On The Web

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Systems

No Need for Central Bank Digital Currency in Australia Says Reserve Bank

September 18 2020

• in
• Central bank digital currencies (CBDC)

“While other countries may be placing central bank digital currencies — also known as CBDC s — at the top of their agenda , Australia could buck the trend. According to a local news report on Sept. 17, the Reserve Bank of Australia’s latest payments paper has taken a cautious and sceptical line toward CBDCs […]

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Systems

Bahamas Plans E-Currency to Connect Far-Flung Island Beaches

September 17 2020

• in
• Central bank digital currencies (CBDC)

“The Bahamas is set to beat some of the world’s superpowers in launching a sovereign digital currency. After piloting the so-called Sand Dollar on the islands of Exuma and Abaco late last year, the central bank will roll out the e-currency nationwide in October. Officials say it will make digital payments easier, especially on the […]

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Systems

EU Aims for Tight Grip on Digital Currencies to Stave Off Risks

September 11 2020

• in
• Central bank digital currencies (CBDC)

“Finance chiefs from the euro area said a strict regime is needed to control digital currencies and keep private initiatives such as Facebook Inc. ’s Libra project from threatening financial stability. Speaking in Berlin on Friday, top officials from the bloc’s biggest economies sought to reinforce the message that the European Central Bank will be […]

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Global

Brazil Targeting a 2022 Launch for Its CBDC

September 9 2020

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

“Brazil aims to launch a central bank digital currency (CBDC) by 2022, the president of the Central Bank of Brazil has revealed. The CBDC will be part of Brazil’s plan to digitize its payment system, including launching an instant payments system and a competitive Open Banking System.”

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Systems

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

August 25 2020

• in
• Central bank digital currencies (CBDC)

“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

August 14 2020

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

“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

September 9 2020

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

“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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Reports

Rise of the central bank digital currencies: drivers, approaches and technologies

August 24 2020

• in
• Central bank digital currencies (CBDC)

“Central bank digital currencies (CBDCs) are in the limelight. But the reasons for issuing them vary between countries, as do the policy approaches and technical designs. This paper looks at the economic and institutional motives behind current CBDC projects and asks how they might shape the design of such currencies.”

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Systems

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

August 14 2020

• in
• Central bank digital currencies (CBDC)

“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

August 14 2020

• in
• Central bank digital currencies (CBDC)

“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 […]