ECB Develops Blockchain Payment System for CBDC, BTC Bull Token Captures Reta...
The difference between the US and EU approaches to crypto has become evident as the European Central Bank (ECB) is building a blockchain system to process CBDC (Central Bank Digital Currency) transactions. ECB President Christine Lagarde also nixed the idea of a European Bitcoin reserve due to $BTC’s volatility and frequent use in illicit activities […]
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Cooperation between public and private sectors would be vital for a global CBDC system, says a new joint report. The Bank for International Settlements (BIS) continues investigating the development of the global central bank digital currency (CBDC), publishing a new joint report with seven central banks.Released Sept. 30, BIS’ latest CBDC report refers to joint efforts to explore a retail CBDC alongside the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the United States Federal Reserve, Sveriges Riksbank and the Swiss National Bank.The report provides....
Two more Eastern Caribbean nations have begun using the DCash system, which allows payments and transfers of the digital EC dollar CBDC. The Eastern Caribbean Central Bank (ECCB) rolled out its digital payment system to The Commonwealth of Dominica and the British overseas territory of Montserrat on Dec. 7, leaving only Anguilla left among the eight countries planning to implement it.The ECCB launched the “EC dollar” Central Bank Digital Currency (CBDC) in March 2021 in collaboration with DCash to Antigua and Barbuda, Grenada, Saint Christopher (St Kitts) and Nevis, and Saint Lucia. In....
The U.S. already has a “safe and active dynamic domestic payment system,” Powell argued. The United States will not be issuing a digital dollar until the Federal Reserve resolves all questions around a potential central bank digital currency, or CBDC, according to the Fed's chairman, Jerome Powell.Powell claimed that he is not worried about other countries having a first-mover advantage when it comes to issuing CBDCs.Speaking at an Oct. 19 panel on cross-border payments hosted by the International Monetary Fund, Powell said:We have not made a decision to issue a CBDC, and we think there’s....
The first phase of Japan's CBDC pilots will be completed by March 2022, the central bank states. The Japanese central bank has launched a proof of concept for its central bank digital currency, or CBDC, according to an official announcement on Monday.Following initial preparations to test the technical feasibility of core CBDC functions and features in early 2021, the Bank of Japan is beginning CBDC testing in its first phase today. During this phase, the bank plans to develop a test environment for the CBDC system and conduct experiments on basic functions related to payment, issuance,....
The joint report is among the most promising CBDC studies conducted by central bank authorities Central banks from two of the most powerful economies in the Middle East released a report today on a yearlong joint central bank digital currency (CBDC) project — and results speak glowingly of blockchain technology. First announced in January of 2019, Project Aber was a joint effort between the United Arab Emirates and Saudi Arabia to establish a “proof of concept” designed to “contribute in the body of knowledge in CBDC and DLT technologies.” The combined effort of two central banks in such a....