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Central Bank Digital Currency

ALL From Central Bank Digital Currency

CFA Institute Survey Finds Mixed Support for Central Bank Digital Currency Among Investment Professionals

A survey conducted by the CFA Institute on its members' perceptions of central bank digital currency (CBDC) found a wide range of opinions, with varying levels of support depending on the location and age of respondents. While 42% of respondents believed that central banks should launch digital versions of fiat currencies, support was lower among investment professionals in the United States at 31%. Privacy was the most common objection to CBDCs, with 50% of respondents expressing concern. The survey received the most responses from the United States and had a response rate of 5%.

San Francisco Federal Reserve Bank Seeks Crypto Architect for CBDC Project

The Federal Reserve Bank of San Francisco is searching for a crypto architect to work on a central bank digital currency (CBDC) project, according to a job posting on Indeed. The role requires knowledge of distributed systems implementation, cryptographic protocols, consensus algorithms, and security. The position has been open for over 30 days and is full-time and hybrid with an annual salary starting at $134,900. The recruitment efforts contradict the public stance of the Federal Reserve Board of Governors on CBDCs, which stated that it had not yet decided whether to issue a CBDC and would only proceed with the issuance of a CBDC with an authorizing law.

Cash Payments in the United States Account for Only 18% of All Payments, and More Than 100 Countries Plan To Build Digital Currencies

Cash payments in the United States account for only 18% of all payments, and more than 100 countries plan to establish digital currencies. In 2020, many countries have launched central bank digital currency research projects, but the Federal Reserve has always denied plans to issue a digital dollar.

Experts Warn of Privacy and Control Risks as U.S. Federal Reserve Launches Instant Payments Service

The U.S. Federal Reserve has launched its new instant payments service, FedNow, which aims to make the process of sending payments in the U.S. almost instant. Despite the Fed denying any connection to the digital asset space, experts suggest that the new system could lay the groundwork for a potential central bank digital currency (CBDC) in the U.S. However, some lawmakers and political leaders have expressed concerns about potential privacy and control risks around a digital dollar, with some even suggesting it could lead to government-sanctioned surveillance. Even banks themselves are skeptical about FedNow, criticizing the lack of leadership structure or a clear business plan, all while the system is financed through taxpayer money.

Federal Reserve's FedNow Service for Instant Payments Unrelated to CBDCs, Clarifies Central Bank

The Federal Reserve of the United States has confirmed that its new instant payment service for organizations, FedNow Service, is not a central bank digital currency (CBDC). The FedNow Service has been certified as "ready" after testing with 41 financial institutions, 15 service providers, and the U.S. Department of the Treasury, and is set to launch by the end of July 2023.

South Korean Central Bank Prepares for CBDC and Discusses Stablecoin Regulation in 2022 Payment and Settlement Systems Report

The South Korean central bank has released its Payment and Settlement Systems Report for 2022, which states that oversight of the systems was successful and it is preparing for the future with central bank digital currency (CBDC) and discussing stablecoin regulation. The BOK-Wire+ fast payment system will be upgraded to real-time gross settlement (RTGS) and has adopted the ISO 20022 standard, with implementation expected in 2028.

Russia May Test Digital Ruble CBDC Next Month, Pending Approval from Upper Parliament and President Putin

Russia may start testing its Central Bank Digital Currency (CBDC), the Digital Ruble, as early as next month if approved by the upper parliament and signed into law by President Vladimir Putin, according to Bloomberg.

Ron DeSantis Vows to Block Central Bank Digital Currency if Elected President

Ron DeSantis, a Republican Presidential candidate, has stated that he will immediately block the introduction of central bank digital currency (CBDC) if he is elected as president. DeSantis believes that CBDCs pose a significant threat to American liberty and that state-level restrictions will prevent the Federal Reserve from introducing them. He also expressed concerns about the World Economic Forum's plans to eliminate cash and crypto, which could lead to the blocking of "undesirable purchases" through the use of CBDCs. However, many countries that are in the process of introducing CBDCs already have measures in place to restrict illegal purchases and track transactions.

HDFC Bank Signs Up Over 100,000 Customers and 170,000 Merchants for Central Bank Digital Currency Pilot Programs

HDFC Bank, India's largest private lender, announced that it has enrolled more than 100,000 customers and 170,000 merchants in pilot programs using the central bank digital currency (CBDC) called e-rupee.

Russia Approves Law to Introduce Digital Ruble

The Russian Duma has approved a law that will introduce a digital ruble, making Russia the largest nation to officially adopt a central bank digital currency (CBDC) should President Vladimir Putin sign off on the law. Discussions of a digital currency issued by the Russian state have been ongoing for years, with a pilot program set to debut in 2022.