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Systems

China’s digital currency implemented in small retail transactions: reports

“China’s central bank said an experimental test of the sovereign digital currency is now only focused on small retail transactions and has not expanded to scenarios that require large volume transactions.The bank’s comment comes after rumors circulated over the weekend claiming that a housing transaction in Shenzhen, South China’s Guangdong Province, supported the use of […]
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Global

China to Expand Testing of a Digital Currency

“China’s Commerce Ministry said it would expand a pilot program for its digital currency to include a number of large cities, advancing a pioneering initiative by a major central bank to launch an electronic payment system. The digital currency pilot program will cover much of China’s most prosperous regions, the Commerce Ministry said Friday: the […]

On The Wires

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Companies

Mastercard Launches Central Bank Digital Currencies (CBDCs) Testing Platform, Enabling Central Banks to Assess and Explore National Digital Currencies

“With the global economy racing to embrace digital payments, central banks also are looking to the future and investigating how to support innovation while maintaining monetary policy and financial stability as they issue and distribute currency. In fact, 80 percent of central banks surveyed are engaging in some form of Central Bank Digital Currencies (CBDCs) […]
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Systems

The Federal Reserve Bank of Boston announces collaboration with MIT to research digital currency

“The Federal Reserve Bank of Boston today announced a multiyear collaboration with the Digital Currency Initiative at the Massachusetts Institute of Technology to perform technical research related to a central bank digital currency. The research project will explore the use of existing and new technologies to build and test a hypothetical digital currency platform.”
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Systems

Lael Brainard: An update on digital currencies

“Digital currencies, including central bank digital currencies (CBDCs), present opportunities but also risks associated with privacy, illicit activity, and financial stability. The introduction of Bitcoin and the subsequent emergence of stablecoins with potentially global reach, such as Facebook’s Libra, have raised fundamental questions about legal and regulatory safeguards, financial stability, and the role of currency […]