Washington risks devaluing the dollar’s status in the future if it fails to respond to innovation, says the former regulator. The ex-head of the United States’ commodities regulator thinks the government must digitize the dollar and take power away from central banks. Giancarlo wants independently maintained dollar In an opinion piece for the Wall Street…
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The head of Sweden’s Riksbank has characterized Libra as “an incredibly important catalytic event” that is spurring central banks to ready themselves for digital transformation. The head of Sweden’s Riksbank has characterized Facebook’s Libra project as “an incredibly important catalytic event” that is spurring the world’s central banks to ready themselves for digital transformation. In…
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The Swiss National Bank and SIX Group to jointly research digital central bank money within a project of the BIS Innovation Hub Centre. The Swiss National Bank (SNB) and Bank for International Settlements (BIS) have signed an agreement to cooperate on the BIS Innovation Hub Centre in Switzerland. Two major projects According to an official…
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Central bank digital currencies are “inevitable,” says Patrick Harker, President of the Federal Reserve Bank of Philadelphia.
Patrick Harker, President of the Federal Reserve Bank of Philadelphia, has claimed central bank digital currencies are inevitable.
However, the financier believes the United States should not lead the way, given the dollar’s role as the world’s reserve currency.
According to a Reuters report on Oct. 2, he told a community banking conference:
“It is inevitable… I think it is better for us to start getting our hands around it.”
Harker made his remarks in response to a question about the Federal Reserve’s decision to develop its own instant payments system — known as FedNow — that was announced at the beginning of August. He said:
“I am looking at the next five years after that. What comes next? I do think it is something around digital currency.”
As Cointelegraph recently reported, banks at the Federal Advisory Council have told the Federal Reserve that Facebook’s crypto project Libra will potentially create a “shadow banking” system — risking a potential decline in demand-deposit accounts and bank payment volumes.
European Central Bank key legal official Yves Mersch said that Facebook’s Libra stablecoin is “beguiling but treacherous.” Yves Mersch, European Central Bank’s key legal official, said that Facebook’s Libra stablecoin is “beguiling but treacherous” during a speech at the ECB’s legal conference in Frankfurt on Monday. Bloomberg reported on Mersch’s remarks in an article published…
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Experts in blockchain and crypto, central bank officials and researchers take on the question: Why do we need state-owned cryptocurrencies? There are several countries around the world that are developing national blockchain-based digital currencies — such as Venezuela and its state-owned Petro (PTR), China and its plans to issue a government-backed digital currency, etc. We…
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