Chain News Daily Official TheBitTimes.com

The decline of the US dollar’s value is accelerating with depleting purchasing power in 2024. A dip in the USD’s buying power could lead to hyperinflation in the homeland affecting the broader stock and commodity markets. The US dollar’s purchasing power is dwindling at a time when the BRICS alliance is looking to topple it from the world’s reserve currency status. Also Read: 23 Countries Officially Apply To Join BRICS Alliance Lynette Zang, CEO of Zang Enterprises, emphasized that the US dollar’s purchasing power is eroding. The Federal Reserve documented that only 3% of the US dollar’s original purchasing power remains in 2024. “This is what the official government data will tell us,” said Zang. This gives BRICS more mileage to take on the US dollar as its purchasing power is dwindling. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade. Additionally, Zang explained that the purchasing power at 3% in...

Bank of Israel has launched “Digital Shekel Challenge” to develop CBDC payment solutions. Participants of the challenge will access a prototype system to create innovative digital shekel uses. Bank of Israel is scheduled to hold a webinar on June 9 for details. In a significant move towards digital currency adoption, the Bank of Israel (BoI) has announced the launch of the “Digital Shekel Challenge.” The initiative aims to develop innovative payment solutions using the digital shekel, Israel’s proposed central bank digital currency (CBDC), first reported in 2021. Inspired by the “Rosalind Project” from the BIS Innovation Center, the challenge marks a major step in the BoI’s action plan for potentially issuing the digital shekel. What is the Digital Shekel Challenge? The Digital Shekel Challenge is designed to invite participation from a wide array of entities, including private companies, public institutions,...

Norges Bank advances its CBDC pilot in a fifth phase, exploring introduction and design models amid evolving global payment trends. In a press release on Dec. 18, Norges Bank‘s researchers revealed that the central bank’s pilot on a central bank digital currency (CBDC) is entering a new phase , marking the culmination of a two-year effort by a working group. According to the statement, the fifth phase aims to establish the foundation for deciding whether Norway should proceed with the introduction of a CBDC or not. While exact dates were not specified, the final verdict is expected to be revealed by the end of 2025. Ida Wolden Bache, the governor of Norges Bank, emphasized that while Norway‘s current payment system functions effectively, considerations such as declining cash usage and global developments in CBDCs warrant a thoughtful approach. “Norges Bank wants to be prepared to be able to introduce a CBDC if the payment system evolves in a direction w...

The blockchain company has been pushing hard into the CBDC space since piloting its CBDC Private Ledger aimed at central banks in March 2021. Ripple may soon unveil positive developments in its central bank digital currency (CBDC) projects, following hints from Ripple CBDC advisor Antony Welfare of more announcements to come.  Crypto influencer Sentosumosaba had shared on Twitter on Sept.6 that Ripple was in the midst of several CBDC pilot programs including one in Bhutan and the other in Palau. Ripple’s senior advisor Welfare, who handles CBDC Europe and Global Partnerships responded on the same thread, teasing there could be “more CBDC announcements” in the “next few weeks.” Thanks @sentosumosaba for the mention - make sure you follow me for more CBDC announcements in the next few weeks — Antony Welfare (@AntonyWelfare) September 6, 2022 The company has become increasingly active in the development of central bank digital currencies since piloting a private version of the XRP...

The IMF's Kristalina Georgieva said wholesale CBDCs, on the other hand, have “fairly little space for undesirable surprises.” A myriad of unforeseeable “consequences” will be brought about by retail central bank digital currencies (CBDCs), the managing director of the International Monetary Fund (IMF) claimed. The IMF's Kristalina Georgieva erred on the side of caution regarding retail CBDCs in a May 1 interview at the Milken Institute’s 2023 Global Conference. Georgieva explained the IMF considers retail CBDCs to have far more room for error than wholesale CBDCs. “We think that wholesale CBDCs can be put in place with fairly little space for undesirable surprises, whereas retail CBDCs completely transform the financial system in a way that we don’t quite know what consequences it could bring.” Retail CBDCs are state-backed virtual currencies issued by central Banks for use by consumers and businesses. Wholesale CBDCs are similarly central bank-issued but are designed to allow...