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"Whether in wholesale form – as a type of digital central bank reserve – or retail form – as a digital banknote – it is increasingly clear, at least to me, that these new forms of money will sit at the core of the future financial system," Carstens said in
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The U.S. Federal Reserve needs to regulate and enforce the law against stablecoin issuers, said Federal Reserve Vice Chairman for Supervision Michael Barr, making the federal-oversight argument that has been the major sticking point as the U.S. House of Representatives debates legislation.Republican lawmakers have leaned into a state-oversight route for
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The National Bank of Georgia (NBG) has selected blockchain payments network Ripple Labs as the official technology partner for developing digital lari, its central bank digital currency (CBDC) project.In a statement, Ripple said the partnership would include implementing and deploying the digital lari pilot initiative through the Ripple CBDC Platform. The
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The Swiss National Bank (SNB), six commercial banks and the SIX Swiss Exchange will work together to pilot the issuance of wholesale central bank digital currencies (CBDCs) in the nation, officially known as the Swiss franc wCBDC.The pilot project dedicated to wholesale CBDC, named Helvetia Phase III, will test the
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The report said the pilot found that an e-HKD could add value in three main areas – programmability, tokenization and atomic settlement – with the potential to facilitate faster, more cost-efficient and more inclusive transactions. However, the program's 14 pilots with 16 participating firms were conducted on a small scale
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Elon Musk-owned X (formerly Twitter) aims to position itself as a central financial hub, encouraging individuals to consider using it as their primary financial solution instead of traditional bank accounts.According to a report by The Verge, during an all-hands meeting on Oct. 26, Musk expressed his vision for transforming the platform into
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After a series of remarks about the potential benefits of central bank digital currency (CBDC) for the national economy, the Central Bank of Argentina said it has accelerated its work on the legislation to implement the CBDC workflow in the country. On Oct. 18, during a public discussion on the Filo News
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In an Oct. 18 report from Chainalysis, Central, Northern and Western Europe were said to account for 17.6% of global transaction volume between July 2022 and June 2023. The only cryptocurrency economy that is said to be larger is North America. The UK takes the lead As part of growing trends for crypto
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The Bank for International Settlements’ (BIS) Project Atlas report offers yet another indication that the worlds of crypto and traditional finance may be converging.On the surface, this proof-of-concept project backed by some of Europe’s biggest central banks — like German central bank Deutsche Bundesbank and Dutch central bank De Nederlandsche
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