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China Digital Currency ‘Not Seeking Full Data Control’ — Central Bank

China is not launching a war on cash by introducing its own digital currency, a senior official from the central bank has said. As Reuters reported on Nov. 12 quoting Mu Changchun, head of the digital currency research institute at the People’s Bank of China (PBoC), Beijing still intends for the new currency to complement the paper yuan.

 

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Hong Kong Steps Up Research Into Central Bank Digital Currency

The Hong Kong Monetary Authority (HKMA) has revealed it is conducting research into applications for a central bank digital currency (CBDC). Ejinsight reported on the news — announced during the Hong Kong Fintech Week — on Nov. 7. HKMA reportedly aims to release a major report on its findings in Q1 2020.

 

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Bitcoin Outshines Gold for First Time Since June

Bitcoin logged double-digit gains in October, outperforming gold for the first time since June. The world’s biggest cryptocurrency by market value ended last month with a gain of 10.26 percent, snapping a three-month losing streak, according to Bitstamp data. Meanwhile, gold gained just 2.74 percent in October, having dropped 3.17 percent in September – the biggest monthly drop since June 2018.

 

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IBM Expects a Central Bank to Issue Digital Currency Within 5 Years

According to a joint report conducted by tech giant IBM and the Official Monetary and Financial Institutions Forum (OMFIF), global central banks now admit that CBDCs would be a good substitute for cash in some use cases such as point of sale merchants with a network connection.

 

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