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☆ CBDC comes about when consumers move from cash to digital payment: ECB's Ulrich Bindseil
▼ + stars: | 2024-11-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCBDC comes about when consumers move from cash to digital payment: ECB's Ulrich BindseilUlrich Bindseil from European Central Bank talks about the future prospects of digital Euro.

Persons: ECB's Ulrich Bindseil Ulrich Bindseil Organizations: European Central Bank

☆ Why Wyoming is developing its own stablecoin
▼ + stars: | 2024-09-20 | by ( Tanaya Macheel | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy Wyoming is developing its own stablecoinCrypto World's Tanaya Macheel travels to Jackson Hole, Wyoming to find out why the state is developing its own stable token, as the Federal Reserve faces pushback on the idea of a central bank digital currency, or CBDC.

Organizations: Federal Reserve Locations: Wyoming, Hole , Wyoming

☆ Wyoming is pushing crypto payments and trying to beat the Fed to a digital dollar
▼ + stars: | 2024-08-23 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +5 min

As crypto investing becomes more mainstream and institutionalized with bitcoin ETFs, Wyoming is already pushing into the next phase of growth for crypto: consumer payments. The visionWyoming is currently vetting potential partners and vendors with more tech expertise to help build the stable token. From there, it should be just another payment method for everyday things, said Flavia Naves, a commissioner at the Wyoming Stable Token Commission. "This is a public token as well so as with any public service, all the information is available." The commission invites the public virtually to its meetings on the stable token and posts the minutes to its website afterward.

Persons: Long, Gordon, Washington's, Mark Gordon, it's, Flavia, we've Organizations: CNBC, treasuries, Treasurys, State, U.S ., Treasury, Federal Reserve, Atlantic Council Locations: United States, Wyoming, Jackson, Jackson , Wyoming, Solana

☆ Bitcoin miners at Donald Trump's closed-door event say he thinks bitcoin can help win AI arms race
▼ + stars: | 2024-06-13 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +17 min

Less than four hours after Trump's roundtable wrapped, the former president took to social media to extol the virtues of the bitcoin mining business. "Bitcoin mining may be our last line of defense against a CBDC," Trump posted shortly before midnight on Tuesday. "That's where you've got all these ancillary jobs; it's not just the bitcoin mining directly," said Cook. Enter bitcoin miners. Adding bitcoin miners to the portfolio of energy buyers has helped to improve the core economics of renewable power production.

Persons: Donald Trump, Eva Marie Uzcategui, —, New York —, Jason Les, Bitcoin, Bill Hagerty, David Bailey, Trump, Bailey, Sen, Elizabeth Warren, Les, Warren, Geoff Kendrick, bitcoin, Matthew Schultz, Jayson Browder, Brian Hughes, Biden, Harris, Andreessen Horowitz, Ron Conway, Fred Wilson, Cameron, Tyler Winklevoss, Schultz, Browder, CleanSpark, Coke, Chris Cook, Cook, There's, Amanda Fabiano, Fabiano, Marathon's Browder, We've, Exacore's Cook, you've, it's, Digital's Browder Organizations: U.S, Mar, Lago, Trump, Riot, Marathon Digital Holdings, Arkon Energy, Cholla Energy, Exacore, CNBC, Senate's Banking, Finance, China, BTC Inc, Radical Communist, Democratic, Trump —, solana, Internal Revenue Service, Libertarian National Convention, Standard Chartered, Circuits, Government Affairs, Federal Reserve, Biden, U.S . Treasury Department, Republican, NASDAQ, Fabiano Consulting Locations: Lago, West Palm Beach , Florida, New York, Palm Beach , Florida, bitcoin, China, Russia, U.S, America, Washington, San Francisco, Beijing, Marathon, United States, West Texas

☆ Digital bank robberies key risk for central bank e-money, BIS report warns
▼ + stars: | 2023-11-29 | by ( Marc Jones | ) www.reuters.com time to read: +2 min

REUTERS/Steve Marcus/File Photo Acquire Licensing RightsLONDON, Nov 29 (Reuters) - Digital bank robberies and other cyber hacks will be a key risk for countries launching digital versions of their currencies, a new report from the Bank for International Settlements has warned. The BIS, dubbed the central bankers' central bank, has been overseeing much of the global development work on central bank digital currencies (CBDCs) and its report is its most comprehensive assessment yet of the challenges. A worst case scenario though would be a cyber hack that saw money stolen from what would effectively be a central bank's digital vault. "Cyber security is a key risk for CBDCs," the report published on Wednesday said, adding they would have "far-reaching implications" for the way central banks currently operate. China is trialling a prototype digital yuan with 200 million users, while the European Central Bank has just begun two years of advanced-stage exploratory work.

Persons: Steve Marcus, Marc Jones, Christina Fincher Organizations: Def Con, REUTERS, Bank for International, BIS, CBDCs, European Central Bank, Thomson Locations: Las Vegas , Nevada, U.S, Bahamas, Nigeria, China

☆ IMF, World Bank and BIS in first 'tokenisation' collaboration
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +2 min

Cecilia Skingsley attends a session on central bank digital currencies at the Annual Meetings of the International Monetary Fund and World Bank in Washington, U.S., October 14, 2022. REUTERS/Elizabeth Frantz/File Photo Acquire Licensing RightsLONDON, Nov 28 (Reuters) - Three of the world's cornerstone institutions - the International Monetary Fund, the World Bank and the Bank for International Settlements - are to work together for the first time to "tokenise" some of the financial instruments that underpin their global work, a BIS official said on Tuesday. The trio will also work with Switzerland's central bank which has been pioneering tokenisation, the process of turning conventional assets into uniquely coded "tokens" that can be used in faster new systems. Their collaboration will initially focus on simple but still paper-based processes such as when richer countries donate into some of the World Bank's funds to support poorer parts of the world. She also touched on the new breed of central bank digital currencies (CBDCs), repeating calls for some global rules and technology standards so they can work across the world and with existing payment systems.

Persons: Cecilia Skingsley, Elizabeth Frantz, Skingsley, Marc Jones, Matthew Lewis Organizations: International Monetary Fund, World Bank, REUTERS, Bank for International, BIS, Atlantic Council, Thomson Locations: Washington , U.S, Washington, London

☆ Singapore to pilot use of wholesale central bank digital currencies in 2024
▼ + stars: | 2023-11-17 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Ravi Menon, managing director of Monetary Authority of Singapore, speaks during the Singapore FinTech Festival in Singapore, on Thursday, Nov. 16, 2023. SINGAPORE — Come 2024, Singapore will pilot the live issuance and use of wholesale central bank digital currencies, said Ravi Menon, managing director of the Monetary Authority of Singapore. "I'm pleased to announce that MAS will pilot the live issuance of wholesale CBDCs to instantaneously support payments across commercial banks here," Menon said. MAS is the city-state's central bank and financial regulator. Wholesale CBDC is a digital currency issued by a central bank, that's used exclusively by central banks, commercial banks or other financial institutions to settle large-value interbank transactions.

Persons: Ravi Menon, Menon, I'm, that's Organizations: Monetary Authority of, Singapore FinTech Festival, Singapore FinTech, MAS Locations: Monetary Authority of Singapore, Singapore, SINGAPORE

☆ Mastercard says wide adoption of central bank digital currencies would be ‘difficult’ right now
▼ + stars: | 2023-11-17 | by ( Sheila Chiang | ) www.cnbc.com time to read: +2 min

BARCELONA, SPAIN - MARCH 01: A view of the MasterCard company logo on their stand during the Mobile World Congress on March 1, 2017 in Barcelona, Spain. (Photo by Joan Cros Garcia/Corbis via Getty Images)SINGAPORE — There isn't enough justification for the widespread use of central bank digital currencies right now, which makes broad adoption of such assets "difficult," Ashok Venkateswaran, Mastercard 's blockchain and digital assets lead for Asia-Pacific, told CNBC. A retail CBDC, which is the digital form of fiat currency issued by a central bank, caters to individuals and businesses, facilitating everyday transactions. This is different from a wholesale CBDC which is used exclusively by central banks, commercial banks and other financial institutions to settle large-value interbank transactions. But a lot of the central banks nowadays have gotten very innovative because they are working very closely with private companies like ours, to create that ecosystem," said the Asia-Pacific lead.

Persons: Joan Cros Garcia, Corbis, Ashok Venkateswaran, Venkateswaran, Kong's Organizations: MasterCard, Mobile, Congress, Getty Images, Mastercard, CNBC, Singapore FinTech, Monetary Fund, Atlantic Council, Hong Locations: BARCELONA, SPAIN, Barcelona, Spain, SINGAPORE, Asia, Pacific, Singapore, U.S, Hong Kong

☆ IMF chief urges more proactive push for central bank digital currencies
▼ + stars: | 2023-11-15 | by ( Marc Jones | ) www.reuters.com time to read: +2 min

The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo Acquire Licensing RightsLONDON, Nov 15 (Reuters) - The head of the International Monetary Fund has urged countries to make a more proactive push to develop central bank digital currencies (CBDC). Eleven countries, including a number in the Caribbean, and Nigeria, have already launched CBDCs. Around 120 others are exploring them, although progress and approaches differ widely and a few have even abandoned the idea altogether. Georgieva said that with technology advancing so rapidly, countries needed to push ahead with development now to avoid getting caught out in future.

Persons: Yuri Gripas, Kristalina Georgieva, Georgieva, Marc Jones, Paul Simao Organizations: Monetary Fund, REUTERS, International Monetary Fund, IMF, Thomson Locations: Washington , U.S, Caribbean, Nigeria, Singapore

☆ IMF says central bank digital currencies can replace cash: 'This is not the time to turn back'
▼ + stars: | 2023-11-15 | by ( Sheila Chiang | ) www.cnbc.com time to read: +2 min

SINGAPORE — Central bank digital currencies have the potential to replace cash, but adoption could take time, said Kristalina Georgieva, managing director of the International Monetary Fund on Wednesday. "CBDCs can replace cash which is costly to distribute in island economies," she said Wednesday at the Singapore FinTech Festival. CBDCs are the digital form of a country's fiat currency, which are regulated by the country's central bank. They are powered by blockchain technology, allowing central banks to channel government payments directly to households. Several central banks have already launched pilots or even issued a CBDC," the IMF said in a September report.

Persons: Kristalina Georgieva Organizations: International Monetary Fund, IMF, Singapore FinTech, Bank for International, Atlantic Council Locations: SINGAPORE — Central, Singapore

☆ Analysis: Time for central bank digital currencies to prove their worth
▼ + stars: | 2023-10-22 | by ( Marc Jones | ) www.reuters.com time to read: +5 min

REUTERS/Dado Ruvic/Illustration//File Photo Acquire Licensing RightsLONDON, Oct 22 (Reuters) - A milestone move by the European Central Bank toward launching a digital euro within a few years means the time has come for the newest incarnation of money to prove its worth. A few countries have introduced central bank digital currencies (CBDCs), China is trialling a prototype yuan with 200 million users, India is gearing up for a pilot and some 130 countries representing 98% of the global economy are exploring digital cash. Commercial bankers fret about the costs and possible deposit bleeds as customers could move money into central bank accounts, while developing countries worry that an easily accessible digital dollar, euro or yuan could cause havoc in their systems. DEFINING A GLOBAL STANDARDA key unknown is whether the U.S. Federal Reserve or Bank of Japan will launch retail CBDCs. "The current adoption level of eNaira has been reflective of the early stage of CBDC awareness," the country's central bank said in a written response to questions, adding it had been "consistent" with expectations.

Persons: Dado Ruvic, Josh Lipsky, Fabio Panetta, couldn't, Lee Braine, Bo Li, Atlantic Council's Lipsky, Lipsky, Marc Jones, MacDonald Dzirutwe, William Mallard Organizations: REUTERS, European Central Bank, Reuters, Atlantic Council, Facebook, ECB, Barclays, Bank of, U.S . Federal Reserve, Bank of Japan, International Monetary Fund, Atlantic, Thomson Locations: China, India, Western, Nigeria, U.S, Canada, Bahamas, London, Lagos

☆ ECB starts preparation for digital euro in multi-year project
▼ + stars: | 2023-10-18 | by ( Francesco Canepa | ) www.reuters.com time to read: +4 min

A number of Caribbean countries and Nigeria have already launched digital currencies while China and Sweden are among those that have rolled out pilot projects. The ECB says a digital euro will create competition in the market for payments, dominated by U.S. credit card companies. The digital euro will distributed by the ECB as well as commercial banks and digital wallet providers. Many of these projects surged around 2019, when Facebook announced plans to introduce a digital currency, which were then ditched. But the rise of stablecoins – crypto tokens backed to some degree by traditional currencies – gave central bank’s digital currencies, or CBDC in financial jargon, new impetus.

Persons: Markus Ferber, Francesco Canepa, Alex Richardson, Deborah Kyvrikosaios Organizations: European Central Bank, ECB, Bank of England, Bank of Canada, European People's Party, U.S, Monetary Fund, Commission, Bank for International, Facebook, Thomson Locations: FRANKFURT, Nigeria, China, Sweden

☆ Australia central bank sees possible cost savings in tokenisation
▼ + stars: | 2023-10-15 | by ( ) www.reuters.com time to read: +2 min

A worker is reflected in a wall of the Reserve Bank of Australia (RBA) head office in central Sydney, Australia, March 1, 2016. REUTERS/David Gray/File Photo Acquire Licensing RightsSYDNEY, Oct 16 (Reuters) - Australia's central bank on Monday said tokenised money could help save billions of dollars in costs in domestic financial markets, as it studies whether and how to launch a central bank digital currency. Australia's government on Monday separately outlined proposals for regulating crypto and digital assets that will make platforms subject to existing Australian financial services laws and require platform operators to obtain an Australian Financial Services Licence. The RBA has been studying whether to issue a central bank digital currency (CBDC) of its own and if it would help facilitate atomic settlement in tokenised asset markets. A wholesale CBDC could also act as a complement to new forms of privately issued digital money, including tokenised bank deposits and asset-backed stablecoins.

Persons: David Gray, Brad Jones, Jones, tokenisation, " Jones, Wayne Cole, Jamie Freed Organizations: Reserve Bank of Australia, REUTERS, Rights, Australian Financial, Treasury, Thomson Locations: Sydney, Australia

☆ China FX regulator says CBDC features could improve monetary policy
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

China's official app for digital yuan is seen on a mobile phone next to 100-yuan banknotes in this illustration picture taken October 16, 2020. REUTERS/Florence Lo/Illustration/File photo Acquire Licensing RightsSHANGHAI, Oct 13 (Reuters) - A Chinese foreign exchange regulator official said "programmable features" of a central bank digital currency (CBDC) could help enhance the effectiveness of monetary policy tools, state media reported on Friday. China is among a host of countries developing their own CBDCs - digital tokens issued by central banks - although adoption is still in its early stages. Lu said he expected the People's Bank of China (PBOC) could explore the features to adjust rates of CBDC, which could also be used manage the macro economy. Transactions using China's CBDC, the e-CNY, hit 1.8 trillion yuan ($249.33 billion) at end-June.

Persons: Florence Lo, Lu Lei, Lu, Sam Holmes Organizations: REUTERS, Rights, State Administration of Foreign Exchange, Shanghai Securities News, People's Bank of China, Bank of International, Shanghai, Thomson Locations: China

☆ Legal fog over central bank digital currencies "unacceptable", BIS warns
▼ + stars: | 2023-09-27 | by ( Marc Jones | ) www.reuters.com time to read: +2 min

Agustin Carstens leaves after G-20 finance ministers and central banks governors family photo during the IMF/World Bank spring meeting in Washington, U.S., April 20, 2018. His warning comes as central banks around the world push ahead with central bank digital currency (CBDC) development in a bid to make money more high tech and keep up with the features now offered by cryptocurrencies. Some 11 countries have already launched them and next month the European Central Bank is expected to receive the green light to start work on a digital euro. Carstens, whose organisation is overseeing much of the global test work, said central banks have a mandate to meet public demands and have also made significant investments into CBDCs. "It is simply unacceptable that unclear or outdated legal frameworks could hinder their deployment," added Carstens, the former governor of the Mexico's central bank.

Persons: Agustin Carstens, Yuri Gripas, Marc Jones, Josie Kao Organizations: IMF, Bank, REUTERS, Bank for International, BIS, cryptocurrencies, European Central Bank, Thomson Locations: Washington , U.S

☆ Ethereum founder Vitalik Buterin travels the globe to keep crypto alive as the U.S. cracks down
▼ + stars: | 2023-09-22 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +17 min

Today, the biggest challenge for Buterin and the ethereum community is making sure that it provides actual value to people. Buterin was named the world's youngest crypto billionaire at age 27 as the crypto market swelled to its peak in 2021. And he isn't, according to his own estimation, the be-all and end-all authority on the ethereum network. About the ethereum network, he says, "On the other hand, you've got your laptop. In terms of what's next for ethereum — Buterin says a big priority is focusing on privacy and scalability through zero-knowledge rollups.

Persons: Vitalik Buterin, Buterin, coder, doesn't, Czech Republic Pavel Sinagl, that's, clasped, Buterin wasn't, cryptocurrencies, Sam Bankman, Luna, they're, Dmitry, Vitalik, Dmitry Buterin, ethereum blockchains, you've, Satoshi Nakamoto, ethereum, — Buterin Organizations: CNBC PRAGUE, CNBC, Canadian, U.S . Tornado, Buterin, U.S, Securities and Exchange Commission, SEC, CFTC, People's Bank of China, tinker, Ethereum, Ethereum Foundation Locations: Prague, Russia, Czech Republic, Ukraine, Netherlands, Paralelní Polis, Holešovice, China, U.S, Africa, Argentina, Buenos Aires, San Francisco, CBDCs, Moscow, ethereum, Denver, Paris

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHouse committee advances bill meant to stifle U.S. CBDCCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry.

Persons: CBDC, explainers Organizations: Email, CBDC CNBC

☆ Israel central bank says digital shekel launch an 'open question'
▼ + stars: | 2023-09-12 | by ( Steven Scheer | ) www.reuters.com time to read: +3 min

The Bank of Israel in November 2021 stepped up its research and preparation for the possible issuance of a digital shekel to create a more efficient payments system after first considering issuing a central bank digital currency (CBDC) in late 2017. "Whether or not we will issue a digital shekel is still an open question, as it is in most if not all other advanced economies," Bank of Israel Governor Amir Yaron said at a conference on digital currencies. Israel's central bank has been experimenting with a digital shekel with its Hong Kong counterpart and the Bank for International Settlements. Deputy Governor Andrew Abir said that for Israel, issuing a digital shekel would provide more competition in a financial system dominated by a few large banks and institutions. "I believe central banks should return to examine the possibility (of) remunerated CBDCs – that is, for the central bank to pay interest CBDC directly to the end users who hold it, and enjoy the security provided by the central bank.

Persons: Amir Yaron, Yaron, Israel, Andrew Abir, Abir, Steven Scheer, Alexander Smith, Mark Porter Organizations: The Bank of Israel, Bank of Israel, Hong Kong, Bank for International, Thomson Locations: Israel

The Reserve Bank of India (RBI) seal is pictured on a gate outside the RBI headquarters in Mumbai, India, February 2, 2016. Retail CBDC transactions are averaging close to 18,000 a day, way short of the RBI's one million-a-day target by 2023 end. UPI is an instant real-time payments system that allows users to transfer money across multiple banks without disclosing bank account details. The facility, announced in June, has been activated by large banks, including State Bank of India, the country's largest lender. Top private lender HDFC Bank is working with a technology firm IDEMIA to build a version of offline CBDC transactions for feature phones, according to two people aware of the plans.

Persons: Danish Siddiqui, Sharat Chandra, Akhil Handa, Handa, Jaspreet Kalra, Siddhi Nayak, Dhanya Ann Thoppil Organizations: Bank of India, REUTERS, Danish, Rights, Reserve Bank of India, UPI, State Bank of India, India Blockchain, HDFC Bank, Bank of Baroda, Thomson Locations: Mumbai, India, Rights MUMBAI, Siddhi

REUTERS/Evelyn Hockstein/File Photo Acquire Licensing RightsWASHINGTON, Sept 8 (Reuters) - The Federal Reserve's top regulatory official said on Friday the central bank is "a long way" from any decision on whether it would issue its own digital currency, and added it would not do so without official support in Washington. Fed Vice Chair for Supervision Michael Barr said while officials are investigating a central bank digital currency (CBDC), the Fed was far from any decision. "Of course, investigation and research are very different from decision-making about next steps in terms of payments system development, and we are a long way from that." Barr's comments echo those of Fed Chair Jerome Powell, who also has said the Fed would not move to issue a digital currency without explicit authorization from Congress. It is important to get the legislative and regulatory framework right before significant risks emerge," he said.

Persons: Michael Barr, Evelyn Hockstein, Barr, Jerome Powell, Pete Schroeder, Hugh Lawson, Andrea Ricci Organizations: Banking, Housing, Urban Affairs Committee, Capitol, REUTERS, Rights, Federal, U.S ., Thomson Locations: Washington , U.S, Washington, Philadelphia

☆ Privacy, market maturity hurdles facing Brazil's CBDC rollout -cenbank official
▼ + stars: | 2023-08-29 | by ( Lisa Pauline Mattackal | ) www.reuters.com time to read: +2 min

Aug 29 (Reuters) - Maintaining privacy and increasing understanding of blockchain technology are primary issues to solve before Brazil's central bank digital currency (CBDC) is ready for widespread use, the central bank's coordinator of the project said on Tuesday. Named DREX, the digital real is set for a first phase launch aimed at financial institutions in May 2024, though postponed from an initial planned launch in February. "We need to ensure that the privacy is compatible with the law," he told the Reuters Global Markets Forum. Market maturity is another important issue to solve as the central bank wants businesses to develop new use cases for the technology, Araujo said. The Atlantic Council says 130 countries are in some process of exploring a CBDC, with 21 in the pilot stage.

Persons: Fabio Araujo, Araujo, Lisa Mattackal, Divya Chowdhury, Marcela Ayers, Lincoln Organizations: Machine, Banco Central, Reuters Global Markets, Atlantic Council, Bank for International, Thomson Locations: Brazil, Mexico, Singapore, Bangalore, Mumbai

☆ Fact Check-WEF did not announce CBDCs must be implanted to engage in society
▼ + stars: | 2023-08-15 | by ( Reuters Fact Check | ) www.reuters.com time to read: +3 min

The World Economic Forum (WEF) did not announce that central bank digital currencies (CBDCs) must be “implanted under your skin” for an individual to participate in society, as claimed in social media posts. The claim stems from an article published on July 10 by the People’s Voice website with the headline: “WEF Says CBDCs Must Be ‘Implanted Under Your Skin’ if You Want To Participate in Society" (ghostarchive.org/archive/QjVJW). The WEF did publish a white paper in June 2023 on the implementation of CBDCs, but it contains no mention of a need for people to implant CBDCs to engage in society (here). In the video, Werner criticises the concept of CBDCs, and questions at the end of the interviews what CBDCs will look like in the future. There is no evidence that the WEF announced CBDCs must be implanted into an individual’s skin for them to participate in society and the article making that claim cites an economist who is not affiliated with WEF.

Persons: “ WEF, CBDCs, Richard Werner, professorwerner.org, Ivor Cummins, Werner, Read Organizations: Economic, People’s, YouTube, Forum, Reuters, WEF

☆ Russia to widen scope of digital rouble testing from Aug. 15 -central bank
▼ + stars: | 2023-08-09 | by ( Elena Fabrichnaya | ) www.reuters.com time to read: +2 min

Russia, like many countries, has been developing a central bank digital currency (CBDC) - digital tokens issued by central banks - over the last couple of years in a bid to modernise its financial system and head off cryptocurrencies such as bitcoin. "We expect to test operations with real customers," the central bank's First Deputy Governor Olga Skorobogatova said on Wednesday. The pilot test will include opening digital wallets, making purchases with digital roubles and transfers between around 600 customers and 30 companies from 11 cities. The digital rouble is scheduled to be widely introduced in 2025. Next year, the central bank will expand the list of participants, with another 19 banks keen to join the pilot, Skorobogatova said.

Persons: Maxim, Olga Skorobogatova, Skorobogatova, Elena Fabrichnaya, Alexander Marrow, Louise Heavens Organizations: REUTERS, Council, Thomson Locations: Russia, Ukraine MOSCOW, Moscow, Caribbean, Nigeria, U.S, China, Ukraine

Da Ponte denied a Bloomberg report that the payments processor paused development of its stablecoin in February. But da Ponte argues this troubled backdrop is exactly why PayPal is poised to succeed. Then there's the hypothetical digital dollar that would be the Fed's take on a central bank digital currency, or CBDC. "We have a large base of consumers; we have a large base of merchants," da Ponte said of PayPal's "two-sided network." Da Ponte sees PayPal's more than 20-year tenure in the payments space as one of the company's chief advantages in the stablecoin market.

Persons: Jose Fernandez da Ponte, PayPal's, Da Ponte, Paxos, it's, Ponte, stablecoins, Nic Carter, Stablecoins, Carter, Andy Bromberg, Andreessen Horowitz, Bromberg, PYUSD, Jeremy Allaire, Allaire, Patrick McHenry, McHenry Organizations: PayPal, CNBC, Bloomberg, SEC, New, Regulators, Valley Bank, U.S ., U.S, Castle, Ventures, Companies, Eco, Coinbase Ventures, Paypal, Facebook, Financial Services, America Locations: U.S, New York, Bromberg, web3, United States, R, DexTools

☆ Limited support for central bank digital currencies in global investment industry survey
▼ + stars: | 2023-07-26 | by ( Marc Jones | ) www.reuters.com time to read: +3 min

LONDON, July 26 (Reuters) - The most comprehensive survey of the global investment industry on central bank digital currencies to date has shown both limited support and a lack of understanding of how a digital dollar, euro, yen or pound would work. The survey carried out by the CFA Institute, a worldwide association for bankers, investors and finance chiefs, found that only 42% of the more than 4,150 respondents who took part believed that central bank digital currencies, or CBDCs, should be launched. Only 37% of respondents from developed markets said they favoured a CBDC versus 61% from emerging markets. Data privacy was also a major concern for 64% of respondents in developed markets and 57% in developing economies. Less than a quarter of respondents under 30 opposed them, the survey found, compared with 37% among those over 55.

Persons: Olivier Fines, Andrew Bailey, Marc Jones, Leslie Adler Organizations: CFA Institute, CFA, European Union, People's Bank of, Bank of England, CBDCs, Thomson Locations: Bahamas, Nigeria, United States, Canada, United Kingdom, China, People's Bank of China, India, Central

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