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digital currency

Digital Dollar Project to launch five US central bank digital currency pilots

Digital Dollar Project to launch five US central bank digital currency pilots

  • A partnership between Accenture and the Digital Dollar Foundation, the Digital Dollar Project was created last year to promote research into a US central bank digital currency (CBDC).
  • CBDCs are the digital equivalent of banknotes and coins, giving holders a direct digital claim on the central bank and allowing them to make instant electronic payments.
Published 03 May, 2021 04:58pm
'Britcoin' not bitcoin? UK considers new digital currency
World

'Britcoin' not bitcoin? UK considers new digital currency

  • UK creates BoE-Treasury taskforce to look at 'digital pound'.
  • Sunak focused on boosting London's competitiveness after Brexit.
  • Britain will lift curbs on who can trade shares in London.
  • Britain will ease limit on off-exchange share trading.
Published 19 Apr, 2021 04:27pm
Russian central bank considers digital rouble in 2023
Business & Finance

Russian central bank considers digital rouble in 2023

  • "It will be feasible to introduce limits on the transactions from non-cash form into the digital rouble," Zabotkin said, adding that the central bank will stand ready to compensate for possible liquidity shortages when introducing the digital rouble.
  • The central bank first floated the idea of the digital rouble in October, citing the need to make payments more convenient.
Published 08 Apr, 2021 08:19pm
BNY Mellon invests in cryptocurrency storage firm Fireblocks
Business & Finance

BNY Mellon invests in cryptocurrency storage firm Fireblocks

  • BNY Mellon's investment was part of a $133 million funding round that also saw participation from hedge fund Coatue Management, investment firm Ribbit Capital, growth equity firm Stripes and SVB Capital.
  • Fireblocks has a presence in Europe, Asia and North America, with customers including banks, neobanks, exchanges, hedge funds and market makers.
Published 18 Mar, 2021 05:40pm
Dollar sets pace ahead of key central bank meetings
Markets

Dollar sets pace ahead of key central bank meetings

  • Gains in the greenback were more pronounced against low-yielding currencies such as the euro and the British pound while high-yielding currencies like the Australian dollar fared relatively better.
  • Monday's trading theme is a continuation of the pattern we have seen in March and we have to see what the Fed does later this week to see if the rise in bond yields and dollar strength versus low yielders can carry on.
Published 15 Mar, 2021 06:37pm
Bitcoin falls back sharply after weekend record
Markets

Bitcoin falls back sharply after weekend record

  • Bitcoin's new high also came as ten-year US Treasury yields hit a 13-month high of 1.64% on Friday.
  • Since the start of 2020, correlations between bitcoin and copper, equities and, in particular, breakeven inflation have increased.
Updated 15 Mar, 2021 09:27pm
Bitcoin set for worst week since March as riskier assets sold off
Markets

Bitcoin set for worst week since March as riskier assets sold off

  • The world's biggest cryptocurrency slipped as much as 6% to $44,451 before recovering most of its losses.
  • The sell-off echoed that in equity markets, where European stocks tumbled as much as 1.5%, with concerns over lofty valuations also hammering demand. Asian stocks fell by the most in nine months.
Published 26 Feb, 2021 06:13pm
Bitcoin collector MicroStrategy fills its wallet with another $1 billion
Business & Finance

Bitcoin collector MicroStrategy fills its wallet with another $1 billion

  • The company, whose Chief Executive Officer Michael Saylor is one of the most vocal proponents of bitcoin, bought the cryptocurrency in cash at an average price of about $52,765 each.
  • MicroStrategy, the world's largest publicly traded business intelligence company, spent last year steadily amassing bitcoin after making its first investment in August.
Published 24 Feb, 2021 07:34pm
MicroStrategy prices upsized $900mn debt sale to buy more bitcoin
Markets

MicroStrategy prices upsized $900mn debt sale to buy more bitcoin

  • The company, whose Chief Executive Officer Michael Saylor is one of the most vocal proponents of bitcoin, said proceeds of the offering will be about $879.3 million.
  • MicroStrategy said on Tuesday it will borrow $600 million to buy more bitcoin, as the cryptocurrency surged past $50,000 in a rally fueled by wider acceptance among investors.
Published 17 Feb, 2021 09:06pm
Bitcoin's mainstream charge raises stakes for central bank digital cash
Business & Finance

Bitcoin's mainstream charge raises stakes for central bank digital cash

  • Central banks from the Group of Seven nations set out in October how a digital currency could function, though progress has been slow.
  • Access to central bank money beyond physical cash has so far been restricted to financial institutions. Extending it to the broader public would have major economic and financial repercussions.
Published 15 Feb, 2021 08:39pm
India proposes law to ban cryptocurrencies, create official digital currency
Markets

India proposes law to ban cryptocurrencies, create official digital currency

  • The law will "create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India (RBI)."
  • The RBI had in April 2018 ordered financial institutions to break off all ties with individuals or businesses dealing in virtual currency such as bitcoin within three months.
Published 30 Jan, 2021 05:55pm