In testimony before Congress, Federal Reserve Chairman Jerome Powell said that the idea of the United States adopting a central bank digital currency (CBDC) is far from being realized. Speaking to the Senate Banking Committee Thursday (March 7), Powell said that the Federal Reserve is “nowhere near” moving...
Hong Kong’s central bank has launched a wholesale central bank digital currency (wCBDC) project. The effort, dubbed “Project Ensemble,” is designed to support a new financial market infrastructure (FMI) for the development of the Hong Kong tokenization market, the Hong Kong Monetary Authority (HKMA) said in a...
Five Senate Republicans have introduced legislation that would block the digital dollar. The “CBDC Anti-Surveillance State Act,” announced Monday (Feb. 26), would prevent the Federal Reserve from issuing a central bank digital currency (CBDC), either directly or indirectly. Instead, the bill would require Congressional legislation...
In Europe, a central bank digital currency (CBDC) has inched closer to reality, by virtue of a vote. As a result, the United States may have to play a bit of catch-up. In addition, per the European Union’s inclinations, the CBDC would be best suited...
The Bank of England and the British Treasury remain undecided on the digital pound. But a new report by the two institutions makes two things clear: a central bank digital currency (CBDC) would not replace cash, and the country would need legislation to protect CBDC...
The European Central Bank (ECB) Rulebook Development Group (RDG) has drafted the first chapters of a digital euro rulebook. This first draft follows the legislative proposal and the digital euro design decisions approved by the ECB’s governing council, the ECB said in a Wednesday (Jan....
British lawmakers say they’re still not sure their country needs a digital currency. “It must be clearly evidenced that a retail digital pound will provide benefits to the U.K. economy without increasing risks or leading to unmanageable costs before any decision is taken to introduce...
Scores of central bank digital currency (CBDC) initiatives are in the works or already active — and yet pose some key concerns for central banks. In a paper released this week by the Bank for International Settlements, the warnings are that CBDCs could have “major...
The digital euro is feasible, and now comes the next chapter. In a speech delivered Tuesday (Nov. 21) and published by the Bank for International Settlements, Pablo Hernández de Cos, governor of the Bank of Spain, said Europe’s digital euro efforts reached a new milestone....
