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The Rising Popularity of Mobile Payment Apps: Fueling the Cashless Economy
The convenience of cellphones in today’s digital age has altered many aspects of our life, including how we make payments. Mobile payment apps have grown in popularity, providing customers with a simple and safe way to purchase online. As these apps develop, they play a critical role in accelerating the move to a cashless economy. …
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Govt aims for a cashless economy by 2031
BB official tells BASIS workshop The government has set a target to transform the country into going completely cashless, that is when payments will be made solely online, by 2031, said a top official of Bangladesh Bank. The cabinet has assured the banking regulator of its support through interventions wherever necessary, he told a workshop …
The Money Makeover: Will Central Bank Digital Currencies Break the Bank (Literally)?
The allure and peril of CBDCs. Cash may be king, but its reign is on shaky ground. Enter Central Bank Digital Currencies, the potential future of finance, whispered about in hushed tones by central bankers and tech titans alike. But before we all ditch our wallets for sleek digital wallets, a crucial question lingers: could …
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The Asian Countries That Actually Need A CBDC
Cambodia is one of the leaders in CBDCs in Asia. The use case for the country is clear. Here are the others. At the recent Singapore Fintech Festival, the city-state’s announcement that it would pursue a wholesale central bank digital currency (CBDC) pilot next year was big news, and justifiably so. As Southeast Asia’s key financial …
Powell says Fed not “remotely close” to a central bank digital currency
By Pete Schroeder WASHINGTON, March 7 (Reuters) – Federal Reserve Chairman Jerome Powell significantly downplayed the possibility of the central bank issuing its own digital currency, and said if it ever came to pass, the government would play a limited role. Testifying before Congress Thursday, Powell said policymakers were “nowhere near” taking action on adopting such …
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A digital euro: gauging the financial stability implications
Central banks around the world have stepped up their efforts to explore and develop their own digital currencies (known as CBDCs),[1] an electronic equivalent to cash. New technologies in retail payments (e.g. mobile payments, digital wallets and the potential future deployment of crypto-asset payments) and changes in people’s payment habits have fuelled the interest of central banks …
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Central Bank Digital Currency Development Enters the Next Phase
Many of the world’s monetary authorities are seeking more guidance on how best to pursue digital forms of central bank money Central bank digital currencies can improve payment systems as well as financial inclusion—if they are appropriately designed. If not, they could pose risks. While not all countries may see an immediate case to deploy …
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Standard Chartered joins digital RMB business pilot
Today Standard Chartered in China said it is amongst the first foreign banks to take part in the digital yuan business pilot. It has started providing digital RMB exchange and redemption services via City Bank Clearing. The Chinese arm of BNP Paribas started offering wallet services to corporate clients in May. And in July the Chinese arm of Singapore’s DBS Bank launched a …
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Etherscan acquires Solscan to expand its blockchain data services
Ethereum blockchain data services company Etherscan announced Wednesday that it has acquired Solscan, a block explorer for the Solana blockchain, in a bid to expand its capabilities across multiple blockchains. Built and launched in 2015, Etherscan is a block explorer for the Ethereum blockchain, which means it provides access to blockchain data and allows users to search, …
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