The New York Federal Reserve and a group of financial institutions announced the successful conclusion of a proof-of-concept of the Regulated Liability Network (RLN), which contemplates the introduction of a dollar-based interbank central bank digital currency (CBDC). The test concluded that, using the RLN, the proposed CBDC might allow for near real-time dollar payments and…
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Warren Davidson, U.S. representative and part of the House Committee on Financial Services, has disregarded issuing a central bank digital currency (CBDC) in the country. Davidson explained that CBDCs corrupt money into a “tool for coercion” and detailed that there was no legal way of issuing such a currency without legislation. U.S. Representative Warren Davidson:…
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The U.S. Securities and Exchange Commission’s (SEC) former head of internet enforcement has called the creation of a central bank digital currency (CBDC) “the most absurd financial idea in the history of monetary policy.” He warned that a central bank digital currency not only creates “a multitude of unnecessary risks relating to global financial systemic…
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In recent days, there has been a buzz surrounding the upcoming debut of the U.S. Federal Reserve’s Fednow project, slated for July 1, 2023. The discussions surrounding this topic have sparked speculation about whether this marks the central bank’s inaugural foray into a central bank digital currency (CBDC), with some suggesting that Fednow may render…
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The Swiss National Bank (SNB) said it plans to issue a wholesale central bank digital currency as a pilot via SIX Digital Exchange, a subsidiary of SIX, an operator of infrastructure for the Swiss and Spanish financial centers. SNB chairman Thomas Jordan said while the Central Bank has not ruled out launching retail CBDCs, the…
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United States Treasury official Graham Steele told an audience at a Texas payments conference that a future central bank digital currency in America should consider anonymity. Privacy and the ability to transact anonymously should be considerations in the design of a digital dollar, a United States Treasury official has said. On June 13 the Treasury…
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A recent poll conducted by the Cato Institute and public opinion firm Yougov reveals that the majority of Americans are hesitant to adopt a central bank digital currency (CBDC). The findings indicate that support for a CBDC remains relatively low among survey respondents. U.S. CBDC Support Remains Low: Survey Highlights American Hesitation In late May…
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U.S. lawmakers have introduced a bill to prohibit the Federal Reserve from “establishing, carrying out, or approving a program intended to test the practicability of issuing” a central bank digital currency (CBDC). “CBDCs would threaten the liberties of law-abiding Americans and are being used by authoritarian countries right now to crack down on dissent,” said…
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The Hong Kong Monetary Authority (HKMA) has announced the commencement of its e-HKD pilot which “will take deep dives into potential use cases in six categories.” The pilot paves the way for “the possible implementation of a retail central bank digital currency (CBDC),” the central banking institution explained. Pilot Program for e-HKD Begins The Hong…
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The Australian digital dollar was used in a trade for a U.S. dollar stablecoin using an Ethereum layer 2 blockchain. Australia has successfully made its first foreign exchange transaction using eAUD as part of a live pilot for the country’s potential central bank digital currency (CBDC). It comes amid a rising interest from countries around…
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