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Riksbank considers joining EU’s faster payments system - deputy governor - Central Banking
Riksbank considers joining EU’s faster payments system - deputy governor - Central Banking
"The rise in the volume of payments, Skingsley said, meant the Riksbank needed to think about whether it needs to update the RIX payment network – the system that handles the settlement of all payments made in kronor. “We are analysing whether we can take advantage of our European co-operation by joining the European Central Bank’s system for faster payments,” Skingsley said. But she said she was concerned such an arrangement would see another part of the core payments infrastructure move beyond Sweden’s borders."
#CryptoAssets#CBDC#DFC
·centralbanking.com·
Riksbank considers joining EU’s faster payments system - deputy governor - Central Banking
Getting serious about digital fiat currencies - Livemint
Getting serious about digital fiat currencies - Livemint
"The digital revolution has profound implications for central banks. They have to decide whether to issue digital fiat currencies (DFCs) in order to maximize economic gains, remain relevant in a digital world, and respond to the cryptocurrency challenge. These considerations were apparent in the ITU DFC Focus Group conference at Cornell’s New York Tech Campus in late July, where central bankers formed the majority of more than 100 participants, and where I moderated the economic implications panel."
#CryptoAssets#CBDC#DFC
·livemint.com·
Getting serious about digital fiat currencies - Livemint
Bitcoin’s crash is not the end of cyber currencies | Financial Times
Bitcoin’s crash is not the end of cyber currencies | Financial Times
"The IMF has suggested Central Bank Digital Currencies, a digital-only form of fiat money which would seek to combine the ease of use of cash with a central bank ledger system to verify transactions. Implementing CBDCs requires significant testing: an IMF paper acknowledged they may be popular mainly in countries with less secure banking, and worried that adoption could cause digital bank runs. But CBDCs might one day offer consumers a faster, cheaper and safer alternative to physical cash and credit cards."
#CryptoAssets#CBDC#DFC
·ft.com·
Bitcoin’s crash is not the end of cyber currencies | Financial Times
Venezuela: Parliament Approves Crypto Bill to Combat 'Financial Blockade'
Venezuela: Parliament Approves Crypto Bill to Combat 'Financial Blockade'
"The law consists of 64 articles and five transitory provisions. It validates Petro as a unit of commercial exchange within the country, and states that goods and services can also be purchased with Petro. Venezuela’s crypto exchanges are also reportedly allowed to carry foreign exchange operations using Petro under the new laws."
#CryptoAssets#AltCoins#CBDC#Venezuela#DFC
·cointelegraph.com·
Venezuela: Parliament Approves Crypto Bill to Combat 'Financial Blockade'
Did The IMF Reveal That Cryptocurrency Is The New World Order End-Game? | Zero Hedge
Did The IMF Reveal That Cryptocurrency Is The New World Order End-Game? | Zero Hedge
"I suggest that the IMF already has a cryptocurrency mechanism ready to replace the dollar as world reserve, and that it will be infused into the SDR basket at the height of the coming crash. The fact that the IMF has been introducing central bank crypto talking points over the past year indicates to me that the crash is imminent."
#CryptoAssets#CBDC#IMF#DFC
·zerohedge.com·
Did The IMF Reveal That Cryptocurrency Is The New World Order End-Game? | Zero Hedge
Sweden’s Push to Get Rid of Cash Has Some Saying, ‘Not So Fast’ - The New York Times
Sweden’s Push to Get Rid of Cash Has Some Saying, ‘Not So Fast’ - The New York Times
"Few countries have been moving toward a cashless society as fast as Sweden. But cash is being squeezed out so quickly — with half the nation’s retailers predicting they will stop accepting bills before 2025 — that the government is recalculating the societal costs of a cash-free future."
#CBDC#DFC
·nytimes.com·
Sweden’s Push to Get Rid of Cash Has Some Saying, ‘Not So Fast’ - The New York Times
Philip Lowe: A journey towards a near cashless payments system
Philip Lowe: A journey towards a near cashless payments system
Perhaps a more important source of ongoing demand is the fact that using cash does not require the internet to be up, electricity to be working and the banks' systems to be operational. Banknotes are therefore an important emergency or back-up payment instrument. They are particularly useful in the event of natural disasters or failure of the electronic system. Perhaps one day the various systems will be so reliable that a backup will not be needed, but that day still seems some way off.
#CBDC#DFC
·bis.org·
Philip Lowe: A journey towards a near cashless payments system
China's smartphone-obsessed cashless economy is leaving its elderly behind
China's smartphone-obsessed cashless economy is leaving its elderly behind
“Mobile payments are carving out lines between young and old, and between the prosperous urban middle class and those left behind by the boom times. Mismanaged moves to mobile payments by municipalities could also lock the elderly and the poor out of the consumption economy—just when the Chinese government needs as many spenders as possible.”
#CBDC#DFC
·qz.com·
China's smartphone-obsessed cashless economy is leaving its elderly behind
Goodbye Cash, Hello E-krona | AIER
Goodbye Cash, Hello E-krona | AIER
"As long as the e-krona’s design conforms to such regulations, it will offer an extremely constricted form of anonymity, one that is likely to be constricted even more over time. This would be a missed opportunity, especially since the Riksbank acknowledges that as a central bank it “does not need to observe” the narrow dictates of e-money laws. For now, the Riksbank’s pilot project will involve traceable transactions. One hopes that as the project evolves, the central bank will rethink its approach. The world is watching you, Sweden. "
#CryptoAssets#CBDC#DFC
·aier.org·
Goodbye Cash, Hello E-krona | AIER
Swedish Monetary Ingenuity | AIER
Swedish Monetary Ingenuity | AIER
"Stefan Ingves, the Riksbank’s governor, has asked the Riksdag to modify the concept of legal tender so that retailers are forced to accept banknotes. More specifically, Ingves wants providers of goods and services that are “important from a citizen’s perspective” to be subject to a cash requirement. He proposes that pharmacies, special transport services, food shops, and petrol stations be included on this list."
#CBDC#DFC
·aier.org·
Swedish Monetary Ingenuity | AIER
5 Reasons a Man Should Still Carry Cash | The Art of Manliness
5 Reasons a Man Should Still Carry Cash | The Art of Manliness
"Many people just don’t see much reason to continue to carry around paper money. But, there are in fact several good reasons to still keep an ample supply of greenbacks in your wallet, including..."
#CBDC#DFC
·artofmanliness.com·
5 Reasons a Man Should Still Carry Cash | The Art of Manliness
ECB launches real-time payments system
ECB launches real-time payments system
"The European Central Bank has unveiled its response to the rise of digital wallets with the launch of Target Instant Payments Settlement (TIPS), a pan-eurozone instant payments system. The new service will be available to both consumers and businesses across the 19 states in the eurozone and will offer near real-time payments via smartphones, PCs and in-store payment points."
#Fintech#CBDC#DFC
·finextra.com·
ECB launches real-time payments system
BIS Conference on "Economics of Payments IX"
BIS Conference on "Economics of Payments IX"
"Payments and financial market infrastructures stand at a crossroads. Digital innovation, regulation and ever-evolving market structure have fundamental impacts on payments, clearing and settlement. Economics of Payments IX conference continues the tradition of bringing together academic researchers, central bank economists, and representatives of authorities to look at recent developments in these areas and to think creatively about the future of payments."
#Fintech#Blockchain#CryptoAssets#CBDC#DFC
·bis.org·
BIS Conference on "Economics of Payments IX"
Venezuela Artificially Inflates Petro 150 Percent As Bitcoin Sets New Record - Bitcoinist.com
Venezuela Artificially Inflates Petro 150 Percent As Bitcoin Sets New Record - Bitcoinist.com
"Data from Coin Dance confirms that in the seven days ending Saturday, Venezuelans transacted 1284 BTC ($5.1 million) via P2P trading platform Localbitcoins alone. In terms of the country’s highly volatile national currency the Sovereign Bolivar (VES), last week saw higher numbers still, Localbitcoins trade capping 2.35 billion VES. The records come as president Nicolas Maduro instigated further upheaval Friday and Saturday, first raising the minimum wage in VES by 150 percent. A day later, Venezuela devalued the VES by more than 40 percent in a Dicom exchange rate reassessment – the first such major move since the currency replaced the old bolivar in August."
#CryptoAssets#CBDC#Venezuela#DFC
·bitcoinist.com·
Venezuela Artificially Inflates Petro 150 Percent As Bitcoin Sets New Record - Bitcoinist.com
G+D Currency Technology | G+D
G+D Currency Technology | G+D
"The value of money is based on confidence. In a dynamically changing world G+D Currency Technology shares its unique knowledge of securing values. As a leader in currency technology in all key areas of currency circulation, we are constantly maximizing productivity, efficiency, and profitability."
#CryptoAssets#CBDC#DFC
·gi-de.com·
G+D Currency Technology | G+D
Digital Fiat Currency Institute
Digital Fiat Currency Institute
"The Digital Fiat Currency Institute promotes the study, development, standardization, specification, promotion, and adoption of digital fiat currency (DFC) for the betterment of all people, regardless of their geo-socio-economic status, under the auspices and governance of a central bank, as an economically beneficial use and means of currency, without prejudice or discrimination.  "
#CryptoAssets#CBDC#DFC
·dfc-institute.org·
Digital Fiat Currency Institute
Bitt, Central Bank and FSC on right track with Regulatory Sandbox Framework – Blog | Bitt
Bitt, Central Bank and FSC on right track with Regulatory Sandbox Framework – Blog | Bitt
"November 14th 2019 may not seem like a historic day to most, but for those in the Digital Currency world, it was seen as a watershed moment, as the Managing Director of the International Monetary Fund stated at a Fintech forum in Singapore “I believe we should consider the possibility to issue digital currency. There may be a role for the state to supply money to the digital economy. This currency could satisfy public policy goals, such as (i) financial inclusion, and (ii) security and consumer protection; and to provide what the private sector cannot: (iii) privacy in payments.”"
#CBDC#CryptoAssets#DFC
·blog.bitt.com·
Bitt, Central Bank and FSC on right track with Regulatory Sandbox Framework – Blog | Bitt
The Era of Central Bank Digital Currencies Is Within Reach - CoinDesk
The Era of Central Bank Digital Currencies Is Within Reach - CoinDesk
Successful and wide-scale CBDC implementation would require architects to consider consumer demand, payment habits, and preferences within a particular country – possibly resulting in idiosyncratic design decisions. Adding to the growing discourse on the topic, in a recent research report for R3, JP Koning evaluates what a CBDC might look like if it were to be issued by the central bank of Brazil, the world’s eighth largest economy. While this paper anchors the analysis through specific treatment of the Brazilian market, many of the design decisions that central banks (or private sector companies on behalf of central banks) would have to make can be generalized to other economies as well.
#CryptoAssets#CBDC#DFC
·coindesk.com·
The Era of Central Bank Digital Currencies Is Within Reach - CoinDesk
More Americans are making no weekly purchases with cash
More Americans are making no weekly purchases with cash
Americans are becoming less reliant on physical currency. Roughly three-in-ten U.S. adults (29%) say they make no purchases using cash during a typical week, up slightly from 24% in 2015.
#CBDC#DFC
·pewresearch.org·
More Americans are making no weekly purchases with cash
At least 15 central banks are serious about getting into digital currency - MIT Technology Review
At least 15 central banks are serious about getting into digital currency - MIT Technology Review
"Central banks are the institutions that set monetary policy for a nation, manage inflation, and act as the “lender of last resort”—such as the Bank of England in the UK and the Federal Reserve in the US. In fact, no fewer than 15 such central banks around the world are taking the idea seriously, and many others are at least exploring it, according to a recent report from the International Monetary Fund (IMF)."
#CBDC#DFC
·technologyreview.com·
At least 15 central banks are serious about getting into digital currency - MIT Technology Review
Critics say cashless retailers penalize the poor - CBS News
Critics say cashless retailers penalize the poor - CBS News
"Many businesses are going cashless -- accepting only credit, debit and mobile forms of payment -- to cut costs associated with cash management and to speed transactions. This shift in payments suits the one in four Americans who say they don't carry paper money, but it excludes the unbanked -- would-be customers without checking or savings accounts."
#CBDC#DFC
·cbsnews.com·
Critics say cashless retailers penalize the poor - CBS News
Should the Central Bank Issue E-money? - Bank of Canada
Should the Central Bank Issue E-money? - Bank of Canada
"Should a central bank take over the provision of e-money, a circulable electronic liability? We discuss how e-money technology changes the tradeoff between public and private provision, and the tradeoff between e-money and a central bank's existing liabilities like bank notes and reserves. The tradeoffs depend on i) the technological setup of the e-money system (as a token or an account; centralized or decentralized); ii) the potential improvement in the implementation and transmission of monetary policy; iii) the risks to safety and privacy from cyber attacks; and iv) the uncertain impact on banks’ efficiency and financial stability. The most compelling argument for central banks to issue e-money is to address competition problems in the banking sector."
#CryptoAssets#CBDC#DFC
·bankofcanada.ca·
Should the Central Bank Issue E-money? - Bank of Canada
Egypt’s Central Bank Conducting ‘Feasibility Studies’ Around Digital Currency Issuance
Egypt’s Central Bank Conducting ‘Feasibility Studies’ Around Digital Currency Issuance
"The central bank of Egypt wants to introduce a digital version of the Egyptian pound to reduce costs, local English language news outlet Amwal Al Ghad reported Dec. 16. Ayman Hussein, sub-governor of the Central Bank of Egypt (CBE), told an Abu Dhabi conference on Sunday that “feasibility studies” were currently ongoing. In line with various authorities in the vicinity, Egypt believes a blockchain-based digital version of its fiat currency can help keep issuance and transaction costs to a minimum compared to coins and banknotes, Amwal Al Ghad notes."
#CryptoAssets#CBDC#DFC
·cointelegraph.com·
Egypt’s Central Bank Conducting ‘Feasibility Studies’ Around Digital Currency Issuance
Saudi Arabia Teams Up With UAE to Issue Joint Cryptocurrency - Sputnik International
Saudi Arabia Teams Up With UAE to Issue Joint Cryptocurrency - Sputnik International
"Saudi Arabia and the United Arab Emirates (UAE) have announced plans to issue a cryptocurrency for use in cross-border transactions. This, despite the fact that the Saudi Arabian Monetary Authority (SAMA) has effectively banned digital currencies in the Middle Eastern country."
#CryptoAssets#Blockchain#CBDC#DFC
·sputniknews.com·
Saudi Arabia Teams Up With UAE to Issue Joint Cryptocurrency - Sputnik International