The Republic of Ghana is exploring the benefits of issuing a central bank digital currency (CBDC), the governor of the country’s central bank says. Ernest Addison, a Ghanaian economist currently serving as the governor of the Bank of Ghana (BoG), revealed that the bank is working with key stakeholders to explore a pilot CBDC project. In a keynote address within the 23rd National Banking Conference on Nov. 26, Addison stated that the CBDC project would be carried out in a sandbox “with the possibility of issuing an e-cedi in the near future.” The cedi is Ghana’s national fiat currency. The …

The United States Deputy Treasury Secretary argued that decentralized privately-issued digital currencies can shift some functions from the state to the private sector. Deputy Secretary of the Treasury Justin Muzinich presented his view on the emerging ecosystem of financial intermediation and digital currencies at an annual banking and payments conference in New York on Nov. 21. The keynote by Muzinich was published on the official website of the United States Department of the Treasury. The recent conference was co-hosted by the U.S. Clearing House and Bank Policy Institute. Illicit uses of crypto are “one of the issues at the top …

American lawmakers have reportedly introduced a bill aiming to put Facebook’s Libra under the jurisdiction of the Securities and Exchange Commission (SEC). Two Texas representatives, Sylvia Garcia and Lance Gooden, have proposed legislation that would put even more regulatory scrutiny on Facebook’s not-yet-launched Libra stablecoin and related projects, CNBC reports Nov. 21. The bipartisan team of the House Financial Services Committee introduced the bill today, speaking at a committee hearing on the role of big data in financial services. Libra is “clearly” a security under existing law, lawmaker claims In the new bill called the “Managed Stablecoins are Securities Act …

China will “definitely” deploy its new digital currency within the next six months to a year, a local blockchain investor has said. Speaking to CNBC on Nov. 20, Edith Cheung, partner at blockchain-focused venture capital fund Proof of Capital, appeared convinced about the digital currency’s imminent arrival. Cheung: rollout could come in May 2020 “I think definitely within the next six to twelve months,” she told the network about a launch time frame. China has revealed it has been developing the virtual yuan for several years, but senior government officials have so far declined to state when it could become …

Stablecoin Tether (USDT) is clearly the preference among investors but will not see a retail use case, Samson Mow says. The Blockstream CSO, who was speaking at Cointelegraph’s ongoing BlockShow conference on Nov. 15, noted that Tether’s first-mover advantage placed it in another league from the increasing number of other stablecoins on the market. Mow: Tether won’t be big in retail Mow made the comments during a panel dubbed “The progress of stablecoins — if any? Can I use it yet?” It featured representatives of several stablecoin companies, along with Chia Hock Lai, president of the Singapore FinTech Association. “Tether …

The Central Bank of Tunisia (BCT) has denied reports stating that the bank is developing a central bank digital currency (CBDC). An official announcement from the BCT follows apparently false reports that Tunisia was the first country to start moving its national currency to a blockchain platform and was preparing to launch its “e-dinar.” Central Bank of Tunisia is focused on the digitization of finance In the statement, the BCT refuted all claims regarding the development of a digital money solution. The central bank clarified that it is now exploring various methods of digital payment alternatives, including a possible CBDC, …

China is not launching a war on cash by introducing its own digital currency, a senior official from the central bank has said. As Reuters reported on Nov. 12 quoting Mu Changchun, head of the digital currency research institute at the People’s Bank of China (PBoC), Beijing still intends for the new currency to complement the paper yuan. PBoC “knows” public wants notes and coins Mu was speaking at a conference in Singapore, as speculation swirls the digital currency could appear within the next three months. China would be one of the first countries in the world to issue a …

A former European Central Bank board member will chair a new arm of the Bank of International Settlements (BIS) focusing on digital currencies and financial innovation. In a press release on Nov. 11, the BIS confirmed Benoît Cœuré would begin chairing the Innovation Hub from January 15, 2020. BIS eyes impact of “critical trends” “The Hub's mandate is to identify, and develop in-depth insights into critical trends in technology affecting central banking; develop public goods in the technology space geared towards improving the functioning of the global financial system; and serve as a focal point for a network of central …

Founding managing partner of HCM Capital, the private equity arm of electronics manufacturer Foxconn, Jack Lee, says China’s Central Bank Digital Currency (CBDC) is ready and expects it to launch in two to three months. During an interview with CNBC published on Nov. 11, Lee also suggested that the People's Bank of China (PBoC) will use the new currency to further strengthen its oversight over capital flows. China’s digital currency is ready He explained that the PBoC already tracks cash movements with serial numbers on banknotes and blockchain could provide an even more effective way to do it. Lee also …

Shares of pro-crypto Silvergate Bank were launched for trading on the New York Stock Exchange (NYSE) on Nov. 7. Silvergate celebrates IPO day Silvergate Capital (NYSE:SI), a California-based commercial bank focused on digital currency businesses, is now officially listed on the NYSE, opening at $12.75, the NYSE tweeted Nov. 7. In conjunction with the event, Silvergate is celebrating its initial public offering (IPO) day today, according to the NYSE. The news follows Silvergate Capital Corporation’s announcement of the pricing of its IPO of 3,333,333 shares of its Class A common stock at a public offering price of $12.00 per share …

The Hong Kong Monetary Authority (HKMA) has revealed it is conducting research into applications for a central bank digital currency (CBDC). Ejinsight reported on the news — announced during the Hong Kong Fintech Week — on Nov. 7. HKMA reportedly aims to release a major report on its findings in Q1 2020. Collaboration with the People’s Bank of China HKMA had also just revealed it had signed a blockchain collaboration with a subsidiary of the Institute of Digital Currency at the People’s Bank of China (PBoC) — an institution which many expect will be the first globally to launch a …

China launching a digital counterpart of the yuan backed by gold puts Bitcoin (BTC) at a disadvantage, veteran gold bug Peter Schiff claims. In a tweet on Nov. 2, Schiff, notorious for his cynicism when it comes to Bitcoin, attempted to counter criticism of his stance by Keiser report host, Max Keiser. Schiff tells Keiser: gold backing beats BTC “According to @maxkeiser I'm an idiot because I think #gold is better money than #Bitcoin,” he wrote. Schiff also repeated his oft-quoted idea that Bitcoin has no intrinsic value: “He also claims China is about to launch a crypto currency backed …