On The Web

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Systems

Fed’s Digital Dollar Would Look Nothing Like Bitcoin

February 25 2021

• in
• Central bank digital currencies (CBDC)

“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

February 23 2021

• in
• Central bank digital currencies (CBDC)
• Cross-border payments

“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

Yellen Signals Interest in Backing Digital-Dollar Research

February 23 2021

• in
• Central bank digital currencies (CBDC)

“Treasury Secretary Janet Yellen signaled the Biden administration supports research into the viability of a digital dollar, a shift from the lack of enthusiasm shown for the concept under her predecessor, Steven Mnuchin. “It makes sense for central banks to be looking at” issuing sovereign digital currencies, Yellen said at a virtual conference on Monday […]

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Systems

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

February 18 2021

• in
• Central bank digital currencies (CBDC)

“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

Riksbank Extends E-krona Pilot to Test Offline Functionality – Central Banking

February 17 2021

• in
• Central bank digital currencies (CBDC)

“Sveriges Riksbank has extended its central bank digital currency (CBDC) pilot for a further 12 months, taking it to February 2022. In a statement, the central bank said the next phase of the e-krona pilot would focus on testing the offline functions of the CBDC. The Riksbank will also open up the test environment to external […]

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Systems

PayPal Wants to Be a CBDC Distributor – CoinDesk

February 12 2021

• in
• Central bank digital currencies (CBDC)

“PayPal could be to central bank digital currencies (CBDCs) what private banks are to physical dollars. The company’s CEO, Dan Schulman, laid out a vision during its investor day on Thursday for PayPal’s digital wallets being the means by which central banks distributed CBDCs to consumers across income levels.”

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Systems

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

February 11 2021

• in
• Central bank digital currencies (CBDC)

“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

February 10 2021

• in
• Central bank digital currencies (CBDC)

“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

February 8 2021

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

“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

February 2 2021

• in
• Central bank digital currencies (CBDC)

“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 […]