Reports that the U.S. Treasury Department is going to recommend that the government build out a central bank digital currency (CBDC) before deciding if it wants or needs one has the potential to spark a major battle with banks. Banking industry associations of all sizes...
A report that the Treasury Department is going to recommend the creation of a digital dollar right up to the point of deciding whether one is actually in the national interest is effectively recommending the creation of a U.S. central bank digital currency (CBDC). The...
The U.S. Treasury Department plans to advise the federal government to issue a digital dollar, though it will only officially sign off if there’s a government signal that it’s “in the national interest.” The question of national interest will come down to specifics from the...
In the European Union, the initial stage of a digital euro and potential use cases for a central bank digital currency (CBDC) will target personal use over business processes and Web3 advancement. “We have singled out, for the first release of the digital euro, three...
The U.S. Digital Dollar Project (DDP) has announced plans to create a technical sandbox where members and financial services providers can experiment with a U.S. central bank digital currency (CBDC) that its organizers hope the government will eventually issue. While more than 100 countries are...
The Digital Dollar Project (DDP) will start a technical sandbox program starting in October to explore the technical aspects of implementing a U.S. central bank digital currency (CBDC), initially focusing on cross-border payments. Serving as a collaborative space for DDP participants and financial service providers,...
Federal Reserve Board of Governors member Michelle Bowman said two weeks ago that the imminent launch of the FedNow real-time payments system makes a digital dollar unnecessary. It doesn’t matter. Central bank digital currencies (CBDCs) have reached a critical mass, and enough major economies are...
Financial services technology provider FIS recently announced the launch of a CBDC Virtual Lab that will give central banks, commercial banks and other financial participants the ability “to experiment with — and pilot — core concepts of issuance, transfer, redemption, offline payments, programmable payments, retail, wholesale...
It’s been over a year since the Central Bank of Nigeria (CBN) issued a circular prohibiting banks and other financial institutions from facilitating cryptocurrency transactions and processing payments for crypto exchanges, lest they risk “severe regulatory sanctions.” In a statement, the bank said the directive,...