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All articles tagged with #cbdcs

cryptocurrency2 years ago

The Role of CBDCs in Breaking Financial Barriers and Improving Inclusion

James Wallis, Ripple's VP for central bank engagements and CBDCs, emphasizes the role of central bank digital currencies (CBDCs) in promoting global financial inclusion. Wallis highlights the challenges faced by individuals with low incomes and no ties to financial institutions, such as limited access to credit and financial services. He argues that CBDCs offer a cost-effective solution by providing streamlined payment options and opportunities to establish credit, enabling individuals to build credit histories and stimulate business growth. Ripple is actively collaborating with over 20 central banks on CBDC initiatives and has been recognized for its contributions to digital currency advancement.

via Cointelegraph|
#cbdcs#cryptocurrency#digital-currency
cryptocurrency2 years ago

Challenges and Opportunities in Adopting Central Bank Digital Currencies

Mastercard's blockchain and digital assets lead for Asia-Pacific, Ashok Venkateswaran, stated that the widespread adoption of central bank digital currencies (CBDCs) is currently difficult due to the lack of justification and consumer comfort with existing forms of money. While CBDCs are seen as a safe and low-cost alternative to cash, building the necessary infrastructure takes time and effort. Venkateswaran highlighted the importance of understanding the specific needs and problems of each country before implementing a CBDC, as it may not be necessary for countries with efficient payment systems. Mastercard recently completed testing of its retail CBDC solution in Hong Kong's e-HKD pilot program, while Singapore announced plans to pilot wholesale CBDCs from 2024.

via CNBC|
#cbdcs#central-bank-digital-currencies#cryptocurrency
cryptocurrency-regulation2 years ago

"Federal Reserve's Barr Urges Strong Regulation for Stablecoins and Considers Digital US Dollar"

Federal Reserve Vice Chair for Supervision, Michael Barr, has called for strong regulation of stablecoins, warning about the proliferation of private money backed by the U.S. dollar without oversight. Barr emphasized the need for federal regulation that allows the central bank to approve and supervise stablecoin issuers. Despite the growing popularity of stablecoins, Congress has been slow to pass legislation to regulate dollar-backed digital currencies. Barr urged Congress to act, highlighting the potential risks to financial stability. He also stated that the Federal Reserve is still in the research phase regarding central bank digital currencies (CBDCs) and has not yet made a decision on whether to pursue them.

via Fortune|
#cbdcs#cryptocurrency-regulation#federal-reserve
cryptocurrency2 years ago

Russian Lawmaker Foresees CBDCs Displacing Private Banks and Foreign Exit Difficulties

Anatoly Aksakov, head of Russia's parliamentary financial committee, predicts that traditional banks will gradually fade away with the adoption of the digital ruble and the development of blockchain technology. Aksakov believes that central bank digital currencies (CBDCs) will displace private banks, and while private banks may still have a role in the infrastructure of digital financial assets and the digital ruble, their traditional role will diminish. The Bank of Russia has limited the daily use of digital rubles to 200,000 rubles, and concerns have been raised by local banks about the implications of the digital ruble.

via Cointelegraph|
#blockchain-technology#cbdcs#cryptocurrency
cryptocurrency2 years ago

The Growing Influence of Crypto and CBDCs on Financial Stability

A survey by the Bank for International Settlements (BIS) has found that the number of central banks planning to launch central bank digital currencies (CBDCs) has doubled since last year, with almost a quarter of all central banks globally currently piloting a retail CBDC. However, the BIS also warned that if widely used for payments, cryptoassets including stablecoins could pose a threat to financial stability. To address these risks, regulatory bodies have published updated guidance and standards for stablecoins and crypto activities. By 2030, it is expected that 15 consumer-facing retail CBDCs and nine wholesale CBDCs will be launched worldwide. While 93% of central banks are investigating CBDCs, some have indicated that they do not intend to issue a digital currency in the near future. The United States has not yet determined whether it will pursue a CBDC.

via Decrypt|
#cbdcs#central-banks#cryptocurrency
cryptocurrency2 years ago

The Future of CBDCs: 24 Live by 2030, BIS Survey Finds

According to a survey by the Bank for International Settlements (BIS), 93% of central banks are already researching central bank digital currencies (CBDCs), and there could be up to 15 retail and nine wholesale CBDCs in circulation by 2030. Developing economies are leading CBDC adoption, driven by financial inclusion reasons, while advanced economies focus on financial stability and cross-border payments efficiency. Currently, there are only four CBDCs in circulation, but the survey predicts a significant increase in the number of live CBDCs by the end of the decade.

via Cointelegraph|
#cbdcs#central-banks#cryptocurrency
finance2 years ago

"Digital Currencies: 24 Central Banks Set to Implement by 2030, BIS Survey Finds"

A survey conducted by the Bank for International Settlements (BIS) revealed that around 24 central banks across emerging and advanced economies are expected to have digital currencies in circulation by 2030. The majority of these Central Bank Digital Currencies (CBDCs) will be in the retail space, with several central banks already running live digital retail currencies. Additionally, nine central banks are considering launching wholesale CBDCs to enhance cross-border payments. The survey also highlighted that the share of central banks engaged in CBDC development has risen to 93%, with 60% citing the acceleration of stablecoins and other cryptoassets as a driving factor.

via Reuters|
#cbdcs#central-banks#digital-currencies
cryptocurrency2 years ago

"Rapid Rise: 24 Retail CBDCs Expected to Transform Financial Landscape by 2030, Warns BIS Study"

A survey conducted by the Bank for International Settlements (BIS) suggests that around 15 retail central bank digital currencies (CBDCs) could be in circulation globally by 2030. The study found that 93% of the 86 central banks surveyed are currently working on CBDC projects, with nine central banks indicating they are "very likely" to issue a wholesale CBDC for financial markets within the next six years. Major jurisdictions such as India, the U.K., and the European Union are seriously exploring the issuance of digital versions of their fiat currencies. The report also noted that stablecoins and other crypto assets are rarely used for payments outside the crypto ecosystem, with cross-border remittances and consumer purchases being the most popular use cases.

via CoinDesk|
#bis-study#cbdcs#central-banks
fintech2 years ago

IMF spearheads development of global digital currency platform.

The International Monetary Fund has proposed a new cross-border payment platform, called the XC platform, that uses a single ledger to record central bank digital currency (CBDC) transactions, programmability, and improved information management. The platform could operate domestically using tokenized assets, including deposits, with or without CBDCs. The XC platform would provide interoperability among assets and money tokenized by the private sector and "usefully instill standards and a safe environment with which to program financial contracts," as settlements would be carried out in central bank money.

via Cointelegraph|
#cbdcs#cross-border-payments#fintech
cryptocurrency2 years ago

Central Banks Test CBDC Use Cases, XRP and Britcoin in the Spotlight.

The Bank for International Settlements (BIS) and the Bank of England have successfully developed 33 API functionalities to test over 30 CBDC use cases, including offline payments, peer-to-peer transfers, and retail payments, demonstrating the versatility of CBDCs. The experiment explored the potential of an API layer to support a retail CBDC, enabling secure payments across various use cases, and tested an array of payment options such as online, offline, in-store payments, and interactions with QR codes, mobile phones, smart cards, among others. The successful implementation of 33 API functionalities to support 30 retail CBDC cases has set a precedent for the potential of CBDC systems, fostering a significant contribution to global digital currency conversations.

via Crypto News Flash|
#apis#cbdcs#central-banks
cryptocurrency2 years ago

DeSantis Takes Strong Stance on Digital Privacy and Bans CBDCs in Florida

Florida Governor Ron DeSantis has signed a bill banning the use of a central bank digital currency (CBDC) in the state, claiming that CBDCs are part of "woke politics" that he wants to combat. DeSantis suggested that the government might hypothetically use CBDCs to stop people from buying gas to combat global warming or track how often someone purchases firearms. The bill had only one vote cast against it in its final appearance during a Florida House of Representatives session last week.

via Yahoo Finance|
#cbdcs#cryptocurrency#digital-assets
cryptocurrency2 years ago

XRP's Future: SEC Lawsuit, Price Predictions, and Support Analysis

XRP's price has fallen by 2.5% in the past 24 hours, but Ripple's new report on central bank digital currencies (CBDCs) highlights the key role the company and XRP are likely to play in the future economy. The report signals the potential for XRP to become one of the best-performing altcoins in the market, especially if Ripple secures a favorable outcome from its case with the SEC. Traders may also consider diversifying their portfolios with presale tokens like AiDoge, an AI-powered meme-generating platform that has already raised over $4 million.

via Cryptonews|
#aidoge#cbdcs#cryptocurrency
cryptocurrency2 years ago

The Future of Stablecoins in Congress: Regulations and Digital Dollar Study

A draft of a stablecoin bill circulating among US lawmakers since last fall has been published, which focuses on stablecoins and central bank digital currencies (CBDCs). The bill proposes that "endogenously collateralized" stablecoins would be unlawful to issue, create or originate for two years. The bill also lays out a framework for who is allowed to issue stablecoins in the US, which could be limited to banks, depository institutions and nonbank institutions that apply for regulatory clearance. The bill calls for a study on a Federal Reserve Digital Dollar to be released within one year and a briefing on CBDCs within 180 days of the bill becoming law.

via CoinDesk|
#cbdcs#cryptocurrency#digital-currency
cryptocurrency2 years ago

The Uncertain Future of Stablecoins in a Volatile Market.

The recent depegging of Circle's USD coin (USDC) has highlighted the risks that traditional finance poses to stablecoins. Stablecoin issuers' reliance on a small set of off-chain financial institutions limits their stability, and broader awareness of these risks could make the situation worse for stablecoin issuers. Regulators could increase their scrutiny of stablecoins, and there is growing interest in exploring alternative solutions such as tokenized bank deposits and central bank digital currencies (CBDCs). As TradFi and DeFi become more intertwined, the risk of systemic failure increases, emphasizing the need for effective regulation, transparency, and risk management.

via CoinDesk|
#cbdcs#cryptocurrency#defi
cryptocurrency2 years ago

Florida Governor Ron DeSantis Leads Efforts to Ban CBDCs and Digital Currency.

Florida Governor Ron DeSantis has proposed legislation to ban central bank digital currencies (CBDCs) in the state, citing concerns over government overreach and financial surveillance. The legislation would prohibit any CBDC introduced by the US Federal Reserve or foreign governments from being used as a form of money in Florida. DeSantis called on other states to enact similar legislation and criticized President Biden's crypto executive order, which included exploring a US CBDC. Critics of CBDCs fear they could lead to an expansion of government control and financial surveillance.

via Decrypt|
#cbdcs#cryptocurrency#financial-privacy