Tag: digital dollar

Nov 16 2022

New York Fed Partners with US Banks on 3-Month Digital Dollar Project

The Federal Reserve Bank of New York’s Innovation Centre (NYIC) in partnership with some US banking giants has kickoff a three-month digital dollar proof-of-concept (PoC) project.

This project “will explore the feasibility of an interoperable digital money platform known as the Regulated Liability Network (RLN),” the US banking community noted. The goal of the project, the reserve bank

Nov 15 2022

NY Fed Begins 12-week CBDC Pilot Program With Major Banks

Nov 15 2022 Published at Coinscreed under tags  cbdc digital dollar united states

Major banks including BNY Mellon, Citi, U.S. Bank and Wells Fargo will be issuing tokens and settling transactions through CBDC pilot program. A 12-week proof-of-concept pilot for a central bank digital currency, or CBDC, was announced by the Innovation Center of the Federal Reserve Bank of New York, or NYIC. The program will investigate the […] The post...

New York Fed launches digital dollar trial with banking giants

The 12-week digital dollar experiment program will see the New York Federal Reserve Bank in partnership with banking institutions test the viability of using a shared ledger for interbank transactions. The Federal Reserve Bank of New York announced on Tuesday that it is beginning a digital dollar experiment with major banks to test the viability […] The post...

Nov 04 2022

Fed Completes First Test With Digital Dollar, Releases Results

Nov 04 2022 Published at Bitcoinist.com under tags  cbdc digital dollar fed

In its New York subsidiary, the U.S. Federal Reserve (Fed) completed the first test of Project Cedar, the initiative testing a central bank digital currency (CBDC). The New York Innovation Center (NYIC) carried out this first phase and highlighted the potential for digital assets and blockchain technology to improve legacy payment rails. According to a...

Oct 09 2022

Four Signs a Digital Dollar Is Coming (and Why You Should Care)

Oct 09 2022 Published at Crypto Briefing under tags  analysis digital dollar u.s. cbdc

Introducing a "digital dollar" central bank digital currency would radically change how the world interacts with money, and based on recent developments, the U.S. seems to be open to the...

Sep 21 2022

CBDC Wars: Why The U.S. Must Create Its Own Stablecoin To Compete With China

Sep 21 2022 Published at Bitcoinist.com under tags  bitcoin blockchain cbdc cbdc wars crypto

The United States is embarking on a campaign toward the introduction of a CBDC, or central bank digital currency. As part of the White House's first- ever comprehensive framework, the Treasury Department is now suggesting the creation of a national stablecoin or CBDC. To counter China's advancements on the CBDC, five panelists at a hearing for the U.S. House Committee on Financial Services on...

Sep 09 2022

Digital Dollar: Republicans Demands ‘Urgent Response’ From Fed

Rep. Patrick McHenry and other members of the House Financial Services Committee wrote a letter to Fed Vice Chairwoman Lael Brainard asking for more information on Digital Dollar. U.S. A top Federal Reserve official is being asked by Republican lawmakers to explain how the central bank sees its power to issue a digital dollar. Rep. […] The post...

May 10 2022

Economist Nouriel Roubini backtracks on anti-crypto stance with digital dollar plans

Long-term crypto critic Nouriel Roubini is working on a digital dollar through Atlas Capital Team L.P. that will serve as “a more resilient dollar,” Bloomberg News reported. Atlas...

Mar 23 2022

Businesses could soon pay their taxes with crypto in Florida

Mar 23 2022 Published at CryptoSlate under tags  adoption bitcoin digital dollar florida miami

The Governor of Florida, Ron DeSantis, has said that he’s working on the possibility of businesses within the state paying their taxes in crypto. Florida to embrace...

Mar 17 2022

Russia sanctions could push other countries to develop their CBDCs

Banking executive Hiromi Yamaoka believes that the conflict in Ukraine could influence central bank digital currencies (CBDCs) policy globally. The former head of payments and settlements department at the Bank of Japan sees countries such as China exploring CBDCs to counter the dominance of US dollars. China, others could explore CBDC to counter US Dollar dominance...

Jan 12 2022

Nov 24 2021

U.S. Senate Banking Committee Throws Softball Questions To Stablecoins Issuers

Nov 24 2021 Published at Bitcoinist.com under tags  binance.us cbdc cbdcs centre circle

Stablecoins are in hot water in The States… or are they? The U.S. Senate Banking Committee sent letters to Circle, Tether Holdings Ltd., “Coinbase, Gemini, Paxos, TrustToken, Binance.US, and Centre.” What do these companies have in common? They all issue stablecoins pegged to the US Dollar. Is the US government doing a serious inquire this time? Probably not, judging by the questions they...

Aug 03 2021

Jul 15 2021

Fed Chairman: The World Won’t Need Digital Currencies Once We Have the Digital Dollar

On Wednesday, July 14, Federal Reserve Chairman Jerome Powell spoke on the topic of having a Digital Dollar during the hearing before the U.S. House of Representatives Financial Services Committee. The Fed Chairman said that one of the major reasons for the U.S. Central Bank to have digital currency in place is that it will The post Fed Chairman: The World Won't Need...

Jun 11 2021

Central Bank of Nigeria (CBN) Plans For a CBDC Launch By the End of 2021

On Thursday, June 10, the Central Bank of Nigeria (CBN) announced that it preparing for the launch of the central bank digital currency (CBDC) aka Digital Naira and that should happen before the end of 2021. Rukayat Mohammed, the Director...

Jun 02 2021

China Plans A $6.2 Billion Digital Currency Lottery for Beijing Residents

After testing its Digital Renminbi use in some of the small cities, China is now planning a big CBDC giveaway for Beijing residents. The Chinese government has planned a 40 million renminbi ($6.2 million) lottery giveaway in form of...

May 24 2021

Fed Governor Lael Brainard Thinks Digital Dollar Can Bring Several Benefits

On Monday, May 24, Federal Reserve Governor Lael Brainard backed the idea of a central bank digital currency (CBDC) and stated that it could bring along a variety of benefits. The Fed Governor also added that having a Digital Dollar will...

May 03 2021

The Digital Dollar Project by Accenture Will Kickstart Pilot Program for U.S. CBDC Design and Use Case

Co-founded by consulting giant Accenture, The Digital Dollar Project (DDP) is all set to kickstart pilot tests for the U.S. central bank digital currency (CBDC) over the next year to test its design and use cases. For this,...

Apr 29 2021

Fed Chairman Says The U.S. Is Not Competing With China on Central Bank Digital Currency (CBDC)

The Chinese central bank - People's Bank of China (PBoC) - has expedited its efforts on launching its central bank digital currency (CBDC) Digital Yuan. However, the U.S. isn't quite...

Mar 26 2021

China’s CBDC All Set To Eat Into the Digital Payments Market Share of WeChat and Alipay

Mar 26 2021 Published at Coingape under tags  alipay ant group bank of china cbdc chinese cbdc

Alipay and WeChat Pay the two dominant players in China's online payments marketplace are all set to see tough competition from the country's very own central bank digital currency (CBDC) aka Digital Yuan. On Thursday, March 25, speaking during a panel discussion organized by the Bank of International Settlements (BIS), Mu Changchun, director of the The post China's CBDC All Set To Eat...

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