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. CBDC Initiatives in the USA In the United States, the Federal Reserve is spearheading efforts to explore the potential of a digital dollar.

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PYMNTS

SEPTEMBER 23, 2019

The phase 1 implementation of the ISO 20022 migration strategy that was scheduled for November 2020 is being postponed by the Federal Reserve Bank, the U.S. central bank said in a press release on Monday, Sept. The Federal Reserve will announce an amended adoption strategy after the assessment is complete. .

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The Fintech Times

FEBRUARY 26, 2024

As of December 2023, 130 countries, representing 98 per cent of global GDP, were exploring central bank digital currencies (CBDCs) according to the Atlantic Council ‘s CBDC tracker. “The Federal Reserve , Bank of Canada , and Bank of England are studying CBDCs, and there are challenges in each country.

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PYMNTS

OCTOBER 19, 2020

Federal Reserve Board Chair Jerome Powell sounded a cautionary note on Monday (Oct. 19) on the bank’s potential rollout of a digital currency. It comes on the heels of an IMF report that raises concerns about growing momentum toward central bank-issued digital currencies (CBDCs). The Fed chief, noting that the U.S.

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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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The Paypers

MARCH 30, 2021

The Federal Reserve of the US is actively working on a central bank digital currency and some prototypes are near completion.

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The Paypers

OCTOBER 13, 2021

Deloitte has launched a report on central bank digital currencies , in the context of the Federal Reserve preparing to launch a review of whether to implement its own digital currency soon.

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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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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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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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PYMNTS

DECEMBER 1, 2020

And, of course, as the pandemic hit, a multitude of central banks took a deep dive into the potential risks and rewards of issuing digital central bank currencies, ranging from digital dollars to euros to, well, pretty much everything. Central bank efforts are good. Stop Before They Start?

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Fintech News

MAY 15, 2024

Project Agorá, an initiative by the Bank for International Settlements (BIS) alongside major central banks and the Institute of International Finance (IIF), is moving forward and inviting private sector involvement. The project aims to explore how tokenisation can improve wholesale cross-border payments.

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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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PYMNTS

OCTOBER 11, 2019

For central banks, when it comes to cryptocurrencies, there’s no central theme. Some central banks are embracing the concept. The overall theme, reported the site, is to look into how “digital central bank money could be used in the settlement of tokenized assets between market participants.”.

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Payments Source

APRIL 9, 2020

The implementation of a digital dollar solution would quite likely precipitate future developments in the digital identity space, given the synergy of a dual-architecture solution, says Diginex's Mark Blick.

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Fintech News

DECEMBER 10, 2023

The Reserve Bank of India (RBI) has initiated discussions with the Hong Kong Monetary Authority (HKMA) , the US Federal Reserve, and the international payment platform SWIFT to explore the use of central bank digital currencies (CBDCs) for cross-border payments.

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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. Fed, the Swiss National Bank and others.

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PYMNTS

MARCH 23, 2020

To help bolster the American economy amid the COVID-19 pandemic, the Federal Reserve could utilize digital wallets and a “digital dollar” to provide “qualified individuals” with payments. In addition, member banks of the Fed can have a “pass-through digital dollar wallet” per the draft bills, as cited by the outlet.

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PYMNTS

MARCH 15, 2020

The Federal Reserve announced Sunday (March 15) it would drop benchmark interest rates to zero and buy at least $700 billion in government bonds as part of an emergency action to protect the economy from the impact of the coronavirus outbreak. The new rate will now be targeted at 0.0 percent to 0.25

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PYMNTS

MARCH 23, 2020

To help bolster the American economy amid the COVID-19 pandemic, the Federal Reserve could utilize digital wallets and a “digital dollar” to provide “qualified individuals” with payments. In addition, member banks of the Fed can have a “pass-through digital dollar wallet” per the draft bills, as cited by the outlet.

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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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Payments Dive

SEPTEMBER 2, 2022

recommends limited implementation of a central bank digital currency if the Federal Reserve pursues that digital dollar. The biggest payment system in the U.S.

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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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PYMNTS

JUNE 23, 2020

The Clearing House’s RTP finds expansion within the community bank arena, while abroad, the Bank of Thailand is planning its own infrastructure development to accelerate B2B payments. Federal Reserve has introduced a new effort to combat payments fraud. RTP Gains Community Bank Traction. In the U.S.,

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Finextra

JANUARY 21, 2025

The Federal Reserve Board on Friday announced it has withdrawn from the Network of Central Banks and Supervisors for Greening the Financial System (NGFS).

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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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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., trillion by 2025.

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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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Payments Source

AUGUST 21, 2020

The global digital currency race has heightened the threat to traditional monetary policy and the dollar’s dominance, enough for the Federal Reserve of Boston to make a concerted effort to keep pace.

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PYMNTS

AUGUST 5, 2020

In other news, the Federal Reserve ’s relaxation of monetary policy could bolster the price of bitcoin, with analysts seeing bitcoin potentially reaching a value of $50,000, CoinDesk reported. “The aggregate rewards available under this program could be worth up to approximately $400 million,” according to the statement.

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Payments Dive

MAY 20, 2024

Federal Reserve Governor Christopher Waller last week underscored the central bank’s role for setting standards in the rapidly evolving payments arena.

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Payments Dive

MARCH 18, 2022

Merchant trade groups that sued the Federal Reserve Board in federal court last year over what they alleged was the central bank's failure to keep debit card fees in check had their case dismissed this week. They said they'll appeal the ruling.

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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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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

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

DECEMBER 2, 2019

The Federal Reserve Board has approved a new fee schedule for payment services in 2020 that is overall 2.4 The fee schedule was established in accordance with the Monetary Control Act of 1980, which requires that the Federal Reserve recover the costs of services. The Reserve Banks estimate that they will recover 100.8

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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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