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National Bank of Ukraine to test e-hryvnia digital currency
National Bank of Ukraine to test e-hryvnia digital currency
National Bank of Ukraine (NBU) Chairman Andriy Pyshny revealed the central bank's preparations for an e-hryvnia central bank digital currency (CBDC) pilot. The NBU already has an understanding of the potential architecture model and is currently completing the search for a technological partner. This is at least the third time that the NBU has considered issuing a CBDC, starting in 2019 with a proof-of concept (POC) and then restarting its e-hryvnia research in 2022, so maybe the third time is the charm!? https://bank.gov.ua/admin_uploads/article/Analytical%20Report%20on%20E-hryvnia.pdf (2019 POC) and https://bank.gov.ua/ua/news/all/natsionalniy-bank-predstaviv-uchasnikam-platijnogo-rinku-ta-rinku-virtualnih-aktiviv--proyekt-kontseptsiyi-e-grivni (2022)
#CBDC#Ukraine#Fintech#DFC
·newsukraine.rbc.ua·
National Bank of Ukraine to test e-hryvnia digital currency
Technology Solutions to Support CBDC with Limited Connectivity
Technology Solutions to Support CBDC with Limited Connectivity
The IMF published a Fintech Note that examines technology solutions for enabling central bank digital currency (CBDC) operations in environments with limited or no connectivity. The paper analyzes various technological approaches across a spectrum of connectivity scenarios, from complete offline functionality to SMS/USSD-based systems that work on basic cellular networks. Through interviews with payment platform providers, central banks, and industry experts, different form factors (smartphones, feature phones, stored-value cards, and custom devices) are evaluated against three key criteria: accessibility and usability, cybersecurity and operational risks, and privacy considerations. The research reveals that no single solution meets all requirements, necessitating tailored combinations of technologies based on local infrastructure and user needs. Key findings indicate that while fully secure offline solutions do not yet exist, effective risk mitigation strategies through transaction limits, secure elements, and staged reconciliation have been successfully tested in pilot environments. The paper concludes that successful offline CBDC deployment requires ongoing technological agility, diverse access channels, and proactive risk management over unattainable absolute security.
#CBDC#Offline#Payments#Fintech#IMF#MobileMoney
·imf.org·
Technology Solutions to Support CBDC with Limited Connectivity
SEC Offers Stopgap Stablecoin Accounting Clarity
SEC Offers Stopgap Stablecoin Accounting Clarity
The U.S. Securities and Exchange Commission (SEC) has reportedly introduced updated staff guidance aimed at providing accounting clarity for stablecoins. It is expanding its initial crypto accounting rules, allowing certain U.S. dollar-pegged stablecoins to be treated as cash equivalents if they come with a guaranteed redemption right. This move is part of the SEC’s broader efforts, under Chair Paul Atkins, to relax previous restrictive policies and encourage traditional lenders to enter the crypto market, while the commission develops more comprehensive regulations for crypto securities.
#CryptoAssets#Stablecoins#Regulation#Accounting#UnitedStates#DFC
·news.bloomberglaw.com·
SEC Offers Stopgap Stablecoin Accounting Clarity
Bank of Botswana Explores Central Bank Digital Currency
Bank of Botswana Explores Central Bank Digital Currency
[July 10, 2025] The Bank of Botswana has initiated a central bank digital currency (CBDC) exploration project under the Digital BoB 2024 strategy, conducting research, training, and benchmarking efforts, including learning from the Central Bank of the Bahamas. A multidisciplinary CBDC Working Group has been established in the Bank to assess feasibility, infrastructure, legal frameworks, and the potential impact of a CBDC before making an adoption decision. The BoB had reportedly started exploring CBDC in June 22 but that was never officially conformed. https://www.mmegi.bw/business/bob-considers-introducing-a-digital-pula/news
#Botswana#Fintech#CBDC#DFC
·bankofbotswana.bw·
Bank of Botswana Explores Central Bank Digital Currency
Central Bank Digital Currency and Banking Choices
Central Bank Digital Currency and Banking Choices
A trio of Bank of Canada economists posted a paper on SSRN that analyzes how the introduction of a central bank digital currency (CBDC) could impact traditional bank deposits by developing a micro-founded model based on Canadian household data. The study finds that a non-interest-bearing CBDC without complementary financial products or an extensive physical service network would only minimally draw funds away from bank deposits (about 1% reduction), but expanding the CBDC’s physical presence (e.g., through Canada Post offices) could crowd out up to 7% of deposits, and only a very extensive network would reach around 12%. Placing holding limits on CBDC accounts (e.g., C$ 25,000 CAD) can significantly reduce this crowding-out effect while affecting the welfare of only a small fraction of households. The paper highlights that bank deposit choices are strongly influenced by complementary services (like mortgages and credit cards) and convenient access to branches.
#CBDC#Fintech#Canada#DFC
·papers.ssrn.com·
Central Bank Digital Currency and Banking Choices
Serbian Central Bank Law Amended to Allow Digital Som Issuance
Serbian Central Bank Law Amended to Allow Digital Som Issuance
[March 6, 2025] Article 53 of Serbia's Law on the National Bank of Serbia (NBS) was amended to give the central bank the right to issue the som in digital form (digital som). However, it's not entirely clear when the amendment was made, except that it was likely in either 2018 (RS Official Gazette, No. 44/2018 published on June 9, 2018) or 2025 (No. 19/2025 published on March 6, 2025). Those are the only two amendments to the Law that make sense from a review of the current consolidated version of the Law, because the next previous amendment (No. 40/2015) was published in 2015 which seems too early in the history of central bank digital currency (CBDC) to be plausible. Even 2018 seems to be on the verge of implausibility, so I'm guessing that the amendment was published on March 15, 2025.
#Fintech#CBDC#Serbia#DFC
·nbs.rs·
Serbian Central Bank Law Amended to Allow Digital Som Issuance
CBUAE Update on Digital Dirham CBDC Project
CBUAE Update on Digital Dirham CBDC Project
The Central Bank of the UAE's (CBUAE) outlined the development and planned implementation of its soon-to-be launched digital dirham central bank digital currency (CBDC). It will be designed for retail and wholesale transactions on an intermediated two-tier distribution model (in collaboration with licensed financial institutions) using distributed ledger technology (DLT). The digital dirham will be non-interest bearing with tiered holding limits to prevent banking sector disintermediation and maintain financial stability. The CBUAE has successfully conducted pilots that tested innovative use cases including programmable social payments, tokenized asset ownership, and smart tourist wallets, while establishing the necessary legal framework through amendments to UAE banking law that recognize digital currency as legal tender. Pseudonymity will help safeguard privacy but include digital identity and know-your-customer (KYC) protocols and payment traceability to deter digital dirham's misuse for illicit purposes. The CBUAE will introduce the digital dirham in phases over the next few years. Meanwhile, to support the CBUAE's cross-border payment aspirations, it continues to participate in multi-CBDC platform (e.g., mBridge) experiments. https://centralbank.ae/media/qw1ex32h/cbdc-long-report_july.pdf
#CBDC#UAE#Fintech#DFC#wCBDC#CrossBorder
·centralbank.ae·
CBUAE Update on Digital Dirham CBDC Project
The National Bank of Rwanda Launches CBDC Ideathon
The National Bank of Rwanda Launches CBDC Ideathon
The National Bank of Rwanda (NBR) in collaboration with Giesecke+Devrient (G+D), will host a retail central bank digital currency (CBDC) Ideathon. This event aims to engage local payment industry stakeholders, including individuals, startups, Fintechs, and other innovators, to validate ideas and use cases that foster the adoption of a potential e-Franc-Rwandais. The NBR’s CBDC work goes back to 2023 when it launched a feasibility study in collaboration with the Alliance for Financial Inclusion (AFI) that culminated in a research paper published in 2024. Registration of interest in the Ideathon closes on August 15, 2025, after which successful applicants will get access to the G+D Filia Wallet App to test the base functionalities of a potential eFranc-Rwandais. The idea is to create innovative use cases on top of the core CBDC functionalities (only conceptually, no need to do a prototype or any programming) and submit final idea by September 15, 2025. This will be followed by an event with final presentations in front of jury on the September 30, 2025. Selected use cases could potentially be developed further in future proof-of-concept work or a pilot.
#CBDC#Fintech#Hackathon#Ideathon#Rwanda#DFC
·bnr.rw·
The National Bank of Rwanda Launches CBDC Ideathon
Banco Central de Timor-Leste to Accelerate CBDC Strategy
Banco Central de Timor-Leste to Accelerate CBDC Strategy
The Banco Central de Timor-Leste (BCTL) has reportedly entered a new phase of its strategic partnership with Montran to drive modernization of the country’s payments ecosystem and advance development of a central bank digital currency (CBDC). As part of this initiative, Montran’s Instant Payments Solution (IPS) will be deployed across the country to enable secure, real-time payments and provide interoperability between financial institutions, businesses, and individuals. Montran is also working with BCTL to develop a national strategy for introduction of a CBDC, known as eCentavos.
#CBDC#PaymentSystems#Fintech#FastPayments#DFC#Timor-Leste
·montran.com·
Banco Central de Timor-Leste to Accelerate CBDC Strategy
Version 0.9 of the Digital Euro Scheme Rulebook (ECB)
Version 0.9 of the Digital Euro Scheme Rulebook (ECB)
The European Central Bank (ECB) published a preliminary draft version (version 0.9) of the digital euro scheme rulebook. It reflects the ECB's continuous effort to develop a draft rulebook in close cooperation with the Rulebook Development Group (RDG), comprising senior representatives from European associations representing both the supply and demand side of the retail payments market. Version 0.9 is generally based on the 2023 proposal for a regulation on the establishment of the digital euro (2023/0212/COD) and the Regulation on the provision of digital euro services by payment services providers incorporated in Member States whose currency is not the euro (2023/0211/COD). Version 0.9, which was shared with the RDG members on 30 June 2025, is non-binding and does not necessarily reflect the final views of the ECB, the Eurosystem, the RDG, or any of its members or their constituencies.
#CBDC#ECB#Eurozone#Fintech#DFC
·ecb.europa.eu·
Version 0.9 of the Digital Euro Scheme Rulebook (ECB)
The GENIUS Act Foreign Issuer Loophole
The GENIUS Act Foreign Issuer Loophole
[April 18, 2025] The Atlantic Council published a critique by Timothy Assad and others of the GENIUS Act's foreign issuer loophole , as it fails to adequately regulate offshore stablecoin issuers like Tether, the largest issuer of dollar-pegged stablecoins. While both bills require domestic stablecoin issuers to obtain licenses and comply with strict prudential requirements including full reserve backing and capital requirements, the GENIUS Act imposes virtually no restrictions on offshore-issued stablecoins that flow back into the US market, requiring only that issuers maintain basic law enforcement cooperation powers that most already possess. This creates a regulatory arbitrage that disadvantages US issuers, incentivizes companies to incorporate offshore to avoid stricter US regulations, and undermines the administration's stated goals of promoting US financial technology leadership and protecting dollar dominance. The STABLE Act attempts to address this through an eighteen-month grace period requiring offshore issuers to be subject to comparable foreign supervision, but this approach lacks clear enforcement mechanisms and still permits stablecoin use without custodial intermediary involvement, making it inadequate to close the regulatory gap.
#CryptoAssets#Regulation#Stablecoins#UnitedStates#Fintech#DFC
·atlanticcouncil.org·
The GENIUS Act Foreign Issuer Loophole
Stablecoins thrive on regulation but is that enough?
Stablecoins thrive on regulation but is that enough?
OMFIF published a critique of current stablecoin regulation by Ousmène Mandeng, focusing particularly on the U.S. Genius Act and Europe’s MiCA regime. The article argues that while these frameworks grant stablecoins legitimacy and encourage innovation, they risk undermining regulatory consistency by allowing fragmentation and regulatory arbitrage—particularly where ease of transfer mimics bearer instruments, potentially weakening compliance safeguards and bypassing traditional oversight regimes. Mandeng stresses that the true innovation of stablecoins lies in blockchain programmability and composability, rather than speed per se, since traditional banks already process payments rapidly. Yet new regulatory approaches may distort competition if stablecoins aren’t mapped into existing regulated categories like banks or e‑money institutions, thereby violating the principle of “same risk, same activity, same regulation”. The article concludes that regulation is necessary and foundational—but unless it adheres to established regulatory logic and is harmonized across jurisdictions, it may create new systemic risks, erode compliance frameworks, and breed unintended consequences.
#Fintech#Regulation#Stablecoins#CryptoAssets#DFC
·omfif.org·
Stablecoins thrive on regulation but is that enough?
Currency Dominance in the Digital Age
Currency Dominance in the Digital Age
Project Syndicate published an article by Hélène Rey that argues that the traditional foundations of monetary power are undergoing fundamental transformation as digital technologies become the primary infrastructure for money movement. While the US dollar has maintained global supremacy for over 80 years through America's economic scale, institutional credibility, liquid financial markets, geopolitical influence, and network effects, Rey contends that data integrity is emerging as a new critical variable that will reshape the global monetary order. The article suggests that as digital assets and technologies increasingly determine how currencies function and compete, the resilience and credibility of monetary systems will depend less on traditional economic factors and more on the integrity and security of underlying technological infrastructure, with significant implications for both financial stability and geopolitical power dynamics.
#CBDC#CryptoAssets#Fintech#Stablecoins#DFC
·project-syndicate.org·
Currency Dominance in the Digital Age
President’s Working Group on Digital Asset Markets Recommendations to Strengthen American Leadership in Digital Financial Technology
President’s Working Group on Digital Asset Markets Recommendations to Strengthen American Leadership in Digital Financial Technology
U.S. President Trump's Working Group on Digital Asset Markets published its regulatory and legislative proposals aimed at strengthening America's leadership in digital financial technology. The recommendations span six key areas: creating a fit-for-purpose regulatory framework through Congressional action including Commodity Futures Trading Commission (CFTC) oversight spot markets for non-security digital assets and embracing decentralized finance (DeFi) technology; modernizing banking regulations by ending "Operation Choke Point 2.0" and clarifying permissible bank activities in custody and stablecoin issuance; strengthening the dollar's role through implementation of the GENIUS Act creating federal stablecoin regulations and banning central bank digital currencies (CBDCs); combating illicit finance by modernizing anti-money laundering rules while protecting self-custody rights; ensuring fair taxation by reducing compliance burdens and treating digital assets as a distinct asset class; and enabling immediate trading at the federal level through regulatory clarity on registration, custody, and trading requirements. https://www.whitehouse.gov/wp-content/uploads/2025/07/Digital-Assets-Report-EO14178.pdf
#CryptoAssets#Fintech#Regulation#UnitedStates#Stablecoins#DeFi#DFC#CBDC
·whitehouse.gov·
President’s Working Group on Digital Asset Markets Recommendations to Strengthen American Leadership in Digital Financial Technology
Implementation of the Hong Kong stablecoin issuer regulatory regime
Implementation of the Hong Kong stablecoin issuer regulatory regime
The Hong Kong Monetary Authority (HKMA) published various documents for the implementation of the regulatory regime for stablecoin issuers, which comes into effect on August 1, 2025. These include the finalized guidelines on supervision of licensed stablecoin issuers and on anti-money laundering and counter-financing of terrorism (AML/CFT) for licensed stablecoin issuers) plus explanatory notes on various aspects of the stablecoin issuer licensing regime and application process, and on transitional provisions for pre-existing stablecoin issuers. As of July 29, 2025, no license has been issued by the HKMA.
#CryptoAssets#HongKong#Regulation#Stablecoins#Fintech
·hkma.gov.hk·
Implementation of the Hong Kong stablecoin issuer regulatory regime
Digital Economy, Stablecoins, and the Global Financial System
Digital Economy, Stablecoins, and the Global Financial System
The U.S. NBER published a paper that examines the macro-financial implications of a growing digital economy, focusing on stablecoins. The authors develop a three-region model—comprising the U.S., the rest of the world (RoW), and a decentralized “digital economy"—to study how stablecoins affect global financial markets. While stablecoins may increase the demand for safe dollar-denominated reserves, they may also serve as substitutes, reducing the global demand for traditional reserve assets. The paper finds that in the long run, the reserve demand effect dominates: the proliferation of stablecoins leads to lower US interest rates and increased US foreign borrowing and reinforcement of the U.S.'s "exorbitant privilege." . The model also shows that this expansion raises idiosyncratic consumption volatility in the US while reducing it in the RoW. Key channels of influence include both increased financial demand for digital assets and substitution of traditional services with digital alternatives.
#Fintech#Stablecoins#NBER#CryptoAssets#DFC
·nber.org·
Digital Economy, Stablecoins, and the Global Financial System
Central bank and media sentiment on central bank digital currency: an international perspective
Central bank and media sentiment on central bank digital currency: an international perspective
The BIS published a paper that examines central bank and media sentiments regarding central bank digital currencies (CBDCs) across 15 major economies from 2016 to 2022, using large language models to analyze over 1,200 central bank publications and nearly 29,000 news articles. The study reveals significant divergences between central bank and media sentiments, with notable variations over time and across jurisdictions, finding that central bank sentiment tends to exert a stronger influence on media sentiment than the reverse. The research identifies substantial cross-border sentiment spillovers, where sentiment in leading economies shapes sentiment in other regions. The findings suggest that while media generally express more positive views about CBDCs and focus on technological aspects, central banks concentrate more on payment system implications and financial stability concerns, with the sentiment gap having narrowed over time since the initial period when media sentiment significantly exceeded central bank sentiment.
#CBDC#Fintech#BIS#DFC
·bis.org·
Central bank and media sentiment on central bank digital currency: an international perspective
Analyzing CBDC Adoption in Jamaica and The Bahamas
Analyzing CBDC Adoption in Jamaica and The Bahamas
The Cato Institute published a briefing paper by NicK Anthony that examines the implementation and adoption of central bank digital currency (CBDC) in Jamaica (JAM-DEX) and The Bahamas (SandDollar), concluding that both initiatives have fundamentally failed to achieve their stated objectives. The analysis demonstrates that CBDCs in both countries have failed to gain traction with consumers or businesses, instead becoming little more than vehicles for government handouts—distributed through limited-time giveaways and incentive programs, with little lasting use. The paper documents how virtually every increase in CBDC circulation corresponds directly to government interventions rather than organic adoption, with Jamaica's CBDC representing merely 0.1 percent of cash circulation despite extensive promotional efforts. Similarly, The Bahamas achieved a 30% sign-up rate but struggled with actual usage. Anthony argues that these Caribbean experiments reveal a fundamental flaw in CBDC policy: people are already well-served by existing payment options including cash, cards, and digital apps, making CBDC an unnecessary redundancy that requires artificial incentives to maintain even minimal usage levels.
#Bahamas#Jamaica#Fintech#CBDC#DFC#Cato
·cato.org·
Analyzing CBDC Adoption in Jamaica and The Bahamas
The digital euro gets shakier
The digital euro gets shakier
Noelle Acheson published an article that details mounting challenges facing the European Central Bank's digital euro initiative, highlighting significant delays and cost overruns that cast doubt on the project's viability. She notes troubling signs including prolonged reporting delays, stalled legislative progress following the resignation of key EU officials who oppose the project, and ongoing tender processes that should have been completed months ago. While the ECB allocated approximately €1.2 billion just for initial development tenders in January 2024, with over half dedicated to offline functionality that is proving more complex than anticipated, the banking industry faces an estimated €18 billion in adaptation costs for a service that could threaten their deposit base. Noelle expresses particular skepticism about the €154 million allocated for app design, questioning why a central bank is developing retail-focused applications, and suggests that despite ECB President Christine Lagarde's public pressure on lawmakers, the project appears increasingly unstable with potential for significant scaling back of ambitious features.
#CBDC#ECB#Eurozone#Fintech#DFC
·medium.com·
The digital euro gets shakier
Western Union joins stablecoin race, eyes crypto partnerships: CEO
Western Union joins stablecoin race, eyes crypto partnerships: CEO
Western Union’s CEO, Devin McGranahan, announced that the company sees stablecoins as an innovation opportunity and is considering partnerships with major crypto firms to offer stablecoin-based transfers, conversions, and digital wallet services. The company is already testing stablecoin settlements in Africa and South America and has a history of crypto-related initiatives, including past partnerships with Ripple. This renewed interest comes as the U.S. passes the GENIUS Act, which establishes clear regulations for stablecoin issuers, requiring one-to-one reserves and stricter oversight, aiming to foster competition and prevent dominance by large tech or financial firms.
#CryptoAssets#Stablecoins#Payments#CrossBorder#Fintech
·cointelegraph.com·
Western Union joins stablecoin race, eyes crypto partnerships: CEO
Morocco’s Central Bank explores CBDC for cross-border use
Morocco’s Central Bank explores CBDC for cross-border use
Bank Al-Maghrib, Morocco's central bank, is advancing its central bank digital currency (CBDC) initiative, having completed its first peer-to-peer retail payment test and currently conducting a second trial focused on cross-border transfers in partnership with Egypt's central bank and the World Bank. The work has been supported by comprehensive studies examining legal frameworks and macroeconomic implications conducted with World Bank and IMF assistance. https://www.bkam.ma/Discours/2025/Allocution-de-monsieur-le-wali-de-bank-al-maghrib-lors-du-seminaire-continental-de-l-abca-sur-les-cyber-risques-et-technologies-financieres-innovantes
#CBDC#CrossBorder#Payments#Fintech#Morocco#Egypt#wCBDC#DFC
·en.yabiladi.com·
Morocco’s Central Bank explores CBDC for cross-border use
Tether will register USDT in the U.S. under the GENIUS Act’s foreign issuer rules
Tether will register USDT in the U.S. under the GENIUS Act’s foreign issuer rules
Tether will soon offer USDT legally in the U.S. under the newly signed GENIUS Act, allowing the El Salvador-issued stablecoin to circulate domestically. CEO Paolo Ardoino confirmed Tether will comply with the foreign issuer pathway, including anti-money laundering laws and audited reserves—a first for the company—within the three-year deadline. Despite this, Tether also plans to launch a separate U.S.-specific stablecoin to meet local compliance standards, alongside USDT. The two coins will serve different audiences: USDT will primarily support immigrants sending remittances abroad, while the new U.S. stablecoin will cater to businesses and institutions requiring full regulatory alignment.
#CryptoAssets#Stablecoins#Tether#USDT#Fintech#Regulation#UnitedStates#DFC
·mitrade.com·
Tether will register USDT in the U.S. under the GENIUS Act’s foreign issuer rules
US banking associations urge OCC to postpone crypto firm applications for bank charters
US banking associations urge OCC to postpone crypto firm applications for bank charters
Five major U.S. banking associations, including the American Bankers Association (ABA), have submitted a formal letter to the Office of the Comptroller of the Currency (OCC) expressing strong opposition to recent national trust charter applications filed by digital asset companies including National Digital TR CO (Protego Trust), Fidelity Digital Assets, First National Digital Currency Bank (Circle), and Ripple National TR Bank. The associations argue that these applications present significant policy and legal concerns because the proposed business models—primarily involving digital asset custody services for cryptocurrencies, stablecoins, and other digital assets—do not constitute the traditional fiduciary activities historically required for national trust banks under federal law (12 U.S.C. § 92a). They contend that the public portions of these applications contain insufficient detail to enable meaningful public scrutiny, with comment periods closing despite inadequate transparency, and that approving such charters would represent a fundamental departure from established OCC precedent that should require extensive public notice and comment procedures. The associations urge the OCC to postpone consideration of all applications until more complete business plan information is made publicly available, warning that approval could establish a problematic precedent allowing companies to obtain national bank charter benefits without corresponding regulatory oversight, potentially creating systemic risks to the banking system.
#CryptoAssets#Fintech#Regulation#OCC#UnitedStates#Banks#Stablecoins#Circle#DFC
·bankingjournal.aba.com·
US banking associations urge OCC to postpone crypto firm applications for bank charters
1:1 Redemptions for Some, Not All
1:1 Redemptions for Some, Not All
The MIT Digital Currency Initiative (DCI) published a blog that discusses the complexities of stablecoin redemptions and the importance of understanding the relationship between issuers, institutional clients, and retail users. It highlights that while issuers promise a 1:1 redemption, this promise is not always guaranteed due to factors such as access, solvency, and liquidity. The article explains that institutional clients have direct access to redeem tokens at face value, whereas retail users rely on intermediaries, leading to a two-tiered system. This system can be particularly punishing during times of market stress, as seen during the USDC-SVB crisis in 2023. See also: https://www.linkedin.com/posts/co-pierre-georg-841074325_11-redemptions-for-some-not-all-mit-digital-activity-7353023948927746048-b3mi/
#CryptoAssets#Stablecoins#Fintech#FinancialStability
·dci.mit.edu·
1:1 Redemptions for Some, Not All
2025 Diary of U.S. Consumer Payment Choice
2025 Diary of U.S. Consumer Payment Choice
The 2025 Diary of Consumer Payment Choice report from the Federal Reserve Financial Services shows that despite increasing digitalization, U.S. consumers continue to use cash and keep it handy. The report found that consumers made an average of 48 payments per month in 2024, with cash use remaining stable at 7 payments per month. Cash was the third-most-used payment instrument after credit and debit cards, and households earning less than $25,000 per year and adults 55 and older relied more on cash.
#Cash#Payments#UnitedStates#Fintech#DFC
·frbservices.org·
2025 Diary of U.S. Consumer Payment Choice
U.S. GENIUS Act Signed into Law
U.S. GENIUS Act Signed into Law
U.S. President Donald Trump signed into law the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act to establish a regulatory framework for “payment” stablecoin issuers. (A payment stablecoin is a non-interest-paying digital asset that is or is designed to be used as a means of payment or settlement; and the issuer of which is obligated to convert, redeem, or repurchase for a fixed amount of monetary value.) The Act will restrict issuers to subsidiaries of insured depository institutions, federal-qualified nonbank issuers, or state-qualified issuers with stablecoin issuance of $10 billion or less. Issuers must maintain reserves backing the stablecoins on an at least a one-to-one basis. Permitted reserve assets include demand deposits at insured depository institutions, short-term U.S. Treasury securities, money received under Treasury bill-backed repurchase agreements with a maturity of seven days or less, and reverse repurchase agreements with a maturity of seven days or less that are collateralized Treasury securities on an overnight basis. Issuers must also comply with all anti-money laundering regulations. The Act also prioritizes stablecoin holders’ claims in bankruptcy proceedings, and exempts payment stablecoins from securities laws.
#UnitedStates#Fintech#DFC#Regulation#Stablecoins#CryptoAssets
·congress.gov·
U.S. GENIUS Act Signed into Law
House passes Anti-CBDC Surveillance State Act, blocks digital dollar testing
House passes Anti-CBDC Surveillance State Act, blocks digital dollar testing
The U.S. House of Representatives passed the CBDC Anti-Surveillance State Act, which would block the Federal Reserve (Fed) from issuing or testing a retail central bank digital currency (CBDC) without Congressional approval. The bill aims to prevent the government from using a digital dollar as a tool for state surveillance and control, but grants protections for open, permissionless, and private dollar-denominated currencies. The bill, introduced by Rep. Tom Emmer, prohibits the Fed from directly or indirectly issuing a CBDC that would be widely available to the general public, and bars the use of a CBDC as a monetary policy tool. The bill is also carefully worded so that Fed testing of so-called "wholesale CBDC" is permitted. This legislation now moves to the Senate. https://www.congress.gov/bill/119th-congress/house-bill/1919/text
#UnitedStates#Regulation#CBDC#DFC#Fintech
·thestreet.com·
House passes Anti-CBDC Surveillance State Act, blocks digital dollar testing
JD.com, Ant Group push yuan stablecoins to challenge US dollar dominance
JD.com, Ant Group push yuan stablecoins to challenge US dollar dominance
JD.com and Ant Group are reportedly pushing Chinese regulators to launch yuan-based stablecoins to boost the currency's global role and counter the US dollar's dominance. The move aims to strengthen the yuan's presence in global trade and limit the dollar's influence. The two companies are preparing to apply for stablecoin licenses in Hong Kong and Singapore, with early feedback from regulators described as positive. JD.com also plans to apply for stablecoin licenses in major countries to reduce cross-border payment costs, initially targeting business-to-business transactions but eventually perhaps extending to consumer payments. https://cointelegraph.com/news/jdcom-stablecoin-global-licensing-genius-act
#Stablecoins#CryptoAssets#Fintech#DFC#HongKong#China#AntFinancial#JDcom
·cointelegraph.com·
JD.com, Ant Group push yuan stablecoins to challenge US dollar dominance
Digital Pound Design Note – Interoperability Models for UK-based Payments
Digital Pound Design Note – Interoperability Models for UK-based Payments
The Bank of England (BoE) published a note on interoperability models for UK-based payments outlined its emerging thinking on how a potential digital pound could seamlessly exchange with other forms of money within domestic UK transactions. The core objective of a digital pound would be to preserve the "singleness of money" - ensuring all sterling forms remain equally valued and interchangeable - while supporting innovation, choice, and efficiency in the payments ecosystem. The note outlines and evaluates three interoperability models—centralized, intermediary-based, and direct provision by payment interface providers—and evaluates their trade-offs for users, participants, and the financial system. It concluded that the centralized model would best provide the capability to ensure uniform access and reduce costs.
#CBDC#UnitedKingdom#Interoperability#Fintech#DFC
·bankofengland.co.uk·
Digital Pound Design Note – Interoperability Models for UK-based Payments
Digital Pound Design Note – Product Strategy
Digital Pound Design Note – Product Strategy
The Bank of England (BoE) published a design note outlining its emerging product strategy for a potential digital pound, which would operate under a public-private model where the Bank manages the core ledger while regulated private firms provide user-facing services to individuals and businesses. The strategy proposes a three-stage rollout (Initial, Near, and Later) focusing first on enabling convenient peer-to-peer payments and online commerce acceptance, with more complex features like point-of-sale terminal integration and conditional payment functionality introduced in subsequent phases. The digital pound aims to preserve the "singleness of money" and support payments innovation while complementing physical cash, though business acceptance would not be mandated and adoption is expected to be gradual.
#CBDC#UnitedKingdom#Fintech#DFC
·bankofengland.co.uk·
Digital Pound Design Note – Product Strategy