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...
For companies large and small and their financial institutions (FIs) navigating operations and trade across borders, foreign exchange (FX) represents a key cost of doing business. News and research surrounding central bank digital currencies (CBDCs) suggest that the digital offerings may have a place in...
The Bank for International Settlements (BIS) and three central banks concluded a central bank digital currency (CBDC) project. Project Mariana was developed by three BIS Innovation Hub centers along with the Bank of France, the Monetary Authority of Singapore and the Swiss National Bank. It...
Nearly every country on Earth has a central bank digital currency (CBDC) project in play. However, nearly 80% of the world’s central banks are either forbidden by law to issue a digital currency or operate in a country where the laws are unclear. And that...
The use of digital cash is growing. Americans currently leverage digital payments for many — if not all — of their daily purchases, using credit cards, debit cards, prepaid cards and various mobile applications, for things as disparate as buying their morning coffee or their...
Link by link, the fashioning of a global network for central bank digital currencies (CBDCs) proceeds apace. As it continues to grow, it has the potential to simultaneously transform cross-border payments and spur the interoperability of faster payments schemes around the globe. As PYMNTS reported...
Global messaging platform Swift says three central banks are testing its solution for interlinking CBDCs. In the meantime, another 30 financial institutions are experimenting with the solution in a new “sandbox to explore further use cases” for central bank digital currencies (CBDCs), the organization announced...
Israel’s central bank is working on a national digital currency, but it’s unclear if or when a central bank digital currency (CDBC) would roll out. Bank of Israel Governor Amir Yaron said at a conference that his organization is moving ahead with its plans for...
