currencies (CBDCs) away from being “surveillance coins” and towards being "freedom coins,” says the former chair of the Commodity Futures Trading Commission (CFTC).In a Mar. 13 op-ed in The Hill, Christopher Giancarlo, nicknamed "Crypto Dad" for his pro-crypto outlook,
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United States Representative Tom Emmer believes the launch of programmable central bank digital currency in the country could strip American citizens of their financial privacy.Speaking on March 9 at the Cato Institute, a Washington D.C.-based libertarian think tank, Emmer explained that the programmable CBDC would be “easily weaponized” as a spying
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