Bank of England Slams Bitcoin, Praises Stablecoins, and CBDCs Like many other central banks around the world, the Bank of England are still thinking about developing its own digital currency. The Bank of England’s governor today slammed Bitcoin as a substandard method of payment but reiterated the bank’s interest in central bank digital currencies (CBDC) and stablecoins. Despite the interest
The evolution of technology has changed a lot over the years. In a world where everyone is connected digitally, we witnessed a drastic change in digital currencies and modes of payment. Right from google pay to phone pay, Paytm, and various other forms of digital payments have made our lives easier. Cryptocurrency has become a global
Introduction It was found by a survey of top developed countries in the world “how the COVID-19 outbreak has affected their consumer plans for discretionary spending—and which shifts could be part of the next” Discretionary Expenses Consumers are adequately reducing most discretionary spending, which has a deeply bad impact on some industries, such as restaurants,
The next few months will tell us a lot about the shape of the coming global recovery. Despite ebullient stock markets, uncertainty about Covid-19 remains pervasive. Regardless of the pandemic’s course, therefore, the world’s struggle with the virus so far is likely to affect growth, employment, and politics for a very long time. Let’s start with the
The U.S. economy shrank at a dizzying 32.9% annual rate in the April-June quarter – by far the worst quarterly plunge ever – when the viral outbreak shut down businesses, throwing tens of millions out of work and sending unemployment surging to 14.7%, the government said Thursday. The Commerce Department’s estimate of the second-quarter decline in the gross
The world economy will go into recession this year with a predicted loss of trillions of dollars of global income due to the coronavirus pandemic, spelling serious trouble for developing countries with the likely exception of India and China, according to the latest UN trade report. With two-thirds of the world’s population living in developing
Apple rode the company’s strong earnings report to become the world’s most valuable publicly traded company, surpassing the state oil giant Saudi Aramco at Friday’s market close. Apple shares closed up 10.47% Friday, giving it a market valuation of $1.84 trillion. Saudi Aramco, which had been the most valuable publicly listed company since its market debut last year, now trails at $1.76 trillion
China will push forward comprehensive deep reforms with greater strength, state media quoted President Xi Jinping as saying on Thursday. He also said China will proactively resolve risks, challenges, and huge pressure from any area, according to Xinhua. Xi was speaking on the economic agenda for the second half of the year at a meeting with
China is at the center of the discovery of what may be one of the biggest gold counterfeiting scandals in recent history. According to a report in Zero Hedge, not only does it involve China, but it emerges from a city that has become synonymous with all that is scandalous about China: Wuhan. The 83 tons of
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