On The Web

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Reports

Central Bank Digital Currency: Central Banking for All?

June 8 2020

• in
• Central bank digital currencies (CBDC)

“The introduction of a central bank digital currency (CBDC) allows the central bank to engage in large-scale intermediation by competing with private financial intermediaries for deposits. Yet, since a central bank is not an investment expert, it cannot invest in long-term projects itself, but relies on investment banks to do so. We derive an equivalence […]

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Systems

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

June 8 2020

• in
• Central bank digital currencies (CBDC)
• Digital currencies

“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

Digital Dollar Project Calls for 2-Tiered Distribution System in First White Paper for US CBDC

June 1 2020

• in
• Central bank digital currencies (CBDC)

“The Digital Dollar Project is proposing a framework for the creation of a U.S. central bank digital currency (CBDC). The group published its first white paper Friday, detailing the need for a tokenized version of the U.S. dollar and some potential avenues for building this system. A digital dollar could help the U.S. maintain the […]

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Global

China to Test Sovereign Digital Currency on Ride Hailing Giant Didi

July 8 2020

• in
• Central bank digital currencies (CBDC)
• China

“China’s central bank is partnering up with Didi Chuxing to test the use of its digital currency, which could make China’s dominant ride hailing platform one of the world’s first’s corporate users of a government-created virtual currency. The digital currency research unit of People’s Bank of China (PBOC) is working with Didi to apply digital […]

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Systems

Italian Banks Lend Support to Central Bank Digital Currency Initiatives

June 19 2020

• in
• Central bank digital currencies (CBDC)

“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

Bank of Japan Research: Offline Payments for Central Bank Digital Currency

July 6 2020

• in
• Central bank digital currencies (CBDC)

“Yesterday the Bank of Japan (BoJ) published a research paper on central bank digital currency (CBDC). As with previous papers, the Bank explored a specific topic, in this case, the potential offline use of a digital yen. Although it’s a research paper, the Bank recognizes there will be a growing need for a digital currency […]

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Systems

China Starts Major Trial of State-run Digital Currency

April 28 2020

• in
• Central bank digital currencies (CBDC)

“China will begin trialling payments in its new digital currency in four major cities from next week, according to domestic media. In recent months, China’s central bank has stepped up its development of the e-RMB, which is set to be the first digital currency operated by a major economy. It has reportedly begun trials in […]

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Systems

Banque de France and SocGen test digital euro

May 20 2020

• in
• Central bank digital currencies (CBDC)

“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 […]

On The Wires

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Global

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

June 18 2020

• in
• Central bank digital currencies (CBDC)
• Central Banks
• Thailand

“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

June 25 2020

• in
• Central bank digital currencies (CBDC)

“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 […]