The introduction of state cryptocurrency

The introduction of state cryptocurrency is a matter of politics

🇩🇪 Burkhard Balz noted that the central banks of European countries are more and more carefully considering the issue of launching the digital euro. Earlier this month, the ECB stressed that although the final decision on the launch of the state cryptocurrency has not yet been made, European authorities need to "be ready" for this initiative. Baltz confirmed this claim, saying:

🇩🇪 “With the rapid pace of technological progress, we need to act quickly and thoughtfully, and make smart decisions, to maintain confidence in the euro in any situation.”

At the same time, the representative of Deutsche Bundesbank emphasized that the introduction of digital currency will have large-scale consequences both for the financial and banking systems, and for the state and politicians:

🇩🇪 “Implementation of CBDC is much more dependent on politicians than technicians. A comprehensive analysis and assessment of government cryptocurrencies is needed, comparison with alternative options. We need to assess the impact of digital currency on society as a whole. ”

🇩🇪 Balz also called on the central banks of different countries to cooperate in the study of government cryptocurrencies and stablecoins. He noted that the Central Banks of many countries are already working on this issue, and this will help, if necessary, quick and coordinated decision-making.

🇩🇪 “I think it is in the interest of the entire international community of central banks to work out agreements on new payment options, such as stablecoins, and on how to properly regulate them,” concluded Baltz.

British company Mode transferred 10% of cash reserves to BTC

“After we faced the challenges of the coronavirus and UK interest rates at their lowest level in the 326-year history of the Bank of England, our confidence in the long-term value of Bitcoin has only increased,” said Mode Chairman Jonathan Rowland. Rowland). "Today's asset allocation is carried out with a modern, forward-looking but smart asset management strategy."

The head of the NBK: "the digital yuan will be one of the main steps in the transition to the digital economy"

 And Gang emphasized that the development of blockchain-based digital solutions has accelerated significantly after President Xi Jinping announced support for distributed ledger technology. And the digital yuan is a priority development.

 During the third China Digitalization Summit, the Governor of the NBK said that the development and implementation of a state-owned cryptocurrency will allow the government to significantly improve the convenience and security of retail payments. At the same time, the Chinese authorities see the need for companies and citizens of the country in digital currency, so it is important to speed up the launch of the project.

 Big business representatives who also attended the event emphasized that online product sales have increased significantly during the coronavirus epidemic, and now is a great time to launch the digital yuan.

 “In the first half of the year, online sales increased 7.3% over the same period last year. The digitalization of the entire consumer industry is only accelerating, ”said Xi Dan, senior vice president of Tencent.

 Baidu Chairman and CEO Robin Li supported the Chinese authorities' drive to embrace the digital economy and noted that businesses should also work in this direction.

Shenzhen recently, in cooperation with the NBK, distributed 10 million digital yuan ($ 1.5 million) to 50,000 residents through a lottery. Each “gift” was 200 digital yuan, which could be spent from October 12 to 18 at any of the 3,389 stores in the Luohu area. The experiment was recognized as successful - 88% of the distributed coins were spent to pay for goods and services.