Nigeria to pilot central bank digital currency in October

For much of 2021, the Central Bank of Nigeria (CBN) has been in the headlines for its anti-cryptocurrency measures. Yet, the institution has this week redoubled its investment and research into crypto’s underlying technology, blockchain, and has set a clear date for the pilot scheme of its blockchain-powered central bank digital currency (CBDC). On October 1, CBN will reportedly launch a pilot scheme for “GIANT” – a CBDC project in development since 2017, which runs on the open-source blockchain Hyperledger Fabric. Rakiya Mohammed, CBN’s information technology director, said the bank…

Reserve Bank of India mulls first steps toward an eventual CBDC

The Reserve Bank of India, or RBI, continues to investigate the issuance of a central bank digital currency, or CBDC. T Rabi Sankar, the deputy governor of RBI, said in a speech organized by the Vidhi Center for Legal Policy that private digital currencies could be part of what makes CBDCs ultimately necessary. He felt that the RBI’s development of it’s own CBDC could provide the public with many of the same uses as digital currencies such as Bitcoin, while limiting the average user’s exposure to volatility. He stated: “Indeed,…

Bank of Russia asks stock exchanges to not list crypto-related firms

As global cryptocurrency companies increasingly consider going public, the Russian central bank has officially recommended local exchanges to avoid crypto-related listings. The Bank of Russia issued an information letter on July 19, asking Russian stock exchanges to stay away from listings of foreign and local companies involved in a broad range of crypto services. The central bank elaborated that local exchanges should not list stocks issued by companies whose business relies on crypto market prices, including digital financial assets issued outside Russia, crypto-tracking indexes, as well as crypto derivatives and…

Canada CBDC “Might Be Beneficial”: Central Bank

Share this article The Bank of Canada has released a staff paper detailing several benefits of CBDC adoption, citing smart contract functionality as a major boon.  Canada Explores CBDC Benefits  Canada’s central bank appears to be bullish on CBDCs. In a staff paper published Tuesday, the Bank of Canada has laid out a positive case for CBDC adoption.  The authors of the paper outline several potential benefits, such as promoting competition in the financial sector and improving consumer choice. Additionally, the paper explores several ways smart contract functionality can improve…

Bank of Korea selects Kakao’s blockchain arm for digital won tests

The central bank of South Korea has chosen a blockchain subsidiary of local internet giant Kakao as a technology provider for its digital currency pilots. Kakao’s Ground X had won the Bank of Korea’s central bank digital currency (CBDC) tender, becoming the principal technology supplier for blockchain-based digital won simulations, local news agency Korea JoongAng Daily reported Tuesday. The central bank announced that Ground X will participate in the South Korean CBDC project in cooperation with United States-based blockchain company ConsenSys as well as other Kakao affiliates like KakaoBank and…

Bank of America Reportedly Approves Bitcoin Futures Trading 

Share this article According to two anonymous sources, the Bank of America, the second-largest bank in the U.S, has started approving Bitcoin futures trading for some clients.  The Bank of America Launches Bitcoin Futures  Competition is increasing in Bitcoin futures trading.  The Bank of America has started allowing some clients to trade bitcoin futures, two anonymous sources familiar with the matter told reporters at Coindesk.  Futures trading has become an important part of institutional involvement with cryptocurrencies. Due to regulatory issues, large institutional investors may not want to hold Bitcoin directly.…

Swiss Bank Sygnum to Issue NFTs for Original Picasso

Share this article Swiss digital asset bank Sygnum has partnered with art investment pioneer Artemundi to tokenize Pablo Picasso’s 1964 painting “Fillette au béret.” Sygnum Tokenizes Picasso Investors can now purchase “shares” in fine art ownership on the blockchain. Sygnum has become the first bank to offer tokenized ownership rights of a fine art piece using blockchain technology, the bank announced Thursday. Investors will have the opportunity to purchase “shares” in art pieces called Art Security Tokens (ASTs). The ownership rights are then broadcast to a public blockchain by the bank…

Bitcoin bounces off $31K after Bank of America greenlights BTC futures trading

Bitcoin (BTC) continued to bounce off $31,000 support during Friday as fresh data reinforced the importance of current price levels. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView No trip to $42,000? Data from Cointelegraph Markets Pro and TradingView showed BTC/USD repeatedly testing but, so far, not breaking through $31,000 on Friday. A late surge to near $32,000 then entered as unconfirmed reports surfaced that Bank of America had given the go-ahead for Bitcoin futures trading. Market participants held mixed opinions about the short-term outlook, with popular trader Michaël van de Poppe…

China’s central bank says crypto gave impetus to the creation of its CBDC

Much attention has been paid to the global, geopolitical implications of China’s rapid and pioneering development of its digital yuan, also provisionally known as e-CNY. Yet in a new white paper published by the Working Group on E-CNY Research and Development of the People’s Bank of China (PBoC), the institution gave a more domestic-focused and technologically-driven vision of the new currency’s background and key objectives. Recapping the currency’s research and development timeline, the paper notes that the PBoC first set up a task force to study digital fiat currency back…

Swiss bank issuing NFT shares in Picasso painting for $6K each

Digital asset-focused Swiss Bank, Sygnum, has teamed up with art investment firm Artemundi to offer fractionalized ownership shares in a Pablo Picasso painting for $6,000 each. Shares representing ownership over $3.68 million Picasso painting, “Fillette au béret,” will be tokenized and issued via blockchain technology, allowing a wide variety of investors to gain exposure to the artwork. The nonfungible tokens (NFTs) can be exclusively purchased by sophisticated and institutional investors through Sygnum Bank, with secondary trade set to take place on SygnEx — the bank’s digital asset trading platform. Trades…