Bank for International Settlements report says CBDCs can cut cross border remittance cost
The Bank for International Settlements (BIS) has released a paper promoting the advantages of central bank digital currency (CBDC), particularly in lowering cross-border payment costs, thereby improving international remittance speed. CBDCs can reduce cross-border payment transaction throughput from three to five business days to just a few seconds, according to a research published on Tuesday […]
The US Federal Reserve Chairman says the agency is undecided about a digital dollar
The US Federal Reserve chairman Jerome Powell says there is no pressure to rush any central bank digital currency development plans, although, the agency is currently weighing the benefits and cons but is yet to make a decision. Powell announced during a news conference on Wednesday that the Federal Reserve is considering the possibilities of […]
Bhutan’s central bank will use Ripple’s Labs to pilot its CBDCs
Bhutan’s Royal Monetary Authority is teaming up with Ripple to test its central bank digital currency. Ripple claims its CBDC solution would allow Bhutan’s central bank to deploy a digital ngultrum “without compromising financial stability. Bhutan’s central bank will use Ripple Labs’ private ledger to issue and administer a digital ngultrum, according to a statement […]
HSBC CEO supports CBDCs as opposed to cryptocurrencies and stablecoins
HSBC Group CEO Noel Quinn, believes CBDCs are a transparent legal tender that avoids the “many risks” associated with cryptocurrencies and stablecoins. HSBC, Europe’s largest bank with $3 trillion in assets, is dubious of bitcoin while pushing the creation of central bank digital currencies (CBDCs). New forms of digital money might promote growth, according to […]
CBDCs could have a negative effect on interest rates – Wall Street Journal
Central bank digital currencies (CBDCs), according to the Wall Street Journal, might have a detrimental impact on interest rates by providing the central bank more power over interest rate adjustments. Senior columnist James Mackintosh suggested in his Sept. 8 article, ‘Digital Currencies Pave Way for Deeply Negative Interest Rates,’ that the distinction between a CBDC […]