Payments News

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Systems

Digital Currencies Could Replace Low-Interest Bank Accounts, Says UN Expert

“Digital currencies could supersede bank accounts as low-interest rates make them increasingly obsolete. That’s the view of Massimo Buonomo, the UN’s global blockchain expert, who added that digital currencies, particularly central bank digital currencies (CBDCs), could soon “eliminate the need for a bank account” altogether. Speaking on an online panel discussing the future post-coronavirus global […]
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Systems

Italian Banks Lend Support to Central Bank Digital Currency Initiatives

“The Italian Banking Association (ABI) says its members are ready to participate in pilot projects for a European-level central bank digital currency (CBDC). The ABI last year established an Expert Group dedicated to exploring digital money and crypto assets.Asserting that monetary stability and a full respect of the European regulatory framework must be taken in […]
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Systems

Banque de France and SocGen test digital euro

“Earlier this month, Societe Generale issued EUR40 million of covered bonds as security tokens directly registered on a public blockchain.The bonds were fully subscribed by SocGen which simultaneously paid the issuer in a digital form of euros issued by France’s central bank through a blockchain platform. The Banque de France says the SocGen experiment is […]

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Global

The Bank of Thailand Announces the Prototype Development Project of Central Bank Digital Currency (CBDC)

“The Bank of Thailand (BOT) has announced the project to develop the prototype of the payment system for businesses using Central Bank Digital Currency (CBDC), which will build upon knowledge from Project Inthanon. The project scope will include conducting a feasibility study and developing a process to integrate CBDC with the business’ innovative platform. The […]
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Reports

BIS Encourages Central Banks to Continue Adapting to the Challenge of Digital Payments

“Central banks, as guardians of the safety and integrity of the payment system, must keep evolving to meet the challenge of rapidly accelerating digital innovation, the Bank for International Settlements (BIS) writes in its Annual Economic Report. In a special chapter on central banks and payments in the digital era , the BIS analyses the implications […]