On The Web

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Systems

Hong Kong and China Test Cross-border Digital Yuan, Says PBoC Official

April 2 2021

• in
• Central bank digital currencies (CBDC)

“China has completed its first cross-border pilots of the digital yuan with Hong Kong. Wang Xin, director of the People’s Bank of China research bureau, said that the Hong Kong Monetary Authority and the PBoC have conducted technical tests on the cross-border use of China’s central bank digital currency.  The official announced the news at […]

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Systems

Lagarde Says ECB Could Have Digital Currency Within Four Years

April 1 2021

• in
• Central bank digital currencies (CBDC)

“European Central Bank President Christine Lagarde said her institution could launch a digital currency around the middle of this decade if her fellow policy makers give the project the green light this summer… The ECB is about to release an analysis of the 8,000 responses it received as part of a public consultation process on […]

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Systems

China Proposes Global Rules for Central Bank Digital Currencies

March 30 2021

• in
• Central bank digital currencies (CBDC)

“China proposed a set of global rules for central bank digital currencies, from how they can be used around the world to highly sensitive issues such as monitoring and information sharing. Global central banks are looking at developing digital currencies to modernise their financial systems, ward off the threat from cryptocurrencies like bitcoin and speed […]

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Systems

ECB Seeks to Allay German Misgivings About Digital Euro

March 26 2021

• in
• Central bank digital currencies (CBDC)

“The European Central Bank sought on Thursday to allay misgivings in Germany about the launch of a digital euro, saying this form of electronic cash wouldn’t be used to penalise savers or upend banks. The ECB is exploring the launch, within the next five years, of a digital version of the euro to stem competition […]

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Systems

China Digital Yuan Will Co-Exist With Alipay, WeChat, PBOC Says

March 26 2021

• in
• Central bank digital currencies (CBDC)

“China’s central bank said its planned digital currency will co-exist with technology platforms like Ant Group Co.’s Alipay and Tencent Holdings Ltd.’s WeChat Pay, which currently dominate the online payments market. One of the key reasons for the People’s Bank of China developing its own electronic yuan was to provide a back-up to Alipay and WeChat […]

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Systems

BoE’s Cunliffe: Public and Private Sector Must Collaborate on Cross-border Payments

March 23 2021

• in
• Central bank digital currencies (CBDC)

“The public and private sectors must collaborate to ensure new forms of wholesale and retail cross-border payments work together smoothly, Bank of England (BoE) Deputy Governor Jon Cunliffe said on Tuesday. The world’s largest central banks, including the BoE, are looking at developing digital currencies that could play a role in making international payments faster […]

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Systems

Federal Reserve’s Digital Dollar Momentum Worries Wall Street

March 22 2021

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

“The financial services industry, braced for what could be its biggest disruption in decades, is about to get an early glimpse at the Federal Reserve’s work on a new digital currency. Wall Street is not thrilled.”

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Domains

Multi-CBDC Arrangements and the Future of Cross-border Payments

March 19 2021

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

“Cross-border payments are inefficient, and technology could play a role in making them better. One means could be through interoperating central bank digital currencies (CBDCs), forming multi-CBDC (mCBDC) arrangements. This paper explores dimensions of payment system interoperability, how they could feature in mCBDC arrangements and where potential benefits lie. These benefits are especially relevant for emerging market economies poorly served […]

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Systems

Powell Says Central Bank Digital Currency Must Coexist With Cash

March 19 2021

• in
• Central bank digital currencies (CBDC)

“Potential central bank digital currencies would need to be integrated into existing payment systems alongside cash and other forms of money, Federal Reserve Chair Jerome Powell said. “A recent report from the Bank for International Settlements and a group of seven central banks, which includes the Fed, assessed the feasibility of CBDCs in helping central […]

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Systems

Jamaica to Pilot CBDC Later This Year – CoinDesk

March 18 2021

• in
• Central bank digital currencies (CBDC)

“Jamaica is planning to launch a central bank digital currency (CBDC) in 2022.  While giving the annual National Budget Debate address before the national legislature on March 9, Jamaica’s Minister of Finance, Nigel Clarke, announced the CBDC will be piloted in December ahead of launch. The government of Jamaica views the accelerated transition to a […]