The Stable Token Commission continues researching the potential implementation of stable tokens in Wyoming. In July, the American state of Wyoming shared an open job position for the head of its Stable Token Commission. The executive will work alongside Wyoming’s governor, state auditor, state treasurer and four expert appointees to bring the state’s very own…
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The bank messaging network has seen a dramatic increase in processing speed and is developing technology to connect CBDCs. Three central banks have joined the beta phase of bank messaging platform SWIFT’s central bank digital currency (CBDC) interoperability project, the company announced Sept. 13. It has also entered a new phase of sandbox testing, it…
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A collaboration between the Bank for International Settlements (BIS) and the central banks of Hong Kong and Israel has demonstrated that central bank digital currencies (CBDCs) can settle on centralized ledgers without compromising privacy. Dubbed Project Sela, the joint experiment has proven that a retail CBDC that combines accessibility, competition and security, while retaining the…
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U.S. Congressman Tom Emmer, with the support of 49 Republican lawmakers, reintroduced the CBDC Anti-Surveillance State Act. This legislation seeks to block the issuance of a retail central bank digital currency (CBDC) that could undermine Americans’ right to financial privacy, as per the US congressman. … Read More: Republican Lawmakers Reintroduce CBDC Anti-Surveillance State Act to…
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The launch of Russia’s CBDC, the digital ruble, will help spur de-dollarization, a former government minister has claimed. Per the media outlet KV News, the comments were made by the MP Sergei Kalashnikov, formerly the Minister of Labor and Social Development and the first deputy chairman of the Sate Duma’s Committee on Economic Policy. Kalashnikov…
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The Hong Kong Monetary Authority, Bank of Israel and Bank for International Settlements teamed up to address the complex issues of rCBDCs. The Bank for International Settlements and the central banks of Hong Kong and Israel released the results of Project Sela on Sept. 12. The project was a public-private partnership that used private intermediaries…
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The Russian Central Bank says it may look to “mark” or “color-code” digital ruble tokens to help it track CBDC transactions. Per Tass, the bank said it would “consider the possibility” of issuing super-traceable tokens. But, speaking at a financial forum, the bank’s Deputy Governor Alexei Zabotkin said the bank was “not currently” developing “color-coded”…
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The Federal Reserve’s vice chair for supervision has affirmed that the U.S. central bank is “a long way” from making a decision on whether to issue a central bank digital currency (CBDC). The Fed official also voiced concerns regarding USD stablecoins, emphasizing that they “could pose significant risks to financial stability, monetary policy, and the…
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Palau is preparing to close the distribution phase of its stablecoin pilot after having extended it for 30 additional days to examine additional use cases and growing popular demand. Palau Ministry of Finance board member Jay Hunter Anson explained that the pilot was a “temporary, research and development pilot,” and that the entity will now…
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Michael Barr expressed “strong concern” about stablecoins and appreciation of legislative efforts to address them at the Philadelphia Fed’s fintech event. The Federal Reserve Bank vice chairman spoke at the Philadelphia Fed’s fintech event on Sept. 8 about what the central bank’s role is in financial innovation. Research and supervision was the short answer, with…
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