The US Federal Reserve Board and Fincen are proposing to extend the definition of money to include cryptocurrency. This move might prove that financial regulators are willing to admit digital money as a payment method while opening up new possibilities for it. On the other hand, this might also mean a strengthening of control.
Several countries, including the US and China, are working on their own digital currencies (Central Bank Digital Currency or CBDC). Is this about giving people more freedom over the payments or control over the financial flow? What is in it for the government and its citizens?
The European Commission (EC) approved on Thursday September 24, a digital finance package, including a retail payments plan, digital finance strategy and legislative proposals on cryptocurrency and digital resilience, for a booming European Union (EU) financial sector that gives customers access to state-of-the-art financial goods and services.
The efforts being put to effectively regulate the blockchain and cryptocurrency industry could see the Balkans leap big. The region only needs an effective regulatory framework on the disruptive technology if it is to boom.
A financial services company dealing in processing digital payments between the banking institutions of merchants and the card-issuing banks, MasterCard, is capitalizing in an investment project aimed at financial inclusion of the underbanked.
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?
A multinational payment bull MasterCard offers a virtual platform to test the potential of central bank digital currency (CBDC). The company wants to help central banks globally that are planning to develop, analyze and explore their state-backed virtual currencies.