Israel’s central bank says that a national digital currency is unlikely to harm the country’s banking system. As Reuters reported Wednesday (March 2), this announcement moves the Bank of Israel a step closer to potentially issuing a central bank digital currency (CBDC). In an analysis...
The Bank of Jamaica (BOJ) has rolled out the name for its central bank digital currency (CBDC), which will now be known as the Jamaica Digital Exchange, or Jam-Dex, the Caribbean website Loop reported Friday (Feb. 18). The tagline will be “No cash, no problem!”...
The quest for a digital dollar plodded along this week, with the Boston Fed and Massachusetts Institute of Technology’s (MIT) Digital Currency Initiative announcing results of a speed test of a potential U.S. central bank digital currency (CBDC) reaching 1.7 million transactions per second. Although...
Would a central bank digital currency (CBDC) issued by the Federal Reserve Bank be a solution in search of a problem? Russ Waterhouse, executive vice president of product development at The Clearing House, and Rob Hunter, the company’s deputy general counsel, told PYMNTS that the...
Taiwan is moving straight ahead on the introduction of retail central bank digital currency (CBDC), LedgerInsights.com reported. The island nation expects to complete trials of its prototype CBDC this fall. Its most recent design is a two-tier system, allowing consumers to exchange bank deposits with...
In a speech Monday (Feb. 14), Mu Changchun, the head of China’s digital yuan project, said the cryptocurrency has not had a very big impact on the country’s financial sector so far. Bloomberg reported that while speaking at an event hosted by an American think...
The introduction of Libra, Facebook’s attempt at digital currency in 2019, energized digital asset proponents who said the new technology would transform the banking landscape with a blockchain-based stablecoin payment and cryptocurrency network. In an interview with PYMNTS, Andreas Veneris, a professor of electrical and...
China’s digital yuan may be the largest central bank digital currency (CBDC), but a digital euro is coming. European Union Commissioner for Financial Services Mairead McGuinness announced Feb. 9 plans to introduce a bill creating a digital euro next year, according to Politico. Based on...
The International Monetary Fund (IMF) released a paper on February 9, “Behind the Scenes of Central Bank Digital Currency,” analyzing the experiences of six central banks in designing and issuing Central Bank Digital Currencies (CBDCs). There are a few clear messages in the paper. One...
