PYMNTS

MAY 21, 2020

The tipping point might be nigh for digital dollars and other central bank-issued currencies done through bits and bytes. Patent and Trademark Office that would create a digital currency underpinned by blockchain technology. A central entity may implement a monetary policy and issue currency.

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Digital Currency Central Bank CBDC Federal Reserve 97

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. And even before the BIS findings, in March, members of U.S.

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Digital Currency Fed Federal Reserve CBDC 113

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.

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Central Bank SWIFT Digital Currency CBDC 142

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 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. euros (at least at present).

Digital Currency 70

Digital Currency Central Bank CBDC Federal Reserve 70

PYMNTS

MAY 27, 2020

The movement toward digital currencies may be a bit of an arms race of sorts, for now. But the question arises: Once they’ve been created and backed by central banks, what do you do with them once you have them? He pointed to the concept of synthetic central bank digital currencies ( CBDC ).

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Central Bank Digital Currency CBDC Settlement 57

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

Finextra

JUNE 18, 2024

There has been a sharp uptick in experiments and pilots with wholesale central bank digital currencies over the last year, according to the Bank for International Settlements.

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Central Bank Digital Currency Settlement 98

PYMNTS

NOVEMBER 15, 2020

Bank of England Deputy Governor Jon Cunliffe said it isn't his job to shield banks from the coming shift to digital currencies, Reuters reported. The shift could drastically change how customers feel about having physical money stored in banks, according to the report.

Digital Currency 103

Digital Currency Real Time Gross Settlement (RTGS) Cross-Border Settlement 103

Finextra

FEBRUARY 7, 2024

The metaverse could place new demands on payment services that may be better met by central bank digital currencies and retail faster payment systems than by crypto, according to a Bank for International Settlements report.

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Metaverse On-Demand Central Bank Digital Currency 130

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. Swift is also addressing the growing fragmentation in the digital asset ecosystem.

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SWIFT Multi-Currency CBDC Interoperability 145

PYMNTS

DECEMBER 13, 2019

With the belief that it could cause instability within the country’s financial system, the government of Switzerland spoke against making a central bank digital currency available to the public. The Swiss National Bank (SNB) has been doubtful about releasing an electronic Swiss franc.

Digital Currency 40

Digital Currency Central Bank Distributed Ledger Technology (DLT) Money Laundering 40

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

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. He noted that private citizens also might ask for cash alternatives. . “In

Central Bank 100

Central Bank CBDC Digital Currency Cross-Border 100

PYMNTS

OCTOBER 12, 2020

But there’s room for co-existence of cash and digital currencies. The recently released report by the Bank for International Settlements ( BIS ) offers a general framework for digital currencies. And digital money, according to the BIS, will have to take its place alongside paper bills and coins.

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Central Bank CBDC FedNow Digital Currency 93

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).

Cross-Border Payments 89

Cross-Border Payments Cross-Border CBDC Settlement 89

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.

Central Bank 64

Central Bank Digital Currency Money Laundering CBDC 64

PYMNTS

OCTOBER 11, 2019

For central banks, when it comes to cryptocurrencies, there’s no central theme. Whether the advent of digital coins signifies an existential threat to monetary policy at its most basic level – the way it’s been done for, well, centuries – depends on who’s weighing in on the subject. Others, not so much. Yays and Nays.

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Central Bank Digital Currency Federal Reserve Non-Bank 73

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 Bank of Canada is looking at two potential scenarios in which it will create a digital currency.

Digital Currency 53

Digital Currency CBDC Central Bank Settlement 53

Fintech News

DECEMBER 11, 2023

SC Ventures, the innovation, fintech investment, and ventures arm of Standard Chartered, and Giesecke+Devrient (G+D) successfully completed a proof-of-concept (PoC) on the Universal Digital Payments Network (UDPN). Meanwhile, the the direct model is where central banks manage wallets and settlements within a centralised CBDC system.

CBDC 108

CBDC Distributed Ledger Technology (DLT) Cross-Border Central Bank 108

The Fintech Times

JUNE 16, 2024

The Bank for International Settlements (BIS) and the Bank of Canada have jointly inaugurated the Toronto Innovation Centre, marking the first BIS Innovation Hub Centre in the Americas. Senior officials from central banks, regulatory agencies, financial institutions and fintechs attended the launch ceremony in Toronto.

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Innovation Central Bank Digital Currency Authorization 105

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.

Debit Card 105

Debit Card P2P Cross-Border Central Bank 105

PYMNTS

JANUARY 30, 2020

Although the Bank of Japan has no immediate time frame to issue digital currencies, the central bank’s deputy governor said it should explore the possibility and be ready, Reuters reported on Thursday (Jan. His stance has been the strongest so far from a central bank official regarding electronic money. .

Central Bank 52

Central Bank CBDC Digital Currency Settlement 52

PYMNTS

JANUARY 6, 2021

In Mexico, the pandemic is moving the needle toward digital payments — specifically mobile payments — to become more widely embraced by businesses and consumers alike. The platform lets B2B, P2P and other commerce take place over Mexico’s real time gross settlements payments system, known as SPEI (in turn tied to wire transfers) for short.

Central Bank 145

Central Bank Financial Inclusion Wire Transfer Payments 145

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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Interbank Settlement CBDC Settlement Use Case 134

PYMNTS

JULY 30, 2020

The Bank of England (BoE) is pushing ahead with an overhaul of a key part of the United Kingdom’s financial payments infrastructure. The new system, slated to debut in 2022, will also have the capability to handle a central bank digital currency (CBDC), such as a digital pound, CoinDesk reports.

Real Time Gross Settlement (RTGS) 63

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

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. Wholesale CBDCs could enhance the efficiency of the financial system by reducing settlement times and lowering costs.

Central Bank 105

Central Bank Digital Currency CBDC Cross-Border Payments 105

PYMNTS

DECEMBER 10, 2019

Policymakers at the European Central Bank (ECB) will meet in Frankfurt on Wednesday (Dec. Members of the Governing Council anticipate informal discussions about digital currency, which will take place ahead of a Thursday (Dec. Lagarde has vocalized that she favors central banks releasing electronic money.

Central Bank 54

Central Bank Digital Currency Federal Reserve Stablecoins 54

Fintech News

APRIL 28, 2024

The Bank for International Settlements (BIS) and the Central Bank of Brazil (BCB) have announced the launch of the fifth G20 TechSprint 2024 initiative. This year’s competition aims to foster innovation in sustainable finance to support the Sustainable Development Goals (SDGs).

Finance 110

Finance Central Bank Cross-Border Payments Cross-Border 110

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.

Central Bank 72

Central Bank CBDC Digital Currency Federal Reserve 72

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

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.

Central Bank 133

Central Bank Innovation Settlement Federal Reserve 133

Fintech News

MAY 21, 2024

As the financial landscape undergoes a digital revolution, institutional investors are increasingly turning their attention to digital assets such as cryptocurrencies and Central Bank Digital Currencies (CBDCs). Moreover, tokenised securities offer the potential for shorter settlement periods.

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Settlement Cryptocurrency Blockchain Central Bank 138

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

PYMNTS

JUNE 10, 2020

The Bank of Ghana continues to consider the creation of a digital currency, GhanaWeb reported. Dr. Maxwell Opoku-Afari, the bank’s first deputy governor, reportedly said during a digital workshop that the bank remains steadfast in facilitating innovation and piloting ideas like a central bank cryptocurrency.

Digital Currency 53

Digital Currency Accounts Money Laundering Central Bank 53

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.,

Central Bank 100

Central Bank Digital Currency CBDC Federal Reserve 100

Clearly Payments

JANUARY 4, 2024

As digital currencies grow in popularity , merchants around the world are exploring the potential benefits of accepting payments in cryptocurrency. Understanding Cryptocurrency Cryptocurrencies are digital or virtual currencies that use cryptography for security and operate on a decentralized network of computers.

Cryptocurrency 105

Cryptocurrency Stablecoins Cross-Border Payments Central Bank 105