Cryptocurrency Analysis and News Portal
“It will keep the United States behind other countries, including China, as a race forward to develop a global standard for central bank digital currencies,” Waters said, accusing Republicans of taking a “deeply anti-innovation stance” on the technology, which has been embraced by other nations. The legislation, she said, would
Read More
The National Bank of Kazakhstan (NBK) launched a new local agency that will be in charge of the CBDC development in the country. According to an official press release, the new agency will be called the National Payment Corporation. The primary responsibility of the new agency will be to control the
Read More
“If not designed to be open, permissionless, and private – emulating cash – a government-issued CBDC is nothing more than a CCP-style surveillance tool that would be used to undermine the American way of life,” he said in a statement, accusing President Joe Biden’s administration – even in the absence
Read More
SWIFT has been actively involved in various CBDC-related projects, including a wholesale CBDC initiative in collaboration with the New York Federal Reserve Bank, utilizing a regulated liability network. SWIFT, a prominent bank messaging platform connecting over 11,500 financial institutions worldwide, announced that three banks have joined the beta phase of its
Read More
Three central banks have joined the beta phase of bank messaging platform SWIFT’s central bank digital currency (CBDC) interoperability project, the company announced Sept. 13. It has also entered a new phase of sandbox testing, it said.The Hong Kong Monetary Authority, the Central Bank of Kazakhstan and an unnamed central
Read More
The Bank for International Settlements and the central banks of Hong Kong and Israel released the results of Project Sela on Sept. 12. The project was a public-private partnership that used private intermediaries to create a retail central bank digital currency (rCBDC) combining the desirable characteristics of cash and the
Read More
A collaborative initiative dubbed Project Sela sought to test and develop a central bank digital currency (CBDC) suited for mass retail use. The Bank for International Settlements (BIS), Hong Kong’s Monetary Authority (HKMA), and the Bank of Israel proved the feasibility of a secure retail central bank digital currency (rCBDC), according
Read More
"Crypto is an asset that has no intrinsic value, whose price could go to zero and therefore investors should be prepared to lose all of their money," Breeden said. "That megaphone about the risks in it has been consistent and very clear. However, that technology, I think has got the
Read More
Ultimately central bank officials are usually economists, not marketing experts, and technical answers may only go so far. As Erik Luts, chief innovation officer at Belgian bank KBC, said, for CBDCs to work, people need to trust them, and that requires its proponents not just to argue over details, but
Read More
The Federal Reserve Bank vice chairman spoke at the Philadelphia Fed’s fintech event on Sept. 8 about what the central bank’s role is in financial innovation. Research and supervision was the short answer, with a nod to the FedNow Service.Along with the standard disclaimer about it making no decisions without
Read More