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Central Bank of Egypt Might Issue a Digital Currency




Central Bank of Egypt is currently exploring the possibility of implementing a new government based digital currency to be used as a an official form of payment in Egypt.

According to CBE’s latest published report “The Financial Stability Report 2021”, the new government-backed digital currency will be a safe alternative to the other known types of crypto currencies (Such as Bitcoin and Ethereum). According to CBE’s report, the new digital currency will be a safe and a stable currency and will be accepted within all of the financial services across Egypt.

The Central Bank of Egypt stated that both internal and external working committees (with all relevant ministries and national authorities) were formed under the chairmanship of the Central Bank of Egypt, with the aim of studying and exploring the possibility of applying the concept of CBDC in Egypt.

What is Central bank digital currencies (CBDCs)?

Central Bank Digital Currencies (CBDCs) are digital versions of a country’s fiat currency, issued and backed by the central bank. They are designed to function like physical cash in the sense that they can be used for peer-to-peer (P2P) transactions and can be held by individuals and businesses. However, unlike physical cash, CBDCs can be transferred and stored electronically, making them more efficient and convenient to use.

One of the main advantages of CBDCs is that they can potentially increase financial inclusion by providing a convenient and accessible way for individuals and businesses to access and use digital currency. They can also potentially improve the efficiency of the financial system by reducing the need for intermediaries and lowering transaction costs.

Another advantage of CBDCs is that they can provide an alternative to traditional commercial bank deposits, which are often subject to runs and bank failures. By holding CBDCs, individuals and businesses can have a more stable form of digital currency that is backed by the central bank, which can provide a measure of security and stability.

There are also potential risks and challenges associated with the adoption of CBDCs. One concern is that the issuance of CBDCs could lead to a decrease in the demand for commercial bank deposits, which could in turn reduce the profitability of banks and impact their ability to lend. There are also concerns about the potential for CBDCs to be used for illicit activities, such as money laundering and financing terrorism, and the need to put in place appropriate safeguards to prevent such activities.

Despite these challenges, many central banks around the world are exploring the potential use of CBDCs. The People’s Bank of China has already launched a pilot program for its digital currency, the Digital Currency Electronic Payment (DCEP), and other central banks, such as the European Central Bank and the Bank of Japan, are also studying the feasibility of introducing CBDCs.

Overall, while CBDCs have the potential to bring numerous benefits, it is important for central banks to carefully consider the potential risks and challenges and to work closely with other stakeholders, such as commercial banks and regulatory authorities, to ensure that any introduction of CBDCs is done in a way that is safe, secure, and beneficial to all stakeholders.

Current status of Central Bank Digital Currencies (CBDC) worldwide

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Currently, More than 100 countries are exploring the use of CBDCs. Ten countries have already launched their own digital currency, including Nigeria in Africa and Jamaica in the Caribbean.

Daily cryptocurrency trader, miner, technology enthusiast and a full time IT and security consultant. If you have any questions or comments please feel free to email him at [email protected]


Fireblocks buys Australian blockchain start-up BlockFold




Fireblocks, the crypto company backed by Sequoia Capital and Coatue Management, has acquired BlockFold, a Melbourne-based start-up that helps financial institutions build blockchain-based systems.

As per Bloomberg , Fireblocks paid about $US10 million ($15.6 million) for BlockFold. While Fireblocks already works with large financial institutions, including Bank of New York Mellon, BNP Paribas and the Tel Aviv Stock Exchange, it has predominantly offered them services around custody technology.

New York-based Fireblocks is one of crypto’s most well-funded start-ups, having raised some $US1.2 billion so far. The company, which employs around 650 people in the US and Israel, was valued at $US8 billion in its latest financing round in January 2022.

The deal comes as large Wall Street firms ramp up efforts to issue and trade traditional financial assets like bonds and private-equity investments over blockchain networks, seeking to simplify processes and cut costs.

Founded in 2021, BlockFold specialises in tokenisation and smart-contract development for clients such as large financial institutions. Fireblocks and BlockFold have already worked together on projects including National Australia Bank’s recent cross-border stablecoin transfer.

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Brazil Enhances National Identity Card Security with Blockchain Technology




In a significant stride toward modernization, Brazil is rolling out a novel national identity card system, fortified by the integration of a blockchain network. This innovative approach is set to bolster the security of data sharing between the Federal Revenue Service and civil identification authorities.

The cornerstone of this system is the shared registry known as b-Cadastros, designed to underpin the operations of the revenue service. This comprehensive platform facilitates searches, issuance, and modifications of the new ID cards and tax registration numbers. Notably, the platform’s development was orchestrated by Serpro, Brazil’s state-owned IT services corporation.

Serpro’s President, Alexandre Amorim, emphasized the pivotal role of the b-Cadastros blockchain platform in fortifying the National Identity Card project. “The use of the b-Cadastros blockchain platform is a major differentiator for the security and reliability of the National Identity Card project,” he stated.

The National Civil Identity Card (ICN) represents an upgraded iteration of Brazil’s traditional paper-based ID cards, and the nationwide issuance commenced in July 2022. The overarching goal of this project is to centralize the nation’s civil identification system and harness the ICN database to authenticate individuals accessing online public services.

The modern plastic card boasts an innovative feature: it empowers users to generate a single digital version of their identity document. This advancement enhances security, as it allows for validation through a printed QR code. In adopting blockchain technology for the ID cards, the Brazilian government anticipates streamlining processes and curbing fraud and illegal activities. Presently, individuals can request identification cards in all of Brazil’s 27 states, which presents challenges in terms of data integrity and security.

Serpro’s Amorim elaborated on the significance of blockchain technology in safeguarding personal data and thwarting fraudulent activities, thus delivering a more secure digital experience for Brazilian citizens.

The states of Rio de Janeiro, Goiás, and Paraná are set to pioneer the blockchain-based version of the national revenue service’s shared registry for the issuance of the new ID cards this week. The remaining states are poised to follow suit over the next six weeks, marking a significant step forward in enhancing the security and efficiency of Brazil’s identity verification and taxation systems.
Source: Forbes

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Horizen’s $ZEN Holders Take the Helm with the DAO Launch




The Horizen community, get ready to embark on a revolutionary journey in governance as the Horizen DAO steps into the spotlight, as per Horizen’s new announcement.

Horizen, a public, open-source blockchain protocol, boasts a thriving ecosystem composed of developers, miners, node operators, and holders of $ZEN tokens across various blockchain networks. The introduction of the Horizen DAO paves the way for increased community involvement in decision-making and offers a platform for your voices to shape the project’s path.

Discovering the Horizen DAO

DAO, which stands for “Decentralized Autonomous Organization,” has emerged as the gold standard for decentralized governance in the blockchain world and beyond, as per Horizen’s new announcement.

Horizen has always been driven by its community, acknowledging the critical role of a strong social layer in upholding integrity throughout the ecosystem, as stated in Horizen’s new announcement. This ethos is guided by principles such as transparency, accountability, security, community engagement, continuous improvement, and social responsibility. Dive deeper into Horizen’s guiding principles on the Horizen governance page.

Stages of Proposals and Voting

The Horizen DAO takes decentralization of decision-making to new heights, encompassing both technical and non-technical aspects, along with other substantial system enhancements, as outlined in Horizen’s new announcement.

Protocol Improvement Proposals (IPs) are a well-established mechanism for selecting and implementing fresh features and fundamental protocol adjustments in numerous blockchain projects, as per Horizen’s new announcement. In Horizen’s case, these IPs are the cornerstone of the Horizen DAO’s community-driven governance. For Horizen’s primary chain and the EON sidechain, we respectively refer to these as ZenIPs and EONIPs, and they are the lifeblood of our governance process.

Ultimately, it’s the $ZEN token holders who wield the power to steer the future of Horizen, shaping the network’s evolution through active participation in the Horizen DAO, as per Horizen’s new announcement. Any holder of $ZEN can cast their vote on proposed improvements, while those with the requisite amount of $ZEN, either held or delegated, can propose changes to the community. To ensure effective community governance, users will also have the option to delegate their voting authority to individuals they trust as capable stewards of Horizen’s core values.

For a comprehensive understanding of the Horizen DAO, including its proposal phases, voting procedures, Constitution, and more, we invite you to explore the Horizen Governance page. Join us on this exciting journey to help mold the future of Horizen – we’re delighted to have you on board, as announced by Horizen.

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