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Digital Currency Fed Federal Reserve 
Payments Source
OCTOBER 19, 2020
Other central banks have considered phasing out cash as they explore digital currencies. Federal Reserve Chairman Jerome Powell said it would not replace the physical dollar. Should the idea take hold in the U.S.,
167 
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.
113 
PYMNTS
OCTOBER 9, 2020
The Federal Reserve is collaborating with seven central banks and the Bank for International Settlements (BIS) to hammer out a framework for digital currency. . The People’s Bank of China (PBOC) is already testing the renminbi, a digital currency it says will extend the yuan’s worldwide reach.
104 
PYMNTS
OCTOBER 19, 2020
Federal Reserve Board Chair Jerome Powell sounded a cautionary note on Monday (Oct. 19) on the bank’s potential rollout of a digital currency. The Fed chief made his comments as part of a panel discussion on digital currencies hosted by the International Monetary Fund (IMF).
108 
Payments Dive
APRIL 1, 2022
Ted Cruz's legislation, which follows a companion House bill introduced earlier this year, would prevent the Federal Reserve from issuing a central bank digital currency directly to consumers.
179 
PYMNTS
SEPTEMBER 25, 2020
Digital dollars could make the leap from concept to reality, but there might be a few ways to get there. Cleveland Federal Reserve President Loretta Mester said in a speech this week that a digital dollar could conceivably be a form of money transfer that would enable the Fed to disburse money to all individuals in America.
132 
Payments Source
AUGUST 21, 2020
The global digital currency race has heightened the threat to traditional monetary policy and the dollar’s dominance, enough for the Federal Reserve of Boston to make a concerted effort to keep pace.
117 
PYMNTS
DECEMBER 18, 2020
But the race is still on for central banks to develop their own digital versions of fiat to take their place alongside bills and coins. To that end, the Bahamas may stand out as an epicenter of sorts for the rise of central bank digital currencies (CBDCs). million) of digital currency to 50,000 people chosen by lottery.
142 
Payments Source
MARCH 11, 2021
Some bank regulators are allowing companies that offer digital currencies to apply for a charter, potentially giving them a path to the Federal Reserve system without proper oversight.
150 
Fintech News
DECEMBER 10, 2023
The Reserve Bank of India (RBI) has initiated discussions with the Hong Kong Monetary Authority (HKMA) , the US Federal Reserve, and the international payment platform SWIFT to explore the use of central bank digital currencies (CBDCs) for cross-border payments.
PYMNTS
MARCH 23, 2020
To help bolster the American economy amid the COVID-19 pandemic, the Federal Reserve could utilize digital wallets and a “digital dollar” to provide “qualified individuals” with payments. Neither bill specifies the use of any type of digital currency initiative. Finance reported. .
109 
The Fintech Times
FEBRUARY 26, 2024
As of December 2023, 130 countries, representing 98 per cent of global GDP, were exploring central bank digital currencies (CBDCs) according to the Atlantic Council ‘s CBDC tracker. With so many countries looking towards centralised digital assets, we set out to find out how these would impact the cross-border payments market.
Payments Source
NOVEMBER 24, 2019
The Cleveland Fed president dismissed concerns about the central bank's faster payments system competing with The Clearing House's network, while saying that a national digital currency is less of a necessity in the U.S. than in other countries.
PYMNTS
JUNE 23, 2020
Federal Reserve has introduced a new effort to combat payments fraud. According to the announcement, the Bank of Thailand is planning to use central bank digital currency (CBDC) to support funds transfer, with an eye on accelerating supplier payments as an early use-case of the payment system. In the U.S.,
106 
PYMNTS
MARCH 23, 2020
To help bolster the American economy amid the COVID-19 pandemic, the Federal Reserve could utilize digital wallets and a “digital dollar” to provide “qualified individuals” with payments. Neither bill specifies the use of any type of digital currency initiative. Finance reported. .
105 
PYMNTS
APRIL 13, 2020
In other words, the recipients would create checking accounts at the Federal Reserve Banks (there are 12 of them). This time around, the digital dollar would be a greenback, done in bits and bytes. There’s at least some tailwind for digital dollars to gain traction in the current and post-COVID-19 world.
99 
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. Fed, the Swiss National Bank and others.
PYMNTS
OCTOBER 3, 2019
While Philadelphia Federal Reserve Bank President Patrick Harker believes it’s “inevitable” that central banks will eventually issue digital currencies, he warned that the United States shouldn’t be first in line. He admitted that when it comes to the future of the Fed, digital currency will most likely play a part. “I
PYMNTS
FEBRUARY 5, 2020
The United States Federal Reserve is examining the possibilities and issues surrounding cryptocurrencies and digital payments, which include whether there would be a benefit to the agency issuing a digital currency , according to a report by Reuters.
PYMNTS
AUGUST 21, 2020
Earlier this month, as PYMNTS noted , the Federal Reserve said its Boston bank is working with the Massachusetts Institute of Technology (MIT) to explore the possibility of issuing digital currency. Central bank digital currencies (or CBDCs) have been gathering steam, at least as a concept.
107 
PYMNTS
AUGUST 7, 2020
For the Federal Reserve, real-time payments will take time — three or four years’ time, to be specific. Federal Reserve Board members this week shed some light on the timing and mechanics of FedNow — an always-on, fully interoperable interbank-settlement service that will give rise to instant payments in the United States.
PYMNTS
AUGUST 13, 2020
A post from Liberty Street Economics , a research blog of the Federal Reserve Bank of New York , posited that the usual distinction between “token-based” and “account-based” cryptocurrencies are overly simplistic because several popular digital coins, including Bitcoin, could be both.
PYMNTS
NOVEMBER 12, 2019
Federal Reserve Chairman Alan Greenspan said Tuesday (Nov. 12) that central banks have no reason to issue digital currency. He added that no organization can offer sovereign credit backing that way national currencies do. I do think it is something around digital currency,” he said. Former U.S.
PYMNTS
FEBRUARY 6, 2020
In today’s top payments news, Stripe and Lightspeed team up to advance in-store and online payments for retailers and restaurants, the Federal Reserve weighs the costs and benefits of a digital currency and the Reserve Bank of Australia considers stopping banks from automatically routing “tap and go” payments through Visa and Mastercard.
PYMNTS
OCTOBER 9, 2020
In today’s top news, the Federal Reserve and seven central banks are collaborating on a framework for digital currency, and Amazon India prepares for its festive season with a $95.5 Fed, Central Banks Frame Criteria For Digital Currency. million boost. Plus, Affirm files for an IPO.
PYMNTS
OCTOBER 12, 2020
But there’s room for co-existence of cash and digital currencies. The recently released report by the Bank for International Settlements ( BIS ) offers a general framework for digital currencies. And digital money, according to the BIS, will have to take its place alongside paper bills and coins.
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Payments Source
JANUARY 17, 2018
The central bank is beginning to consider the possibility of a “digital dollar,” which will foster more efficient and transparent payments.
PYMNTS
NOVEMBER 2, 2020
In today’s top news in digital-first banking, BlockCard is teaming with peer-to-peer (P2P) bitcoin marketplace Paxful for a new crypto debit card, while the Federal Reserve Board has modified the terms of its Main Street Lending Program (MSLP). Fed Adjusts Main Street Lending Terms to Help Small Businesses.
59 
PYMNTS
DECEMBER 3, 2020
Today in B2B payments, Visa embraces the USDC digital currency for corporate payments. Plus, Basware enhances its accounts payable (AP) offering, CardUp eases commercial card adoption, Kofax adds new AP features and the Federal Reserve eyes bank lending. Visa Teams With Circle on USDC Digital Currency Corporate Card.
PYMNTS
JUNE 26, 2019
Federal Reserve plans to hold Facebook ’s cryptocurrency, Libra , to high standards when it comes to consumer protection and regulation. Libra’s a new thing; we are looking at it very carefully,” said Federal Reserve Chairman Jerome Powell on Tuesday (June 25), according to Reuters. financial system.
51 
PYMNTS
JANUARY 15, 2021
Federal Reserve Chair Jerome Powell said he isn’t in a rush to adopt a central bank digital currency (CBDC) because of the risks such currencies pose to the status of the dollar, CoinDesk reported. “We dollar is] the reserve currency.”. dollar is] the reserve currency.”.
67 
PYMNTS
SEPTEMBER 15, 2020
Central bank digital coins on the Continent – but plenty of room for cash. To that end, Bloomberg reported at least some financial regulators from the European Union say there need to be strict controls governing central bank digital currencies in place — and Libra (among other private efforts) may present a threat to financial stability.
91 
PYMNTS
DECEMBER 24, 2020
If one measures success for digital currencies in buzz — and in price appreciation for many of the marquee names — then 2020 stands out as a banner year. Blockchain is taking root as the underlying infrastructure of digital currency issuance, and a broad swath of central banks are examining issuing digital fiat.
103 
PYMNTS
JUNE 20, 2019
government will respond to the introduction of new digital currencies. The Wall Street Journal is reporting that the Federal Reserve and the Senate Banking Committee will both closely scrutinize the implementation of Libra. Libra won’t, he said, displace the current currency system, or complicate monetary policy.
67 
PYMNTS
NOVEMBER 25, 2020
The age of digital currencies might be fully upon us, but key questions swirl about how to issue and regulate cryptos – especially stablecoins. Regulators and lawmakers, however, can latch onto digital currency efforts as they must monitor and also supervise such stablecoins. In a paper that debuted Tuesday (Nov.
92 
PYMNTS
AUGUST 17, 2020
Plus, the Federal Reserve is working with MIT to explore the use of digital currency. Fed Exploring ‘Hypothetical’ Digital Currency With MIT. The Federal Reserve is working with the Massachusetts Institute of Technology (MIT) to explore the possibility of issuing a digital currency.
PYMNTS
APRIL 27, 2020
As the Federal Reserve reported last week, that timeframe could even become months due to the demands of processing a reported 5 million checks a week. Under those proposals, consumer bank accounts would be established at the Federal Reserve, enabling digital dollars to be issued and received.
108 
PYMNTS
NOVEMBER 13, 2017
Ethereum hiccupped, PayPal pushed into India (and into a direct competition with a hometown hero) and The Federal Reserve decided to take on a reset of digital payments. So far, with this latest bug, a large amount of Ethereum’s digital currency is at risk, with estimates approaching as much as $150 million.
43 
PYMNTS
SEPTEMBER 17, 2020
The race to develop central bank digital currencies (CBDCs) is underway, but it seems the Reserve Bank of Australia may not be in the running. 17), Australia’s central bank has viewed the issuance of such digital coinage with caution, and even a bit of skepticism. As reported by Cointelegraph Thursday (Sept.
72 
PYMNTS
JUNE 20, 2019
Federal Reserve Chairman Jerome Powell revealed that Facebook has spoken to the central bank about its upcoming cryptocurrency, called Libra. Powell added that the Fed meets “with a broad range of financial sector firms all the time on financial technology.”.
43 
The Paypers
SEPTEMBER 4, 2020
The Federal Reserve Bank (FRB) has taken CBDCs seriously and has been engaged in efforts to research a path toward implementation.
31 
PYMNTS
NOVEMBER 12, 2019
China is making privacy allowances for digital currency , which faces a new foe in the U.S. Former Fed Chair: Central Banks Have No Reason To Issue Digital Currencies. Federal Reserve Chairman Alan Greenspan said Tuesday (Nov. 12) that central banks have no reason to issue digital currency.
PYMNTS
APRIL 15, 2020
In today’s top news, Amazon will lower commission rates for the Amazon Associates program, while one of China’s state-owned banks has a mobile pilot app that supports central bank digital currency. Louis Federal Reserve President James Bullard estimated that the quarantine is costing the U.S.
Faster Payments Council
MARCH 15, 2023
The panel will explore some of these initiatives including the New York Fed's CBDC pilot program with major banks, the recently concluded Boston Fed's Project Hamilton and other global CBDC projects. The Federal Reserve is close to launching FedNow. These projects are taking different implementation approaches.
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