PYMNTS

DECEMBER 18, 2020

But the race is still on for central banks to develop their own digital versions of fiat to take their place alongside bills and coins. To that end, the Bahamas may stand out as an epicenter of sorts for the rise of central bank digital currencies (CBDCs). Central Banks Around the World Eye CBDCs.

Digital Currency 142

Digital Currency Central Bank CBDC Fed 142

PYMNTS

JANUARY 19, 2021

Banque de France has successfully conducted its own central bank digital currency (CBDC) trial, with a blockchain platform for interbank settlement, CoinDesk reported. A statement from the bank said the pilot involved a settlement on a private blockchain, which U.K. million), per CoinDesk. million), per CoinDesk.

CBDC 130

CBDC Interbank Settlement Settlement Central Bank 130

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.

Central Bank 132

Central Bank Digital Currency Visa CBDC 132

PYMNTS

OCTOBER 19, 2020

19) on the bank’s potential rollout of a digital currency. Powell warned of potential downsides to the launch of a digital currency that need to be considered, arguing that the first priority should be to “get it right than to be the first,” Reuters reported. The Fed chief, noting that the U.S.

Digital Currency 108

Digital Currency Central Bank Fed Federal Reserve 108

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. Turkey is planning on piloting its own CBDC in the second half of 2021, according to a report from CoinDesk. The exchange will close trading services on Jan.

CBDC 101

CBDC Bitcoin Digital Currency Cryptocurrency 101

PYMNTS

MAY 21, 2020

Patent and Trademark Office that would create a digital currency underpinned by blockchain technology. The company wrote in the document that under the system, users could “hold digital currency with the same denomination as the local physical currency (e.g., $100 So a retail CBDC is now [the ECB’s] main focus.”.

Digital Currency 97

Digital Currency Central Bank CBDC Federal Reserve 97

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.

Interbank Settlement 134

Interbank Settlement CBDC Settlement Use Case 134

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.

Central Bank 94

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

Fintech Finance

MAY 23, 2024

Reltime , a leading innovator in blockchain and Web3 technology, is thrilled to announce the launch of its state-of-the-art Global Payment Gateway (GW), designed to empower merchants and shops worldwide to accept payments from all popular digital currencies. Digital USD/EUR, Bitcoin, Ethereum, etc.

Digital Currency 59

Digital Currency Payment Gateways Multi-Currency Gateways 59

PYMNTS

OCTOBER 9, 2020

In terms of collaboration, as noted in this space, the Federal Reserve is working in collaboration with seven other central banks and the Bank for International Settlements (BIS) to bring together a framework that would smooth the path to digital currency issuance. The Federal Reserve Bank has been exploring a digital currency.

Digital Currency 70

Digital Currency Central Bank CBDC Federal Reserve 70

Fintech Finance

SEPTEMBER 10, 2024

Like Accenture, EMTECH works with financial institutions to solve pressing challenges, such as testing new banking applications, meeting regulatory criteria, accelerating payments and settlement times, and driving financial inclusion for the unbanked and other parts of society that have been excluded.

Central Bank 76

Central Bank Digital Currency CBDC Financial Inclusion 76

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. ” The submission deadline for digital applications is May 15.

CBDC 98

CBDC Interbank Settlement Central Bank Digital Currency 98

PYMNTS

JUNE 17, 2020

For instance, Nikkei Asian Review recently reported that Chinese officials are mulling developing an “East Asia digital currency” in what might be a new front in the race among nations to issue fiat rendered in bits and bytes. Mersch said a retail CBDC could be based on deposit accounts opened with a central bank.

Digital Currency 89

Digital Currency Central Bank CBDC Deposit Account 89

PYMNTS

MAY 27, 2020

The movement toward digital currencies may be a bit of an arms race of sorts, for now. 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).

Central Bank 57

Central Bank Digital Currency CBDC Settlement 57

The Fintech Times

MARCH 7, 2024

The Hong Kong Monetary Authority (HKMA) has begun ‘Project Ensemble’, a new wholesale central bank digital currency (wCBDC) project, to support the development of the tokenisation market in Hong Kong. ” As part of Project Ensemble, later this year, HKMA will launch a new wCBDC Sandbox.

CBDC 69

CBDC Authorization Interbank Settlement Central Bank 69

PYMNTS

SEPTEMBER 15, 2020

Central bank digital coins on the Continent – but plenty of room for cash. To that end, Bloomberg reported at least some financial regulators from the European Union say there need to be strict controls governing central bank digital currencies in place — and Libra (among other private efforts) may present a threat to financial stability.

CBDC 91

CBDC Risk Central Bank Digital Currency 91

PYMNTS

FEBRUARY 25, 2020

The Central Bank of Canada said that while it will not be issuing a digital currency anytime soon, it will still develop a blueprint in case a pressing need becomes apparent, according to a report by Bloomberg. The country’s central bank is looking at the various features and requirements involved in setting up a digital currency.

Digital Currency 53

Digital Currency CBDC Central Bank Settlement 53

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. And while the Bank of Lithuania sees potential in CBDCs, it is “cautious.”

Central Bank 76

Central Bank Digital Currency CBDC Liquidity Risk 76

PYMNTS

OCTOBER 23, 2020

In the event that the central bank makes a digital unit at a later time, Kamiyama indicated that it would seek to bolster the transaction ecosystem and exist alongside of cash and other digital payment types in lieu of a mechanism for monetary policy. “We

CBDC 69

CBDC Digital Currency Central Bank Federal Reserve 69

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

JULY 30, 2020

s central bank announced on Thursday (July 30) that it has hired IT firm Accenture to revamp and modernize what is known as the Real-Time Gross Settlement (RTGS) service, which handles daily transactions worth more than $895 million between large financial institutions (FIs). s central bank is weighing whether to launch a digital currency.

Real Time Gross Settlement (RTGS) 63

Real Time Gross Settlement (RTGS) Digital Currency Central Bank CBDC 63

PYMNTS

FEBRUARY 5, 2020

The United States Federal Reserve is examining the possibilities and issues surrounding cryptocurrencies and digital payments, which include whether there would be a benefit to the agency issuing a digital currency , according to a report by Reuters.

Digital Currency 52

Digital Currency Fed CBDC Federal Reserve 52

The Fintech Times

JUNE 6, 2024

Project mBridge , a collaborative initiative involving multiple central banks and the Bank for International Settlements’ (BIS), h as reached an important development milestone. Several commercial banks have already started using the mBridge platform to facilitate cross-border CBDC payments among participating jurisdictions.

Participant 45

Participant Distributed Ledger Technology (DLT) Cross-Border Payments Cross-Border 45

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.

Central Bank 57

Central Bank Digital Currency CBDC Federal Reserve 57

PYMNTS

DECEMBER 28, 2020

Digital currencies could render the SWIFT global payments network unnecessary, RT.com reported, citing the Central Bank of Russia (CBR). Olga Skorobogatova, first deputy governor of the CBR, said 30 countries are working on their own national digital currencies, some of which could launch in five to seven years.

Central Bank 142

Central Bank SWIFT Digital Currency CBDC 142

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

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 Government 114

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. As reported by Cointelegraph Thursday (Sept.

Central Bank 72

Central Bank CBDC Digital Currency Federal Reserve 72

The Paypers

FEBRUARY 17, 2021

South Africa has announced Project Khokha 2 to explore the use of both a wholesale central bank digital currency (CBDC) and a wholesale settlement token, for interbank use.

CBDC 36

CBDC Digital Currency Central Bank Settlement 36

PYMNTS

MAY 22, 2020

The group, which has been releasing detailed central bank digital currencies (CBDC) and cryptocurrency reports as of 2018, is geared toward CBDCs and retail and wholesale payments. . The digital currency would be backed by the yuan, the Korean won, the Japanese yen and the Hong Kong dollar. .

Digital Currency 56

Digital Currency Cross-Border Settlement Bitcoin Central Bank 56

Fintech Finance

MARCH 26, 2024

The cooperative has focused its innovation agenda on interoperability between digital currencies and tokenised assets to overcome the potential risk of fragmentation, caused by the development of digital currencies on different technologies and with different standards and protocols.

Cross-Border 52

Cross-Border Use Case SWIFT CBDC 52

The Paypers

OCTOBER 12, 2020

The Bank for International Settlements (BIS) together with a group of seven central banks have published a central bank digital currency (CBDC) report laying out key requirements for CBDC.

CBDC 36

CBDC Central Bank Digital Currency Settlement 36

PYMNTS

JANUARY 20, 2021

In today’s top news in digital-first banking, Banque de France has completed its central bank digital currency (CBDC) test, while roughly 60,000 loans were distributed during the first week of the reopened Paycheck Protection Program (PPP). Banque De France Has Finished CBDC Trial.

ISO 20022 54

ISO 20022 CBDC ISOs Interbank Settlement 54

PYMNTS

MAY 22, 2020

The group, which has been releasing detailed central bank digital currencies (CBDC) and cryptocurrency reports as of 2018, is geared toward CBDCs and retail and wholesale payments. . The digital currency would be backed by the yuan, the Korean won, the Japanese yen and the Hong Kong dollar. .

Digital Currency 64

Digital Currency Cross-Border Settlement Central Bank Stablecoins 64

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 Financial Inclusion Digital Currency 102

Fintech Finance

JULY 4, 2024

Incorporating offline capabilities into digital payments can overcome these challenges. The success of several CBDC pilot projects around the globe has demonstrated the importance of offline payments. “Offline payments are the missing link in the digital payment sphere.

Digital Payments 74

Digital Payments Online and Mobile Banking Financial Inclusion Central Bank 74

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.

CBDC 64

CBDC Distributed Ledger Technology (DLT) Visa AML 64