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

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

US Federal Reserve Hiring New Manager to Research Digital Currencies

The United States Federal Reserve is hiring a manager for its Retail Payments section in Washington, D.C.

On Nov. 3, the U.S central bank posted a new job opening to its website, looking for a new manager who is expected to contribute to the research of digital currencies, stablecoins and distributed ledger technologies. 

Besides the principal duties and responsibilities, the position also requires the manager to promote and contribute to the development and implementation of new policies, regulations and research in relation to retail payment systems. 

The new hire will be part of th

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

Germany’s Financial Crisis Invokes 5-Year Rent Freeze

Germany's Financial Crisis Invokes 5-Year Rent Freeze

All eyes are on the German economy which was once perceived as stable and strong. However, the financial state of affairs has been tumultuous and Berlin’s state cabinet recently agreed to a five-year rent freeze to help curb the rising housing costs in the country. Moreover, Bundesbank just published a monthly report that explains how Germany’s economic output is in a deep slump and the country’s monetary system has been beaten by Brexit fears and trade wars.

Also read: Liquidity Difficulties in China: Second Bank Bail-Out Now Reality

Bureaucra

Lithuania’s Central Bank Considering IBM for Its LBChain DLT Platform

Lithuania’s central bank, Bank of Lithuania, has selected technology behemoth IBM and IT services firm Tieto as the finalists contending to develop its blockchain platform.

Financial technology news outlet FintechFutures reported on the contest’s developments on Oct. 23. Per the report, both firms will test their platform and the winner will be selected later in 2019 as part of the project dubbed LBChain. 

The project’s manager at the Bank of Lithuania Andrius Adamonis commented:

“The final testing session will show which solution is most suitable

Central Banks Have Three Options for Crypto Regulations, Says Official

Denis Beau, the deputy governor of France’s central bank, Banque De France, recently delivered comments regarding central banks’ approaches to cryptocurrencies.

Establish appropriate cryptocurrency regulations 

On Oct. 16, Beau spoke at the Official Monetary and Financial Institutions Forum conference in London, where he discussed the role of cryptocurrency assets in today’s global financial payment system.

Beau stated that the traditional bank-based ecosystem could face significant changes due to the many technological developments

Dutch Central Bank Prepares to Start Regulating Crypto Sector

The central bank of the Netherlands is preparing to supervise the country’s crypto sector. The bank has requested crypto exchanges and wallet providers to come forward and submit some information. Once the law takes effect, these operators will be required to register with the central bank to continue operations.

Also read: Crypto Can Boost Indian Economy – How Banning Will Hurt it

Central Bank to Supervise Crypto Firms

The Netherlands’ central bank, De Nederlandsche Bank (DNB), announced Tuesday that it is preparing to start supervising crypto exchanges and custodian wallet providers. Noting that these operators are expected to become subject to its

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