Bank of America Says CBDCs Are the Future of Money and Payments
Source: Coindesk Digital currencies, such as central bank digital currencies (CBDCs) and stablecoins, are the natural evolution of money and payments, Bank of America said in a research report on Tuesday. “CBDCs do not change the definition of money, but will likely change how and when value is transferred over the next 15 years,” analysts […]
The Geopolitics of CBDCs
Written by Jannah Patchay, Policy Lead for the Digital Pound Foundation Central bank digital currencies (CBDCs) – a digital form of central bank-issued fiat currency – have seen explosive growth in interest over the past four years. At the start of 2023, 114 countries, representing 95% of global GDP, are currently exploring CBDC, of which 60 […]
OpenCBDC to process 1.84M transactions per second as Boston Fed, MIT collab is complete
Source: CryptoSlate The Federal Reserve Bank of Boston and MIT announced on Dec. 22 that their CBDC research effort, Project Hamilton, is now complete. That initiative aimed to research the technical feasibility of a central bank digital currency or CBDC. Such an asset would be tied to the value of the U.S. dollar and issued by a […]
It’s official: The United States is developing a bank-to-bank digital currency
Source: Atlantic Council While the world was busy watching the collapse of crypto exchange FTX, the US Federal Reserve system made an important move. Speaking at the Singapore FinTech Festival on November 4, a senior official from the New York Federal Reserve surprised many in the audience by announcing that for the past several months, the New […]
Stablecoins: Policy and Regulatory Challenges | Poundcast Episode 4
In this episode, our host Jannah Patchay, policy lead and one of the originating members of the Digital Pound Foundation, interviews Teana Baker-Taylor, Vice President, Policy & Regulatory Strategy for UK/EU at Circle, on stablecoins and the policy and regulatory challenges they present, as well as how they relate to Central Bank Digital Currencies. How […]
US Lawmakers Say Any Digital Dollar Must Be Open, Permissionless, and Private
Source: Bitcoin.com Nine U.S. lawmakers have raised concerns regarding the U.S. central bank digital currency project led by the Federal Reserve Bank of Boston. The lawmakers stressed: “Any U.S. CBDC must be open, permissionless, and private.” Congressmen Say Any US CBDC Must Be Open, Permissionless, and Private U.S. Congressman Tom Emmer (R-MN) announced Thursday that […]
MAS and the NY Fed join forces for wholesale CBDC experiment
Source: The Banker The Federal Reserve Bank of New York and the Monetary Authority of Singapore (MAS) are collaborating in a project to examine the use of wholesale central bank digital currencies, or wCBDCs, for cross-border payments. The joint experiment, called ‘Project Cedar Phase II x Ubin+’, is a combination of the respective wCBDC initiatives […]
Banking giants and New York Fed start 12-week digital dollar pilot
Source: Reuters Global banking giants are starting a 12-week digital dollar pilot with the Federal Reserve Bank of New York, the participants announced on Tuesday. Citigroup, HSBC, Mastercard, and Wells Fargo & Co are among the financial companies participating in the experiment alongside the New York Fed’s innovation center, they said in a statement. The project, […]
Ripple’s CBDC Innovate Awards $150,000 to 6 Winners for Novel CBDC Apps
Source: Ripple Ripple is currently engaged with central banks around the world to better understand their goals and assess how Ripple’s CBDC solution can help them achieve those goals. We believe CBDCs will be a game-changer for Central Banks, enabling better interoperability of payments & transfers, accelerating retail-facing transactions, and promoting inclusive financial frameworks for digital assets. […]
IMF proposes DLT, DeFi-inspired alternative to cross border CBDC
Source: Ledger Insights Last week the IMF published a paper on X-C, a platform for cross border payments, co-authored by the IMF and members of MIT’s Digital Currency Initiative. The solution proposes a global centralized ledger for cross border payments in which central banks, banks and payment providers participate. An X-C platform would not just centralize payments and […]
