PYMNTS

SEPTEMBER 15, 2020

But as to what a CBDC might look like in the eurozone, ECB executive board member Yves Mersch said a speech earlier this year that retail central bank digital currency (CBDC) is a game-changer and that retail CBDCs would be a “main focus.”

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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

The Paypers

MARCH 25, 2021

Payment protocol Ripple has released a whitepaper document stating that the cryptocurrency XRP could act as an intermediary to connect different central bank digital currencies (CBDCs).

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Cryptocurrency CBDC Digital Currency Central Bank 72

PYMNTS

DECEMBER 18, 2020

In other CBDC efforts, as reported in the fall , China’s central bank issued 10 million yuan ($1.5 Such central bank efforts toward CBDC might soon get a helping hand. This week, FinTech EMTECH said it’s launching a compliance platform in collaboration with Microsoft to help central banks test their respective CBDCs.

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PYMNTS

MARCH 30, 2020

The organization said that “the aim is to explore the potentialities offered by this technology, and to identify concrete cases integrating Central Bank Digital Currencies [CBDC] in innovative procedures for the clearing and settlement of tokenized financial assets.”

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PYMNTS

DECEMBER 4, 2020

They convert their fiat currency into cryptocurrency, which middlemen in Cuba then bid on and pay for in cash to the sellers’ family members in Cuba. BIS’ report noted that it used a wholesale CBDC, which is used by bank and other financial institutions, rather than a retail CBDC, which is for general use.

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PYMNTS

AUGUST 31, 2020

The Bank of Korea (BOK) is speeding up its efforts to create a central bank digital currency (CBDC) experimental program, The Korea Times reported. A possible partner will assist the central bank in making a CBDC system framework based on the results from the first stage's research results.

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CBDC Central Bank Digital Currency Bitcoin 75

PYMNTS

JUNE 8, 2020

In addition, Buonomo said digital currencies, especially central bank digital currencies (CBDC) may eventually be able to replace all bank accounts. He said the regulators would need to have total control over a cryptocurrency-fueled system that replaced traditional banking. stimulus distribution involved a new “ digital dollar.”

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Blockchain Accounts Digital Currency Federal Reserve 135

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.

CBDC 114

CBDC Digital Currency Central Bank Governance 114

PYMNTS

JANUARY 15, 2021

Federal Reserve Chair Jerome Powell said he isn’t in a rush to adopt a central bank digital currency (CBDC) because of the risks such currencies pose to the status of the dollar, CoinDesk reported. “We We don’t feel an urge or need to be first,” he said of CBDCs, according to the report. dollar is] the reserve currency.”.

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PYMNTS

SEPTEMBER 9, 2020

Sheila Warren, head of blockchain at the World Economic Forum, the Swiss-based trade group, said collaborations between the public and private sectors in the exploration of CBDC can help central banks understand the range of technology possibilities. The Mastercard-branded payment cards promise to allow consumers to pay with cryptocurrency.

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Central Bank Digital Currency Visa CBDC 132

Clearly Payments

AUGUST 29, 2024

With the rise of digital payments, cryptocurrencies, and fintech innovations, CBDCs represent a new frontier in the evolution of money. This article covers what CBDCs are, how they have evolved until 2024, their impact on payments, and the future they could shape. What Are CBDCs? Any decision to issue a CBDC in the U.S.

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Central Bank Digital Currency CBDC Cross-Border Payments 105

The Fintech Times

JUNE 19, 2024

What could it mean for the future of the financial ecosystem, for the crypto space in the region, and the future of a UAE CBDC? ” Enabling innovation and a future CBDC? . ” Enabling innovation and a future CBDC? But what is the significance of its latest decision regarding stablecoins?

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PYMNTS

OCTOBER 5, 2020

In other news, the Bank of Canada said an anonymous token-based central bank digital currency (CBDC) would present some specific risks, according to a staff analytical note. The bank said it could change liability rules, design a CBDC to restrict balances or transfers and direct the security procedures selected by aggregation suppliers.

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CBDC Digital Currency Risk Security 81

PYMNTS

JUNE 15, 2020

Korea’s central bank has rolled out a legal advisory group to look at potential challenges to bring a central bank digital currency (CBDC) to fruition, The Korea Times reported. The panel’s start is a portion of the first stage for the Bank of Korea’s (BOK) plan to create a CBDC.

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Digital Currency Legal Cryptocurrency CBDC 64

The Fintech Times

NOVEMBER 16, 2024

Armenia is also exploring blockchain and cryptocurrency, with substantial investments in crypto mining and ongoing discussions about developing a central bank digital currency ( CBDC ). Digital payments in the country surpassed $6.8billion last year, while fintech sector revenues exceeded $1.6billion.

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FinTech Central Bank Financial Literacy Online and Mobile Banking 69

PYMNTS

AUGUST 14, 2020

The goal, according to Brainard, is to assess potential risks associated with a proposed digital currency (also known as a central bank digital currency or CBDC) and its possible impact within payments. Legal issues include whether a CBDC would have status as legal tender.

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Digital Currency Fed Federal Reserve CBDC 113

PYMNTS

MAY 21, 2020

At least some of these efforts seem aimed at stanching the rise of cryptocurrencies, which proponents say can compete with traditional currencies because of their decentralized nature. A wholesale CBDC, restricted to a limited group of financial counterparties, would be largely business as usual,” he said.

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Digital Currency Central Bank CBDC Federal Reserve 97

PYMNTS

JUNE 19, 2020

The Bank of Thailand plans to work on a new payment system for businesses using Central Bank Digital Currency (CBDC), according to a press release , which will be a step toward readying the business sector for the digital age. The release says the step will help CBDC reach wider audiences, beginning with corporate entities.

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PYMNTS

SEPTEMBER 17, 2020

But: The bank is keeping an eye on the experiences and progress of other nations, and still is researching its own technological and “policy implications” of wholesale forms of CBDC. Separately, of course, the People’s Bank of China (PBOC) has said that a test of a CBDC rests with small retail transactions — not large-volume transactions.

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Central Bank CBDC Digital Currency Federal Reserve 72

PYMNTS

DECEMBER 28, 2020

According to the Bank for International Settlements (BIS), as of July, some 36 central banks published studies on the concept of a central bank digital currency (CBDC) also known as a digital fiat currency, the report stated. “In Further, the European Union is working on the digital euro, and Sweden is testing its CBDC.

Central Bank 142

Central Bank SWIFT Digital Currency CBDC 142

Clearly Payments

AUGUST 24, 2024

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. Digital cash, whether in the form of cryptocurrencies or central bank digital currencies (CBDCs) , promises to redefine the future of money.

Debit Card 105

Debit Card P2P Cross-Border Central Bank 105

PYMNTS

NOVEMBER 2, 2020

In other news, the Reserve Bank of Australia (RBA) is exploring the potential of a central bank digital currency (CBDC), in partnership with the National Australia Bank , Commonwealth Bank , Perpetual Limited and ConsenSys Software , the bank announced in a press release. RBA expects to finish the project at the end of this year.

CBDC 64

CBDC Distributed Ledger Technology (DLT) Visa AML 64

PYMNTS

NOVEMBER 12, 2020

The price of the cryptocurrency was $16,301.03 It wasn’t immediately known why the cryptocurrency increased in price, but some observers have suggested a connection with the U.S. In other news, the price of bitcoin exceeded the $16,000 price level on Thursday for the first time in nearly three years, CNBC reported. as of 7:17 p.m.

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Stablecoins Bitcoin Digital Currency CBDC 110

PYMNTS

JANUARY 26, 2020

Partially brought on by the emergence of cryptocurrencies and Facebook’s upcoming introduction of the Libra coin, central banks across the globe have been looking into launching eCurrency as a means of maintaining states’ control over money. Bank of France Governor Francois Villeroy de Galhau said on Saturday (Jan.

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Central Bank CBDC Digital Currency Cross-Border 100

The Fintech Times

MAY 26, 2024

Andrew Carrier , member of the executive committee at Quant “Privacy remains one of the most important discussion points in the CBDC debate, with the likes of the European Central Bank confirming that it is working on state-of-the-art security measures to ensure privacy protection.

CBDC 98

CBDC Central Bank Privacy Multi-Currency 98

PYMNTS

MAY 11, 2020

Speaking at a virtual conference about the future of money, European Central Bank (ECB) executive board member Yves Mersch said a retail central bank digital currency (CBDC) is a game-changer. “A However, a retail CBDC, accessible to all, would be a game-changer, so a retail CBDC is now our main focus.”.

CBDC 52

CBDC Central Bank Digital Currency Cross-Border 52

PYMNTS

AUGUST 21, 2020

As many as 80 percent of the 66 central banks polled by the Bank of International Settlements said they were at some stage of CBDC development. China has been at the forefront of those efforts, at least as measured in terms of debuting an actual CBDC, and is in the midst of testing its digital yuan in various settings.

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CBDC Fed Federal Reserve ISO 20022 107

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.

CBDC 102

CBDC Central Bank Digital Currency Financial Inclusion 102

The Paypers

OCTOBER 8, 2020

South Korea’s central bank has revealed that the third and final phase of its pilot programme for a CBDC will commence in 2021.

CBDC 41

CBDC Cryptocurrency Central Bank 41

PYMNTS

JULY 16, 2020

In other news, Thailand’s central bank has arrived at the third step of its central bank digital currency (CBDC) formation and seeks to have greater use of the cryptocurrency by big companies, The Nation Thailand reported, citing a Bank of Thailand (BOT) official. million in cryptocurrency, CoinDesk reported.

Central Bank 59

Central Bank CBDC Credit Risk Bitcoin 59

PYMNTS

FEBRUARY 21, 2020

Sweden’s Riksbank is assessing e-krona, a new form of digital currency that hopes to take the country a step closer to the creation of the world’s first central bank digital currency (CBDC), according to reports on Thursday (Feb. CBDCs are a digital form of traditional money issued and governed by a country’s central bank.

Central Bank 105

Central Bank Digital Currency CBDC Online and Mobile Banking 105

Fintech Review

APRIL 24, 2024

Distinct from decentralised cryptocurrencies such as Bitcoin , CBDCs are centralised and backed by government authorities. Fintech Review delves into the characteristics of CBDCs, examining their potential benefits, and addressing the complexities they introduce to the global financial system. The post What are CBDCs?

Central Bank 91

Central Bank CBDC Cross-Border Payments Cross-Border 91

PYMNTS

FEBRUARY 28, 2020

The BoE has warned about Facebook’s proposed cryptocurrency Libra , as well as other digital coins, and how they must be carefully considered before being approved. Many central banks around the globe are wrestling with the implications of digital currencies and how they will affect a country’s financial health.

Digital Currency 95

Digital Currency Central Bank Stablecoins Money Laundering 95

PYMNTS

FEBRUARY 6, 2020

Switzerland, Sweden, Canada and Japan, as well as the European Central Bank (ECB), partnered with the BIS to collaborate on the development of central bank digital currencies (CBDC). In January, the central banks of the U.K.,

Central Bank 100

Central Bank Digital Currency CBDC Federal Reserve 100

Fintech News

FEBRUARY 27, 2024

TRM Labs’ Global Crypto Policy Review & Outlook 2023/24 delves into the advancements in regulation as well as the regulatory challenges faced by major APAC markets, shedding light on their unique strategies and key developments in navigating the complex world of cryptocurrency. This transition is currently in progress.

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APACS Regulations Stablecoins Cryptocurrency 131

PYMNTS

JANUARY 20, 2020

As part of those efforts, the lab is being used to explore “whether there is a role for a digital Australian dollar — that is, an Australian [central bank digital currency (CBDC)] — in the context of the bank’s responsibilities for issuing the currency and overseeing the payments system.”. The language is interesting — and noteworthy.

Digital Currency 87

Digital Currency CBDC Retail Payments Central Bank 87