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Rwandan central bank proceeds with retail CBDC project

The National Bank of Rwanda (BNR) has unveiled its completed feasibility study on a retail central bank digital currency (CBDC) and is seeking public feedback. The proposed CBDC aims to leverage the latest technological advancements while addressing local conditions in Rwanda.

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The National Bank of Rwanda (BNR) has unveiled its completed feasibility study on a retail central bank digital currency (CBDC) and is seeking public feedback. The proposed CBDC aims to leverage the latest technological advancements while addressing local conditions in Rwanda.

According to the BNR, implementing a retail CBDC could bolster Rwanda’s cashless economy initiative and enhance the resilience of the financial system, particularly in light of frequent power outages. Despite efforts to promote cashless transactions, the BNR anticipates spending $35 million on printing and maintaining cash over the next five years.

The proposed CBDC is envisioned as an interest-free, intermediated digital currency with interoperability across existing payment systems and potentially other CBDCs. The BNR suggests adopting a token-based model with open programmability and smart contracts, enabling offline transfers using Bluetooth or Near Field Communication (NFC) technology without requiring a smartphone.

Currently, payment service providers constitute less than 0.9% of Rwanda’s financial sector, facing challenges such as low financial literacy and high remittance costs. The BNR believes that reducing cash circulation could formalize more of the economy.

While the study recommends user fees and holding limits, details are yet to be finalized. Public acceptance of the proposed CBDC remains an open question.

The BNR favors a distributed database model over a distributed ledger for increased reliability, drawing insights from the World Economic Forum’s CBDC Policy-Maker Toolkit.

Projects exploring tokenized wholesale CBDCs have been initiated by entities like Mastercard, Ripple, the European Central Bank, and the Bank for International Settlements’ Project Agora. However, tokenization in a retail CBDC context represents a potential innovation. Offline CBDC transfers are also under current research, with China’s digital yuan offering similar solutions to those proposed by the BNR.

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GameStop hints at future Bitcoin purchases following board approval

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GameStop is exploring the possibility of adding Bitcoin to its balance sheet, but any future purchases will require approval from the company’s board of directors. The move signals the gaming retailer’s continued interest in digital assets as it seeks to diversify its financial strategy.

The potential Bitcoin investment aligns with GameStop’s previous forays into the crypto space, including its NFT marketplace and blockchain gaming initiatives. However, the company has not yet committed to a specific timeline or amount for Bitcoin purchases.

Industry analysts suggest that if GameStop proceeds with Bitcoin acquisitions, it could follow in the footsteps of other publicly traded companies, such as MicroStrategy, that have adopted Bitcoin as a reserve asset. The decision could also serve as a signal to retail and institutional investors about GameStop’s long-term outlook on digital assets.

As the company awaits board approval, the broader market will be watching closely to see if GameStop makes a decisive move into Bitcoin, potentially influencing other corporations to consider similar strategies.

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SEC nominee Atkins discloses at least $327M in assets ahead of confirmation hearing

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Paul Atkins, a former commissioner of the U.S. Securities and Exchange Commission (SEC), is under scrutiny over financial disclosures related to his wife. The concerns emerged during a recent hearing, raising questions about transparency and potential conflicts of interest.

Atkins, who served at the SEC from 2002 to 2008, has been a vocal advocate for regulatory clarity in financial markets, including the cryptocurrency sector. However, lawmakers and regulators are now examining whether proper disclosures were made regarding financial assets linked to his wife.

The inquiry reflects broader concerns about ethics and accountability among financial regulators and policymakers. While Atkins has not been formally accused of wrongdoing, the situation highlights ongoing debates over financial transparency in government and regulatory agencies.

As the hearing unfolds, industry observers are closely watching for potential implications on SEC policies and oversight practices. The outcome could influence future regulatory discussions, particularly in areas where financial disclosures intersect with policymaking in traditional and digital asset markets.

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Brazil’s data watchdog upholds ban on World crypto payments

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Brazil’s data protection authority is ramping up its oversight of cryptocurrency payment platforms, reflecting growing concerns over data privacy and regulatory compliance in the digital asset sector. The move aligns with a broader global trend of increased scrutiny on crypto transactions.

The regulatory focus comes as crypto payments gain mainstream adoption in Brazil, with businesses and consumers increasingly using digital assets for everyday transactions. Authorities aim to ensure that companies handling crypto payments comply with data protection laws, safeguarding user information against misuse and security breaches.

This initiative follows global regulatory efforts to address concerns over illicit financial activities and privacy risks associated with digital currencies. While Brazil has been a leader in Latin America’s crypto adoption, regulators are working to balance innovation with consumer protection.

Industry experts believe that stricter oversight could enhance trust in the crypto sector, attracting institutional players while ensuring compliance with international standards. As regulations evolve, businesses operating in the crypto payments space will need to adapt to the changing legal landscape to maintain seamless operations.

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