PYMNTS

SEPTEMBER 9, 2020

Mastercard has announced a new virtual testing platform for Central Bank Digital Currencies (CBDCs). The testing tool comes as the global economy embraces digital payments and central banks investigate how to support innovation while maintaining financial stability as they issue the currency. In a Wednesday (Sept.

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Clearly Payments

AUGUST 29, 2024

Central Bank Digital Currencies (CBDCs) have received attention in recent years as central banks worldwide explore the potential to evolve the way we conduct financial transactions. This article covers what CBDCs are, how they have evolved until 2024, their impact on payments, and the future they could shape.

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Fintech News

DECEMBER 11, 2023

This PoC involved executing real-time cross-border test transactions between various Central Bank Digital Currency (CBDC) systems. The project tested the feasibility of conducting multilateral cross-currency transfers through the UDPN, involving both Distributed Ledger Technology (DLT) and non-DLT-based CBDC technologies.

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CBDC Distributed Ledger Technology (DLT) Cross-Border Central Bank 111

Fintech News

JUNE 4, 2024

The Bank for International Settlements (BIS) has launched Project Rialto to test the potential for improving instant cross-border payments through a combination of a modular foreign exchange (FX) component and wholesale central bank digital currencies (wCBDC).

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Cross-Border Payments Cross-Border CBDC Settlement 99

PYMNTS

OCTOBER 9, 2020

The Federal Reserve is collaborating with seven central banks and the Bank for International Settlements (BIS) to hammer out a framework for digital currency. . The central banks working with the BIS include the European Central Bank, the Swiss National Bank and Bank of Japan.

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PYMNTS

JANUARY 26, 2020

Bank of France Governor Francois Villeroy de Galhau said on Saturday (Jan. 25) that central banks should be in charge of issuing electronic currency, not private companies, Reuters reported.

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Central Bank CBDC Digital Currency Cross-Border 100

Fintech Finance

SEPTEMBER 10, 2024

Accenture (NYSE: ACN) announced that it has invested in EMTECH , a global financial technology company that provides software-as-a-service platforms to help central banks streamline, connect and modernize their processes and operations. Terms of the investment were not disclosed.

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Central Bank Digital Currency CBDC Financial Inclusion 98

Finextra

NOVEMBER 26, 2024

A group of seven central banks (Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Board of Governors of the Federal Reserve System, Sveriges Riksbank and the Swiss National Bank) together with the Bank for International Settlements, have been working together to explore selected aspects of central bank digital currencies (..)

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Central Bank Digital Currency Legal Federal Reserve 85

PYMNTS

NOVEMBER 27, 2019

The First Deputy Governor of the central bank of France, Denis Beau, spoke in support of a blockchain-based settlement system that would allow for faster transfers of euros, as well as be more cost-efficient, according to a report by Yahoo! The ECB has been open to the idea, and could already be experimenting.

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Central Bank Digital Currency Distributed Ledger Technology (DLT) CBDC 94

Fintech News

MARCH 25, 2024

Swift, the global financial messaging cooperative, revealed that the latest round of experiments conducted within a collaborative Central Bank Digital Currency (CBDC) sandbox has shown promising results for the application of CBDCs and digital tokens. said Tom Zschach, Chief Innovation Officer at Swift.

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PYMNTS

MAY 21, 2020

The tipping point might be nigh for digital dollars and other central bank-issued currencies done through bits and bytes. A central entity may be a central bank which regulates a monetary supply,” the company wrote. “A A central entity may implement a monetary policy and issue currency.

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Digital Currency Central Bank CBDC Federal Reserve 97

PYMNTS

MARCH 30, 2020

The Banque de France is seeking applications “to experiment with a central bank digital currency for interbank settlements,” according to an announcement from the French central bank. Indeed, any decision to create a CBDC is a matter for the Eurosystem.”

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CBDC Interbank Settlement Digital Currency Central Bank 98

PYMNTS

OCTOBER 19, 2020

It comes on the heels of an IMF report that raises concerns about growing momentum toward central bank-issued digital currencies (CBDCs). central bank has yet to decide whether to plunge ahead, said that issues need to be vetted, include protecting any new digital currency from cyberattacks, fraud and high-tech counterfeiters.

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Digital Currency Central Bank Fed Federal Reserve 108

PYMNTS

MAY 29, 2019

A European Central Bank ( ECB ) official is throwing his support towards wholesale central bank digital currencies (CBDCs). While a retail CBDC would be available for the general public, wholesale would serve a limited circle, primarily banks. Vasiliauskas is contemplating both sides.

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Central Bank Digital Currency CBDC Liquidity Risk 76

PYMNTS

OCTOBER 12, 2020

The recently released report by the Bank for International Settlements ( BIS ) offers a general framework for digital currencies. The BIS noted of central bank digital currency ( CBDC ) that “a CBDC could provide a complementary central bank money to the public, supporting a more resilient and diverse domestic payment system.

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Fintech News

SEPTEMBER 11, 2024

Initially, these will use fiat currencies, but Swift plans to eventually integrate tokenised forms of money such as central bank digital currencies (CBDCs) and stablecoins. A key focus of these developments is testing multi-ledger Delivery-versus-Payment (DvP) and Payment-versus-Payment (PvP) transactions.

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PYMNTS

SEPTEMBER 15, 2020

Central bank digital coins on the Continent – but plenty of room for cash. In Berlin, where last week saw a two-day meeting of financial officials from Europe, central bankers discussed digital payments and the confines of digital, national currencies.

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CBDC Risk Central Bank Digital Currency 91

Fintech News

JANUARY 21, 2025

Similarly, Project Nexus , spearheaded by the Bank for International Settlements (BIS), aims to improve cross-border payment systems through faster, cheaper, and more transparent transactions. The initiative seeks to establish multilateral linkages of national retail payment systems.

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PYMNTS

AUGUST 14, 2020

A week after details of the Federal Reserve’s instant payment initiative emerged, news came via Bloomberg that the central bank is working with the Massachusetts Institute of Technology (MIT) to explore the possibility of issuing digital currency. Legal issues include whether a CBDC would have status as legal tender.

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Digital Currency Fed Federal Reserve CBDC 113

PYMNTS

SEPTEMBER 17, 2020

The race to develop central bank digital currencies (CBDCs) is underway, but it seems the Reserve Bank of Australia may not be in the running. 17), Australia’s central bank has viewed the issuance of such digital coinage with caution, and even a bit of skepticism.

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The Fintech Times

AUGUST 28, 2024

Looking to harness this potential, the Hong Kong Monetary Authority (HKMA) launched ‘Project Ensemble’ in March earlier this year, a wholesale central bank digital currency (wCBDC) project, to support the development of the tokenisation market in the region.

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PYMNTS

OCTOBER 9, 2020

Beyond bitcoin – that marquee name of crypto and its brethren, which have yet to escape wild price swings and speculative fervor – lies the prospect of CBDCs. India, according to reports earlier this fall, is mulling a ban on cryptos in general, but may indeed look more deeply into a CBDC. Fed, the Swiss National Bank and others.

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Digital Currency Central Bank CBDC Federal Reserve 70

PYMNTS

SEPTEMBER 8, 2020

The race toward central bank digital currencies (CBDCs) is tightening, with Brazil reportedly looking to launch one by 2022 in a bid to help digitize payments. Roberto Campos Neto, president of Brazil’s central bank, said his country’s new digital currency will work in concert with its new instant-payments system. “To

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Digital Currency Central Bank CBDC Instant Payments 87

The Paypers

OCTOBER 1, 2022

The central banks of Israel, Norway, and Sweden have partnered the Bank for International Settlements (BIS) to explore CBDC usage in international retail and remittance payments.

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PYMNTS

DECEMBER 27, 2020

Japan might look into launching its own central bank digital currency (CBDC) in both the public and private sectors, according to a report from Japan Times. While there are no immediate plans, the Bank of Japan (BOJ) will launch a feasibility study on the idea next spring. The exchange will close trading services on Jan.

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CBDC Bitcoin Digital Currency Cryptocurrency 101

PYMNTS

DECEMBER 6, 2020

Citigroup will be helping governments around the world establish sovereign digital currencies, or central bank digital currencies (CBDC), CEO Michael Corbat says, according to a report from CoinDesk. Speaking with David Rubenstein at a Bloomberg event on Friday (Dec.

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CBDC Digital Currency Central Bank Government 114

PYMNTS

FEBRUARY 6, 2020

Central bank leaders from six countries and the Bank for International Settlements (BIS) have planned an April meeting to discuss digital currencies and the parameters involved for launching their own, the Nikkei Asian Review reported on Thursday (Feb. In January, the central banks of the U.K.,

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Central Bank Digital Currency CBDC Federal Reserve 100

PYMNTS

OCTOBER 23, 2020

Amid increased interest in cryptocurrencies from policy makers and central banks due to China's intentions to issue a digital yuan, a Bank of Japan official said the bank’s move to roll out a cryptocurrency would hinged on public support, Bloomberg reported. “At

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CBDC Digital Currency Central Bank Federal Reserve 69

PYMNTS

AUGUST 21, 2020

Earlier this month, as PYMNTS noted , the Federal Reserve said its Boston bank is working with the Massachusetts Institute of Technology (MIT) to explore the possibility of issuing digital currency. Central bank digital currencies (or CBDCs) have been gathering steam, at least as a concept. No Race To Rollout .

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PYMNTS

JANUARY 27, 2021

According to a study by the Bank for International Settlements (BIS), central bank digital currencies (CBDCs) will be available for 20 percent of the world’s population in the next three years. A survey asked banks if they were currently working on CBDCs, additionally asking about their motives.

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PYMNTS

MAY 27, 2020

But the question arises: Once they’ve been created and backed by central banks, what do you do with them once you have them? As noted in this space last week, about 80 percent of 66 central banks queried by the Bank of International Settlements (BIS) are working on central bank digital currencies (CBDC).

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Central Bank Digital Currency CBDC Settlement 57

PYMNTS

FEBRUARY 27, 2020

Bank of Japan (BOJ) Deputy Governor Masayoshi Amamiya said that before they issue their own digital currencies, central banks around the world should attempt to get a better understanding of the pros and cons of the process, according to a report by Reuters. They will also confer with colleagues overseas on the topic.

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PYMNTS

JANUARY 30, 2020

Masayoshi Amamiya said that if technology triggers increased public interest, it is possible there could be a need for the issuance of central bank digital currencies (CBDC). There are still many details that must be investigated before CBDC can be issued, Amamiya said. The speed of technical innovation is very fast.

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Central Bank CBDC Digital Currency Settlement 52

PYMNTS

JUNE 17, 2020

Meanwhile, European Central Bank (ECB) board member Yves Mersch said at a recent virtual conference that about 80 percent of 66 central banks queried by the Bank of International Settlements were already working on central bank digital currencies (CBDC).

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Digital Currency Central Bank CBDC Deposit Account 89

Fintech News

JANUARY 23, 2024

The Bank for International Settlements (BIS) has recently announced a new series of projects for its 2024 Innovation Hub programme. Payments and financial security One of the key projects is Project Leap, overseen by the bank’s Eurosystem Centre.

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Innovation CBDC Cross-Border Payments Finance 119

PYMNTS

JANUARY 21, 2020

And now, for digital currencies, it’s a group effort — among central banks, that is. Up until now, the explorations and considerations of digital currencies — as would be, potentially, issued by central banking systems to bring fiat into digital form — has been done on a country-by-country basis. is joining the CBDC fray.

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Central Bank Digital Currency CBDC Federal Reserve 57

Clearly Payments

AUGUST 24, 2024

World Bank data indicates that global remittances reached $794 billion in 2023. According to the Bank for International Settlements (BIS), 114 central banks, representing over 95% of global GDP, were engaged in some form of CBDC research or development by the end of 2023.

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Debit Card P2P Cross-Border Central Bank 105