SOURCE / ECONOMY By Global Times Published: Mar 17, 2021 08:08 PM
A vending machine in a Shanghai underground station allows customers to pay by digital yuan. Photo: Xie Jun/GT
The People s Bank of China (PBC), the country s central bank, and two other agencies issued a notice on Wednesday, warning investors of fraud and pyramid schemes using the name of the central bank-backed digital currency, Digital Currency Electronic Payment (DC/EP).
According to the notice, some lawbreakers set up a so-called DC/EP learning group, claiming that the DC/EP is now jointly promoted by commercial banks and private institutions. They claimed that if investors buy and successfully promote the digital currency to their friends, they will receive two layers of benefits from private institutions.
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Last Updated: 27 February 2021
According to a news release from Moroccan media, the North African state’s apex bank is exploring the idea of a state-sanctioned digital currency.
BAM Not Ruling Out CBDCs for the State
The announcement, which was made over the weekend, confirmed that Bank Al-Maghrib (BAM), the Kingdom of Morocco’s central bank, has set up a committee comprising industry experts to investigate the potential upside of sanctioning central bank digital currencies (CBDCs).
Following the economic downturn caused by the covid-induced lockdowns, many world economies are still trying to find their feet.
Consumers were forced to rely on digital channels to pay for necessities, and the rise in demand for digital assets like Bitcoin, saw a new financial ecosystem emerging.
Illustration for representational purposes by Siddhant Jumde
There is a lurking fear among investors in cryptocurrency, the new buzzword on the investment front, that the Centre will introduce a bill in Parliament banning its trade. Cryptocurrency trading involves speculating on price movements via a CFD (contract for difference) trading account, or buying and selling the underlying coins via an exchange. CFD is a contract between two parties stipulating that the buyer will pay to the seller the difference between the current value of an asset and its value at the time the contract was agreed upon. There are also reports that India will introduce a digital currency in its place, backed by the Reserve Bank of India (RBI). But this could still be a long way off.
NEW DELHI: You would have heard talks about India mulling a digital currency, or a sovereign cryptocurrency from the Reserve Bank of India (RBI), but may be wondering how it is going to change your world.
Massimo Buonomo, a former United Nations expert on blockchain and cryptocurrency, says consumers could gain big if countries globally adopt central bank digital currencies (CBDCs), because it would not only reduce costs and lower security breaches, but also eliminate the need for having a bank account.
“The processing of transactions in the future will not need credit cards, but only digital currency wallets,” Massimo, who acts as a board advisor and consultant for many international organisations, central banks and corporates, told the ETMarkets Cryptocurrency Conclave.