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Looking for "CBDC"

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arusso • May 24, 2024, 1:26 pm EDT

U.S. House Passes Bill to Ban Federal Reserve from Issuing CBDC

In a party line vote, the U.S. House of Representatives has passed a bill aimed at preventing the Federal Reserve from developing a central bank digital currency (CBDC). The legislation, known as the CBDC Anti-Surveillance State Act, was introduced by Majority Whip Tom Emmer (R-Minn.) and has sparked significant debate along party lines. Republicans, led by Emmer, argue that a U.S. CBDC could pave the way for government overreach and surveillance. Emmer has expressed fears that a digital dollar would allow the federal government to monitor Americans’ transactions closely, potentially stifling politically unpopular activities. The perspective aligns with that of

3 minutes

johnd • Aug 17, 2023, 3:17 pm EDT

Mastercard Seeks to Bridge the Gap Between Central Banks and Digital Currencies

In a significant move that signals the mainstream financial world’s growing engagement with digital currencies, payments giant Mastercard has taken a proactive stance on central bank digital currencies (CBDCs). The company recently announced the formation of a new forum, bringing together key players in the crypto and blockchain industries, including Ripple, Fireblocks, and Consensys, to encourage discussions and collaboration on CBDC initiatives. CBDCs: A New Era of Money Central Bank Digital Currencies, or CBDCs, represent a digital form of a country’s native currency, backed and regulated by the nation’s central bank. Unlike cryptocurrencies, which operate independently of a central authority,

3 minutes

johnd • Aug 9, 2023, 2:37 pm EDT

Bank of England Creates CBDC Academic Advisory Group

The rollout of the CBDC marches on. A few weeks ago we took a look at the possibility of a Britcoin which included cautions expressed by Susie Violet Ward, a financial analyst, who expressed her concerns on NTD’s “British Thought Leaders” programme. Today, the Bank of England, in collaboration with HM Treasury, issued an open call of interest for scholars and researchers to join the newly formed CBDC Academic Advisory Group (AAG). With the ever-evolving financial landscape moving swiftly towards digitization, the AAG aims to be the bedrock of expertise and research, bringing together professionals from diverse fields including monetary policy, behavioural science,

2 minutes

arusso • Aug 8, 2023, 10:46 am EDT

The Integration of CBDCs and Stablecoins Continues On: Japanese Startup Leads in Asian

Cash money, in its traditional paper form, is gradually becoming an artifact of the past. Leading the charge in Asia into the digital frontier is Soramitsu, a Japanese blockchain startup, is moving into the growing ecosystem of central bank digital currencies (CBDCs) and fiat-pegged stablecoins. Their latest endeavor aims to bridge the major economies of Asia, using Cambodia’s groundbreaking CBDC as the cornerstone. Pioneering an Asian Payment Network The project creates an ambitious goal: to knit together Japan, India, China, and Southeast Asia into a cohesive digital payment network. To achieve this, Soramitsu will harness the power of Cambodia’s CBDC

3 minutes

carlp • Aug 7, 2023, 1:18 pm EDT

PayPal Unveils US Dollar-Pegged Stablecoin, PYUSD

PayPal, a heavyweight in the fintech sector, unveiled its latest innovation on August 7, a stablecoin coined as PayPal USD (PYUSD). The currency, pegged to the U.S. dollar, marks a major stride for the American fintech firm in its mission to solidify its position in the rapidly evolving cryptocurrency landscape. The launch of PYUSD, issued by Paxos Trust Co., marks a significant shift as PayPal moves from being a mere conduit for digital payments to being a creator of financial assets. It is backed by U.S. dollar deposits, short-term Treasurys, and similar cash equivalents, offering a sense of stability and

3 minutes

johnd • Jul 20, 2023, 4:13 pm EDT

Embracing FedNow: Unveiling the Centrally Controlled Instant Payment Infrastructure, a New Era Beyond CBDCs

Discover FedNow: A closer look at the centrally controlled instant payment infrastructure poised to transform transactions. Explore its implications beyond CBDCs, as real-time payments redefine the landscape of digital finance.

6 minutes