Mastercard said the widespread adoption of central bank digital currencies (CBDCs) faces challenges due to consumer comfort with traditional forms of money. CBDCs would have to be as widely accepted as cash to ensure user convenience, Ashok Venkateswaran, Mastercard’s blockchain and digital assets lead for...
The Monetary Authority of Singapore (MAS) has unveiled a series of initiatives aimed at ensuring the secure and innovative utilization of digital money in the country. These initiatives encompass the development of a digital Singapore dollar infrastructure, expanding digital money trials, and the issuance of a “live”...
The Swiss National Bank (SNB) is set to begin piloting a wholesale digital franc next month. The bank, along with six other lenders from Switzerland, Germany and Swiss digital exchange SIX, will issue the central bank digital currency (CBDC) on a blockchain, the SNB announced Thursday (Nov. 2)....
Visa, in collaboration with HSBC and Hang Seng Bank, has successfully completed a pilot test in Hong Kong to study tokenized deposits using central bank digital currencies (CBDCs). The pilot program, part of the “Digital Hong Kong Dollar” initiative organized by the Hong Kong Monetary Authority (HKMA), aimed to...
The European Central Bank (ECB) is closer to launching a digital euro. The ECB announced in a Wednesday (Oct. 18) press release that it will launch a two-year preparation phase for its central bank digital currency (CBDC) Nov. 1. The phase will involve finalizing a...
Federal Reserve Governor Michelle Bowman is concerned about the potential risks associated with a U.S. central bank digital currency (CBDC). Speaking Tuesday (Oct. 17) at a Harvard Law School event in Washington, Bowman said a digital dollar could pose significant risks and tradeoffs for the...
For companies large and small and their financial institutions (FIs) navigating operations and trade across borders, foreign exchange (FX) represents a key cost of doing business. News and research surrounding central bank digital currencies (CBDCs) suggest that the digital offerings may have a place in...
The Bank for International Settlements (BIS) and three central banks concluded a central bank digital currency (CBDC) project. Project Mariana was developed by three BIS Innovation Hub centers along with the Bank of France, the Monetary Authority of Singapore and the Swiss National Bank. It...
Nearly every country on Earth has a central bank digital currency (CBDC) project in play. However, nearly 80% of the world’s central banks are either forbidden by law to issue a digital currency or operate in a country where the laws are unclear. And that...
