NY Federal Reserve testing CBDCs to improve foreign exchange transactions
Source: CoinGeek The New York Federal Reserve (NY Fed), in conjunction with the Bank for International Settlements (BIS) Innovation Hub, is looking into the use of central bank digital currency (CBDC) to streamline the settlement times of foreign exchange (FX) transactions. The exploration is part of Project Cedar, an experiment conducted by the BIS to test the […]
Stablecoins Could ‘Fundamentally Alter’ Banking System, Says US FDIC Chief
Source: Coindesk Stablecoins could have such a profound effect on the established banking system that U.S. regulators need to require that the digital tokens fit in without disrupting it, said Martin Gruenberg, the acting chairman of the Federal Deposit Insurance Corp. (FDIC), at a Brookings Institution event on Thursday. Gruenberg’s agency is among the U.S. […]
House Stablecoin Bill Would Put Two-Year Ban on Terra-Like Coins
Source: Bloomberg Legislation to regulate stablecoins that’s being drafted in the House would place a two-year ban on coins similar to TerraUSD, the algorithmic stablecoin that collapsed earlier this year. Under the latest version of the bill, it would be illegal to issue or create new “endogenously collateralized stablecoins,” according to a copy obtained by […]
Binance Exec on Converting USDC, Other Stablecoins to BUSD: ‘Not a Surprise’
Original Source: Coindesk Binance is converting user funds to its Binance USD (BUSD) stablecoin from alternatives, including the larger USD coin (USDC). Binance Chief Communications Officer Patrick Hillmann shares his insights and why “it really shouldn’t be that big a surprise.” Plus, his take on Tether (USDT).
Regulated Liabilities and the Future of Digital Money | Poundcast Episode 2
Description In this episode, host Jannah Patchay, Policy Lead and one of the originating members of the Digital Pound Foundation speaks to Tony McLaughlin, Managing Director of Emerging Payments and Business Development at Citibank. Jannah and Tony have a wide-ranging discussion on what would make a digital Pound a foundation for innovation and what attributes […]
Ripple to Participate in the Digital Dollar Project’s CBDC Sandbox Program
Original Source: Bitcoin.com The non-profit organization promoting the creation of the digital dollar, the Digital Dollar Project, has announced the launch of a sandbox program to kickstart the probe of the technical implementations of the envisaged digital currency. The fintech firm Ripple is among the four participants that are expected to help the Digital Dollar […]
CBDCs and Interoperability: Bridging the Gap in Innovation
Webinar Description Central Bank digital currencies (CBDCs) will play a critical role in the new, modern global financial infrastructure that blockchain technologies will undoubtedly underpin. But, for a truly global system to work, interoperability is key. In this webinar, industry experts explore the future of CBDCs, the impact of CBDCs on cross-border payments and the […]
The US Appears in No Rush on CBDCs
Original Source: Coindesk Might the U.S. consider embracing private stablecoins instead of a FedCoin? On this episode of The Breakdown, NLW looks at the state of the U.S. discussion about a central bank digital currency. Based on statements from the Federal Reserve, members of Congress and others, does it look like the U.S. is headed […]
US Stablecoin Bill Delayed by Congressional Committee Until After August
Original Source: Coindesk The legislation that could establish U.S. regulations for stablecoins has formally been delayed until after the August congressional break, according to Rep. Maxine Waters (D-Calif.), the chairwoman of the House Financial Services Committee. “Although the Ranking Member [Rep. Patrick McHenry], Secretary [Janet] Yellen and I have made considerable progress towards an agreement […]
House punts on stablecoin bill after Yellen raises flags over key provision
Original Source: Politico House Financial Services Committee lawmakers will delay the markup of a widely anticipated bipartisan stablecoin bill this week after Treasury Secretary Janet Yellen pushed for changes in a key provision of the legislation. The delay will push back the timeline for when Congress could start moving stablecoin legislation until after the August […]
