Ensuring low-value digital euro transactions are not traced is one of the recommendations made by two data protection agencies in the EU. The independent bodies have presented their joint opinion on the proposed regulation for the upcoming digital version of Europe’s common fiat currency. Independent EU Regulators Insist on Embedding Data Protection in the Design…
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The Central Bank of Russia does not expect the introduction of the digital ruble to end the popularity of other non-cash and cash payment options. According to statements offered by Alla Bakina, director of the bank’s national payment system department, other non-cash payment options have reached over 80% of the total payment transactions in Russia.…
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The European Data Protection Board and the European Data Protection Supervisor issued a joint opinion statement on regulating a digital euro. On Oct. 18, the European Data Protection Board and the European Data Protection Supervisor issued a joint statement on regulating a digital euro, as proposed by the European Commission in July 2023. The regulators made several…
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The BCRA has accelerated its work on legislation to implement the CBDC workflow in the country. After a series of remarks about the potential benefits of central bank digital currency (CBDC) for the national economy, the Central Bank of Argentina said it has accelerated its work on the legislation to implement the CBDC workflow in…
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The latest report published by the Society for Worldwide Interbank Financial Telecommunications (SWIFT) has revealed that the Chinese yuan overtook the euro as the second most used currency in trade finance markets. However, the dollar is still comfortably in first place, with more than an 80% share in these payments. Chinese Yuan Overtakes Euro in…
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Russia’s government intends to use the digital ruble to make welfare payments, and wants citizens to use the CBDC to pay their taxes. Per Finam, the Central Bank and the Ministry of Finance say they are “exploring the possibility of using the digital ruble for government payments,” and want to find ways to allow individuals…
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Though the issuance of a digital euro is not a certainty, officials with the European Central Bank are moving to next phase of the project. The governing council of the European Central Bank (ECB) has announced it will begin the ”preparation phase” for the digital euro project following a two-year investigation. In an Oct. 18…
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The European Central Bank (ECB) has decided to move its digital euro project to the next phase after two years of investigation. The “preparation phase” of the digital euro will involve “finalizing the digital euro rulebook and selecting providers that could develop a digital euro platform and infrastructure.” Digital Euro Proceeds to ‘Preparation Phase’ The…
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A top Federal Reserve official said Tuesday she has yet to be convinced there is a need for the U.S. central bank to develop a digital currency. Fed Governor Remains Unconvinced on U.S. CBDC, Cites Existing Innovations and Risks In a discourse at Harvard Law School, Fed Governor Michelle Bowman articulated that the case for…
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Michelle Bowman told a university audience that financial innovation should be justified by need and be properly regulated. Federal Reserve Board governor Michelle Bowman shared her views on financial innovation in a speech at Harvard Law School on Oct. 17. Bowman has spoken several times on the topic, and her position seems to be growing…
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