Tunisia to Launch E-Dinar National Currency Using Blockchain

Tunisia has become the first country to start moving its national currency to a blockchain platform. Russian ICO startup Universa will help issue and manage Tunisia’s Central Bank Digital Currency (CBDC), reported Russian news agency Tass on Nov. 7.

E-dinar expected to be more transparent, cheaper to issue

The Central Bank of Tunisia announced that the digitization of the Tunisian dinar has started and that the paper-backed CBDC will be issued on the Universa Blockchain. 

Furthermore, Universa will also reportedly receive a percentage o

Malaysia to Impose Cash Transaction Limit of $6K in 2020: Report

Malaysia is planning to impose a $6,000 limit on cash transactions in 2020, according to a deputy governor at the country’s central bank. The new restrictions aim to prevent the use of cash in illicit activities, and won’t affect regulated financial institutions or other entities transacting for humanitarian aid purposes.

The average Malaysian household spends $1,900 per month

Abdul Rasheed, the deputy governor in question who works for Bank Negara Malaysia (BNM), claimed that the measures will apply to all transactions involving physical cash, including payments for goods and services, <a href="https://www.thestar.com.my/business/business-news/2019/11/07/malaysia-to-impose-cash-transaction-limit-of-rm25000-next-year&quot; rel

Pro-Crypto Silvergate Bank Goes Public in Listing on NYSE

Shares of pro-crypto Silvergate Bank were launched for trading on the New York Stock Exchange (NYSE) on Nov. 7.

Silvergate celebrates IPO day

Silvergate Capital (NYSE:SI), a California-based commercial bank focused on digital currency businesses, is now officially listed on the NYSE, opening at $12.75, the NYSE tweeted Nov. 7.

In conjunction with the event, Silvergate is

Azerbaijan to Adopt Blockchain-Based ID System in 2020

The Republic of Azerbaijan is planning to complete a project of blockchain-based digital identification system by the end of 2019. Farid Osmanov, director of the information technology department at the Central Bank of Azerbaijan (CBA), says that the new system will be adopted in the first quarter of 2020, local news agency Trend News reported on Nov. 6.

“Transition of the CBA to open banking”

According to the report, the CBA executive introduced the plans speaking at the fourth International Banking Forum. Osmanov reportedly highlighted the system’s prospects in terms of security of personal data transferred to credit organiz

President Erdogan: Turkey to Finish Testing Digital Lira in 2020

Turkey’s President Recep Tayyip Erdogan directed that the government should finish testing the national central bank digital currency (CBDC) in 2020. The country’s national blockchain-based digital lira is planned to be issued by the Central Bank in accordance with the 2020 Annual Presidential Program, Cointelegraph Turkey reported on Nov. 5.

Digital lira ‘instant payment’ pilots should be finalized by the end of 2020

Published on Nov. 3, the Presidential Program specifies that the first trials of the digital lira should be conducted and finalized by the end of 2020, according to a <a href="https://www.resmigazete.gov.tr/eskiler/2019

Association of Private German Banks Argues for Digital Euro

German banks have presented a position paper in which they make several arguments for the digital euro.

On Oct. 30, in a paper released by the Association of German Banks (Bankenverband), which represents more than 200 private commercial banks and eleven member associations, banks stated that the “economy needs a programmable digital euro.”

Monetary policy is the state’s responsibility, says Bankenverband

The paper states that the responsibility for the monetary system lies with sovereign nation-states and that any currency provided by banks or private com

Julius Baer Top Exec: Crypto Still in ‘Darwinian’ Process of Selection

A top executive at private Swiss private banking Julius Baer says cryptocurrencies are still at the stage of a “Darwinian” process of selection.

In an interview with Arabian Business on Oct. 29, Christian Gattiker-Ericsson — Julius Baer’s chief s

Why Central Banks Are Not Designed for Democracies

Why Central Banks Are Not Designed for Democracies

Through their policies, central banks exert tremendous influence over the socio-economic conditions in a country and its business environment. Their decisions are so powerful that it’s obvious they are part of the government. But most people would be surprised to find out that central banks are almost never part of the due democratic process.

Also read: Mario Draghi Leaves European Central Bank Without Ever Raising Interest Rates

Bankers Oversee Bankers in the US

Modern democratic societies are in a crisis for various reasons, and one of th

McKinsey: Majority of Banks May Not Be Economically Viable

McKinsey: Majority of Banks May Not Be Economically Viable

Management consulting firm McKinsey & Company has published a global banking review and found that a majority of banks worldwide may not be economically viable. More than half of them still do not generate their cost of equity 10 years after the crisis and may not survive an economic downturn.

Also read: FATF Starts Checking How Well Countries Implement Crypto Standards

Majority of Banks ‘Destroy Value’

McKinsey & Company published its Global Banking Annual Review 2019 this week. The 58-page report highlights concerns over the health of the global banking sector. The firm groups banks wo

Coinbase UK CEO: We Need Centralized Entities to Support Crypto

Zeeshan Feroz, United Kingdom CEO of Coinbase, has argued that we need centralized entities like central banks and Facebook to support the crypto ecosystem.

In an interview with CNBC published on Oct. 24, Feroz said he saw two ways for cryptocurrency to go mainstream: central bank digital currency (CBDC) issuance and Facebook’s Libra.

Central banks will catalyze adoption better than Silicon Valley

As distinct from cryptocurrencies, a CBDC is a digital currency issued by a central bank, whose legal tender status depends on government regulation or law. CBDCs such as

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