Zimbabwe In Advanced Stages of Implementing Gold-Backed Digital Currency (GBDT)
The Reserve Bank of Zimbabwe (RBZ) has announced that it is in the advanced stages of implementing the Gold Backed Digital Tokens (GBDT) as a new form of currency for everyday transactions. These digital tokens, backed by gold, have been introduced with the dual purpose of strengthening the national currency and providing an alternative investment […]
Japanese Startup Soramitsu Harnesses CBDCs and Stablecoins for Cross-Border Payments
Japanese Blockchain startup, Soramitsu, is embarking on a venture that involves harnessing stablecoins and central bank digital currencies (CBDCs) to forge connections among various Asian nations. Soramitsu’s initiative revolves around a cross-border payment system tailored for Asian countries. The company plans to integrate Cambodia’s CBDC and fiat-pegged stablecoins into its payment network, with a specific […]
Why do we need a digital Pound?
On 28th June 2023, the Digital Pound Foundation hosted an in-person roundtable consisting of a selection of our Use Case Working Group members and external participants. The purpose of the roundtable was to share some of the potential use cases we have been developing for the digital Pound and gather feedback from the external participants. […]
PayPal Launches U.S. Dollar Stablecoin
PayPal, a prominent player in the payments industry, has unveiled its new U.S. dollar stablecoin, signaling its entry into the realm of digital currencies for payments and transfers. This move has been met with cautious optimism and has given a modest 2.66% boost to PayPal’s shares. Unlike the volatility witnessed in cryptocurrencies, stablecoins are designed […]
CBDC Expert Sarah Breeden Named Bank of England Deputy Governor
In a strategic move to bolster financial stability in the United Kingdom, Sarah Breeden, a senior Bank of England official and member of the Central Bank Digital Currency (CBDC) task force, has been appointed as the new deputy governor. The announcement comes as Jon Cunliffe’s term draws to a close, during which he played a […]
Bank of Korea Selects Three Regions for Central Bank Digital Currency Pilots
The Bank of Korea has taken a significant step forward in its plans to develop a central bank digital currency (CBDC) by narrowing down its choices for pilot testing. According to a report from a local South Korean media outlet, the bank has chosen three regions as candidates for the “private target CBDC test bed”: […]
Innovating Britain: The Future of Fintech and Digital Currencies | Poundcast Episode 10
Please note this episode was recorded before the ETD bill gained its royal assent. In episode 10, Poundcast’s host Jannah Patchay is having a conversation with Lord Chris Holmes of Richmond MBE regarding the UK’s leading role in the areas of innovation, fintech, and the emerging digital economy. They discuss recent changes in UK legislation […]
Palau Government Launches US Dollar-Backed Stablecoin Pilot on XRP Ledger
On July 26, the government of Palau will commence a pilot project for a new United States dollar-backed stablecoin, set to be issued on the XRP Ledger. The Palau Stablecoin (PSC), also known as the Kluk, will be initially distributed to government employees after undergoing testing with volunteers making purchases using various devices. The PSC […]
UK Government Responds to The Treasury Committee: disagrees with recommendation on treating crypto trading as gambling
In a May report, a cross-party Committee of MPs proposed the regulation of consumer trading in unbacked crypto as a form of gambling. Unbacked cryptoassets, commonly known as cryptocurrencies, lack support from any underlying asset. Notably, Bitcoin and Ether comprise the majority share of the crypto market. The Committee’s decision to classify retail trading in […]
CMS joins Digital Pound Foundation and will Co-Lead Policy, Legal and Regulatory Working Group
We are pleased to announce the addition of CMS to the Digital Pound Foundation’s (DPF’s) membership community. With 79 offices in over 40 countries and 5,000+ lawyers worldwide, CMS is a full service law firm which offers deep local market understanding with a global perspective. The firm has built a particular specialism in digital currencies […]
