Tag "central bank digital currency (CBDC)"
US Federal Reserve Releases Discussion Paper on Central Bank Digital Currency
Recent technological advances including blockchain, cloud computing and artificial intelligence (AI) have ushered a wave of new private-sector financial products and services, paving the way for rapid developments in money. While dozens of countries are already in the development and
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Project Helvetia Successfully Integrates DLT-Backed Wholesale CBDC Into Existing Core Banking Systems
In Switzerland, Phase II of Project Helvetia has been completed, successfully demonstrating that it is possible to integrate a wholesale CBDC (wCBDC) running on a distributed ledger technology (DLT) platforms into existing core banking systems. Kickstarted in 2020, Project Helvetia
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New BIS Paper Delves Into History of CBDC Initiatives
Most central banks around the world are either researching or launching their own central bank digital currency (CBDC), a trend driven by technological advances, changing consumer behavior, and disruptive forces including cryptocurrencies and stablecoins. In a new paper titled Central
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Central Bank Digital Currency: Non-Implementation Poses Risks Too, Warns Swiss Bankers Association
At a time when central banks around the world are ramping up digital currency plans, Switzerland’s inactivity and possible “non-implementation” of a central bank digital currency (CBDC) could, in the long run, jeopardize the country’s competitiveness, and turn it into
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SWIFT Assesses What Roles It Could Play in Future CBDC Ecosystem
As central banks around the world accelerate their digital currency efforts, international payment network SWIFT is assessing what roles it could play in this new future. In a new paper released on May 11, 2021 and produced in partnership with
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Making Central Bank Digital Currency Systems Interoperable for Cross-Border Fund Transfers
Around the world, central banks are accelerating their work on digital currencies (CBDCs) and exploring the opportunities these could bring to cross-border fund transfers. CBDCs are now a widely researched new form of digital central bank money that are starting
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Central Banks Ramp up Digital Currency Plans
Around the world, interest in central bank digital currency (CBDC) is growing in response to changes in payments, finance and technology, and on the back of rising digital adoption triggered by COVID-19. A 2021 survey of central banks conducted by
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Digital Asset Adoption Gains Momentum With US$26 Billion in Bitcoin Transactions
Bitcoin’s recent price surge has accelerated institutional adoption of cryptocurrencies leading to institutional investor pouring an estimated US$26 billion into bitcoin over the past eight months, an analysis by SNGLR Group shows. In its second report part of the Digital
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Challenges and Opportunities of CBDC for Banks and Corporations
Central banking digital currencies (CBDCs) are poised to have significant implications for banks and non-bank firms, forcing them to adopt new approaches to processing payments and bringing about new possibilities, says consultancy firm Accenture. As part of a blog post
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BIS, Swiss National Bank and SIX Complete Pilot for Wholesale Digital Currency Project
The Bank for International Settlements’ Innovation Hub (BISIH), the Swiss National Bank (SNB) and the financial infrastructure operator SIX announced the successful completion of a joint proof-of-concept (POC) for its wholesale central bank digital currency (CBDC). Dubbed as Project Helvetia,
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