British lawmakers say they’re still not sure their country needs a digital currency. “It must be clearly evidenced that a retail digital pound will provide benefits to the U.K. economy without increasing risks or leading to unmanageable costs before any decision is taken to introduce...
Scores of central bank digital currency (CBDC) initiatives are in the works or already active — and yet pose some key concerns for central banks. In a paper released this week by the Bank for International Settlements, the warnings are that CBDCs could have “major...
The digital euro is feasible, and now comes the next chapter. In a speech delivered Tuesday (Nov. 21) and published by the Bank for International Settlements, Pablo Hernández de Cos, governor of the Bank of Spain, said Europe’s digital euro efforts reached a new milestone....
Mastercard said the widespread adoption of central bank digital currencies (CBDCs) faces challenges due to consumer comfort with traditional forms of money. CBDCs would have to be as widely accepted as cash to ensure user convenience, Ashok Venkateswaran, Mastercard’s blockchain and digital assets lead for...
The Monetary Authority of Singapore (MAS) has unveiled a series of initiatives aimed at ensuring the secure and innovative utilization of digital money in the country. These initiatives encompass the development of a digital Singapore dollar infrastructure, expanding digital money trials, and the issuance of a “live”...
The Swiss National Bank (SNB) is set to begin piloting a wholesale digital franc next month. The bank, along with six other lenders from Switzerland, Germany and Swiss digital exchange SIX, will issue the central bank digital currency (CBDC) on a blockchain, the SNB announced Thursday (Nov. 2)....
Visa, in collaboration with HSBC and Hang Seng Bank, has successfully completed a pilot test in Hong Kong to study tokenized deposits using central bank digital currencies (CBDCs). The pilot program, part of the “Digital Hong Kong Dollar” initiative organized by the Hong Kong Monetary Authority (HKMA), aimed to...
The European Central Bank (ECB) is closer to launching a digital euro. The ECB announced in a Wednesday (Oct. 18) press release that it will launch a two-year preparation phase for its central bank digital currency (CBDC) Nov. 1. The phase will involve finalizing a...
Federal Reserve Governor Michelle Bowman is concerned about the potential risks associated with a U.S. central bank digital currency (CBDC). Speaking Tuesday (Oct. 17) at a Harvard Law School event in Washington, Bowman said a digital dollar could pose significant risks and tradeoffs for the...
