CBDCs

Senate Banking Committee Remains Open to Idea of Digital Dollar in Tuesday’s Hearing

Not every U.S. lawmaker is on board with the idea of a central bank digital currency (CBDC) or digital dollar, but no one explicitly rejected it during a hearing of the powerful Senate Banking Committee Tuesday. That’s probably the biggest takeaway from Tuesday’s hearing, where the panel heard from former regulator turned CBDC evangelist Chris …

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Witnesses Will Vouch for Stablecoins, Digital Dollars in US Senate Hearing Tuesday

The idea of a “digital dollar” will once again rear its head before the U.S. Congress on Tuesday. The U.S. Senate Committee on Banking, Housing and Urban Affairs will hold a hearing on “The Digitization of Money and Payments,” and while few details have been released, the witnesses – former Commodity Futures Trading Commission (CFTC) …

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Thai Central Bank Taps Cement Company for First Digital Currency Payments

The Bank of Thailand is developing a prototype payments system which would rely on a central bank digital currency (CBDC).  The central bank announced Thursday that it would target businesses, and would design a payment system that could be integrated with the procurement and financial management system of Siam Cement Group, Thailand’s oldest cement manufacturer, …

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Korea’s Central Bank Forms Legal Panel to Advise on Possible Digital Currency Launch

South Korea’s central bank is moving ahead with research into digital currencies, as it sets up a legal panel to advise on possible regulatory sticking points. Per an article in The Korea Times Monday, the Bank of Korea (BOK) said the six-person panel, comprised of legal experts in the financial and IT sectors, as well …

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Digital Currencies Could Replace Low-Interest Bank Accounts, Says UN Expert

Digital currencies could supersede bank accounts as low-interest rates make them increasingly obsolete. That’s the view of Massimo Buonomo, the UN’s global blockchain expert, who added that digital currencies, particularly central bank digital currencies (CBDCs), could soon “eliminate the need for a bank account” altogether. Speaking on an online panel discussing the future post-coronavirus global …

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Grayscale: Central Bank Digital Currencies Will ‘Neither Replace nor Harm Scarce, Uncompromising Bitcoin’

Central bank digital currencies (CBDCs) pose no threat to Bitcoin’s value proposition, instead, they will spur its growth toward mass adoption. In a new report, Grayscale Investments said CBDCs will never replace BTC because unlike the top cryptocurrency, they can be inflationary and are open to manipulation by central banks CBDCs are merely digital versions …

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Central Banks Mull Creating a CBDC, but Not on a Blockchain: Survey

Central banks in 46 countries are considering creating a central bank digital currency (CBDC) using a constrained form of distributed ledger technology (DLT), according to a new survey. But they’re leery of blockchain. London-based journal Central Banking, a specialized publication supported, among others, by the Bank of International Settlements (BIS) and the European Central Bank …

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Visa Patent Filing Would Allow Central Banks to Mint Digital Fiat Currencies Using Blockchain

Visa looks to be laying the groundwork for a future in which fiat currencies, like the U.S. dollar, could be easily turned into a central bank digital currency (CBDC). The California-based payments giant, which processes upwards of 100 million transactions every day on average, has filed a patent application for a process for turning physical …

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CipherTrace Wants to Guide Central Banks on Their Digital Currency Projects

CipherTrace, a blockchain analytics partner of governments and cryptocurrency exchanges, is pitching itself to a fresh clientele: central banks. The crypto investigations firm announced Tuesday it is establishing a central bank digital currency (CBDC) initiative. As described by Chief Financial Analyst John Jefferies, the outreach effort will seek to place CipherTrace in the growing conversation …

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New Zealand’s Central Bank Is Hiring a Money Futurist

Money futurists with a flair for central banking, take note: The Reserve Bank of New Zealand is hiring. New Zealand’s monetary authority is looking for a “Head of Money and Cash,” a new position that will, according to a May 5 job posting, be “focused on the future of money.” The new role will be …

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