US Senator Ted Cruz has introduced companion legislation to a January 2022 bill drafted by Representative Tom Emmer, which prohibits the Federal Reserve (Fed) from issuing a central bank digital currency (CBDC) directly to individuals. The legislation bans the Fed from developing a direct-to-consumer CBDC that “could be used as a financial surveillance tool…
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The American economist and member of the Federal Reserve Board of Governors, Christopher Waller, believes blockchain technology is “totally overrated,” even though the U.S. central bank “put a lot of resources into understanding digital currencies and the blockchain.” On Friday, Waller spoke during a panel that discussed central bank digital currencies (CBDCs) and said that…
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“We will not compete against China — an authoritarian dictatorship — by also acting like an authoritarian dictatorship,” said Jake Chervinsky. Jake Chervinsky, head of policy at crypto advocacy group the Blockchain Association, said the United States should be careful to avoid a “totalitarian nightmare” in its potential launch of a central bank digital currency,…
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“A U.S. CBDC may be one potential way to ensure that people around the world who use the dollar can continue to rely on the strength and safety of U.S. currency to transact and conduct business in the digital financial system,” said Lael Brainard. Lael Brainard, a member of the Federal Reserve’s Board of Governors,…
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The Federal Reserve Bank of Boston and the Massachusetts Institute of Technology (MIT) have jointly published the initial findings of their central bank digital currency (CBDC) research. They also published the open-source code for the CBDC project. Boston Fed and MIT Publish Initial Findings of Their CBDC Research The Federal Reserve Bank of Boston and…
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The “e-CNY (Pilot Version)” app was made available for download in the Chinese Android and Apple app stores on Tuesday. As China’s central bank steps up its effort to create a digital currency, the country has released a pilot edition of its digital yuan wallet application on mobile phone app stores. The People’s Bank of…
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The U.S. Treasury Secretary Janet Yellen says that she has not made up her mind about whether the Fed should issue a central bank digital currency (CBDC). “There are some benefits” to a digital dollar, Yellen said, but noted that “there are also meaningful costs.” Janet Yellen Has Not Decided Whether the Fed Should Develop…
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Such a move would require broad consensus among Congress, the U.S. central bank and the White House. U.S. Treasury Secretary Janet Yellen has given her opinions on the potential of a digital dollar but is hesitant to come to any conclusions at this stage in proceedings. Yellen said on Thursday that she had not formed…
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“The idea of having a tokenized dollar that is capable of being exchanged on a peer-to-peer basis on a platform where developers can innovate and develop new products and services… I think there’s a strong case for that,” said Pat Toomey. Pennsylvania Senator Pat Toomey, one of the lawmakers who supported amending the language around…
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“We should act now to improve access to financial services through other means as well — the need is too great,” said Tim Massad. Tim Massad, who served as chair of the Commodity Futures Trading Commission until 2017, said the United States is too slow in developing a plan to modernize its payment systems. In…
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