Central Bank Digital Currency

Debate Rages on Whether a Digital Dollar Will Unleash Inflation

With record U.S. money printing failing to achieve much-needed economic stimulus, some observers now expect creation of a “digital dollar” central bank digital currency (CBDC) will not only speed payments to consumers but also spur inflation. The Federal Reserve has consistently undershot its 2% inflation target since the Great Recession of 2008, and the situation …

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Reserve Bank of Australia forms partnerships to research CBDC

According to a Nov. 2 announcement from The Reserve Bank of Australia, or RBA, the financial institution will be partnering with the Commonwealth Bank, National Australia Bank, the financial services company Perpetual, and software company ConsenSys on a project to explore the potential use of a wholesale central bank digital currency in the country using “Ethereum-based …

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Digital Yuan Giveaway: China’s Shenzhen City Hands Out 10 Million Yuan in Central Bank Digital Currency

A major Chinese city is giving away 10 million yuan in the country’s central bank digital currency this weekend. Recipients can use their digital yuan at 3,389 stores next week. The city aims for the giveaway to boost usage of the new government-backed digital currency. Chinese City Giving Away Digital Yuan The Chinese city of …

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Are Central Bank Coins the End of Financial Privacy?

As the European Union gets more serious about a digital euro, most central bank digital currencies intend to remove the anonymity of cash. Our main discussion: central bank coins and financial privacy. The EU recently released a new research paper on a possible digital euro. Like many other official central bank reports, it assumes there …

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US Federal Reserve Actively Working on Digital Dollar

The Federal Reserve Board of Governors and several Federal Reserve Banks are actively working on the digital dollar. Legislation has proposed that each American could have an account at the Fed for transacting in the central bank digital currency. Several Digital Dollar Initiatives The president of the Federal Reserve Bank of Cleveland, Loretta J. Mester, …

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Custody Provider Copper Joins Think Tank to Bridge Gap Between Traditional Finance and Crypto

London-based crypto custodian Copper has joined the Digital Monetary Institute (DMI) as a founding member to inform a range of discussions on the adoption of digital currencies by central banks. The DMI is run by the Official Monetary and Financial Institution Forum (OMFIF), an independent think tank concerned with central banking, economic policy and public …

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Money Reimagined: Designer Money for a Machine-Run Post-COVID World

A headline in MIT Technology Review caught my attention this week: “The pandemic is emptying call centers. AI chatbots are swooping in.” COVID-19’s perfect storm – a global public health crisis, an economic meltdown and a surge in online connectivity – could accelerate what World Economic Forum founder Klaus Schwab calls the Fourth Industrial Revolution. …

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How the COVID-19 Crisis Revived the Digital Dollar Debate

Lawmakers have used the coronavirus crisis to revive the digital dollar debate. U.S. House and Senate bills proposed in March, which would allow individuals to hold checking accounts directly with the Federal Reserve, have renewed demand for a tech upgrade of the central bank’s issuance system. Millions of U.S. taxpayers have waited for weeks for …

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Digital Dollars Give the State Too Much Control Over Money

Max Raskin is an adjunct professor of law at New York University. A bipartisan group of U.S. congressmen wrote Treasury Secretary Steven Mnuchin last week, urging him to consider the use of blockchain technology in administering the federal government’s coronavirus response. This comes just a month after Democrats in the House and Senate proposed bills …

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