On January 15th, Denis Beau, the first deputy governor of the Bank of France, in "Stablecoin-a good or bad way to improve our payment system? "It is difficult to predict the role that stablecoins and more generally crypto assets may play in future payment systems, especially because the characteristics of these assets seem to change at any time. Although they clearly provide opportunities for improving payment systems, they can also introduce considerable risks that must be addressed. In this regard, the primary responsibility of private sector entities is to design solutions that do not introduce excessive risks to existing payment systems. Regulators can also play an important role to ensure that the risk management requirements that need to be met are clear, comprehensive, and consistent, while complying with them, while maintaining the technological innovation potential offered by stablecoins. Central banks can also make further contributions, especially by revisiting and possibly adjusting their conditions for providing central bank currencies for settlement purposes. The French central bank will initiate a project call before the end of the first quarter of 2020, and hopes to work with industry innovators and quickly conduct experiments to potentially integrate "wholesale" CBDCs into innovative procedures for the exchange and settlement of tokenized financial assets.
Recently, the Bank of Sweden Governor Stefan Ingves outlined a six-step plan to introduce CBDC in a roundtable discussion. First, large-value and retail payments must be settled in central bank digital currencies anywhere, around the world. Second, cross-currency and cross-border payments must also be settled with central bank digital currencies 24/7. The third part deals with what constitutes fiat money if the paper currency disappears tomorrow. The fourth part is the implementation in the digital world and ensures the security of the krona through anti-money laundering regulations. The fifth part is the difference between wholesale and retail central bank currencies. CBDC is related to retail, Ingves said that the Swedish central bank has owned and owned wholesale central bank currencies for a long time. The sixth part deals with the demand for physical money. In some cases, digital networks can become paralyzed, such as power outages, but users still need to use paper money somewhere in the country or, more precisely, under the control of the central bank.
On January 17, the Libra Association issued an announcement saying that a five-member technical steering committee had been established, and stated that the establishment of a special committee was in line with Libra's goal of establishing a decentralized, autonomous center independent of the control of any agency. The committee will issue rules and other appropriate documents related to technology governance by the end of the first quarter of 2020.
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On January 17, Japanese credit card giant JCB announced a new payment platform in cooperation with Fujitsu. The platform may use Fujitsu's blockchain technology to exchange digital value such as virtual currency, digital currency, and credit.
On January 15, Christopher Giancarlo, the former chairman of the US Commodity Futures Trading Commission (CFTC), stated that he and other initial members established a non-profit organization to promote the development of "digital dollars." It is reported that the agency will work on how to convert the US dollar into a digital currency based on blockchain technology. IT giant Accenture will support the project architecture and technology. It is worth noting that Accenture has cooperated with a number of central banks in the digital currency field, including Bank of Canada, the Monetary Authority of Singapore, the European Central Bank, and the Swedish Central Bank. In addition, the agency will seek support from the Federal Reserve and other shareholders. "We are launching a digital dollar project to promote the development of digital and tokenized dollars. By then, digital dollars will co-exist with the Federal Reserve debt and serve as a settlement medium that can meet the needs of the new digital world and the new financial system. "The digital dollar keeps the dollar from becoming obsolete and enables individuals and global businesses to pay in dollars at any time, anywhere," Giancarlo said.
On January 17, Uzbekistan announced the establishment of a "national mining pool." The National Projects Authority (NAPM), which oversees the crypto industry, announced that miners joining the pool will enjoy lower electricity prices. NAPM said the proposed mining pool will help ensure the economic efficiency of the country's cryptocurrency mining and increase transparency and security. In addition, the country will launch its first approved crypto asset exchange next week.
The Reserve Bank of Australia (RBA) recently revealed that it simulated the use of CBDC in an Ethereum network-based wholesale payment system to investigate the possibility of a central bank digital currency.