The UAE central bank signs deal for CBDC strategy
The CBDC strategy was first unveiled in February as part of the central bank’s program to position the UAE as a global financial hub. Go to Source Powered by WPeMatico
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US Senator Introduces Bill to Ban Direct-to-Consumer Central Bank Digital Currency
U.S. Senator Ted Cruz has introduced “legislation to prohibit the Federal Reserve from developing a direct-to-consumer” central bank digital currency (CBDC). The lawmaker warned that it “could be used as a financial surveillance tool by the federal government.” Another senator stressed: “The American people ought to be able to spend their money how they choose … Read more
Adopting CBDC could destabilize banks, help households, US Treasury study says
When integrated into the economy, a CBDC or stablecoin would compete with bank deposits to the public benefit, at least until a financial crisis. Go to Source Powered by WPeMatico
US Central Bank’s Fednow Payment Service to Launch in July, Economist Calls Timing ‘Suspicious’
According to the U.S. Federal Reserve, the central bank’s Fednow payment service will start operating in July, and participants will be certified in April to leverage the Fednow Pilot Program. Ken Montgomery, the Fednow program executive, is urging American financial institutions to make preparations to join the central bank’s new payment service. Economist Richard Werner, … Read more
Nigeria CBDC adoption spikes as fiat currency shortage grip the nation
The acute cash shortage in Nigeria was due to the central bank’s decision to replace older bank notes with bigger denominations amid rising inflation. Go to Source Powered by WPeMatico
‘Crypto FUD’ — Industry outraged as White House report slams crypto
The report included 35 pages seemingly aimed at debunking the merits of crypto assets. Go to Source Powered by WPeMatico
IMF examines CBDC design in context of Islamic banking, finds some risks magnified
A central bank digital currency’s liquidity and foreign exchange would work differently Islamic law from what might be expected. Go to Source Powered by WPeMatico
Florida gov and US presidential hopeful calls for CBDC ban
“What the central bank digital currency is all about is surveilling Americans and controlling behavior of Americans,” said Ron DeSantis at a ‘Big Brother’s Digital Dollar’ podium. Go to Source Powered by WPeMatico
Russian Parliament Votes on Bill Opening Door for Digital Ruble
Russian lawmakers have approved a draft law facilitating the implementation of the digital version of the national currency, the ruble. The legislation amends various other acts to introduce definitions and establish procedures related to the launch of the central bank digital currency. Russian State Duma Passes Digital Ruble Draft Law on First Reading The lower … Read more
India, UAE to explore CBDC bridge to facilitate trade, remittances without USD
The bridge would be the second for the UAE, whose banks successfully participated in the mBridge project last year with Hong Kong, China and Thailand. Go to Source Powered by WPeMatico