2020 Could See First Central Bank Digital Currencies

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China’s Central Bank to Lead Real-World Pilot of Digital Yuan: Report

China is at last planning to conduct the first real-world test of its central bank digital currency (CBDC), fresh reports claim.  According to local news outlet Caijing on Dec. 9, the initial pilot for the CBDC is set for the city of Shenzhen before the end of 2019, and may possibly include the city of Suzhou.  Banks in a digital currency “horse race”  Under the auspices of China’s central bank, the People’s Bank of China (PBoC), four major banks and major economic participants such as China Telecom will test digital…

Steven Mnuchin Does Not Expect US to Issue Digital Dollar in Next 5 Years

United States Secretary of the Treasury Steven Mnuchin said that he and Federal Reserve Chairman Jerome Powell do not anticipate the development of a national digital currency in the country. Mnuchin delivered his comments during a House Financial Services Committee hearing in Washington, Bloomberg reported on Dec. 5. “Chair Powell and I have discussed this — we both agree that in the near future, in the next five years, we see no need for the Fed to issue a digital currency,” Mnuchin said. The Treasury secretary’s statement came in response…

Börse Stuttgart Digital Exchange Opens to All Users Based in Germany

Following the start of trading platform for selected investors in September, Börse Stuttgart Stock Exchange (BSDEX) has now opened to all interested users with residence in Germany. Börse Stuttgart made its announcement in a press release on Dec., 6.  Trading venue open — under certain circumstances First of all, users will have to limit themselves to deposits and withdrawals as well as trading bitcoins against euros. In the future, BSDEX will also list other cryptocurrencies and digital assets like security tokens.  Users will have to prove their identity digitally and…

Russian Smelting Giant Begins Testing Digital Trading Platform

Russian mining and smelting giant Nornickel has commenced testing its digital platform for metals trading. As Bloomberg reported on Dec. 5, Nornickel began trialing its platform for digital metal tokens in collaboration with physical commodities trading group Trafigura Group Ltd., metals finance and logistics firm Traxys SA and materials technology and recycling group Umicore SA. Specifically, the platform is designed to enable clients to purchase digital tokens backed by metals and then trade them for physical supplies. Big plans Commenting on the product rollout, Nornickel CEO Vladimir Potanin said that…

Top US Financial Regulators Urge Monitoring of Digital Assets, Stablecoins

U.S. lawmakers and administration officials including Mnuchin and President Donald J. Trump have warned of the risks to the financial system from cryptocurrencies and stablecoins like Facebook’s proposed Libra. But some former officials, including ex-CFTC Chair Christopher Giancarlo, have pushed for faster adoption of blockchains, arguing that the country could fall behind other countries as the fast-moving technology develops. Source link

MUFG Bank Denies Reports It is Developing New Digital Currency

MUFG Bank, the largest bank in Japan and the world’s fifth-largest bank, has denied reports that it plans to launch a digital currency in Japan next year. In a statement on Dec. 4, Mitsubishi UFJ Financial Group Bank (MUFG) said it had not decided whether a recent business partnership would ultimately form a digital currency entity. MUFG: digital currency claims unofficial Previously, various local English-language media outlets including Japan Times had reported that MUFG was eyeing a release date in the first half of 2020 for an as-yet-unnamed digital currency.…