New DPF Working Group launches to uncover real-world use cases for a digital Pound
The Digital Pound Foundation (DPF) is delighted to announce the launch of its Use Case Working Group co-led by Andrew Dare, CGI, and William Lorenz, DPF Expert Contributor, and would like to invite existing – and new – DPF members to participate. This is a practical Working Group looking to uncover real-world use cases for […]
UK Treasury minister says wholesale stablecoin will precede CBDC
Source: Ledger Insights The UK’s Treasury envisages a private wholesale stablecoin launching before a central bank digital currency (CBDC). Enabling legislation, the Financial Services and Markets Bill (FSM), covers stablecoins and is expected to pass around April. If the Bank of England launches a CBDC, the first use case is likely to be interbank settlements using a wholesale CBDC. […]
Five associations form industry alliance to guide the UK’s digital currency future
Source: UK Finance Five associations have come together to form a new alliance – the UK Forum for Digital Currencies (UK FDC) – which will celebrate innovation and collaboration across the payments industry Members include the City of London Corporation, Digital Pound Foundation, The Payments Association, TheCityUK and UK Finance. The aim of the alliance is to develop better policies, practice and regulation […]
Nigeria to create legal framework for stablecoins and ICOs
Source: Cointelegraph As one of the world’s pioneers in adopting its own central bank digital currency (CBDC), Nigeria also declares its readiness to accept the existence of private stablecoins. The necessity to create a legal framework for stablecoins is noted in the latest central bank strategy paper. Published under the headline “Nigeria Payments System Vision […]
Turkey to use blockchain-based digital identity for online public services
Source: Cointelegraph Turkey plans to use blockchain technology during the login process for online public services. E-Devlet, Turkey’s digital government portal used to access a wide range of public services, will use a blockchain-based digital identity to verify Turkish citizens during login. Fuat Oktay, the vice president of Turkey, announced during the Digital Turkey 2023 […]
Despite crypto crash, financial institutions are cautiously wading into digital assets
Source: OMFIF This year will be remembered as one of reckoning for digital assets. After years of slushy and speculative asset price growth and the spread of numerous junk cryptocurrencies, with at best dubious value, the rapid collapse of the crypto world is something many economists had expected for a long time. Yet, amid such dynamics is […]
UN pilots blockchain and USDC stablecoin for disbursements in Ukraine
Source: Global Government Fintech The United Nations (UN) agency that helps refugees is trialling blockchain technology and a well-known so-called ‘stablecoin’ pegged to the US dollar for digital cash distribution to internally displaced persons and other war-affected people in Ukraine. UNHCR is working with the US-headquartered Stellar Development Foundation on the pilot initiative, which is […]
Japan to lift the ban on foreign stablecoins like USDT in 2023: Report
Source: Cointelegraph Japanese regulators are reconsidering some major cryptocurrency restrictions related to the use of stablecoins like Tether or USD Coin. The Financial Services Agency (FSA) of Japan will lift the ban on the domestic distribution of foreign-issued stablecoins in 2023, local news agency Nikkei reported on Dec. 26. The new stablecoin regulations in Japan will allow local […]
Adoption grows as more than $7T settled with stablecoins in 2022
Source: CryptoSlate The ongoing bear market did little to curb the rising use of stablecoins. On the contrary, dollar-pegged coins like USDT and USDC saw a parabolic growth in market cap this year, becoming a defacto settlement currency of the crypto industry. Following the collapse of Terra and its algorithmic stablecoin UST, the two stablecoin giants took over the majority of stablecoin […]
Can Stablecoins Revolutionize Foreign Aid? The UN Thinks So.
Source: Blockworks If only stablecoins had been around in the late aughts. The likes of USDC and USDT would have provided a viable — and, potentially, game-changing — alternative for cash aid disbursements in Iraq and Afghanistan following the US’ invasion of both Middle Eastern countries, according to the chief investment officer of a crypto […]
