Digital currency

The Central bank of Lebanon (BoL) is planning to release its state-backed digital currency known as digital pound. The bank is now the latest financial regulator to embrace the roll out of a central bank digital currency CBDC. The official launch is planned for 2021.

Sean Ono Lennon, the descendant of the legendary John Lennon of the Fabulous Four from Liverpool, has become an official supporter of Bitcoin. He has joined the bunch of celebrities favouring cryptocurrencies.

Since the advent of cryptocurrency, the digital payment world has become very diverse. New forms of digital currencies are being developed every now and then. One of the latest developments include social tokens, a form of digital assets that are backed by the reputation of the community, the creator, an individual or a brand.

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 bandwagon of cryptocurrency has not left out some of the prominent businessmen from the traditional field. Most of them are now realizing the benefits of digital currencies and the blockchain, the underlying technology behind Bitcoin.

The outbreak of coronavirus triggered a significant growth of cryptocurrency scams in early 2020. Now, the second wave of the pandemic might trigger another boost of fraudulent activity.

The anonymity of cryptocurrency transactions has been a pain in the neck of most financial regulators. Countries are strengthening their regulation to track those wishing to use digital currencies for illegal purposes. However, the community players are constantly seeking ways to preserve their privacy.

Most people prefer to use cryptocurrency for storing value and profit rather than for making payments and transactions. However, the adoption of crypto cards puts digital currency closer to conventional money.

Financial inclusion of the globe’s unbanked population has been a sensitive issue for years. With the introduction of cryptocurrency, there have been speculations about its potential to get all these people aboard international finance. But is it really so?