The growing support for central bank digital currencies (CBDCs) is driven by efforts to shorten financial settlement cycles, with 87% of survey respondents seeing CBDCs as a viable option for faster settlements by 2026, according to a report by Citi.
The Reserve Bank of India is set to introduce its central bank digital currency (CBDC) in the call money market as tokens for call money settlement.
The United States House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion will hold a hearing on September 14 to discuss central bank digital currencies (CBDCs) and potential private sector alternatives, marking the first time in months lawmakers will address the issue.
Proponents of a digital euro face political opposition, with some critics portraying it as a tool for state control and surveillance, which makes defending the central bank digital currency (CBDC) challenging for central bankers who are more accustomed to technical and economic arguments; however, officials are attempting to address concerns by emphasizing privacy features and maintaining a continuous dialogue to gain people's trust.
The USA is unlikely to launch a Central Bank Digital Currency (CBDC) anytime soon, according to Michael Barr, the Federal Reserve's Vice Chair for Supervision, as it could pose risks to financial stability and the US payments system.
Republican lawmakers are reintroducing a bill to block the Federal Reserve from issuing a central bank digital currency, citing concerns about surveillance and government control over financial data.
A key Democrat has introduced a bill for a digital dollar pilot, while Republican lawmakers are pushing for bills to ban central bank digital currencies (CBDCs) in the US, showing a divide on the issue.
The House Financial Services Committee has approved a bill banning the Federal Reserve from creating a central bank digital currency, which must now be considered by the House of Representatives.
Ethereum co-creator Vitalik Buterin says that central bank digital currencies (CBDCs) have become "front ends" for the traditional banking system instead of being blockchain-friendly with transparency and privacy features, making them even less private and breaking down barriers against corporations and the government. He believes that Ethereum may be more resistant to government interference with its proof-of-stake consensus mechanism.
The recent passing of the SAFE Banking Act by the U.S. Senate Banking Committee at the Benzinga Cannabis Capital Conference in Chicago marks a significant step forward for the cannabis industry's ability to use banking and financial systems, with former representative Ed Perlmutter highlighting the bipartisan effort behind the legislation, the role of grassroots engagement, and a surprising twist involving cryptocurrency during the bill's deliberations.
Author Robert Kiyosaki believes that Bitcoin and other assets will become "priceless" as the Federal Reserve introduces a central bank digital currency (CBDC), leading to a loss of privacy and increased government control.
Eurozone central banks are planning to introduce a wholesale central bank digital currency (CBDC) to facilitate faster settlement of securities and forex transactions, while plans for a digital euro for regular citizens are facing concerns over privacy and the impact on commercial banks. The central banks aim to explore new technologies and protocols, including blockchain, and trials with real transactions will be conducted next year.
Australia's central bank is studying the potential launch of a central bank digital currency (CBDC) and exploring the benefits of tokenised money, which could save billions of dollars in costs in domestic financial markets.
Central bank digital currencies (CBDCs) have the potential to transform our perception and interaction with money, with success dependent on three core pillars: technology, policy, and usability.
