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As we stand on the threshold of an epochal shift in finance and technology, the emergence of central bank digital currencies (CBDCs) and the rise of artificial intelligence (AI) stand as the two most defining factors. Yet, it’s when these forces intertwine that the real intrigue begins. We’re at a turning
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In addition, the accumulation of these funds will allow central banks, with only modest competition, to direct personal loans and mortgages to favored private parties – with all the dangers attendant to state industrial policies. The nightmare scenarios are not hard to fathom, but difficult to prevent. Original Source
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United States Republican Representative Warren Davidson has spoken out against Central Bank Digital Currencies (CBDCs), urging Congress to ban them and criminalize its development.In a July 23 Twitter post, Congressman Davidson accused the Federal Reserve of “building the financial equivalent of the Death Star," stating that CBDCs corrupts money into
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The United States Federal Reserve clarified that its new service for instant payments between organizations — the FedNow Service — has no relation with central bank digital currencies (CBDCs).The Fed certified the FedNow Service as “ready” after it onboarded 41 financial institutions, 15 service providers and the U.S. Department of
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DeSantis in March signed a bill as Florida’s governor to prohibit the use of CBDC’s within his state. Original Source
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied US economics professor Eswar Prasad has said that governments can program central bank digital currencies (CBDCs) to restrict purchases made by citizens. Speaking at a June World Economic Forum (WEF) event, Cornell University professor Eswar Prasad opined
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In preparation for a meeting of the G20 finance ministers and central bank governors this month, the Bank for International Settlements Innovation Hub (BISIH) submitted two reports — on cryptocurrency and central bank digital currencies (CBDCs) — on July 11. The reports reached very different conclusions about the related technologies.The
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“Global work on CBDCs has made further progress” since last year, the report said, with the work particularly intense in emerging economies where it’s seen as a way of helping unbanked people. “If issued, retail CBDCs can be expected to complement and coexist with other domestic payment methods.” Original Source
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The Bank for International Settlements (BIS) has released a plan to protect central bank digital currencies (CBDCs) from cybersecurity threats in the decentralized finance (DeFi) sector. These guidelines aim to address the vulnerabilities of the DeFi
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It’s all part of Pozsar’s “Bretton Woods III” vision, where the dollar ultimately loses its hegemonic status over the next decade. Importantly, he sees a different outcome from that of the British pound’s loss of reserve status in the early 20th century, when the U.S. dollar simply supplanted it. Instead,
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