CBDCs could cut cross border remittance costs by half: BIS report
The BIS report based on a multi-CBDC pilot also showed significant improvements in international remittance speed. Go to Source Powered by WPeMatico
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It’s now or never — The US has to prepare itself for digital currency
If the United States is still not ready for central bank digital currency, it will stay on the sidelines of tech and financial innovations. Go to Source Powered by WPeMatico
BIS Asks Central Banks to Urgently Develop CBDCs to Compete With Crypto Assets
The head of the Bank of International Settlements (BIS) Innovation Hub, Benoît Cœuré, has urged central banks to act now on central bank digital currencies (CBDCs) to compete with initiatives in the private sector, including cryptocurrencies. “CBDCs will take years to be rolled out, while … crypto assets are already here,” he said. BIS Says … Read more
Australia, Singapore, Malaysia, and South Africa to Trial Cross-Border Digital Currency Payments
The central banks of Australia, Singapore, Malaysia, and the Republic of South Africa have set out to test the use of state-issued digital currencies in cross-border payments. The trial, led by the Bank for International Settlements, aims to establish whether they can simplify transactions and make them cheaper. Reserve Bank of Australia Teams Up With … Read more
Australia, Singapore, Malaysia and South Africa launch joint CBDC pilot
The joint initiative will prototype shared DLT platforms enabling institutions to settle cross-border transactions using central bank-issued digital currencies. Go to Source Powered by WPeMatico
IMF, World Bank, BIS Recommend Countries Work Together on CBDCs to Enhance Cross-Border Payments
The International Monetary Fund (IMF), the World Bank, and the Bank of International Settlement (BIS) have conducted an extensive study of using central bank digital currencies (CBDCs) for cross-border payments. Their report to the G20 states that enhanced cross-border payments “can be achieved … as long as countries work together.” The Committee on Payments and … Read more
IMF, World Bank and BIS champion central bank digital currencies at G20
A new report released by the triumvirate of global finance argues that central bank digital currencies will benefit worldwide development. Go to Source Powered by WPeMatico
US State Department Official Wants El Salvador to ‘Ensure Bitcoin Is Well Regulated’
The U.S. Department of State’s undersecretary of state for political affairs, Victoria Nuland, has explained during a press conference that the U.S. has urged El Salvador to be responsible with the country’s new bitcoin law. Nuland told the press that the U.S. was taking a “tough look at Bitcoin” and that Salvadoran president Nayib Bukele … Read more
BIS Economist Recommends ‘Technology-Neutral’ Crypto Regulation, Low-Cost Supervision of Decentralized Markets
An economist with the Bank of International Settlements has found that cryptocurrencies are not sought as an alternative to fiat currencies or regulated finance, therefore a “technology-neutral regulation to this asset class” is recommended. The economist discussed “embedded supervision,” adding that “The main aim is low-cost supervision of decentralized markets.” BIS Economist Suggests Regulatory Approach … Read more
Crypto ownership has nothing to do with distrust in fiat: BIS study
Cryptocurrency owners are “generally more educated than the average,” according to a new study by the Bank for International Settlements. Go to Source Powered by WPeMatico
