Bermuda and Iceland are the latest countries to approve electronic money institutions to authorise the issuance of e-money.
Forbes reports Bermuda will use e-money platform Circle, while Iceland has approved Monerium.
The media company reports a growing number of countries are now moving toward digital currencies:
- China wants a state-issued e-currency,
- Switzerland is studying it,
- and numerous central banks around the world are reacting with concern to Facebook’s proposed digital currency Libra.
According to The New York Times, China’s e-currency would give the country’s government widespread new powers to manage the economy.
Meanwhile, Facebook has been fighting to defend Libra against sceptical regulators, as key corporate partners are pulling out of the project.
Tech Crunch reports that online payments company PayPal was the first to drop out.
Since then, financial services companies Mastercard and Visa have also unfriended Facebook’s initiative.
E-commerce company eBay will also no longer be a partner.
But China’s ambitions for their state-issued e-currency, appear to be moving ahead at full speed.