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Improving the Monetary Regime: The Case for U.S. Digital Cash
Improving the Monetary Regime: The Case for U.S. Digital Cash
An urgent priority for the Fed and other central banks is to move ahead with the provision of digital cash as a means of mitigating the effective lower bound. This approach will ensure that monetary policy will be systematic, transparent, and effective during normal times and in responding to severe adverse shocks.
#Fintech#CryptoAssets#AltCoins#CBDC#DFC
·cato.org·
Improving the Monetary Regime: The Case for U.S. Digital Cash
Cryptocurrencies, institutions and trust
Cryptocurrencies, institutions and trust
For cryptocurrencies to be broadly accepted forms of digital money they will need consumer trust and confidence. Building consumer confidence in new digital currencies will require participation of intermediary institutions and a much greater level of regulation than currently exists. In response to concerns about existing forms of cryptocurrencies, governments are likely to investigate or implement their own digital currencies to prevent disruption to sovereign money and the ability to manage the wider economy.
#Fintech#CryptoAssets#CBDC#DFC
·australiancentre.com.au·
Cryptocurrencies, institutions and trust
Cash no longer US’s most popular means of payment
Cash no longer US’s most popular means of payment
For the first time in the US, in 2018, cash was not the most frequently used means of payment, a new Fed report finds. The report shows that consumers used cash for 26% of payments last year, four percentage points lower than 2017. Cash now sits just under debit cards, which rose from 26% in 2017 to 28% last year. On average, consumers last year made 11 cash payments per month, down from 12 in 2017, while total payments increased from 41 to 43 transactions per month.
#Fintech#CBDC#DFC
·centralbanking.com·
Cash no longer US’s most popular means of payment
Declining trend in Dutch cash use persists
Declining trend in Dutch cash use persists
The use of cash as a means of payment in the Netherlands continued to decline in 2018, according to data released by the Netherlands Bank. Last year, Dutch consumers paid 37% of their purchases in cash, down from 41% in 2017. Cash also declined in transactions between consumers, falling to 59% of peer-to-peer transactions in 2018, down from 67% the previous year.
#Fintech#CBDC#DFC
·dnb.nl·
Declining trend in Dutch cash use persists
10 things you must know about the Govt. of India Blockchain Report
10 things you must know about the Govt. of India Blockchain Report
The much-awaited Government of India report on blockchain and virtual currencies promises a massive boost to the blockchain sector in India, but delivers a fatal blow to bitcoin, Ripple XRP, ethereum, and other crypto-currencies through the proposed “Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019”.
#Fintech#CryptoAssets#Blockchain#CBDC#Regulation#DFC
·finextra.com·
10 things you must know about the Govt. of India Blockchain Report
Cambodia launches blockchain-powered payment system
Cambodia launches blockchain-powered payment system
"Cambodia launched the pilot of a blockchain-powered payment system this week, as the South-east Asian country aims to reduce money transfer costs and improve financial inclusion. The application, know as the Bakong Project, connects financial institutions and payment providers, enabling users to pay and make transactions in real time without fees, according to Cambodia’s central bank."
#Fintech#CryptoAssets#AltCoins#CBDC#DFC
·centralbanking.com·
Cambodia launches blockchain-powered payment system
Rich countries must start planning for a cashless future - The dash off cash
Rich countries must start planning for a cashless future - The dash off cash
"Governments need to ensure that central banks’ monopoly over coins and notes is not replaced by private monopolies over digital money, and they should maintain banks’ obligation to keep customer information private, so that the plumbing remains anonymous. Digital firms that use this plumbing to offer services should be free to monetize transaction data, through, for example, advertising, so long as their business model is made explicit to users. The phase-out of cash should be gradual. For a period of ten years, banks should be obliged to accept and distribute cash in populated areas. This will buy governments time to help the poor open bank accounts, educate the elderly and beef up internet access in rural areas."
#Fintech#CryptoAssets#AltCoins#CBDC#DFC
·economist.com·
Rich countries must start planning for a cashless future - The dash off cash
The Very Political Fed
The Very Political Fed
Ms. Brainard says the Fed must develop its own system because “no single private-sector provider of any U.S. payment system has ever achieved nationwide reach on its own.” Perhaps that is because the Fed has undercut private systems with its regulatory and infrastructure advantage, as the Government Accountability Office reported in 2016.
#CBDC#CryptoAssets#PaymentSystems#Fintech#DFC
·wsj.com·
The Very Political Fed
Fed aims for 24/7 instant payment system in US
Fed aims for 24/7 instant payment system in US
The US has several private real-time networks offered by payments providers and big banks. But the Fed says these alternatives have important limitations, like the lack of a universal infrastructure. “Most of these services rely on ‘closed-loop’ approaches, meaning that users signed up to one service cannot exchange payments with users signed up to other services,” the Fed statement noted.
#Fintech#CryptoAssets#PaymentSystems#CBDC#DFC
·centralbanking.com·
Fed aims for 24/7 instant payment system in US
Is Fed vote on real-time payments a sign of a wider split?
Is Fed vote on real-time payments a sign of a wider split?
“The U.S. private sector has a long history of providing efficient payment solutions to consumers and businesses. The public sector should provide its own capacity only when the evidence of market failure is clear and alternative means to achieve public goals are not feasible," Quarles said in a statement. "In this case, I do not see a strong justification for the Federal Reserve to move into this area and crowd out innovation when viable private-sector alternatives are available.”
#CBDC#PaymentSystems#Fintech#Regulation#DFC
·americanbanker.com·
Is Fed vote on real-time payments a sign of a wider split?
PBOC to accelerate CBDC work in H2 2019
PBOC to accelerate CBDC work in H2 2019
"The PBOC will seize the trend to develop fintech, strengthen tracking and studying of the developments, and proactively meet new challenges. The PBOC will accelerate the research and advancement of China’s central bank digital currency, [and] track the development of virtual currencies both at home and broad."
#Fintech#CryptoAssets#AltCoins#CBDC#DFC
·pbc.gov.cn·
PBOC to accelerate CBDC work in H2 2019
A Tale of Two Countries: Cash Demand in Canada and Sweden
A Tale of Two Countries: Cash Demand in Canada and Sweden
"We find that Canada and Sweden show a similar long-term downward trend in small-denomination bank notes relative to GDP, reflecting declining cash use for transactions in both countries. These outcomes have been driven by the adoption of similar retail payment innovations in the two countries. "
#Fintech#CBDC#DFC
·bankofcanada.ca·
A Tale of Two Countries: Cash Demand in Canada and Sweden
PBoC says new digital payment system is almost ready
PBoC says new digital payment system is almost ready
"The central bank digital currency (CBDC) aims to replace M0 – cash in circulation – while maintaining the anonymity of cash. The digital currency will not have an impact on M2 – usually defined as M0 plus traveller’s cheques, demand deposits, money market shares and savings deposits – as changing M2 could have an effect on monetary policy, Mu said."
#Fintech#CryptoAssets#AltCoins#CBDC#DFC
·centralbanking.com·
PBoC says new digital payment system is almost ready
Central Banks Worldwide Testing Their Own Digital Currencies
Central Banks Worldwide Testing Their Own Digital Currencies
Central banks worldwide are examining the possibility of issuing a central bank digital currency (CBDC), with some already testing theirs for different uses. Countries that have advanced their digital currency projects include China, Singapore, Canada, the Bahamas, Thailand, Uruguay, and Sweden. India has also included the digital rupee in the country’s draft cryptocurrency bill.
#Fintech#AltCoins#CBDC#CryptoAssets#DFC
·news.bitcoin.com·
Central Banks Worldwide Testing Their Own Digital Currencies