Treasury Secretary Steven Mnuchin wasn’t the only one to make waves at the U.S. Senate this week when it came to the future of currency. Tom Cotton, a Republican senator from Arkansas, spoke at length regarding digital currency while addressing the cameras and a nominee for the Federal Reserve Board of Governors, Judy Shelton: “We need the digital currency a little bit less I would argue internally, but rather to help preserve the primacy of the dollar worldwide.” When asked how she would protect the dollar as a reserve currency and what this would mean with a digital dollar, CoinDesk …

China has been leading the way when it comes to digital payments by average consumers in the country. While such payments in the United States like Apple Pay are becoming more widely accepted, in nearby Japan such methods are still relatively rare. Alipay has been offering residents of China the chance to use fiat currency for everyday transactions, seemingly acclimating them for the day both payment and currency become 100% digital. China Central Bank Flexes its Regulatory Muscles on Crypto Although China has taken a somewhat more permissive stance toward online and digital payments recently, it has mostly responded to …

Conservative United States think tank the Heritage Foundation argues that instead of launching a central bank digital currency (CBDC), the government should ensure that the public can use the currencies they prefer, including private ones. In a commentary piece published on Feb. 12, the Heritage Foundation notes that Facebook’s Libra global stablecoin project “is just the latest reminder that providing money does not have to be a centralized function of government.” The report answers to the idea that the public sector must ensure that sovereign currencies stay at the center of each nation’s financial system: “Government officials should not suppress …

United States Congressman Bill Foster (D-IL) has questioned the Chair of the Federal Reserve Jerome H. Powell on U.S’s central bank digital currency (CBDC) progress at a hearing on monetary policy earlier today. Foster hopes for a digital dollar Foster began his questioning by asking Powell: “Do you think that establishing a digital dollar would help ensure that the U.S. dollar continues to serve as the core of the U.S. and the world’s financial system?” Powell agreed with the importance of the dollar to the U.S.’s financial system: "I think having a single government currency at the heart of the …

Another Japanese lawmaker has publicly called for the swift development of the digital yen. The head of the banking and finance systems research commission at Japan's Liberal Democratic Party, Kozo Yamamoto, said today that the country should create a digital yen in two to three years. Reuters reported on Feb. 10 that Yamamoto said that plans for its central bank digital currency (CBDC) should be included in the government’s mid-year policy guidelines. He explained that digital currencies could quickly spread in emerging economies and help China — who is working on a CBDC — advance its digital hegemony. Because of …

Six major central banks will meet in April to discuss the development of central bank digital currencies (CBDC). The Japan Times reported on Feb. 6 that — according to a source familiar with the matter — the meeting will see the governors of several central banks discuss joint research on CBDCs. Furthermore, the group will share considerations on possible challenges such as cross-currency settlement and cybersecurity. The central banks of the European Union, the United Kingdom, Canada, Japan, Sweden and Switzerland will reportedly meet in Washington D.C., when the participants will be there for an International Monetary Fund conference. The …

A draft of India’s national strategy on blockchain and distributed ledger technology suggests a central bank digital currency (CBDC), the digital Indian rupee, and a national blockchain. The National Institute for Smart Governance (NISG), a non-profit public body incorporated by the government of India, has published a draft document on the country’s national blockchain strategy. Issued on Dec. 30, the document appears to have been published recently as major local publications such as The Economic Times of India reported on the draft strategy on Jan. 28. Digital rupee should be issued on a national blockchain of India In the document, …

Legislation regulating the operations of cryptocurrency firms in Singapore comes into effect today, Jan. 28. The new Payment Services Act will regulate cryptocurrency payments and trading enterprises under some aspects of the regulatory regime that currently governs traditional payment services and require them to hold a license. Crypto payment services must also comply with the Financial Advisers Act, Insurance Act, Securities and Futures Act and the Trust Companies Act. The new rules place crypto services under the oversight of the Monetary Authority of Singapore. The regulator announced in a press release published earlier today that the new framework is expected …

Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week World Economic Forum debuts framework for central bank digital currency It was a c-c-c-cold week in Davos, but Cointelegraph’s reporters wrapped up warm to bring you all the news from the World Economic Forum. One particularly big announcement saw the WEF unveil a central bank digital currency policymaker toolkit. The framework, created in tandem with …

The World Economic Forum (WEF) has created what it claims is the first ever global consortium dedicated to designing a framework for the transnational governance of digital currencies, including stablecoins. A press release shared with Cointelegraph on Jan. 24 reveals that the newly-formed Global Consortium for Digital Currency Governance will focus on the development of interoperable, transparent and inclusive policy approaches to regulating the digital currency space and fostering public-private collaboration in both developed and emerging economies. Tackling fragmentation The WEF says the impetus for the consortium’s creation is a recognition that well-designed global governance remains the key to realizing …

Ruling party lawmakers in Japan are reportedly working on a proposal to issue a national digital currency, Reuters reports on Jan. 24. This appears to be a response to fears of a Chinese digital yuan. The planned digital yen would be jointly developed by the government and private companies, and would follow many similar initiatives around the globe. The proposal is worked on by a parliamentary group comprised of 70 Liberal Democratic Party lawmakers. The group plans to submit the proposal to the government some time in February. Deploying the digital yen will take some time due to Japan’s late …

MIT’s crypto and distributed ledger tech research group, the Digital Currency Initiative, recently explained that a central bank digital currency (CBDC) will eventually use some of the concepts and technology currently at play in the experimental crypto space. “CBDC should not be a direct copy of existing cryptocurrencies with exactly the same design and features but there are things we can learn from their emergence — the usefulness of programmability in money and the importance of preserving user privacy,” the MIT group wrote in a lengthy report on Jan. 22. A birth from necessity Pointing to the intersection of technology …