The Biden administration is “closely examining” the possibilities for issuing a central bank digital currency (CBDC) based on a technical report prepared by the White House Office of Science and Technology Policy (pdf), along with other reports. “If the U.S. pursued a CBDC, there could be many possible benefits, such as facilitating efficient and low-cost…
White House Exploring Risks, Benefits of Central Bank Digital Currency
September 21, 2022
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Biden White House Issues Framework for Regulating Digital Assets
September 16, 2022
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The Biden administration has released its first-ever comprehensive framework aimed at regulating digital assets like cryptocurrencies, including cracking down on fraud and fostering financial stability. In March, President Joe Biden issued an executive order seeking to ensure the responsible development of digital assets. Since then, multiple government agencies have been framing policies aimed at pushing…
Three Things That Could Kill Crypto
August 26, 2022
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Following the drubbing of the crypto markets in June 2022, with Bitcoin and Ethereum prices down nearly 75 percent and 82 percent, respectively, from their all-time highs, many market observers predicted the early death of the crypto industry. Crypto detractors, including regulators and vested interests in the legacy financial system, each used the rout as…
ECB Says Cash ‘Not Fit’ for Digital Economy, Dismisses CBDC Privacy Concerns
August 23, 2022
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In the digital economy, cash is no longer a useful tool, and a central bank digital currency (CBDC) is the “only solution” to continue the existing monetary system, according to a new paper from the European Central Bank (ECB). The eurozone’s central bank recently published a paper titled, “The Economics of Central Bank Digital Currency.”…
Blockchain is Risky, Users Need to ‘Trust’ Programmers Won’t ‘Introduce a Bug,’ Warns Pentagon Report
July 1, 2022
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A report commissioned by the Pentagon’s Defense Advanced Research Projects Agency (DARPA) has found that blockchain—the technology behind cryptocurrencies like bitcoin—is not as decentralized as commonly thought, while also being vulnerable to attacks. “The challenge with using a blockchain is that one has to either (a) accept its immutability and trust that its programmers did…
The Dirty Little Secret of Central Bank Digital Currency
April 26, 2022
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President Joe Biden’s March 9th Executive Order gave “the highest urgency on research and development efforts into the potential design and deployment options of a United States CBDC,” or central bank digital currency. Unlike cryptocurrencies, such as Bitcoin, CBDCs—as their name implies—are issued by central banks and have a value equivalent to the denomination of…
No US Federal Bank Should Issue Digital Currency Directly to Citizens: Republican Senators
April 1, 2022
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Three Republican senators are pushing forward legislation that seeks to ban the U.S. Federal Reserve from issuing a central bank digital currency (CBDC) directly to individuals as it could be used as a financial surveillance tool. The bill aims to amend section 13 of the Federal Reserve Act by adding the following—“No Federal reserve bank…
International Bank Develops Prototype for Cross-Border Digital Currency Settlement Platform
March 22, 2022
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The Bank for International Settlements (BIS) has developed two prototypes for a shared platform that will allow for international settlements using digital currencies issued by multiple central banks. Code-named “Project Dunbar,” the platform is designed in a way to enable cross-border transactions using different currencies between financial institutions. The solution can potentially reduce the reliance…
Muted Debut: China Digital Money at Olympics; JPMorgan Bank Enters the Metaverse | NTD Business
Will China’s debut of it’s digital currency at the Olympics get the traction it wants? Foreign visitors from around the world are using it — despite security and privacy concerns. One of the biggest banks in the world is officially in the meta-verse. it says the opportunity is worth trillions. And luxury retailers are moving…
Privately Issued Stablecoins Could Exist Alongside Fed Digital Dollar: Powell
January 12, 2022
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Federal Reserve Chair Jerome Powell told Senate lawmakers on Jan. 11 that there’s nothing standing in the way for privately issued stablecoins to co-exist alongside a potential Fed central bank digital currency (CBDC). During a hearing on Powell’s confirmation for a second term at the helm of the Fed, he was asked by Sen. Pat…
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