Nick Szabo: Central Banks May Turn to Cryptocurrency Reserves Over Gold

Economics At the Israel Bitcoin Summit at Tel Aviv University on Jan. 8, veteran cryptographer Nick Szabo explained that the use of censorship-resistant cryptocurrencies will rise in countries sanctioned from trade and economies suffering from failed monetary planning. Szabo also argued that the world’s central banks might turn to cryptocurrency reserves in the future in…

Continue Reading



Can Bitcoin Save Argentina?

Michael J. Casey is the chairman of CoinDesk’s advisory board and a senior advisor for blockchain research at MIT’s Digital Currency Initiative. The following article originally appeared in CoinDesk Weekly, a custom-curated newsletter delivered every Sunday exclusively to our subscribers. When people ask me what got me into bitcoin, I often answer with one word: “Argentina.…

Continue Reading



Philippine Central Bank Approves Two New Cryptocurrency Exchanges

The Bangko Sentral ng Pilipinas (BSP) has approved the accreditation of two new virtual currency exchanges, bringing the total number of regulated crypto exchanges in the country to five. In a statement released by Deputy Governor Chuchi G. Fonacier, the BSP announced that it has granted operating approval to Virtual Currency Philippines, Inc. and ETranss to…

Continue Reading



EU Report Says Cryptocurrencies ‘Unlikely’ to Challenge Central Banks

Cryptocurrencies will not challenge the economic power of central banks, the European Parliament said last week. In the latest Monetary Dialogue report issued on June 26, the European Parliament’s Committee on Economic and Monetary Affairs said that while cryptocurrencies have made financial transactions “relatively safe, transparent, and fast,” they pose no threat to sovereign currencies…

Continue Reading



Brazil’s Central Bank Plans Blockchain Data Exchange for Regulators

Brazil could soon have a new blockchain platform to ensure the authenticity of information exchanged between the country’s financial authorities. Brazil’s central bank, Banco Central do Brasil (BCB), announced Tuesday that it has built the platform in order to allow secure data sharing between itself and other domestic financial regulators, such as the country’s Superintendency…

Continue Reading



South Africa’s Central Bank Claims Success in Blockchain Payment Trial

South Africa’s central bank has announced some pretty astonishing results for a trial of its blockchain-based system for interbank clearance and settlement. According to a statement released Tuesday, the South Africa Reserve Bank (SARB) said it has completed a 14-week “realistic” proof-of-concept that managed to settle the country’s typical 70,000 daily payment transactions within two hours, taking an…

Continue Reading



SA Central Bank Comes Up With Another Nickname for Cryptos – “Cyber Tokens”

Featured Cryptocurrencies don’t meet the requirements of money, according to the South African Reserve Bank which has decided to call them by a different name. It’s one that does not imply either currency or cryptography. “We prefer to use the word ‘cyber-token’,” said a high-ranking official of the central bank in Pretoria, adding another entry…

Continue Reading