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Systems

Fed’s Digital Dollar Would Look Nothing Like Bitcoin

“Treasury Secretary Janet Yellen recently mentioned the idea of creating a so-called digital dollar — a new form of electronic currency that would make the payment system easier for Americans and presumably compete with Bitcoin and other cryptocurrencies. But there’s little rationale for a government-managed online dollar that looks anything like Bitcoin. There are probably […]
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Domains

Central Banks of China, UAE Join Hong Kong-Thailand CBDC Payments Project – CoinDesk

“The Hong Kong Monetary Authority and the Bank of Thailand have announced the central banks of China and the United Arab Emirates are joining a project looking to use blockchain tech for regional payments. The “Multiple Central Bank Digital Currency Bridge” (m-CBDC) project will explore the capabilities of distributed ledger technology (DLT) through the development […]
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Systems

Postal Savings Bank of China Trials Biometric Cards for Digital Currency Payments • NFCW

“Chinese consumers taking part in the large-scale testing of the country’s central bank digital currency (CBDC) in Beijing over the Chinese New Year period are trialling a biometric ‘hard wallet’ card developed by the Postal Savings Bank of China . The dual payments and healthcare card incorporates a biometric sensor that enables users to verify […]
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Systems

‘Digital Loonie’ Should Come From Bank of Canada, Not Private Sector, Deputy Says

“A Bank of Canada official delivered a detailed defence of why the central bank should issue a “digital loonie” instead of ceding control to private cryptocurrencies that could become economic gatekeepers. The Bank of Canada has been developing its own digital currency, one of a number of central banks doing the same kind of development […]
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Systems

ECB’s Panetta Floats 3,000-Euro Limit on Digital Cash

“Euro-area residents’ holdings of a future digital currency could be limited to 3,000 euros ($3,633) to prevent bank runs, European Central Bank Executive Board member Fabio Panetta suggested in an interview with Germany’s Spiegel.    Panetta insisted fears that digital currency initiatives could lead to systemic instability by offering consumers the safer alternative of storing […]
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Companies

SWIFT Sets up JV With China’s Central Bank

“SWIFT, the global system for financial messaging and cross-border payments, has set up a joint venture with the Chinese central bank’s digital currency research institute and clearing centre, a move some see as a sign that China wants to explore global use of its planned digital yuan. Other shareholders of the Beijing-based venture include China’s […]
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Reports

Survey: Eight in Ten Central Banks Are Now Actively Engaged in Digital Currency Projects

“More than four-fifths of the world’s central banks (86%) are engaged in “some form of work” on a central bank digital currency (CBDC), up from “about one third” in 2019, according to a Bank for International Settlements (BIS) survey. Some 60% are actively conducting experiments or proofs-of-concept and 14% are moving into development and pilot […]