Facebook may be considering modifying its plan for the 2020 release of the cryptocurrency Libra. When the social media giant introduced Libra last year, it did so claiming the cryptocurrency would be a simple global currency with the power to transform the global economy. Regulators quickly took notice, and found the company had to offer more questions than answers as to what the digital currency would be. Though Libra is still going forward, Facebook will now offer government-issued currencies like dollars and euros to support its own token. The move appears to be a way to appease reluctant regulators and …

The Republic of the Marshall Islands (RMI) has selected blockchain firm Algorand as technology partner for its national digital currency. After first revealing its planned digital currency — the Marshallese Sovereign (SOV) — back in February 2018, the Marshall Islands has taken a further step in the development by partnering with major blockchain startup Algorand. SOV supply will be algorithmically fixed to grow at 4% each year According to a March 2 announcement, SFB Technologies, the company that develops SOV’s blockchain infrastructure, revealed that the Marshallese digital currency will be based on Algorand technology. The Algorand protocol will be implemented …

Cross-border payments do not appear to be a priority as countries all over the world to engage with their own digital currency projects, a new report says. While global governments are competing to become the first country in the world to issue a central bank digital currency (CBDC), no CBDC project really focuses on cross-border payments, according to a new study released by the Bank for International Settlements (BIS). No ongoing global CBDC projects explicitly focus on cross-border payments The BIS’ new CBDC revelation is part of the bank’s quarterly review, the “International banking and financial market developments,” issued on …

Central banks should develop a deeper understanding of the consequences of issuing a digital currency, according to a Bank of Japan official. According to Reuters on Feb. 27, Bank of Japan Deputy Governor Masayoshi Amamiya explained that central bank digital currencies (CBDCs) could streamline settlements and facilitate private money flows, but also stifle private financial innovation and banks: “When countries consider issuing central bank digital currencies, they must conduct a comprehensive study on how it affects their settlement and financial systems.” CBDC less urgent in advanced economies Amamiya noted that — unlike emerging economies — Japan could not and can …

Despite considerable testing and research, the prospect of a central bank digital currency (CBDC) still raises significant concerns for bankers in Ukraine. At a Feb. 21 conference in Kyiv, the National Bank of Ukraine (NBU) presented the results of testing its CBDC project, the e-hryvnia, noting that the bank is continuing to look into issuing its own CBDC. However, the central bank apparently is still concerned about such a currency’s effect on financial stability as well as the possible threat to the traditional banking system. An official announcement by the NBU reads: “The banking system may cease to be a …

Despite the ever-increasing trend of wallets allowing dozens of cryptocurrencies to be stored in one place, one provider claims there is demand for a more focused approach to keeping coins safe. Freewallet says it has established a range of wallets around one of the most common requests from the community: dedicated, stand-alone applications for specific digital currencies. The company argues that the appeal of stand-alone wallets lies in how they offer familiarity and convenience to those who dislike holding all of their assets in one place. Freewallet drew a comparison between stand-alone wallets and credit cards that support a single …

With finance ministers and central bank governors having recently discussed cryptocurrency regulations at the G-20 summit, Japan is taking notice at home. Leaders at the Bank of Japan (BOJ), Ministry of Finance (MOF), and Financial Services Agency (FSA) have held a number of meetings to determine whether the country should become next in line to adopt a government-sanctioned digital currency. The issues under discussion include how the Japanese government embracing a central bank digital currency (CBDC) would impact the world economy. Despite the rise of numerous crypto exchanges, the U.S. dollar continues to be the de facto global currency. Japan …

A recent report by a Major United States bank JP Morgan Chase suggested that current blockchain developments are lying down the foundation for digital money, but adoption is still years away. A report published by JP Morgan on Feb. 21 suggests that the finance industry is moving beyond blockchain technology. Blockchain in banking still years away Per the paper, the groundwork for mainstream adoption of blockchain, fast payments and digital currencies is already in place. According to JP Morgan, the adoption of blockchain in banking is three to five years away. Still, the bank also believes that project’s like Facebook’s …

Christopher Giancarlo, the former chairman of the Commodity Futures Trading Commission (CFTC) believes it's time for the Federal Reserve to issue a fully digital currency on Feb. 21. Giancarlo told Yahoo Finance’s On the Move program that the Federal Reserve must issue a digital currency in order to compete with China’s central bank digital currency (CBDC). The former CFTC chairman highlighted that online shopping would benefit from the U.S. offering a digital payment option as there won’t be any intermediary fees involved like with the traditional debit and credit cards. Giancarlo also added: “When we talk about a digital dollar …

Another United States regulatory agency has weighed in on Telegram’s ongoing legal battle with the Securities Exchange Commission. Following a request by the New York Southern District Court, a division at the Commodity Futures Trading Commission (CFTC) has filed a letter with the court on Feb. 18, expressing its views on the complicated case involving Telegram’s digital currency Gram. CFTC says digital currency is a commodity According to the letter, the CFTC’s stance on the case is “relatively straightforward” and stipulates that a “digital currency is a commodity.” Submitted by the CFTC’s Office of General Counsel, the letter represents the …

As the origin of cryptocurrency, Japan often leads the way when it comes to joint projects between companies in different fields, united by their desire to lead the pack in innovation. E-commerce giant Rakuten partnered with the East Japan Railway Company on June 5 to promote a cashless payment system. A new collaboration is in progress between the Japanese telecom giant KDDI and crypto exchange DeCurret. According to a Feb. 18 press release, the two companies — in collaboration with au Financial Holdings and WebMoney — will conduct a joint-project to test digital currency issued on a blockchain for real-world …

While major industry actors argue that central bank digital currencies (CBDC) are years or decades ahead, the Bahamas plan to adopt a CBDC no later than 2020. John Rolle, the governor of the Central Bank of the Bahamas (CBOB), has reportedly confirmed that the Bahamian digital dollar initiative will be introduced across all islands in the second half of 2020. Bahamas has already launched a pilot in the Exuma region According to a Feb. 13 report by local publication The Tribune, Rolle has presented the plan addressing a Bahamas Chamber of Commerce and Employers Confederation on the initiative, which is …