The Central Bank of Nigeria (CBN) continues with its attempts to create its central bank digital currency (CBDC), the eNaira, but this time it’s calling in for backup. In a Bloomberg report on Feb. 21, the CBN is in talks with new “technology partners” for the development of a new and improved system to manage the eNaira. The Nigerian financial authority has discussed these plans with the New York-based technology firm R3, according to sources close to the matter. New software for the eNaria will be created with the intention for the CBN to keep full control over the initiative, …

It might seem like forever and a day ago when the Bitcoin (BTC) price was trading below $18,000, but in reality, it was 40 days ago. Generally, cryptocurrency traders tend to have a short-term memory and, more importantly, they attribute less importance to negative news during bull runs. A great example of this behavior is BTC’s 15% gain since Feb. 13, despite a steady flow of bad news in the crypto market. For instance, on Feb. 13, the New York State Department of Financial Services (NYDFS) ordered Paxos to "cease minting" the Paxos-issued Binance USD (BUSD) dollar-pegged stablecoin. Similarly, Reuters …

The Bank of Russia is preparing to roll out the first consumer pilot for the nation’s central bank digital currency (CDBC) on April 1, 2023. The central bank of Russia is set to debut soon the first real-world digital ruble transactions involving 13 local banks and several merchants, first deputy governor Olga Skorobogatova said. The official noted that the upcoming CBDC pilot will involve real operations and real consumers in Russia, but will be limited to a certain number of transactions and customers, the local news agency TASS reported. “We plan to launch the digital ruble project on April 1, …

The Central Bank of the United Arab Emirates (CBUAE) is planning to launch a central bank digital currency (CBDC) for cross-border and domestic use as part of the first of its newly-launched financial infrastructure transformation (FIT) program. In a recent announcement by the CBUAE, the central bank introduced the FIT program and highlighted its aim to support the country’s financial services sector. The central bank pointed out that the program would promote digital transactions and aim to enable the UAE’s competitiveness as a financial and digital payment hub. The first stage of the FIT program includes the issuance of a …

Bitcoin (BTC) price and the wider crypto market corrected at the start of this week, giving back a small portion of the gains accrued in January, but it’s safe to say that the more experienced traders expected some sort of technical correction. What was unexpected was the SEC’s Feb. 9 enforcement against Kraken exchange and the regulator’s announcement that staking-as-service programs are unregulated securities. The crypto market sold-off on the news and given Kraken’s decision to close up 100% of its staking services, traders are concerned that Coinbase will eventually be forced to do the same. The real question is, …

The United Kingdom is a step closer to launching a Central Bank Digital Currency (CBDC) after releasing a consultation paper explaining the proposed digital pound, which the public has nicknamed “Britcoin.” The 116-page consultation paper was jointly released on Feb. 7 by the Bank of England (BoE) and His Majesty’s Treasury. A technology working paper was also released delving into the technical and economic design considerations. Despite the rise of privately-issued stablecoins in recent years, the paper said CBDCs such as the digital pound can co-exist in what they expect to be a “mixed payments economy.” “In much the same …

The Bank of England (BoE) and U.K. Treasury are gearing up plans to create a digital currency that could "provide a new way to pay" without necessarily replacing cash. On Feb. 7, a joint consultation paper on Central Bank Digital Currencies (CBDCs) is set to drop, with the BoE and Treasury seeking feedback on how, and if they should proceed with building a CBDC. In a Feb. 6 public statement, Finance Minister Jeremy Hunt indicated that the two entities would seek to develop a modernized digital payments system that doesn’t necessarily negate the use of cash. "While cash is here …

Millions of dollars worth of China’s Central Bank Digital Currency (CBDC) has been handed out across the country over the Lunar New Year period in a bid to boost its takeup. According to a Feb. 6 report in the Global Times, an English-language outlet of the state-ran People’s Daily newspaper, around 200 “activities” for the e-CNY were launched across the country during the holiday period. These "activities" were made to “promote consumption” — the first of such since the government recently relaxed COVID-19 restrictions. Multiple cities reportedly gave away over $26.5 million, or 180 million yuan worth of the CBDC …

When the financial system or the economy as a whole undergoes a rapid and large decline, it is said to be in a financial crisis. Financial assets like stocks, bonds, and real estate often see a sharp and significant decline in value during financial crises. They can also be identified by a decline in credit availability and a loss of faith in financial institutions like banks. Related: DeFi vs. CeFi: Comparing decentralized to centralized finance Financial crises can be caused by a variety of factors, including: Overleveraging: When people, businesses, and governments take on excessive debt, they put themselves at …

On a recent visit to Sri Lanka, American billionaire Tim Draper pitched the idea of adopting Bitcoin (BTC) as a legal tender to fight against the corruption that contributed to hyperinflation in the island country. However, a key Sri Lankan authority — central bank Governor Nandalal Weerasinghe — believed doing so would worsen the country’s economic situation. Taking time from a TV shoot in Sri Lanka, Draper met President Ranil Wickremesinghe and Weerasinghe to recommend Bitcoin as a viable option for getting out of financial problems. During the meeting, Draper pointed out a key concern staring right at Sri Lanka: …

Bitcoin (BTC) price broke above $22,500 on Jan. 20 and has since been able to defend that level — accumulating 40.5% gains in the month of January. The move accompanied improvements in the stock market, which also rallied after China dropped COVID-19 restrictions after three years of strict pandemic controls. E-commerce and entertainment companies lead as the year-to-date market performers. Warner Bros (WBD) added 54%, Shopify (SHOP) 42%, MercadoLibre (MELI) 41%, Carnival Corp (CCL) 35% and Paramount Global (PARA) managed a gain 35% so far. Corporate earnings continue to attract investors' inflow and attention after oil-producer Chevron posted the second-largest …

Montenegrin Prime Minister Dritan Abazović has announced on Twitter that his country is pursuing a digital currency in conjunction with Ripple. Abazović met with Ripple CEO Brad Garlinghouse and vice president James Wallis at Davos. Wallis is Ripple's vice president for central bank engagements and CBDCs. Abazović apparently had something like a central bank digital currency (CBDC) in mind in his announcement, as he stated in the thread: “In cooperation with @Ripple and the Central Bank, we launched a pilot project to build the first digital currency or stablecoin for Montenegro.” The exact nature of the potential future digital currency …