Ethereum News Daily Official TheBitTimes.com

After Donald Trump, U.S. presidential candidate Robert F. Kennedy Jr has expressed his firm stance against CBDCs. Robert F. Kennedy Jr., a prominent figure in the U.S. presidential race, has expressed strong opposition to the development of a central bank digital currency (CBDC) in the US. In a one-minute video posted on X, Kennedy, following his discussion with Dr. Joseph Mercola, emphasized the risks associated with a CBDC. Dr. Joseph @Mercola and I discuss financial freedom in the 21st century. As president, I will end the efforts to move toward a CBDC. #Kennedy24 pic.twitter.com/gao3D1HAeM — Robert F. Kennedy Jr (@RobertKennedyJr) January 24, 2024 He claimed that such a currency would enable the government to monitor every transaction a citizen makes, leading to potential blackmail or pressure. Kennedy explicitly described a CBDC as “a calamity for human rights and for civil rights.” He specifically highlighted the example of China, where the local CBDC, t...

Pix is a digital payment system from Brazil’s Central Bank that offers fast, anytime money transfers as a low-cost alternative to traditional methods. The digital payment system emerged in Brazil in mid-November 2020, allowing individuals and businesses to transfer money between accounts within seconds, 24 hours per day, 365 days a year. Developed by the Central Bank of Brazil, Pix is being promoted as an instant, convenient, and low-cost payment method compared to legacy options. The Pix platform links bank account information to registered “keys” — typically phone numbers, emails, or ID numbers. To make transfers, users provide a recipient’s key instead of account details, allowing money to move almost instantly without disclosing sensitive information. Proponents highlight Pix’s ease of use and real-time settlement as major advances. However, the long-term impacts on banking, commerce, and consumers remain uncertain. You might also like: Norway’s central bank advanc...

The underpinning technology for the U.K.’s CBDC could use an alternative to blockchain technology. The Bank of England (BoE) has made significant developments in its central bank digital currency (CBDC) program. Tom Mutton, director of fintech at the BoE, recently shared insights on the privacy aspect of the CBDC and why the central bank might look for other options beyond blockchain as the underpinning technology. In the interview, Mutton said that during a recent meeting of technologists hosted by the BoE to discuss digital pound design, there was a clear disagreement on which ledger should be used for the CBDC. Thus, the bank aims to trial multiple ledger technologies, including blockchain. Dubbed Britcoin, the development plans for a digital pound were first proposed when the United Kingdom’s Treasury Department and the BoE established a joint task force to research a U.K. CBDC in April 2021. Later, in February 2023, the bank issued a consultancy paper outlining the design of th...

The U.S. must capitalize on the “high demand” for digitally native U.S. dollars, particularly from those in emerging economies with weak local banking systems, the Circle CEO said. The United States must implement Stablecoin legislation and digitize the U.S. dollar (USD) to mitigate the “very active de-dollarization taking place” around the world right now, says Jeremy Allaire, the chief executive of Stablecoin issuer Circle. Allaire’s comments at the Consensus 2023 conference on Wednesday, April 25, were made in light of the recent U.S. banking crisis. The Circle — the stablecoin issuer behind USD Coin (USDC) — CEO called on Congress and the Federal Reserve to take action otherwise alternative currencies and payment systems will continue to eat into the dollar’s dominance: “We have a very active de-dollarization taking place. You're having very significant reactions to the U.S. risks in the U.S. banking system, risks with the US government itself, a geopolitical imposition on ...