The FedNow instant payment system from the U.S. Federal Reserve is now live, with the central bank claiming that the service will enable individuals and businesses to make quick payments and receive funds within seconds. The Federal Reserve announced the launch of its interbank payment service on Thursday, which it claims will help banks and…
FedNow Launches in US, Fed Insists Payment System ‘Not Related to a Digital Currency’
Africa’s Forceful First CBDC Push a Resounding Failure
May 23, 2023
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The Central Bank of Nigeria’s (CBN) efforts to make citizens move away from cash and adopt the eNaira Central Bank Digital Currency (CBDC) have been unsuccessful, according to a report by the International Monetary Fund (IMF). The eNaira, launched by CBN on Oct. 25, 2021, was Africa’s first CBDC. In a May 16 IMF report,…
ANALYSIS: ‘Slippery Slope’: Experts Warn About Pitfalls of Central Bank Digital Currencies
As the Bank of Canada seeks consultation from Canadians on its design of a potential central bank digital currency (CBDC), digital privacy experts are warning that the technology could be used by governments to track payments and freeze dissidents’ bank accounts. “CBDCs could be a nightmare for democracy, for civil liberties, and potentially all sorts…
DeSantis Signs Bills Banning Central Bank Digital Currency, Protecting Gun Owner Rights
May 12, 2023
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Central Bank Digital Currency (CBDC)economyFloridaFlorida Gov. Ron DeSantisRegional & State NewsSecond AmendmentState NewsUS
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After a flurry of bill-signing throughout the week, Florida Gov. Ron Desantis signed into law two more measures on May 12—one banning central bank digital currency (CBDC) in the state, and the other protecting the privacy of gun buyers. Allowing centralized digital currency would give too much power to the federal government, DeSantis said at a…
‘We Need to Get Ready’: Bank of Canada Launches Consultations on Central Bank Digital Currency
May 9, 2023
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Bank of CanadaCanadaCentral Bank Digital Currency (CBDC)cryptocurrecymoneyPierre PoilievreTiff MacklemWorld
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The Bank of Canada (BoC) has announced that it is exploring the possibility of issuing a Central Bank Digital Currency (CBDC), and is seeking consultation from the public on its design. “As Canada’s central bank, we want to make sure everyone can always take part in our country’s economy. That means being ready for whatever…
Florida Defines ‘Money,’ Passes Bill to Ban a Central Bank Digital Currency
May 3, 2023
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Florida’s House of Representatives passed a bill that seeks to ban the use of a central bank digital currency (CBDC) in the state, which is in line with Republican governor Ron DeSantis’s stance on the matter. The bill SB 7054 (pdf) defines the term “central bank digital currency” and revises the term “money” to make…
Fed Asks Americans for Feedback on a Central Bank Digital Currency—Here Are Some Responses
April 23, 2023
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Business & MarketsCentral Bank Digital Currency (CBDC)economic policieseconomyFederal Reserve (Fed)MarketsPolicies & ImpactsUS
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Americans are worried that a U.S. Central Bank Digital Currency (CBDC) could end up compromising essential freedoms, further centralizing monetary policy, and making the country’s currency vulnerable to hacking, according to a recently published Fed survey. In January last year, the Fed published a white paper on what a CBDC could look like. It asked…
‘Privacy Is a Top Concern’: Fed Governor Warns About CBDC Risks
April 20, 2023
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The use of Central Bank Digital Currencies (CBDC) poses considerable risks to the privacy of Americans, potentially even limiting how citizens can use their own money, Federal Reserve Governor Michelle W. Bowman warned during a recent speech. “In my view, safeguarding privacy is a top concern and is also often identified as a top concern…
UMU: A New Global Digital Currency Launched at IMF Event
April 18, 2023
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A new central bank digital currency (CBDC) was launched at a recent event held by the International Monetary Fund (IMF), with some raising concerns about a “globalist agenda” behind the currency. The universal monetary unit (UMU), created by the Digital Currency Monetary Authority (DCMA), was officially launched on April 10 at the International Monetary Fund’s…
Marjorie Taylor Greene Is Right—And Wrong
Commentary The future of cash is digital. The digital revolution will be built on an expansive foundation of data. To amass such data, greater levels of surveillance will be required. Of all the digital currencies that will eventually populate this planet, the digital dollar will be the most influential—and potentially, the most dangerous. The Biden…
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