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.
NY Fed: Bitcoin is not a new type of money. Crypto: Get the tar and feathers!
“Ignorance” and “incompetence” were two of the more polite replies after a blog post by the New York Federal Reserve Bank last week argued “Bitcoin is not a new type of money”
When the Federal Reserve Bank of New York published a blog post with the headline “Bitcoin Is Not a New Type of Money,” the authors may have hoped their thought-provoking piece would inspire genteel, reasoned debate. But probably not.
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
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.
China completes digital yuan design
The People’s Bank of China says it has completed the ‘top-level design’ and joint testing of its forthcoming central bank digital currency
The next steps in the country’s digital currency/electronic payment, or DC/EP, project—which it has been hammering away at for five years—are to “follow the principles of stability, security and control” and to “select pilot verification areas, scenarios and service scopes,” said Mu Changchun, the head of the PBOC’s digital currency research institute.