Bank of Japan Will Begin Experimenting With a Digital Yen

The Bank of Japan has announced it will begin experimenting with a central bank digital currency (CBDC) to check its feasibility from a technical perspective. BoJ wants to digitize cash but it remains to be seen if Japan can catch up with China which has already begun testing its own CBDC. This is the first time the BoJ has revealed it would commence a Proof of Concept (PoC) process with the digital yen but the bank is yet to reveal a timetable. In a report called Technical Hurdles for CBDC,…

Kazakh Gov Plans to Double Its Investment in Digital Currency Mining

Kazakhstan officials revealed the nation’s digital currency development plan to experts from Russia and China at “2020 Astana Online Financial Day”. According to the China Ministry of Commerce on July 1, Kazakhstan plans to double its digital currency mining investment by the end of this year, and continues to develop its central bank digital currency. According to the report, Kazakhstan’s digital currency mining project attracted 82.6 million Tenge, which is about 20 million USD. The scale of this investment will increase by 80 million Tenge in 2020. Blockchain and CBDC…

Digital Dollars Take Center Stage in Hearing Before US Senate

In a hearing before the Senate Banking Committee today on Tuesday, central bank digital currencies took center stage before an audience of Senators looking to upgrade financial infrastructure and expand financial inclusion in the country. The witnesses and the concerns The banking committee welcomed Paxos CEO Charles Cascarilla, financial inclusion professor and researcher at Duke Nakita Cuttino, and former CFTC Chair and current champion of the Digital Dollar Project Chris Giancarlo as witnesses. Cascarilla provided expertise on how existing stablecoins operate and the gaps in current finance that they fill. In…

Canada’s Digital Dollar Should Focus on Inclusion and Accessibility, Say Experts

A digital Canadian dollar should imitate traditional banknotes in terms of availability and accessibility, according to staff from the country’s central bank, the Bank of Canada. In an analytical note on June 30, experts from the Bank of Canada revealed some of the goals for its central bank digital currency (CBDC). Analytical notes are a product of staff and analysts at the bank, separate from the Governing Council, so they do not necessarily represent the opinion of the bank itself.  The group of experts explained that the CBDC should imitate…

Soramitsu Starts Testing ‘White Tiger’ Digital Currency in Japan

Japanese blockchain company Soramitsu announced it would start testing a new local digital currency for retailers at the University of Aizu. According to a June 29 report in the Nikkei newspaper, Soramitsu will begin testing “White Tiger,” a digital currency sitting on the company’s native Hyperledger Iroha blockchain. The digital asset will be tested at cafeterias and shops at the University of Aizu in Fukushima Prefecture, 300 km north of Tokyo, starting on July 1 before gradually being utilized at locations off campus.  The introduction of White Tiger is part…

Digital Currencies Debut Amid COVID-19

Famed currency speculator George Soros, who in 1992 broke the Bank of England to emerge a billionaire overnight by forcing the pound out of the European Exchange Rate Mechanism, believes: “We will not go back to where we were when the pandemic started. That is pretty certain. But that is the only thing that is certain. Everything else is up for grabs.” Giles Coghlan, the chief currency analyst at HYCM, had the following to say: “The volatile market conditions that have come about as a result of COVID-19 has investors…

Redefining Ownership for Digital Natives – Cointelegraph Magazine

Many of them, at least in the Western world, learned to swipe a screen before they learned to talk. They’ve seen their parents get rekt on the stock market, maybe more than once, and they don’t trust ‘traditional’ anything much anyway.  By 2026 there will be more of them around than any other cohort — so it’s time we started paying attention to what Generation Z values, respects, and cares about. Broadly defined as those born between 1997 and 2012, Gen Z is easy for older generations to categorize as…

Major Japanese Firm Reveals Plans for a Digital Securities Exchange

Tokai Tokyo Financial Holdings, one of the major traditional Japanese financial institutions, has unveiled a plan to develop a security token exchange. Tokai Tokyo is already an investor in Huobi Japan.  According to Nikkei, as the first step in the journey, Tokai Tokyo is investing in blockchain company Hash Dash Holdings to leverage the company’s knowledge to develop the exchange. Hash Dash aims to apply blockchain technology to the financial industry for issuing digital securities and providing a trading service on smartphones.  The planned exchange will trade in tokenized real…

Galaxy Digital and Bitmain Lead AVA Project’s $12M Private Token Sale

The Avalanche Foundation, the organization behind the Emin Gün Sirer-founded blockchain protocol Avalanche, has raised $12 million in a new private token sale. According to an announcement on June 25, the sale was led by major industry investors like Chinese mining giant Bitmain and Mike Novogratz’s Galaxy Digital. The token sale comes ahead of the AVA mainet launch scheduled for summer 2020.  Other prominent investors in AVA’s token sale included San Francisco-based venture capital firm Initialized Capital, NGC Ventures and Dragonfly Capital. Dozens of other individuals have participated in the…

The Future Is Stablecoins, Say Panelists for Chamber of Digital Commerce

In a June 24 webinar put on by the Chamber of Digital Commerce, major figures from the crypto community spoke about the growing role of stablecoins. Long-term view of stablecoins One of the guests was Jeremy Allaire, the founder of Circle, which is behind USD-backed stablecoin USDC. On the subject of stablecoins simplifying payments all over the world, Allaire compared the prospective upgrades to many relatively recent developments that we take for granted: “We’ll look back in the same way that we look back at long-distance calls or the way…