China appears to have achieved the crypto community’s dream of a new internet of value, without blockchain. But there’s more than meets than eye here.
CoinDesk
Report: Emerging Markets See Sharp Growth in Cashless Transactions
South Africa is the most cryptocurrency-friendly country in Africa, according to the 2018 World Payments Report by French banking group BNB Paribas and IT company Capgemini. Compared to other major economies on the continent, South Africa has allowed digital currency-based payments, trades and investments to flourish almost unhindered.
Also read: African Cryptocurrency Exchanges Forced to Step-Up Security
As Digital Payments Rise, Leading African Economies Trade Cautiously on Cryptocurrency
The report, released Oct.17, concluded that digital payments, including cryptocurrencies like bitcoin, have grown sharply all around the world, and “are experiencing a boom, driven by developing markets”, including Africa.
Jack Ma: I Pay Special Attention to Blockchain & Bitcoin to Create Cashless Society
Jack Ma, the chairman of Alibaba and $ 150 billion China-based financial conglomerate Ant Financial, has said in a recent speech that he pays special attention to Bitcoin and blockchain technology, and the potential of establishing a cashless society. Although Ma is still studying the fundamental value Bitcoin and other major cryptocurrencies bring to the market,
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Bank of Korea Considering a Cashless Future via Central Bank Digital Currency
The Bank of Korea is seriously considering the possibility of launching a Central Bank Digital Currency (CBDC) into the world’s third-largest cryptocurrency market.
Considering a Cashless South Korea
The Bank of Korea has officially confirmed that it has launched a study into cryptocurrencies, with plans to offer official recommendations regarding the digital assets. According to The Korea Times, the central bank also plans to consider introducing a Central Bank Digital Currency (CBDC) before July. Stated the bank:
A taskforce has been studying the possibility of issuing a CBDC and how digital currencies will influence the country’s overall financial sector since January. We will announce updates on this issue by the end of June.
European Central Bank: Bitcoin ‘Not The Answer To Cashless Society’
The European Central Bank (ECB) claimed Bitcoin is “not the answer to a cashless society” March 13 while also casting doubt on bank-issued digital currencies.
Bitcoin ‘Spotlights System Failures’
In an “opinion piece” co-authored by Benoît Cœuré, ECB board member and chair of the Bank for International Settlements’ (BIS) Committee on Payments and Market Infrastructures, as well as chair of the BIS Markets Committee Jacqueline Loh, the bank argues Bitcoin represents a “challenge” due to banks’ failure to provide suitable international remittance options for consumers.
“Despite its many faults, bitcoin has put the spotlight on an old failing of our current system: cross-border retail payments,” they write.
Can Fiat Currency And Bitcoin Co-Exist Peacefully?
There has been a lot of talk regarding the digitization of money in the past few months. Those plans became even more viable once the announcement was made by Safe.Cash regarding the digital Euro tokens coming our way in 2016. Bitcoin offers a lot of potential to be used as an activist tool, but will these digital fiat currencies offer the same functionality?
Bitcoin Boosts Number of Non-Cash Payments In Asia
Emerging and developing markets, such as India, for example, are warming up to the idea of using decentralized payment solutions such as Bitcoin and other digital currencies. Looking at this from a financial point of view, India, together with China, are two countries working very hard to drive the growth of non-cash payments. Only time will tell if this move will help foster Bitcoin adoption in both countries.
Make sure to read: Overvalued Paypal Named Global Top 100 Brand – Bitcoin Superior Payment Solution
Norway Could Become Cashless By 2020 – Valhalla For Cryptocurrency?
A few days ago, I read one of the most intriguing finance-related articles I have seen in a while. Norway, a country in northern Europe, is looking to completely remove the ability to pay with cash , anywhere in the country. Could this be a golden opportunity for cryptocurrency?
As the article states, only 5% of Norway’s daily transactions are paid in cash. Other payment methods, such as bank cards and credit cards , dominate the financial transaction landscape. Five percent is next to nothing to be honest. Here in Belgium, I think it’s about fifty-fifty between cash and cashless transactions on a daily basis.