1.2 Mainstream market analysis and digital currencies of various countries
China
China
Five years of sharpening the sword, ready to come out.
In July and August 2019, a number of heavy news about the digital currency of the People's Bank of China came out. After five years of exploration and development, China's central bank digital currency is "ready to come out" and is very likely to be launched in 2020.
USA
USA
U.S. Treasury Secretary Steven Mnuchin said at a congressional hearing that he had discussed digital currencies with Federal Reserve Chairman Jeroime Powell, and they agreed that the Federal Reserve would not need to issue digital currencies in the next five years.
European Union
European Union
A draft document published by the European Union suggests that the bloc should consider issuing its own digital currency.
European Central Bank President Christine Lagarde said at the EU hearing that she is assessing the impact of the central bank's digital currency on the European people and economy. According to a document issued by the European Central Bank, it stated that "if the industry cannot work hard to develop innovative and efficient pan-European payment solutions, it can meet social needs by issuing a central bank digital currency."
Japan
Japan
Bank of Japan Governor Haruhiko Kuroda said Japan has no demand for a central bank digital currency.
In addition, he believes that the central bank's digital currency will also have an impact on the business of commercial banks. "If a central bank digital currency replaces private deposits, it could erode commercial banks' access to credit and have a negative impact on the economy."
France
France
Bank of France Governor François Villeroy de Galhau said the central bank will start testing digital currencies soon and "will publish information on the project by the end of the first quarter of 2020." France is currently actively involved in digital currency innovation, but needs to trial the new technology "seriously and methodically".
Canada
Canada
Bank of Canada Governor Stephen Poloz said the central bank has yet to decide whether to issue a digital currency to replace cash.
Sweden
Sweden
Sweden's central bank will sign an agreement with consulting firm Accenture to create a pilot platform for its digital currency, the e-krona. “The main goal of the e-krona pilot project is to broaden banks’ understanding of the technical possibilities of the e-krona,” the Riksbank said in a statement.
Riksbank Governor Stefan Ingves said the bank plans to implement a digital currency plan in six steps.
Switzerland
Switzerland
The Swiss Federal Council has adopted a report examining the opportunities and risks of issuing an encrypted franc (e-franc).
The committee concluded that a central bank digital currency would currently bring no additional benefits to Switzerland. Instead, it could raise new risks, especially with regard to financial stability.
Germany
Germany
The German cabinet and central bank Deutsche Bundesbank are cooperating closely on issues related to central bank digital currencies (CBDC). Asked about its views on central bank digital currencies, the Cabinet cited data from the Bank of International Settlements (BIS) as saying that 70% of central banks around the world are engaged in related work, but only two central banks have specific plans to issue digital central bank currencies.
Jens Weidmann, president of the Deutsche Bundesbank, said that central banks must be cautious when introducing digital currencies because they may destabilize the financial system in times of crisis.
Russia
Russia
Elvira Nabiullina, Governor of the Central Bank of Russia, said that the Central Bank of Russia does not need to issue a national digital currency.
Türkiye
Türkiye
Turkish President Recep Tayyip Erdogan has asked the country to complete testing of the central bank's digital currency, the digital lira, in 2020.
Turkey's blockchain-based digital lira plan is to be implemented by the central bank in 2020, and the government plans to develop a digital lira-based instant payment software platform as a pilot. In addition to the central bank, the project will also involve the country's technological innovation agency, the Turkish Council of Science and Technology Research (TUBITAK).
Ghana
Ghana
Ernest Addison, governor of the Bank of Ghana, said it was in discussions with "major stakeholders" to explore a pilot digital currency. He also stated that “there is a possibility that Ghana will issue a digital currency in the near future.”
South Korea
South Korea
The Bank of Korea said in its annual report that the bank will not issue a central bank digital currency.
The report states that the development of distributed ledger technology (DLT) and encrypted assets has sparked the debate on cryptocurrencies. Instead of significantly reducing the time it takes to transfer funds, the use of digital currencies may reduce the intermediary role of commercial banks, the report states. As some institutions will hold deposits in central bank digital currencies, the number of traditional deposits at other banks will inevitably decrease.
India
India
The Reserve Bank of India is planning to develop a central bank digital currency, although it did not disclose a specific timetable.
Shaktikanta Das, governor of the bank, said that as the technology develops and with certain guarantees, the RBI will take a central bank digital currency seriously in due course, although it is still in its infancy.
He also revealed that the bank has held internal discussions and consultations with the central banks of several other countries to explore the possibility of launching India's own digital currency.
Marshall Islands
The Republic of the Marshall Islands' national digital currency "SOV" is currently undergoing active internal development.
The Marshall Islands currently uses the U.S. dollar as its legal tender, and once the SOV is issued, it will circulate alongside the U.S. dollar as a legal tender.
The British Virgin Islands
British Virgin Islands launches USD-backed digital currency BVI~LIFE. The digital currency is a stablecoin with a fixed 1:1 exchange rate with the U.S. dollar. The British Virgin Islands have used the US dollar since 1959. The use of the digital currency is expected to reduce transaction fees, increase transaction speed and make it accessible to outsiders such as tourists.
Wales
Bahamas
Bahamas
Lithuania
Lithuania
The Bank of Lithuania issued a report saying that the central bank should actively participate in the field of digital currency to deepen its understanding of cryptocurrencies. The report argues that banks should participate in the digital asset space to gain experience in this rapidly developing asset class. The bank also announced that it will issue a blockchain-based digital commemorative coin in the spring of 2020. This digital commemorative coin commemorates the signing of the Lithuanian Independence Act on February 16, 1918 and its 20 signatories.
Saudi Arabia and the UAE
Saudi Arabia and the United Arab Emirates will launch digital currency research and development. The digital currency project was launched in early 2019 and named Aber, which aims to reduce remittance costs between banks in neighboring countries.
Saudi Crown Prince Mohammed bin Salman and Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed signed an agreement that includes the signing of the UAE central bank and the Saudi Arabian Monetary Authority (SAMA) plan to introduce an interbank digital currency.
Tunisia
Tunisia’s central bank says it is currently exploring various digital payment alternatives, including a possible central bank digital currency, but the central bank has not pursued what some reports have called an “E-Dinar” digital currency.
The bank said it is "currently focused on the digitization of finance in the area of digital currencies, and that its services arm is examining the opportunities and risks inherent in these new technologies, particularly with regard to cybersecurity and financial stability."
Rwanda
Thailand
Thailand
Ukraine
Ukraine
The Central Bank of Ukraine has completed a pilot program for its national digital currency E-Hryvnia.
Conclusion: 2020 is destined to be a year of central bank digital currency.
Some important economies will use central bank digital currencies to enhance the status of their national or regional currencies in the global financial market, while small economies will use digital currencies to get rid of their economic dependence on certain big countries.
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Today's market
BTC
After Bitcoin rushed above 7320 on Friday night, it immediately reversed and went straight down. Here, the short-term still has not been able to fall below 7100, but the overall decline has been obvious, but in the case of not falling below 7100, do not chase the short, here is time, and there is also a reversal.
ETH
Market views are time-sensitive and will be adjusted at any time due to adjustments in disk operations.
risk warning
The points involved in the article are for reference only.
Market views are time-sensitive and will be adjusted at any time due to adjustments in disk operations.
Investment is risky, you need to be cautious when speculating in coins
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