Cryptocurrency Daily Thefoxposts.com

The Eastern European country of Belarus is reportedly set to roll out a central bank digital currency (CBDC) by next year. Citing a statement by the National Bank’s chairman of the board, Roman Golovchenko, the state-run news agency Belta reports that the digital form of the Belarusian ruble will be in full circulation by the second half of 2026. Golovchenko says that by that time, business entities will be able to use CBDC – the digital form of the nation’s official currency that is issued and backed by the central bank. The plan is to make the digital rubble available to both state bodies and individuals by 2027. He says the central bank is tasked to identify the requirements for adopting the digital ruble, create the needed software and develop a regulatory framework. “The digital ruble is in the sphere of our priorities. We are actively working on its creation…We are facing the issue of the safety of funds. It will be very important to be able to track how d...

In a high-profile declaration of support, Agustín D’Attellis, the Director of the Central Bank of the Argentine Republic (BCRA), threw his weight behind Minister of Economy Sergio Massa’s advocacy for the adoption of a central bank digital currency (CBDC) as a panacea for the nation’s economic woes. D’Attellis, during a televised appearance, articulated his conviction that the “digital peso” (PAD) held the potential to restore stability to the Argentine economy, with a timeline as early as 2024. He emphasized that the CBDC ’s distinguishing feature lay in its traceability, a feature that would enable the government to expand its tax base. In his words, “Through the traceability of transactions facilitated by a digital currency, we can identify the parties involved, thereby broadening our tax revenues. This, in turn, could lead to reducing, or at least not increasing, tax rates.” Beyond its fiscal implications, the PAD also offers a...

A VISA executive recently revealed that the company is sharing its CBDC expertise with the Central Bank of Azerbaijan . Cristina Doros, Vice President and Regional Manager of Visa in Central Asia and Azerbaijan said in a recent interview with Trend, that the company and the Central Bank are engaging in an ‘open and constructive debate’ to develop ‘appropriate formats’ of contact and cooperation. She added, “Now, Central Bank s from various countries are working to answer critical questions, such as what the solution’s infrastructure and architecture should be, and how it will be used. How will the issuer engage with commercial banks as the CBA? As Visa, we are eager to share our experience and are open to dialogue.” Visa has recently tied up with many countries’ central banks to develop digital versions of their currency. Recently, Bazil’s central bank picked 14 institutions to take part in the pilot program of its CBDC. Visa...

Chances of a crypto bull market in 2023 decrease as the Fed maintains a hawkish stance and threats of a recession in the U.S. economy continue to appear. Undoubtedly, 2022 was one of the worst years for Bitcoin (BTC) buyers, primarily because the asset’s price dropped by 65%. While there were some explicit reasons for the drop, such as the LUNA-UST crash in May and the FTX implosion in November, the most important reason was the U.S. Federal Reserve policy of tapering and raising interest rates. Bitcoin’s price had dropped 50% from its peak to lows of $33,100 before the LUNA-UST crash, thanks to the Fed rate hikes. The first significant drop in Bitcoin’s price was due to growing market uncertainty around potential rate hike rumors in November 2021. By January 2022, the stock market had already started showing cracks due to the increasing pressure of imminent tapering, which also negatively impacted crypto prices. BTC/USD daily price chart. Source: TradingView Fast forward year, and th...