Fed Paper: DLT and Digital Currency Could 'Change Payments Landscape'
A working group within the US central bank believes digital currencies and distributed ledgers could come to have a significant impact on how its citizens and businesses conduct payments. The findings come from a 60-plus-page report published yesterday by the Faster Payments Task Force. The report itself, the first of a two-part release, is largely an overview of the Federal Reserve task force's work to paint a picture of the US payments ecosystem as it exists today. This includes an analysis of trends that could shape how people pay in the year ahead, including digital currencies. The Fed....
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"The Federal Reserve would only pursue a CBDC in the context of broad public and cross-governmental support," said the recently published paper. The U.S. Federal Reserve is opening comments to the public after releasing a discussion paper on the pros and cons of a potential central bank digital currency.In a publication released Thursday titled “Money and Payments: The U.S. Dollar in the Age of Digital Transformation”, the Fed said it would likely not be authorized to issue digital wallets or accounts capable of holding a U.S. central bank digital currency, or CBDC, but rather leave such....
The Euro Banking Association released its crypto-technology report, which discussed a few recent bitcoin issues. The group is a practitioners' body for banks and other service providers supporting a pan-European vision for payments, with membership including more than 180 institutions from across Europe and beyond. The two reports on Digital Customer Service Interfaces (DCSI) and crypto-technologies were produced by the EBA's Working Group on Electronic Alternative Payments. Its goal is to help financial institutions adapt to the changing payments landscape. Bitcoin Issues Covered.....
Mercator Advisory Group, a leading financial industry consulting firm, has released a research note on digital currency regulation worldwide. The note is titled 'Global Digital Currency Regulations: Divergent Paths' and is available for perusal for the tidy sum of $1250. Mercator has identified five different classes of digital currency regulation that have been enacted around the world that falls on a spectrum that goes from positive to negative. Tristan Hugo-Webb, Associate Director of the International Advisory Service and author of the paper, wrote: The global payments industry has....
A recent paper by two senior central bankers in Europe suggests that the technology underlying bitcoin could serve as the catalyst for change in the global money and payments infrastructure. Entitled "The Evolution of Central Banks: A Practitioner's Perspective" - and co-written by Bank of England chief economist Andrew G. Haldane and Jan F. Qvigstad, executive director of Norges Bank, Norway's central bank, the paper covers the evolution of central banking and the challenges that have arisen in the era of digitized monies. Perhaps most notably, the authors reject the idea that....
Digital payments can deliver better immediacy and ubiquity than traditional retail payment systems and, therefore, could revolutionize payments, according to a recent Deutsche Bank research paper. The paper, titled "Instant revolution or payments? The quest for real-time payments," recognizes bitcoin and the blockchain as playing an important role in payment technology as the need for real-time payments expands. In tackling the complex topic of instant payments, the paper reviews the different definitions of instant payments and establishes what it considers a good working definition. The....