The private sector should lead the evolution of payments, while the Federal Reserve should be ready to solve problems that can’t be handled by the private sector alone, Federal Reserve Governor Christopher J. Waller said Tuesday (Nov. 12). In a speech delivered at The Clearing...
If commercial banks don’t provide retail payments innovation, central banks should be prepared to offer a retail central bank digital currency (CBDC), Bank of England Governor Andrew Bailey said Saturday (Oct. 26). In a speech given at the Group of Thirty’s Annual International Banking Seminar...
If the U.K. adopts a digital currency, citizens shouldn’t expect cash and coins to disappear. That’s according to Bank of England Governor Andrew Bailey, who said Saturday (Oct. 26) that the central bank will continue to provide paper money “for as long as people want.” ...
Canada’s experiment with the digital dollar is over, at least for now. The Bank of Canada announced recently that after years of exploring the idea of a central bank digital currency (CBDC), it was moving on. “With this work completed, and with other payments issues gaining prominence,...
If Australia creates a digital currency, it will likely be the wholesale, not retail, variety. That’s according to a report issued Wednesday (Sept. 18) by the country’s central bank, arguing that “a clear public interest case” for issuing a retail central bank digital currency (CBDC) in Australia...
New research shows that 134 countries are exploring central bank digital currencies (CBDCs). Those countries account for 98% of the world’s economy, according to findings released Tuesday (Sept. 17) by think tank Atlantic Council. The latest figures show that all G20 countries are looking into CBDCs, with...
The future of the digital euro could be decided next year. But as Bloomberg News reported Sunday (Aug. 18), many people in Europe’s largest economy have already made up their minds about the concept of a central bank digital currency (CBDC). According to that report,...
The Bank of England (BoE) is conducting a new series of experiments with central bank digital currencies (CBDCs) for retail use. Citing growing innovations and risks in the payments industry, BoE said in a Tuesday (July 30) discussion paper that “central banks must be quick to...
The Bank of Israel reportedly plans to wait until another advanced economy launches a central bank digital currency (CBDC) before introducing one of its own. The European Central Bank (ECB) is likely to be the first to do so, “and then you may see a...
