BIS Archives | Modern Consensus.

The U.S. Federal Reserve is actively researching a digital dollar, according to Fed Governor Lael Brainard (Photo: Council on Foreign Relations)

Cryptocurrencies, Politics, Regulation, Technology

Fed Governor says U.S. is researching a digital dollar

The Federal Reserve may be well behind China, but news that it is actively looking at a central bank digital currency is a big step forward

August 14, 2020 /

Federal Reserve Governor Lael Brainard said Thursday a U.S. central bank digital currency won’t happen overnight. A significant policy process which the Fed has not committed to would be required to consider the issuance of a CBDC, along with extensive deliberations and engagement with other parts of the federal government and a broad set of other stakeholders.

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Ted Knutson
The Central bank of central banks thinks digital fiat is a good idea (Photo: FamZoo Staff/Flickr)

Politics

CBDCs could be a ‘sea change’ for payments, Bank of International Settlements says

June 29, 2020 /

The Bank of International Settlements has come out firmly in favor of central bank digital currencies (CBDCs) in a new report—calling them a potentially evolutionary change that can “set high standards for safety and risk management and serve as a basis for sound innovation in payments.”

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C Sephton
General purpose CBDCs would replace notes and coins. (Photo: iStock)

Cryptocurrencies

A fifth of the world’s population to use CBDCs in 3 years, says BIS

The Bank for International Settlements surveyed 66 of the world’s central banks

January 24, 2020 /

The Bank for International Settlements, a consortium of banks based in Basel, Switzerland, polled 66 central banks last year. The results? One fifth of the world's population will use central bank digital currencies by 2023. CBDCs are a new type of digital money. They can be used for interbank settlements or as a type of general purpose “digital cash,” meant as a stand in for regular bank notes.

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Amy Castor
The Bank of International Settlement (BIS) in Basel, Switzerland (via Wikicommons).

Bitcoin, Technology

Bitcoin’s Proof-of-Work model will fail, economist for central banking organization argues

As the reward for mining new coins declines, finalizing transactions could take a year

January 24, 2019 /

Ultimately, it could take nearly a year, or 50,000 blocks, before a payment could be considered final

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Leo Jakobson