News

On Sep. 20 the House Financial Services Committee will mark up two bills blocking a potential digital dollar in the United States.

The Stable Token Commission continues researching the potential implementation of stable tokens in Wyoming.

The digital assets subcommittee heard from five opponents of a U.S. CBDC without giving supporters equal (or any) time.

The bank messaging network has seen a dramatic increase in processing speed and is developing technology to connect CBDCs.

The bill would limit the Fed from issuing a CBDC which Tom Emmer called a surveillance tool that would "undermine the American way of life."



Central bank money forms the core of the global monetary system, providing a foundation of safety, neutrality, accessibility and integrity underpinned by the payment finality achieved via settlement on the central bank's balance sheet. Currently, the public has access to only one form of central bank money – physical cash in the form of notes and coins. However, there is clear evidence of a decline in the use of physical means of payment as consumers shift to digital payments that are heavily reliant on private providers. As economies become increasingly digital, more and more central banks are exploring retail central bank digital currency, or rCBDC, and evaluating different designs.

The Hong Kong Monetary Authority, Bank of Israel and Bank for International Settlements teamed up to address the complex issues of rCBDCs.

Opening remarks by Mr Howard Lee, Deputy Chief Executive of the Hong Kong Monetary Authority, at the Project Sela Report Launch Conference, Hong Kong, 12 September 2023.

Speech by Mr Michael S Barr, Vice Chair for Supervision of the Board of Governors of the Federal Reserve System, at the Federal Reserve Bank of Philadelphia Seventh Annual Fintech Conference, Philadelphia, Pennsylvania, 8 September 2023.

Supervision chief warns of danger of unregulated issuance of stablecoins

According to Christopher Eniayemo, the decision to print new naira notes could have occurred via DeFi, involving Nigerians and aiding readiness for the change.

Governor says project is aiming to reach one million daily transactions by December

Michael Barr expressed “strong concern” about stablecoins and appreciation of legislative efforts to address them at the Philadelphia Fed’s fintech event.

Following an August recess, members of the House Financial Services Committee will gather for a “Digital Dollar Dilemma” hearing on Sept. 14.