Tagged: cbdcs

July 7, 2021 @ 5:18 pm By Omar Faridi  |  

The Bank for International Settlements (BIS), a global financial institution that’s owned by reserve banks and aims to “foster international monetary and financial cooperation and serves as a bank for central banks,” notes that advancements in technology, along with rising demand for digital payment methods… Read More

June 14, 2021 @ 8:30 am By Omar Faridi  |  

The Swiss National Bank, the Banque de France and the BIS Innovation Hub and a private sector consortium being led by Accenture will be carrying out a pilot program by using wholesale central bank digital currencies (CBDCs) for settling cross-border transfers. The private sector consortium… Read More

June 11, 2021 @ 11:25 am By Omar Faridi  |  

We recently connected with Justin Giudici, Head of Product at the Telos Foundation, which supports the development of Telos (TLOS), a high-performance blockchain that has evolved into one of the most promising crypto-focused platforms in the digital assets space. Guidici talked about what makes Telos… Read More

June 9, 2021 @ 10:56 pm By Omar Faridi  |  

The Hong Kong Monetary Authority (HKMA) announced on Tuesday (June 8, 2021) the updated “Fintech 2025” strategy for promoting financial tech development in the Special Administrative Region of the People’s Republic of China. Eddie Yue, CEO at HKMA,  has outlined Hong Kong’s new Fintech strategy,… Read More

June 5, 2021 @ 11:41 am By JD Alois  |  

The G7 Finance Ministers, along with several international organizations, met the past couple of days in the UK to discuss “building a strong, sustainable, balanced and inclusive global economic recovery.” Intermingled amongst the goal of creating a global minimum tax of 15% targeting big tech… Read More

June 3, 2021 @ 7:45 pm By JD Alois  |  

The House Committee on Financial Services has announced its agenda for the month of June. While always subject to change, several hearings should be of note to the Fintech community. First, the Task Force on Fintech (Financial Technology) has scheduled a hearing entitled, “Digitizing the… Read More

May 31, 2021 @ 7:59 am By Omar Faridi  |  

Sweden’s reserve bank will reportedly be working cooperatively with commercial lender Handelsbanken in order to test out how the nation’s proposed digital currency, the e-krona,  may handle payments in the real world, the Riksbank revealed on Friday (May 28, 2021). Reserve banks across the globe… Read More

May 26, 2021 @ 10:05 pm By Omar Faridi  |  

The Monetary Authority of Singapore (MAS) and the Mojaloop Foundation revealed on Wednesday (May 26, 2021) that MAS will be joining the Mojaloop Foundation as a Sponsor-level member in order to collaborate on offering the underserved access to “affordable” financial services via digital currency based settlement… Read More

May 24, 2021 @ 4:35 pm By Omar Faridi  |  

Bitcoin (BTC), the flagship cryptocurrency, is up nearly 13% in the past 24 hours. It’s trading at around $37,800 at the time of writing. Meanwhile, Ethereum (ETH), the second-largest crypto by market cap, is up around 30% in the last 24 hours and is trading… Read More

May 21, 2021 @ 8:25 am By Omar Faridi  |  

Norges Bank has released its Financial Infrastructure Report 2021 and Norges Bank Papers 2/2021, titled “Retail payment services 2020.” Norges Bank notes that there have been significantly fewer disruptions in the Norwegian financial infrastructure during the past few years, and the infrastructure has been working… Read More

May 12, 2021 @ 10:32 pm By Omar Faridi  |  

The reserve bank of Bahrain is reportedly working with J.P. Morgan (NYSE:JPM) and Bank ABC in order to launch a real-time cross-border payments system (as part of a digital currency settlement pilot program). Bank ABC and J.P. Morgan will be conducting tests including the transfer of… Read More

May 9, 2021 @ 10:52 pm By Omar Faridi  |  

Chinese banking institutions have introduced central bank digital currency (CBDC) hardware prototypes for several different use cases. The People’s Bank of China (PBoC), the nation’s central bank, and the Industrial and Commercial Bank of China (ICBC) have introduced prototype hardware devices that aim to offer support… Read More

April 30, 2021 @ 7:38 am By Omar Faridi  |  

Central bank digital currencies or CBDCs might offer new types of businesses improved access to cost-effective reserve bank funding while potentially reducing the role of large banking institutions when it comes to settling big transactions, according to recent statements from a senior Bank of France… Read More

April 25, 2021 @ 4:37 pm By Omar Faridi  |  

Sovereign governments could potentially be the next group to adopt digital assets, according to a report from crypto-assets firm Kraken. Kraken writes in an update that central bank digital currencies (CBDCs) might become “the latest, and perhaps most substantial tool, used to expand their monetary… Read More

April 19, 2021 @ 10:07 pm By Omar Faridi  |  

China is reportedly expanding its virtual yuan experiments to more local cities, however, there’s no exact timetable for its official launch, central bank Vice Governor Li Bo stated during an annual meeting on Sunday (April 18, 2021) of both Chinese and foreign policymakers, senior executives… Read More

April 19, 2021 @ 9:37 pm By Omar Faridi  |  

Pakistan is reportedly planning to carry out studies in order to potentially launch a State-backed virtual currency so that it can enhance its existing banking system, enable greater financial inclusion, and also ensure that illicit activtiies such as money laundering are not being carried out… Read More

April 18, 2021 @ 5:51 pm By Omar Faridi  |  

A senior Bank of Japan (BoJ) official has stated that China’s digital renminbi will not be able to pose a threat to the US dollar’s dominant position as the global reserve currency. As reported by Bloomberg, Kazushige Kamiyama, who heads the BoJ’s payment systems division… Read More

April 5, 2021 @ 9:14 am By Omar Faridi  |  

The Bank of Japan (BoJ) revealed on Monday (April 5, 2021) that it has officially started Phase 1 of its central bank digital currency (CBDC) pilots and related experiments. The initial phase of testing will mainly focus on assessing the basic functions of CBDCs as… Read More

April 2, 2021 @ 4:22 pm By Omar Faridi  |  

Reserve banks across the globe are increasingly focusing on developing or at least considering central bank digital currencies (CBDCs). They’re also looking into potential new ways to use virtual currencies to enhance the cross-border payments infrastructure. During the past few years, CBDCs have become one… Read More

March 29, 2021 @ 10:47 pm By Omar Faridi  |  

The US Federal Reserve’s Digital Dollar initiative may be of concern to Wall Street, according to a report from Bloomberg. The financial services sector may have to prepare for what might be its most significant disruption during the past few decades, according to the report…. Read More