A central bank digital currency (CBDC) could be the “holy grail” for cross-border payments, offering a solution that is “immediate, cheap, universal in terms of reach, and settled in a secure settlement medium,” the European Central Bank (ECB) said in a recent report on identifying the ultimate...
The public comments on a U.S. central bank digital currency (CBDC) are running overwhelmingly against a digital dollar, according to a libertarian think tank analyst. The Cato Institute’s Nicholas Anthony noted that the Federal Reserve released another set of public comments, bringing the total to...
Conventional wisdom holds that, as digital currencies continue to evolve and as bitcoin and its brethren joust with the traditional banking system, central banks would embrace central bank digital currencies (CBDCs) whole-heartedly. But that would just be the conventional wisdom, and the reality is a...
About 50 countries are in the development, pilot or launch phase of a central bank digital currency (CBDC), according to Josh Lipsky, senior director at the Atlantic Council’s GeoEconomics Center. That means about half of the countries working on a digital currency are well ahead...
Commercial banks are calling a Fed-issued digital dollar an existential business threat, but they seem to be missing the point. “The banks really should not see this as a threat to what they’re doing,” Co-Pierre Georg, a professor of financial stability studies at the University...
Nigerian lenders have been putting up roadblocks against using the country’s digital currency, concerned about loss of revenue from traditional banking services, Central Bank of Nigeria Governor Godwin Emefiele said Tuesday (July 19). The central bank has said only around 700,000 customers made an e-Naira...
Banks’ fears that a digital dollar would cost them depositors — and even make financial crises more severe — are overblown, according to a new Treasury Department report. Actually, a U.S. central bank digital currency (CBDC) could strengthen financial stability, according to the Office of...
The European Central Bank (ECB), like the Federal Reserve, the Bank of England and other central banks, is working on different projects to develop a central bank digital currency (CBDC). While most central banks haven’t decided yet whether issuing a retail CBDC is a desirable...
A new Treasury Department report argues that banks’ fears that a digital dollar would lead to the loss of depositors and even bank runs is overblown. A U.S. central bank digital currency (CBDC) could strengthen financial stability, according to a research paper issued on Tuesday...