Payments Source

MARCH 11, 2021

Some bank regulators are allowing companies that offer digital currencies to apply for a charter, potentially giving them a path to the Federal Reserve system without proper oversight.

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Federal Reserve Fed Digital Currency Regulations 150

PYMNTS

DECEMBER 1, 2020

It’s been more than a year in the making — with no shortage of caution and criticism by lawmakers and regulators here in the states and in Europe — but Libra, the digital currency backed by Facebook and a revolving cast of other tech firms, could debut as early as next month. In fact, J.P.

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Digital Currency Central Bank Stablecoins Cross-Border Payments 117

Stax

APRIL 10, 2025

TL;DR You get to choose from traditional payment methods like cash and checks, online payment methods like digital wallets and ACH transfers, and emerging payment methods like BNPL services and cryptocurrencies. Digital currencies are instead based on a decentralized system and no single entity controls their supply.

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PYMNTS

SEPTEMBER 25, 2020

Digital dollars could make the leap from concept to reality, but there might be a few ways to get there. 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.

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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. euros (at least at present).

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PYMNTS

AUGUST 5, 2020

Bitfinex announced a reward for anyone who can put the cryptocurrency exchange in touch with the hackers who made a transfer of nearly 120,000 bitcoins in 2016, according to a statement. The news comes as the central bank of China has started the experimental phase of the Digital Currency Electronic Payment (DCEP), according to the report.

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PYMNTS

OCTOBER 8, 2020

In today’s top news in digital-first banking, Revolut is rolling out a new feature to encourage youth to stash cash, while the Bank of Korea has indicated that it plans to start testing distribution of its digital currency next year. Bank Of Korea To Begin Testing Distribution Of Digital Currency.

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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. Building The (Retail) Use Cases.

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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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Digital Currency Central Bank Federal Reserve Money Laundering 121

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

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. He admitted that when it comes to the future of the Fed, digital currency will most likely play a part. “I

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Digital Currency Fed Federal Reserve Central Bank 55

PYMNTS

NOVEMBER 4, 2020

Toward that end, and more mainstream use cases, getting the rails in place to speed and streamline transactions, regardless of the cryptocurrency used, remains key. As spotlighted in this space , Ternio said it has joined Visa’s Fast Track as a cryptocurrency-focused enablement partner.

Bitcoin 83

Bitcoin Cryptocurrency Office of the Comptroller of the Currency Consumer 83

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 Federal Reserve CBDC 52

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. Digital currencies, according to the report, should be easily workable to exchange with paper bills or coins, including on the global stage.

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PYMNTS

AUGUST 13, 2020

A post from Liberty Street Economics , a research blog of the Federal Reserve Bank of New York , posited that the usual distinction between “token-based” and “account-based” cryptocurrencies are overly simplistic because several popular digital coins, including Bitcoin, could be both.

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Authentication Fed Federal Reserve FedWire 85

PYMNTS

AUGUST 14, 2020

Coinbase, the digital currency exchange, will offer bitcoin-backed cash loans to select customers as early as next month, the San Francisco-based company announced on its blog this week. Customers in 17 states have been invited to join the waitlist to borrow up to 30 percent of their bitcoin holdings.

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Bitcoin Cryptocurrency Federal Reserve Digital Currency 107

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

APRIL 13, 2020

In other words, the recipients would create checking accounts at the Federal Reserve Banks (there are 12 of them). This time around, the digital dollar would be a greenback, done in bits and bytes. There’s at least some tailwind for digital dollars to gain traction in the current and post-COVID-19 world.

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PYMNTS

NOVEMBER 12, 2019

Federal Reserve Chairman Alan Greenspan said Tuesday (Nov. 12) that central banks have no reason to issue digital currency. He added that no organization can offer sovereign credit backing that way national currencies do. I do think it is something around digital currency,” he said. Former U.S.

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PYMNTS

FEBRUARY 6, 2020

In today’s top payments news, Stripe and Lightspeed team up to advance in-store and online payments for retailers and restaurants, the Federal Reserve weighs the costs and benefits of a digital currency and the Reserve Bank of Australia considers stopping banks from automatically routing “tap and go” payments through Visa and Mastercard.

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Digital Currency Fed Federal Reserve Cross-Border Payments 52

PYMNTS

DECEMBER 6, 2020

Some Chinese shoppers visiting an established online mall will be able to buy goods with the country's first official digital currency under a new trial announced over the weekend, Reuters and other wire services reported. Bloomberg reported that the 100,000 digital currency vouchers are valued at about 20 million yuan.

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Digital Currency Central Bank Federal Reserve Wire 75

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

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

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

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. Some central banks are embracing the concept.

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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. With continued innovation and adaptation, this sector is poised to shape the future of commerce in the digital age. Specialized payment gateways have been built to enable digital currency payments.

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Process Digital Currency Online and Mobile Banking Payments 102

PYMNTS

NOVEMBER 25, 2020

The age of digital currencies might be fully upon us, but key questions swirl about how to issue and regulate cryptos – especially stablecoins. Regulators and lawmakers, however, can latch onto digital currency efforts as they must monitor and also supervise such stablecoins. In a paper that debuted Tuesday (Nov.

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PYMNTS

JUNE 20, 2019

News of the launch of Facebook cryptocurrency Libra has highlighted how the U.S. government will respond to the introduction of new digital currencies. The Wall Street Journal is reporting that the Federal Reserve and the Senate Banking Committee will both closely scrutinize the implementation of Libra.

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Regulations Money Laundering Federal Reserve Digital Currency 67

PYMNTS

JUNE 30, 2020

Charles Cascarilla, CEO and co-founder of stablecoin company Paxos, said stablecoins and digital central-bank currencies are “critical” for financial infrastructure. He said such a system can reduce intermediaries between the Federal Reserve and consumers. should lead in their development.”

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Stablecoins Financial Inclusion Online and Mobile Banking Federal Reserve 124

PYMNTS

SEPTEMBER 22, 2020

The CEO of a Virginia-based software firm claimed that the Federal Reserve ’s easing of its inflation approach was a factor in his decision to convert the rest of the firm’s money to bitcoin, Bloomberg reported. “We Its CEO started to reconsider that strategy as yields fell following COVID-19.

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Bitcoin Federal Reserve Treasury Returns 68

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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Federal Reserve Central Bank Cryptocurrency Digital Currency 52

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.”.

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CBDC Fed Federal Reserve Central Bank 67

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.

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CBDC Risk Central Bank Digital Currency 91

PYMNTS

JUNE 26, 2019

Federal Reserve plans to hold Facebook ’s cryptocurrency, Libra , to high standards when it comes to consumer protection and regulation. Libra’s a new thing; we are looking at it very carefully,” said Federal Reserve Chairman Jerome Powell on Tuesday (June 25), according to Reuters. financial system.

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Fed Federal Reserve Consumer Protection Digital Currency 51

PYMNTS

OCTOBER 21, 2020

The rebound was very much expected by the market after the digital currency experienced six days of increases in the prior week. Federal Reserve Chairman Jerome Powell regarding CBDC adoption in the U.S.,” In other news, the price of bitcoin broke through the $12,000 level on Tuesday (Oct. 20), CoinDesk reported.

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Bitcoin Request for Comment Federal Reserve Scams 93

Clearly Payments

MARCH 18, 2024

The Decline of Cash Use As we march further into the digital age, the realm of consumer payments is witnessing a seismic shift, notably marked by the decreasing dominance of cash transactions. This significant drop underscores a fundamental shift in consumer preferences towards digital alternatives.

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Credit Cards Federal Reserve FedNow Online and Mobile Banking 105

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. ECB’s Lagarde Says Digital Euro Could Launch in Two to Four Years. percent last year.

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