Trump Pressures Fed for More Rate Cuts as Mega Banks Drain the Balance Sheet

U.S. President Donald Trump is pressuring the central bank to cut interest rates even further as a spike in oil prices has offset the Federal Reserve’s ‘normalization’ tactics like rate-cutting and overnight repos. Additionally, the mega bank JP Morgan Chase (JPM) is being blamed for the lack of liquidity in the repo market’s cash reserves,…

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ING’s Chief Economist Predicts Central Bank Digital Currencies in 2-3 Years

Dutch bank ING’s chief economist has said “fully fledged” digital currencies will developed by central banks in just two to three years. Mark Cliffemight, speaking in an ING video published Friday, argued that the Facebook-led Libra cryptocurrency project is putting pressure on monetary authorities. With Libra slated for launch in 2020, central banks “would have” to make…

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China’s Central Bank Digital Currency Undergoes “Restricted Access Test”

This article was originally published by 8btc and written by Vincent He. A dedicated team from the People’s Bank of China’s (PBoC) Digital Currency Research Lab is now developing the system in a closed-door environment, away from the PBoC’s downtown Beijing headquarters, according to a report from September 5, 2019. China’s central bank digital currency…

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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…

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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.…

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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…

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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…

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