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BIS on the Technology of Retail Central Bank Digital Currency
BIS on the Technology of Retail Central Bank Digital Currency
"Central bank digital currencies (CBDCs) promise to provide cash-like safety and convenience for peer-to-peer payments. To do so, they must be resilient and accessible. They should also safeguard the user's privacy, while allowing for effective law enforcement. Different technical designs satisfy these attributes to varying degrees, depending on whether they feature intermediaries, a conventional or distributed infrastructure, account- or token-based access, and retail interlinkages across borders. We set out the underlying trade-offs and the related hierarchy of design choices."
#Fintech#CryptoAssets#CBDC#DFC
·bis.org·
BIS on the Technology of Retail Central Bank Digital Currency
Eastern Caribbean Currency Union : Selected Issues
Eastern Caribbean Currency Union : Selected Issues
Given that the ECCB has a fixed exchange rate regime, monetary policy implications of a CBDC would be limited. [But] key challenges that warrant careful considerations would include risks to financial intermediation, financial integrity, and cybersecurity.
#Fintech#CryptoAssets#CBDC#DFC
·imf.org·
Eastern Caribbean Currency Union : Selected Issues
Masayoshi Amamiya: Central Bank Digital Currency and the future of payment and settlement systems
Masayoshi Amamiya: Central Bank Digital Currency and the future of payment and settlement systems
"If the central bank issues CBDC, relevant transaction information will flow into the central bank. Its implication is not only a matter of protecting personal information, but also a matter of what kind of system design is desirable for the society in order to effectively utilize such commercial information for business purposes."
#Fintech#CryptoAssets#CBDC#DFC
·bis.org·
Masayoshi Amamiya: Central Bank Digital Currency and the future of payment and settlement systems
During MIT panel, experts say blockchain is not yet a clear design choice for central bank digital currencies - The Block
During MIT panel, experts say blockchain is not yet a clear design choice for central bank digital currencies - The Block
Experts at the MIT Bitcoin Expo on Saturday argued that blockchain as a technology is not yet a clear choice for central bank digital currencies due to challenges regarding privacy protection, interoperability, and the ability to move value on a consistent basis. At the same time, they believe that the introduction of central bank digital currencies is a necessary improvement upon the existing global financial system because they advance financial inclusion, cut the cost of handling cash and help mitigate risks during crises.
#Fintech#CryptoAssets#CBDC#DFC
·theblockcrypto.com·
During MIT panel, experts say blockchain is not yet a clear design choice for central bank digital currencies - The Block
Proposal for a deposit guarantee scheme presented to the Countries Curaçao and Sint Maarten
Proposal for a deposit guarantee scheme presented to the Countries Curaçao and Sint Maarten
On February 6, 2020 the Centrale Bank van Curaçao en Sint Maarten submitted a draft national ordinance to the countries of Curaçao and Sint Maarten for a deposit guarantee scheme. This draft will shortly be discussed with the representative organizations and thereafter be officially presented once more to the countries for approval and implementation.
#Fintech#CryptoAssets#CBDC#DFC
·cbcs.spin-cdn.com·
Proposal for a deposit guarantee scheme presented to the Countries Curaçao and Sint Maarten
Digital stimulus?
Digital stimulus?
Could now be a good time to announce a CBDC? The asset/saving-less can be encouraged to sign up to the system with the promise of a $2000/£2000/€2000 stimulus and an ongoing stipend of x amount for however long the crisis lasts (an effective negative rate). Those seeking safety for savings, meanwhile, can be promised the protection of par value, with capital invested strategically redeployed in the system in the shape of zero-rate loans for temporarily struggling businesses?
#Fintech#CryptoAssets#CBDC#DFC
·ftalphaville.ft.com·
Digital stimulus?
BitMEX Report: Issuance of CBDCs May Lead to Inflation
BitMEX Report: Issuance of CBDCs May Lead to Inflation
The BitMEX analysis divides the CBDC concept into two distinct ideas: i) banning physical cash, and, ii) allowing retail customers to have deposits directly with the central bank. It concludes that although in some ways the two policies complement each other, they have vastly different economic consequences. The former would increase credit expansion, and the latter would cause contraction. Due to the deflationary nature of allowing the public to hold electronic deposits at their central bank, it concludes that financial authorities are unlikely to allow these CBDC schemes to succeed in any meaningful way.
#Fintech#CryptoAssets#CBDC#DFC
·blog.bitmex.com·
BitMEX Report: Issuance of CBDCs May Lead to Inflation
Banknotes and Coronavirus
Banknotes and Coronavirus
"In this post I’m going to review what the authorities like central banks have done up till now with the banknotes they issue. And then I’ll discuss what science has to tell us about banknotes and pathogens."
#Fintech#CBDC#DFC
·bullionstar.com·
Banknotes and Coronavirus
I-Pago Now Available in Aruba
I-Pago Now Available in Aruba
The country’s entire banking community has switched to offering instant payments using the Clearing and Settlement Mechanism of the central bank. “After this successful switch, all interbank payments in Aruban florin initiated in Aruba can be instantly processed 24/7/365. The IP CSM is fully compliant with international standards and ISO20022.”
#Fintech#CBDC#FastPayments#DFC
·cbaruba.org·
I-Pago Now Available in Aruba
A draft of the coronavirus stimulus bill written by House Democrats would create a 'digital dollar'
A draft of the coronavirus stimulus bill written by House Democrats would create a 'digital dollar'
The U.S. Democratic party is working on massive stimulus bill in response to the coronavirus epidemic and its economic impact. A version of the bill dated March 22 that has been circulating includes a passage that, if passed, would lead to the creation of a “digital dollar” to be used for providing stimulus payments.
#Fintech#CryptoAssets#CBDC#DFC
·theblockcrypto.com·
A draft of the coronavirus stimulus bill written by House Democrats would create a 'digital dollar'
House Stimulus Bills Envision 'Digital Dollar' to Ease Coronavirus Recession
House Stimulus Bills Envision 'Digital Dollar' to Ease Coronavirus Recession
Under the draft bills shared last week, dubbed the “Take Responsibility for Workers and Families Act” and the “Financial Protections and Assistance for America’s Consumers, States, Businesses, and Vulnerable Populations Act,” the Federal Reserve – the nation's central bank – could use a “digital dollar” and digital wallets to send payments to “qualified individuals,” consisting of $1,000 for minors and $2,000 to legal adults.
#Fintech#CryptoAssets#CBDC#DFC
·coindesk.com·
House Stimulus Bills Envision 'Digital Dollar' to Ease Coronavirus Recession
'Digital Dollar' Stripped From Latest US Coronavirus Relief Bill
'Digital Dollar' Stripped From Latest US Coronavirus Relief Bill
While the draft bill introduced by Speaker of the House Nancy Pelosi (D-Calif.) on Monday no longer includes any language around a digital dollar, a separate bill introduced by Rep. Maxine Waters (D-Calif.), titled the "Financial Protections and Assistance for America’s Consumers, States, Businesses, and Vulnerable Populations Act," still mentions the digital dollar.
#Fintech#CryptoAssets#CBDC#DFC
·coindesk.com·
'Digital Dollar' Stripped From Latest US Coronavirus Relief Bill
US Senate Floats 'Digital Dollar' Bill After House Scrubs Term From Coronavirus Relief Plan
US Senate Floats 'Digital Dollar' Bill After House Scrubs Term From Coronavirus Relief Plan
The bill, introduced by Ranking Member Sen. Sherrod Brown (D-Ohio), is not proposing a crypto dollar but a digitized version of the existing dollar, a process advocates including former Commodity Futures Trading Commission (CFTC) Chairman Chris Giancarlo have called for to maintain U.S. financial hegemony.
#Fintech#CryptoAssets#CBDC#DFC
·coindesk.com·
US Senate Floats 'Digital Dollar' Bill After House Scrubs Term From Coronavirus Relief Plan
We just glimpsed how a “digital dollar” might work, thanks to coronavirus
We just glimpsed how a “digital dollar” might work, thanks to coronavirus
It’s no surprise that the digital dollar was removed from the relief package. Setting up the FedAccounts system would be “really complicated,” says Davis Polk & Wardwell's Jai Massari. “That is a big tech build, it raises lots of legal questions of all sorts, and it is not practical as a way to get immediate stimulus payments out to individuals.”
#Fintech#CryptoAssets#CBDC#DFC
·technologyreview.com·
We just glimpsed how a “digital dollar” might work, thanks to coronavirus
Central Banks Are Well Placed to Pay Universal Basic Income
Central Banks Are Well Placed to Pay Universal Basic Income
"It’s too late to create a CBDC for the current crisis. But as part of the exit strategy we should plan to create a CBDC as soon as possible and create a constitutional right to universal basic income, so that when the next disaster hits, people know that they will survive."
#Fintech#CryptoAssets#CBDC#DFC
·coindesk.com·
Central Banks Are Well Placed to Pay Universal Basic Income