The European Central Bank Governing Council is advancing the work on the possible issuance and circulation of a digital euro, a type of central bank electronic money that would foil cash, not substitute it. Authorities want people to access and use these two types of money together, to offer greater choice and easier access to means of making payments.
The US cryptocurrency industry has been quite controversial in its growth. The country’s financial watchdogs are mostly being cautious about this new technology. However, as the power in the USA has changed its face, the situation for cryptocurrency might change as well.
The forced digitizations of nearly all industries worldwide makes traditional players adjust and set standards for innovative solutions. Thus, the G20’s Financial Stability Board (FSB) is set for developing a framework for adopting CBDC.
These days, the banking industry is calling on their users to use digital banking payments instead of cash. According to research, some of the more economically developed countries, like Sweden and UK, will move to a cashless society by 2020. However, why are banks so eager to call on their customers to stop using cash?
The interest in cryptocurrency seems to grow as new people join the community. Compared to other communities, the cryptocurrency ecosystem is a relatively nascent community because the first cryptoasset was launched in January 2009, meaning that it is just over one decade into existence.
Officers of the Cybersecurity Department of Latvian Police exposed the activity of an organized gang of cybercriminals. During the operation, the law enforcers confiscated cash and cryptocurrency in the amount exceeding 110,000 Euro.