IMF Advises Eastern Caribbean States to Trial Digital Currency

IMF suggested that a digital currency underpinned by blockchain would boost the resources and capacity of the Eastern Caribbean Currency Union (ECCU), a region that comprises St Kitts and Nevis, St Lucia, Anguilla, Antigua, and Barbuda, Dominica, Grenada, and St Vincent and Grenadines. Cautiously Trialing a CBDC is The Way, IMF Says On Friday, the International Monetary Fund (IMF) published a Concluding Statement after it visited the ECCU region for a regular mission. The fund concluded that the Citizenship by Investment (CBI) program was one of the key reasons why…

Bank of Korea Sees No Reason for Central Bank Digital Currency

Bank of Korea sees no need to generate a Central Bank Digital Currency (CBDC), an official shared the regulator’s position. Despite the overwhelming presence of cryptocurrency projects in South Korea, the country’s central bank is skeptical of the drive for CBDCs. Bank of Korea Warned Against Speculations for Launching CBDC Bank of Korea, however, will continue its exploration of digital assets and the potential for CBDCs. The bank has recently opened a dedicated research department, reported The News Asia. With this move, Bank of Korea is joining the global trend…

Central Bank Crypto Still 10 Years Away, Says Former ECB Vice President

Former Banque de France governor, Christian Noyer, suggested that a consumer-focused central bank digital currency (CBDC) could still be 10 years away, despite current interest from over 50 central banks. However, he did predict that digital payments between commercial banks will happen fairly soon, according to an article on FT.com. Interest, But ‘Clear Hesitation’ Noyer stated that the decline in cash usage, along with the rise of private cryptocurrencies such as Facebook’s Libra, had spurred a large number of central banks to investigate the possibilities of a CBDC. Sweden and…

ConsenSys to Cut 14% of Jobs Amid Major Restructuring

New York-based ConsenSys, one of the leading blockchain developers, announced a major restructuring that will cut about 14% of its workers. Product Teams Will Not Be Affected ConsenSys came out six years ago as an Ethereum venture production studio and has operated this way since then. The company has backed over 100 blockchain firms with over $100 million in investment in the last four years. Separately, ConsenSys has promoted Ethereum-based solutions for over 300 clients worldwide, including 50 enterprise clients. Now the blockchain leader wants to separate its software development…

Bank of Lithuania Looks into Central Bank Digital Currency

Bank of Lithuania may be the next entity to look into Central Bank Digital Currencies (CBDCs), after multiple banks worldwide have expressed interest. All Aboard the Central Bank Digital Currency Bandwagon Following preliminary interest from central banks in China, as well as India, Cambodia, and to an extent the European Central Bank, the Bank of Lithuania has given attention to digital assets issued and backed centrally. CBDCs may be a tool to bring the central bank’s digital money directly to non-financial institutions and even individuals, commented Aistė Juškaitė, principal economist…

IBM Announces New CEO, is This Good For Blockchain?

IBM CEO, Ginni Rometty, is stepping down after 8 years of service. She is being replaced by executive Arvind Krishna. Rometty has been a great supporter of the distributed ledger technology (DLT), but Krishna might take the company’s blockchain projects to another level. Krishna Has Played Important Role in Blockchain Development Blockchain has become one of IBM’s priorities under Rometty’s tenure, but Krishna will continue to encourage the development in this direction. In fact, Krishna has had more direct involvement with the DLT than Rometty, suggesting that the technology might…

Russia to Invest in Blockchain, Potential Benefit Valued at $17.5B

Russia plans to spend 28.4 billion rubles (over $450 million) on the development of blockchain until 2024. While this is 50% lower than previous figures, the strategy would still help the Russian economy save 500 billion rubles (about $8 billion). Russia to Spend Less on Blockchain According to the Rostec, the state-owned tech-oriented corporation, blockchain spending in the next four years will be reduced to 28.4 billion rubles from previously voiced figures of 55-85 billion rubles. The funds will be allocated to the implementation of blockchain in the supply chain…

National Crypto Rupee Proposed in Indian Draft Blockchain Strategy

Just a week after the Reserve Bank of India confirmed legal status for crypto currency, a draft national strategy on blockchain has called for an official digital rupee. India to Advance in Blockchain Tech According to reports, the National Institute for Smart Governance (NISG) has submitted a draft strategy on blockchain for stakeholder comments which will help define the ecosystem for distributed ledger technology and crypto in India. The paper states that blockchain was a priority topic at the Davos World Economic Forum where a survey suggested that 10% of…

Blockchain Could Secure You Your Dream Job, Billionaire Hints

Blockchain will be among key technologies to transform the job market, according to Aneel Bhursi, co-founder and CEO of human capital management firm, Workday. Blockchain to Boost the Value of Credentials Last week, LinkedIn said that blockchain would be the most in-demand job skill this year. However, the technology will also help employees secure their next dream job in a more literal way. Speaking at the World Economic Forum (WEF) in Davos, Switzerland, Workday boss Aneel Bhusri said that artificial intelligence (AI) and blockchain would become essential for the job…

South Korean Military Gets a Blockchain-Based Upgrade

The South Korean military’s Military Manpower Administration has partnered with Raonsecure, one of S. Korea’s leading ICT security software companies, to provide a blockchain-based biometric ID and authentication solution for the S. Korean Military.  South Korean Army Goes Digital The South Korean Military’s Military Manpower Administration has announced that they will be adopting a new biometric ID and authentication solution designed by Raonsecure, one of the leading cybersecurity firms in South Korea. Raonsecure is also the team behind TouchEn. TouchEn OnePass is the most popular FIDO (Fast Identity Online) biometric…