PYMNTS

MAY 21, 2020

The tipping point might be nigh for digital dollars and other central bank-issued currencies done through bits and bytes. Patent and Trademark Office that would create a digital currency underpinned by blockchain technology. A central entity may be a central bank which regulates a monetary supply,” the company wrote. “A

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PYMNTS

AUGUST 14, 2020

A week after details of the Federal Reserve’s instant payment initiative emerged, news came via Bloomberg that the central bank is working with the Massachusetts Institute of Technology (MIT) to explore the possibility of issuing digital currency. And even before the BIS findings, in March, members of U.S.

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PYMNTS

DECEMBER 26, 2019

The Central Bank of the Bahamas is planning to start a rollout of its new digital currency on Friday (Dec. Called Project Sand Dollar, the name of the currency will also be the sand dollar, according to a press release. The intent is to start a fully-fledged central bank digital currency (CBDC). 27) in Exuma.

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PYMNTS

OCTOBER 7, 2020

The Bank of Korea has said it plans to begin testing distribution of its digital currency next year, according to a report by The Korea Herald. The central bank said in April it had launched a 22-month pilot that would end in December 2021, the report stated.

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PYMNTS

SEPTEMBER 17, 2020

Cloud-based clearing bank ClearBank has begun offering multi-currency bank accounts using an API, according to a press release. Beginning in the fourth quarter this year, the bank will allow users to access over 30 multi-currency accounts. ClearBank's capabilities make it doable for Oxbury Bank to loop into U.K.-based

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PYMNTS

NOVEMBER 23, 2020

Consumers are moving to digital payments and cryptocurrency in droves, and it’s inevitable that more central banks will issue digital forms of currency, PayPal CEO Dan Schulman said in a televised interview on Monday (Nov. PayPal isn’t the first large name in tech to jump on the digital currency bandwagon. 23) Benzinga report.

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CFO News

FEBRUARY 16, 2024

Vasudevan, an executive director at the Reserve Bank of India (RBI), stated that cryptocurrencies lack underlying value and therefore cannot be considered as currencies. The RBI has expressed concerns about cryptocurrencies like Bitcoin, citing potential systemic risks to financial systems.

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PYMNTS

NOVEMBER 27, 2019

The First Deputy Governor of the central bank of France, Denis Beau, spoke in support of a blockchain-based settlement system that would allow for faster transfers of euros, as well as be more cost-efficient, according to a report by Yahoo! DLT would also help in terms of cross-border payments, he said.

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PYMNTS

APRIL 14, 2020

One of China’s state-owned banks has a mobile test app that supports the country’s central bank digital currency, according to a CoinDesk report. Screenshots of an app developed by the Agricultural Bank of China (ABC) for mobile phones was spotted on WeChat Tuesday (April 14).

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Future CFO

JUNE 20, 2023

The IMF announced recently a plan to launch a global digital currency platform for central banks. The platform for central bank digital currencies (CBDCs) will enable transactions between countries, said IMF Managing Director Kristalina Georgieva. amounting to $44 billion annually. amounting to $44 billion annually.

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PYMNTS

DECEMBER 6, 2020

Citigroup will be helping governments around the world establish sovereign digital currencies, or central bank digital currencies (CBDC), CEO Michael Corbat says, according to a report from CoinDesk. 4), Corbat said the development of such digital currencies was likely inevitable with the way money has been trending.

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CFO News

NOVEMBER 3, 2023

Recent meetings between senior officials of the Reserve Bank of India (RBI) and bank treasury executives have focused on market appetite for upcoming green bond sales even as the likelihood of liquidity-draining open-market auctions remain a concern for an anxious bond market.

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PYMNTS

OCTOBER 9, 2020

In terms of collaboration, as noted in this space, the Federal Reserve is working in collaboration with seven other central banks and the Bank for International Settlements (BIS) to bring together a framework that would smooth the path to digital currency issuance. The Federal Reserve Bank has been exploring a digital currency.

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PYMNTS

SEPTEMBER 21, 2020

As China prepares to debut digital currency, JD.com Inc., one of the biggest eCommerce businesses in China, has partnered with the central bank to advance the technology. CoinTelegraph.com reported the retailer has entered into a partnership with the Digital Currency Research Institute of the People’s Bank of China (PBoC).

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PYMNTS

MAY 29, 2019

A European Central Bank ( ECB ) official is throwing his support towards wholesale central bank digital currencies (CBDCs). While a retail CBDC would be available for the general public, wholesale would serve a limited circle, primarily banks. And while the Bank of Lithuania sees potential in CBDCs, it is “cautious.” “For

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PYMNTS

JANUARY 21, 2020

And now, for digital currencies, it’s a group effort — among central banks, that is. Up until now, the explorations and considerations of digital currencies — as would be, potentially, issued by central banking systems to bring fiat into digital form — has been done on a country-by-country basis.

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PYMNTS

MAY 16, 2020

patent on a computer system that would convert physical dollars and other fiat currencies into digital versions, complete with denominations and serial numbers and recorded via blockchain. The system would then remove the paper currency from circulation. A central entity may implement a monetary policy and issue currency.

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PYMNTS

SEPTEMBER 4, 2020

China's yuan could become the world’s third-largest reserve currency in the foreseeable future due to increased foreign investment in Chinese companies, analysts at Morgan Stanley conclude in a report distributed Friday (Sept. Reserves are funds central banks hold in currencies other than their own. 4) and cited by CNBC.

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PYMNTS

AUGUST 11, 2019

The People’s Bank of China (PBoC) said it is now ready to launch its own blockchain-based digital currency after five years of research, CoinTelegraph reported on Sunday (Aug. He was unclear, however, when the digital currency might actually launch. Changchun made the announcement at the China Finance 40 Forum.

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PYMNTS

MAY 27, 2020

The movement toward digital currencies may be a bit of an arms race of sorts, for now. But the question arises: Once they’ve been created and backed by central banks, what do you do with them once you have them? He pointed to the concept of synthetic central bank digital currencies ( CBDC ).

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PYMNTS

JANUARY 27, 2020

Instead of making its own digital currency, the deputy, Zhu Min, is asking Xi to reconsider rushing that process. 26) reported that the debate on whether China should issue its own currency has been going on for some time now. hearing last October. China has actually been looking at making its own CDBC since 2014.

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Cube Software

JUNE 12, 2023

What is a multi-currency account? Multi-currency accounts, sometimes called foreign currency accounts, are special bank accounts that allow users to send and receive payments across currencies from multiple countries.

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Currencies Accounting Banking 52

Future CFO

JUNE 13, 2021

The broader adoption of general-purpose central bank digital currencies (CBDCs) will present authorities with trade-offs between the associated risks and benefits. The post Central bank digital currencies may disrupt financial systems appeared first on FutureCFO.

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PYMNTS

JULY 10, 2019

The European Central Bank (ECB) opened up about cryptocurrency and said it wouldn’t recognize it as an actual currency, according to reports. The bank also said it didn’t have any plans to put bitcoin into its reserves. The statement underpins the bank’s ongoing icy stance on cryptocurrency in general.

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PYMNTS

JULY 30, 2020

The Bank of England (BoE) is pushing ahead with an overhaul of a key part of the United Kingdom’s financial payments infrastructure. The new system, slated to debut in 2022, will also have the capability to handle a central bank digital currency (CBDC), such as a digital pound, CoinDesk reports.

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PYMNTS

JANUARY 20, 2020

Add Australia to the list of countries with central banks looking to bring fiat currencies into the digital realm — with some conditions attached. A CBDC would be denominated in the sovereign currency, and convertible at par with other forms of money.”. . … The language is interesting — and noteworthy. The Rewards.

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PYMNTS

JUNE 17, 2020

A growing number of nations are looking to develop digital versions of their currencies, and now there might be regional initiatives taking shape to target the U.S. The publication said China would back the new digital currency with a basket consisting of the Chinese yuan, Japanese yen, Hong Kong dollar and the South Korean won.

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PYMNTS

MAY 13, 2020

The Bank of Mauritius is progressing toward providing a central bank digital currency (CBDC) per its governor, CoinDesk reported. Seegolam noted that any digital currency would need to be distributed via the current banking system to steer clear of the risk of putting the island’s financial system in an uneven position.

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Currencies Banking Forecasting Financial Systems 61

PYMNTS

DECEMBER 28, 2020

Digital currencies could render the SWIFT global payments network unnecessary, RT.com reported, citing the Central Bank of Russia (CBR). Olga Skorobogatova, first deputy governor of the CBR, said 30 countries are working on their own national digital currencies, some of which could launch in five to seven years.

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CFO News

MARCH 27, 2024

Indian lenders and Russia's Gazprombank are in early-stage discussions to establish correspondent banking services for cross-border payments and trade support. Gazprombank aims to expand its operations in India and has engaged with Indian bankers to explore strengthening banking ties.

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PYMNTS

JUNE 15, 2020

Korea’s central bank has rolled out a legal advisory group to look at potential challenges to bring a central bank digital currency (CBDC) to fruition, The Korea Times reported. The panel’s start is a portion of the first stage for the Bank of Korea’s (BOK) plan to create a CBDC.

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PYMNTS

SEPTEMBER 21, 2020

The Office of the Comptroller of the Currency (OCC) released a letter that explained the authority of federal savings associations and national banks to keep “reserves” for clients who are issuers of stablecoins in some cases, according to a Monday (Sept. Acting Comptroller of the Currency Brian P. 21) press release.

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PYMNTS

JUNE 8, 2020

United Nations global blockchain expert Massimo Buonomo has foreseen a future where digital currencies could replace low-interest bank accounts, Coindesk reports. In addition, Buonomo said digital currencies, especially central bank digital currencies (CBDC) may eventually be able to replace all bank accounts.

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Accounting Banking Currencies Securities 135

PYMNTS

NOVEMBER 14, 2018

IMF head Christine Lagarde called on central banks to seriously consider issuing digital currency to fill the gap left by the declining use of cash. Lagarde said by embracing digital currencies central banks can supply money to the digital economy.

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PYMNTS

OCTOBER 29, 2020

The Bank of Canada is progressing in its plans for a national digital currency, moving past proof of concepts to “executable” plans, according to Reuters. Currencies move across borders, and so we certainly wouldn’t want to be surprised by some other country,” he said in the report. “It percent fee tacked on to all purchases.

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PYMNTS

JUNE 10, 2020

The Bank of Ghana continues to consider the creation of a digital currency, GhanaWeb reported. Dr. Maxwell Opoku-Afari, the bank’s first deputy governor, reportedly said during a digital workshop that the bank remains steadfast in facilitating innovation and piloting ideas like a central bank cryptocurrency.

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PYMNTS

JANUARY 25, 2021

The Reserve Bank of India (RBI) is exploring making a digital currency, a reversal of its prior position, according to a report from Cointelegraph. While central bank digital currencies (CBDCs) are considered legal tender in the country, the government and regulators have considered them a “liability,” Cointelegraph reported.

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