Banque de France (BDF) Governor François Villeroy de Galhau said the BDF has kicked off the second phase of experimentation into a wholesale central bank digital currency (CBDC), which could be used to streamline domestic and cross-border transactions between banks. In a speech announcing the...
Bank of England (BoE) Deputy Governor Jon Cunliffe said Wednesday (July 6) during a panel discussion that any proposed digital pound would likely be managed through some sort of account rather than working like cash or banknotes, Bloomberg reported. Cunliffe, who is overseeing the bank’s...
Most of the central banks in western countries have formally adopted a neutral position when it comes to the decision of whether to issue a retail Central Bank Digital Currency (CBDC). The Federal Reserve, the Bank of England and the European Central Bank (ECB), just...
The Bank for International Settlement has its “2022 Annual Economic Report” coming out next week and wanted to highlight its opinion of cryptocurrencies, releasing that chapter ahead of time on June 21. Hyun Song Shin, the head of research and an economic adviser to the...
Anything that crypto can do, central bank digital currencies (CBDCs) can do better. That is the broad conclusion reached by the Bank for International Settlements, which prereleased the long, crypto-focused chapter of its “2022 Annual Economic Report” on Tuesday (June 21). Hyun Song Shin, head...
A central bank digital currency (CBDC) would help boost the long-term strength of the U.S. dollar, the chair of the Federal Reserve said Friday (June 17). In his welcoming remarks at a Federal Reserve Board conference in Washington, D.C., Jerome Powell said that in light...
A trade group representing the banking industry is urging European Union officials exploring the creation of a digital euro to proceed slowly and carefully. The first question the group wants answered is whether a digital euro is even necessary. The Institute of International Finance members...
UBS Chief Executive Ralph Hamers told an audience at a student educational forum in Milan Tuesday (June 14) that transaction in digital euro could be “fast and cheaper,” Reuters reported. “It would ensure that there is integrity and with that trust in the system that...
The European Union is closing its public consultation period Tuesday (June 14) regarding its intention to launch a digital euro, with the central bank digital currency (CBDC) project having received overwhelmingly negative feedback on the idea. The more than 16,000 comments largely argued that a...