BRI Remittance Brings Digital Identity to Banking With Blockchain Partnership

Digital identity solutions are on the rise as consumers seek security and accessibility in a digitized world. A new report from 360iResearch shows that the global digital identity market is expected to have reached about $37 Million by the end of 2025. As COVID-19 continues to wreak havoc, this number could grow even larger.  Unsurprisingly, the trillion-dollar banking industry has already expressed interest in digital identity solutions. For example, Everest, a blockchain-based digital payments provider, has recently formed a partnership with BRI Remittance, a subsidiary of one of Indonesia’s largest…

CMT Digital Head Says BTC Trading Still Strong Despite Global Conditions

Amid global coronavirus fears and plunging mainstream markets, Bitcoin (BTC) trading has remained largely unchanged, according to CMT Digital head of trading and business development, Brad Koeppen. “Bitcoin trading has not been that different,” Koeppen told Cointelegraph in a March 31 email. “Volatility and volumes saw an uptick as BTC sold off with the traditional markets but high volatility is nothing new in Bitcoin.” Koeppen also referenced the problems seen on exchanges around the time of Bitcoin’s massive drop between March 11 and 13, noting that this is “nothing new”…

Bank of France Launches Experiment Program on Central Bank Digital Currency

As a number of global jurisdictions like the Bahamas and Sweden are already testing their central bank digital currencies (CBDC), French central bank is getting more straightforward regarding its own CBDC plans. The Bank of France is now officially launching a program of experiments to test the integration of a CBDC for interbank settlements, inviting potential participants to submit their applications. Bank of France doesn’t insist on blockchain implementation for CBDC According to a March 30 document, France’s central bank is calling for applications to experiment with the use of…

Talking Digital Future: Artificial Intelligence

I chose artificial intelligence as my next topic, as it can be considered as one of the most known technologies, and people imagine it when they talk about the future. But the right question would be: What is artificial intelligence? Artificial intelligence is not something that just happened in 2015 and 2016. It’s been around for a hundred years as an idea, but as a science, we started seeing developments from the 1950s. So, this is quite an old tech topic already, but because of the kinds of technology that…

Industry Players Join Former CFTC Royalty on Digital Dollar Project’s New Board

The Digital Dollar Project, which advocates a blockchain-backed digital dollar in the United States, has announced the inaugural roster of its Advisory Board. The new advisors joining the founders of the project The project is an initiative of several former heads of the Commodity Futures Trading Commission (CFTC) and Accenture. The new advisory board includes 22 members with broad backgrounds in finance and payment technologies. They include former CFTC Commissioner Sharon Bowen, PayPal policy exec Usman Ahmed and Georgetown fintech law professor and occasional Cointelegraph contributor Chris Brummer. The announcement…

In COVID-19 Stimulus, US Congress Eyes Digital Dollar to Send Aid to the Unbanked

Amid contentious debate over the massive stimulus package in response to the coronavirus pandemic, Democrats in the United States House of Representatives look to implement the digital dollar to streamline payments to U.S. citizens outside of the traditional financial system. A digital dollar for direct payments to families  A draft of the legislation circulating as of March 23 proposes the creation of digital wallets for U.S. citizens to be maintained by the Federal Reserve within a section entitled “Direct Stimulus Payments for Families.”  The section envisions $2,000 monthly payments to…

Blockchain Digital ID — Putting People in Control of Their Data

Although some people in life do an extremely convincing job of indicating otherwise, all humans have an identity. This identity comes in many forms, and as modern life has progressed, the ways in which people can identify have multiplied. Technology has now made it easier for people to explore and share their identities.  But, at some point in the not-so-distant past, the internet overtook people’s ability to manage their identities online. Companies, notably the big data giants, have become the new gatekeepers. As the world enters a more data-conscious era,…

IMF Weighs the Pros and Cons of a Central Bank Digital Currency

In a recent keynote speech to the London School of Economics, International Monetary Fund (IMF) Deputy Managing Director, Tao Zhang, briefed the positives and negatives of a central bank digital currency (CBDC). Zhang pointed toward greater efficiency and lower costs associated with a CBDC. “In some countries, the cost of managing cash can be very high on account of geography, and access to the payments system may not be available to the unbanked, rural, or poorer population,” he said in the Feb. 28 speech, which hit the web on March…

Key Government Figure Says Japan Needs a Digital Yen — and Fast

Even amid the financial turmoil caused by the coronavirus outbreak, countries are continuing to consider the adoption of a central bank digital currency (CBDC). In an exclusive interview with Cointelegraph Japan, Kozo Yamamoto, Liberal Democratic Party (LDP) Member of the House of Representatives and a former official at the Ministry of Finance, argued that Japan should implement a CBDC — and fast.  Balancing a digital yen with fiat currency A key figure behind ‘Abenomics’, Yamamoto referred to the three traditional roles of money — as a medium of exchange, store…

Hawaii Launches Digital Currency Sandbox to Attract Crypto Firms

The governor’s office of Hawaii revealed its new ‘Digital Currency Innovation Lab’ on March 17 — a blockchain and cryptocurrency incubator developed through collaboration between the state’s Department of Commerce and Consumer Affairs, Division of Financial Institution (DFI), and the Hawaii Technology Development Corporation (HTDC). The initiative will run for two years, and will allow “digital currency issuers to do business in Hawaii without obtaining a state money transmitter license during the effective period of the pilot program.” Through the program, Hawaii aims to “achieve a more in-depth perspective of…