Tagged: cbdc

Reserve Banks Must Look into Issuing Digital Versions of Cash to Prevent “Privatization” of Money: Report

Reserve banks must seriously look into issuing a digital version of cash in order to prevent the “privatization” of money, according to research and campaign group Positive Money. The group’s recent report argues that trust in the existing monetary system might disappear, if banks don’t… Read More

The Economist Calls China’s CBDC the Anti-Bitcoin

While everyone expects the People’s Bank of China to launch a limited trial of its Central Bank Digital Currency (CBDC) or Digital Currency Electronic Payment (DCEP) as it is called in the country questions have frequently emerged as to how the government will utilize the… Read More

China Expected to Enlist the Assistance of Starbucks, McDonalds & Others to Test Central Bank Digital Currency

China has long been expected to become the first nation to launch a Central Bank Digital Currency (CBDC). Periodically, reports have popped up regarding the development of the digital currency and today we have another glimmer on the progress driven by the People’s Bank of… Read More

CBDC: People’s Bank of China Says its Main Priority is to Enhance Top Level Design of Central Bank Digital Currency

Happy Buddha

The People’s Bank of China (PBoC), the nation’s central bank with over $3.2 trillion in reserves, recently held a discussion in the capital city of Beijing. The PBoC’s officials confirmed during the conference (held on April 3, 2020) that the reserve bank would continue to… Read More

Banque de France Testing Central Bank Digital Currency, Issues Call for Applications

The Banque de France – the central bank of France – has issued a call for applications to conduct a central bank digital currency (CBDC) experiment with the bank. According to the publication, the work relating to the experiments is being coordinated by the Infrastructures,… Read More

People’s Bank of China Is Reportedly Inching Closer to Issuing a Digital Yuan

The People’s Bank of China (PBoC), the nation’s central bank, is reportedly inching closer to launching a national virtual currency. As noted in a report from the Global Times on March 24, 2020, which cited “industry insiders,” the PBoC seems to have finalized the development… Read More

Everything but the Kitchen Sink: Buried within the Democrats Proposal for COVID-19 Response is a Digital Dollar Requirement

This probably should come as no surprise. As the economy dives and the Coronavirus spreads across the US, elected officials in Washington, DC struggle to agree on a relief package. It has been reported that Republicans and Democrats had come to terms on a bailout… Read More

DLT or Blockchain and Central Bank Digital Currencies Might Enhance Global Financial Systems, According to Monetary Policy Experts

Three industry professionals, who are considered experts on monetary policies and cryptocurrency, recently talked about the current challenges and potential benefits of introducing central bank-issued digital currencies, or CBDCs.  The discussions took place on March 7, 2020, at the Massachusetts Institute of Technology (MIT) Bitcoin… Read More

CBDC: Bank of Japan’s Deputy Governor, Masayoshi Amamiya, Says Central Bank Digital Currencies Won’t Offer Significant Benefits to Developed Countries

Mature global economies like Japan’s won’t need a virtual currency, according to the deputy governor at the Bank of Japan (BoJ). While attending the Bank for International Settlement’s Future of Payments Forum, deputy governor Masayoshi Amamiya said that a central bank digital currency, or CBDC,… Read More

CBDC: Bank of Japan and Nation’s Financial Service Agency Held Talks to Determine Whether to Issue Central Bank Digital Currency

Central bank heads and finance ministers recently held discussions regarding crypto-asset regulations at the G-20 summit.  Japanese officials working at the Bank of Japan (BOJ), the nation’s Ministry of Finance (MOF), and Financial Services Agency (FSA) have held talks in order to determine whether the… Read More

CBDC: Former CFTC Chairman Christopher Giancarlo Says US Fed Must Issue a Digital Currency

Christopher Giancarlo, former chairman at the US Commodity Futures Trading Commission (CFTC), recently stated that it may be time for the US Federal Reserve to introduce a digital currency. Giancarlo, whose comments came during Yahoo Finance’s On the Move show on February 21, said that… Read More

CBDC: Sweden Begins Testing the Electronic Version of its National Currency, the E-Krona

Sweden has reportedly begun piloting an electronic version of its national currency, the krona. The European nation’s government says that the e-krona is a step closer to its official launch as a central bank digital currency (CBDC). The testing of the country’s CBDC will go… Read More

Fed Chairman Powell Asked about CBDCs: “It’s an Open Question”

Chairman of the Board of Governors of the Federal Reserve System, Jerome Powell, is on Capital Hill today testifying in front of the House Financial Services Committee. During the Q&A portion of the Hearing, Powell was asked specifically about Central Bank Digital Currencies (CBDCs) and… Read More

Fed Governor Lael Brainard Discusses Digitalization of Payments and Currency, Says Fed is Researching CBDC

Fed Governor Lael Brainard delivered a speech in California this past week discussing the “Digitalization of Payments and Currency.” Brainard has been at the forefront in discussing Fintech innovation providing unique perspective from her perch at the Federal Reserve. She said that BigTechs and Fintechs… Read More

CBDC: Bank of Japan’s Deputy Governor Masayoshi Amamiya Confirms Reserve Bank has No Immediate Plans to Launch Its Own Virtual Currency

The Bank of Japan (BoJ), the nation’s central bank, has been working on a virtual currency project for several years. The BoJ must be prepared to issue digital currencies if technical innovations in international settlement systems will increase consumer demand, the bank’s deputy governor noted… Read More

CBDC: India’s National Institute of Smart Government Suggests Issuing Central Bank Digital Rupee

  India-based non-for-profit organization, the National Institute for Smart Government (NISG), has reportedly proposed issuing a digital Indian rupee in its draft National Strategy on Blockchain. A central bank digital rupee, or CBDR, would be issued and managed on a permissioned (private) blockchain network, where… Read More

World Economic Forum Establishes Consortium Focused on Creating Governance Framework for Virtual Currencies

The World Economic Forum (WEF) has established what it says is the world’s first ever global consortium focused on creating a framework for the transnational governance of virtual currencies, which include stablecoins (digital currencies that are usually pegged to national fiat currencies). According to a… Read More

Japanese Lawmakers from Ruling Liberal Democratic Party are Preparing a Proposal Recommending Issuing Digital Currency

A group of around 70 Japanese lawmakers from the nation’s ruling Liberal Democratic Party is reportedly preparing a proposal that recommends issuing a virtual currency. Norihiro Nakayama, a member of the party and parliamentary vice-minister for foreign affairs, stated (on January 24): “China is moving… Read More

Project Inthanon-LionRock: Hong Kong Monetary Authority Posts Report on CBDCs, Value Appears to be Limited

The Hong Kong Monetary Authority (HKMA) has posted a deck on its investigation into Central Bank Digital Currency (CBDCs). Project LionRock is the CBDC blockchain from Hong Kong and Inthanon is from Thailand as the two partnered in the project. The HKMA said it developed… Read More

The Bank of Canada, Bank of England, Bank of Japan, ECB, Sveriges Riksbank, Swiss National Bank, and BIS Partner on Review of Central Bank Digital Currencies

A grouping of prominent central banks along with the Bank for International Settlements, have joined together to review the potential for Central Bank Digital Currencies (CBDCs). The banks and organizations include: the Bank of England, Bank of Canada, Bank of Japan, European Central Bank (ECB), … Read More

Send this to a friend