U.S. Senator Ted Cruz has introduced “legislation to prohibit the Federal Reserve from developing a direct-to-consumer” central bank digital currency (CBDC). The lawmaker warned that it “could be used as a financial surveillance tool by the federal government.” Another senator stressed: “The American people ought to be able to spend their money how they choose…
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When integrated into the economy, a central bank digital currency or stablecoin would compete with bank deposits to the public benefit, at least until a financial crisis. Fully integrating a stablecoin or central bank digital currency into the economy would destabilize banks but improve household welfare, a study released by a United States Treasury division…
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According to the U.S. Federal Reserve, the central bank’s Fednow payment service will start operating in July, and participants will be certified in April to leverage the Fednow Pilot Program. Ken Montgomery, the Fednow program executive, is urging American financial institutions to make preparations to join the central bank’s new payment service. Economist Richard Werner,…
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The digital asset industry has been slammed in a new report published by the White House, with many now fearing that even stricter regulations will be introduced in the US. The report, titled the Economic Report of the President, had an entire 36-page chapter dedicated to the crypto industry. Among other things, it went to…
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A growing number of Chinese employees and firms can now use the nation’s Central Bank Digital Currency (CBDC) – the digital yuan – to pay their social insurance premiums and taxes. Per reports from the Chinese media outlets JS China and NH News, citizens in Lianyungang and other cities in the digital yuan pilot zone…
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The acute cash shortage in Nigeria was due to the central bank’s decision to replace older bank notes with bigger denominations amid rising inflation. Nearly 18 months after launching its in-house central bank digital currency (CBDC), eNaira, Nigeria witnessed its massive adoption as national fiat reverses face severe shortages. The acute cash shortage in Nigeria…
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Central bank digital currencies (CBDCs) will not be coming to Florida any time soon, if Governor Ron DeSantis gets his way. In a press release, Governor DeSantis said his intention with the bill is to “protect Floridians from the Biden administration’s weaponization of the financial sector through a Central Bank Digital Currency.” It added that…
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A central bank digital currency’s liquidity and foreign exchange would work differently Islamic law from what might be expected. A central bank digital currency can impact monetary policy by increasing money velocity, disintermediation, volatility of bank reserves, currency substitution and altered capital flows, even when it is not designed to do so, according to a…
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Russian lawmakers have approved a draft law facilitating the implementation of the digital version of the national currency, the ruble. The legislation amends various other acts to introduce definitions and establish procedures related to the launch of the central bank digital currency. Russian State Duma Passes Digital Ruble Draft Law on First Reading The lower…
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Residents and firms based in China’s Fujian Province have reportedly processed almost $22 billion worth of digital yuan transactions to date – as the nation’s central bank digital currency (CBDC) continues to gather pace. The province was added to the CBDC pilot zone last year. And it broke ground in October when it conducted the…
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