Payments Source

DECEMBER 18, 2019

The Federal Reserve’s Lael Brainard this week tossed fresh regulatory pressure on Facebook’s Libra cryptocurrency project, comments that come as central banks around the world work on digital currencies to counter the social network’s cryptocurrency project.

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Central Bank Digital Currency Cryptocurrency Federal Reserve 67

PYMNTS

DECEMBER 10, 2019

Policymakers at the European Central Bank (ECB) will meet in Frankfurt on Wednesday (Dec. Lagarde has vocalized that she favors central banks releasing electronic money. Bank of England Governor Mark Carney has even implied that an international central bank coin could supersede the U.S.

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Central Bank Digital Currency Federal Reserve Stablecoins 54

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.

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Central Bank Digital Currency CBDC Federal Reserve 57

PYMNTS

NOVEMBER 12, 2019

Federal Reserve Chairman Alan Greenspan said Tuesday (Nov. 12) that central banks have no reason to issue digital currency. Philadelphia Federal Reserve President Patrick Harker said in early October it is “ inevitable ” that central banks including the Fed will issue digital currency.

Digital Currency 40

Digital Currency Central Bank Fed Federal Reserve 40

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

OCTOBER 8, 2020

Bank Of Korea To Begin Testing Distribution Of Digital Currency. The Bank of Korea has indicated that it intends to start experimenting with distribution of its cryptocurrency next year. In April, the central bank said it had rolled out a 22-month test effort that would conclude in December 2021.

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PYMNTS

SEPTEMBER 25, 2020

Cleveland Federal Reserve President Loretta Mester said in a speech this week that a digital dollar could conceivably be a form of money transfer that would enable the Fed to disburse money to all individuals in America. Notably, China’s central bank is already developing and testing a national digital currency in the Asian nation.

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Fed Federal Reserve Digital Currency Central Bank 132

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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Central Bank CBDC Digital Currency Federal Reserve 72

PYMNTS

JUNE 8, 2020

Low interest rates, he said, were the main enticement for people to come and join a new bank — but they would be obsolete in competition against an official digital currency, which could easily process a digital payment the same way. One way Buonomo could see it being done is if a new cryptocurrency were created and issued by a central bank.

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Blockchain Accounts Digital Currency Federal Reserve 135

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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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. In the past four years, 86 percent of central banks have been actively doing some kind of work on CBDCs, according to BIS.

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PYMNTS

JANUARY 2, 2020

A European Central Bank (ECB) policy maker is urging banks in the area to find alternatives to Facebook’s proposed cryptocurrency Libra, according to a report by Bloomberg. He also said the bank doesn’t yet need to develop its own currency. Last month , Federal Reserve Gov.

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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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Payments Source

DECEMBER 13, 2020

From brokering insurance contracts to financial settlements, smart contracts could bring immense innovation to CBDCs that otherwise would act as little more than an augmented medium of exchange, says Cypherium's Sky Guo.

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Central Bank Innovation Settlement Federal Reserve 133

PYMNTS

SEPTEMBER 15, 2019

Libra Association representatives are getting ready to face questioning by 26 central banks over the potential peril the proposed cryptocurrency poses to financial strength, the Financial Times reported Sunday (Sept. 16), in a meeting that will be chaired by Benoît Coeuré of the European Central Bank.

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Federal Reserve Central Bank Cryptocurrency Non-Bank 49

PYMNTS

DECEMBER 18, 2019

Federal Reserve Gov. 18) outlined key risks associated with cryptocurrency in general and Facebook’s Libra in particular. A member of the Board of Governors of the Federal Reserve System, Brainard spoke at the European Central Bank (ECB) colloquium in Frankfurt on “ Monetary policy: the challenges ahead.”

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Risk Federal Reserve Stablecoins Central Bank 52

Clearly Payments

MARCH 18, 2024

Let’s delve into the key factors contributing to this decline: Shrinking Market Share: According to studies conducted by the Federal Reserve, cash usage has been on a steady decline. Data from the Federal Reserve reveals a stark reality—only 60% of businesses in the United States currently accept cash.

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Credit Cards Federal Reserve FedNow Online and Mobile Banking 105

PYMNTS

DECEMBER 30, 2020

At a time when 90 percent of Americans have never owned bitcoin and nearly 70 percent say they have no plans to do so in the future, the thought of widespread adoption and usage of cryptocurrency seems to be a distant prospect for most people. Ternio CEO Daniel Gouldman , however, is not one of them. “I to take center stage. The Fed Factor .

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Fed Bitcoin Digital Currency Cryptocurrency 107

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. With the rise of digital payments, cryptocurrencies, and fintech innovations, CBDCs represent a new frontier in the evolution of money.

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Central Bank Digital Currency CBDC Cross-Border Payments 105

PYMNTS

SEPTEMBER 16, 2019

Global central bank officials met with leaders from both Facebook’s Libra Association and JPMorgan to discuss policies and regulation around new cryptocurrencies, the Bank for International Settlements (BIS) said in a press release on Monday (Sept. Fnality International was also questioned about its coin.

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Payments Source

NOVEMBER 30, 2017

Randal Quarles, the Federal Reserve official who oversees Wall Street, says central banks are a long way off from embracing cryptocurrencies as a means of paying for things. Not so fast, bitcoiners.

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Bitcoin Federal Reserve Fed Central Bank 62

PYMNTS

NOVEMBER 12, 2020

Christine Lagarde , European Central Bank (ECB) president, said the ECB could make its own digital currency within a few years, which could change up the eurozone financial sector drastically, Bloomberg reported. Federal Reserve Chair Jerome Powell and Bank of England Gov.

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Digital Currency Central Bank Federal Reserve Money Laundering 121

PYMNTS

DECEMBER 6, 2020

Residents of Suzhou were given free digital yuan as part of a test orchestrated by China's central bank, according to reports, and retailer JD Digits announced it will accept the currency for some purchases. In a prior test of the central bank-developed digital currency, the government gave free digital yuan valued at about $1.5

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PYMNTS

DECEMBER 24, 2020

If 2020 taught us anything about cryptocurrencies, it’s that they’ve reached a tipping point. Or maybe that cryptocurrencies have yet to go mainstream beyond the headlines because fraud still lurks. Bitcoin, of course, exists as one of the most widely recognized cryptocurrencies.

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PYMNTS

NOVEMBER 13, 2020

In today’s top digital-first banking news, FISPAN has joined Mastercard’s Start Path accelerator program, while Wells Fargo & Co is looking to sell its private-label credit card and point-of-sale (POS) financing arm. A recent Nilson report estimated the bank’s portion of private-label card spending was 5.75 percent last year.

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Point-of-Sale (POS) Central Bank Federal Reserve Credit Cards 74

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 dollar is] the reserve currency.”. Effectively, we already have a first-mover advantage because [the U.S.

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PYMNTS

JANUARY 14, 2021

At least it seems so, if recent comments by European Central Bank President Christine Lagarde are any indication. As quoted by Reuters, she termed the cryptocurrency a “highly speculative asset, which has conducted some funny business and some interesting and totally reprehensible money laundering activity.” Digital Fiat Looms

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Money Laundering Bitcoin Regulations Central Bank 61

Clearly Payments

FEBRUARY 19, 2024

According to the Federal Reserve, cash usage is on the decline, with only 60% of US businesses accepting it as a form of payment. As of February 2024, the total market capitalization of cryptocurrencies fluctuated around an estimated $2 trillion USD.

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Process Digital Currency Online and Mobile Banking Payments 102

PYMNTS

OCTOBER 9, 2020

In today’s top news in digital-first banking, the government of the Philippines is considering limiting the number of digital banks that run in the country, while Ripple introduced its Line of Credit beta offering. Philippine Government Considers Digital Bank Limits. Fed, Central Banks Frame Criteria For Digital Currency.

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Central Bank Digital Currency Fed Federal Reserve 53

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.

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PYMNTS

NOVEMBER 30, 2017

While the Federal Reserve does not have plans to issue digital currency, it is actively researching the underlying technology, said John Williams, president of the San Francisco Federal Reserve Bank. Advanced cryptography could reduce vulnerability to cyberattacks, but make it easier to hide illegal activity.

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Digital Currency Federal Reserve Central Bank Bitcoin 40

Faster Payments Council

SEPTEMBER 12, 2022

Speakers: Connie Theien, Federal Reserve Financial Services; Gail Hillebrand, National Consumers League; Syed Ejaz, Consumer Reports; Liana Muller, U.S. Join this session to learn more about exchange framework assessments and pilot programs backed by the Business Payments Coalition (BPC), Federal Reserve and industry.

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PYMNTS

OCTOBER 3, 2019

While Philadelphia Federal Reserve Bank President Patrick Harker believes it’s “inevitable” that central banks will eventually issue digital currencies, he warned that the United States shouldn’t be first in line. These are concerns that should be thoroughly and publicly addressed.”.

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Digital Currency Fed Federal Reserve Central Bank 55

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.

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Digital Currency Fed CBDC Federal Reserve 52

PYMNTS

AUGUST 21, 2020

In today’s top news, $50 billion worth of cryptocurrency was transferred out of China, and Uber Health and NimbleRx have teamed on prescription delivery. Report: $50B in Cryptocurrency Moved Out of China. Federal Reserve’s Cunha on the State (and Timeframe) of Digital Dollars.

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Federal Reserve Cryptocurrency CBDC Credit Union 63

PYMNTS

FEBRUARY 20, 2020

Financial Stability Board (FSB) Chair Randal Quarles has warned global financial regulators that they must accelerate the creation of a framework for cryptocurrency and other forms of digital money, Reuters reported on Wednesday (Feb. Federal Reserve governor — in the letter.

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Stablecoins Federal Reserve Central Bank Non-Bank 77

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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