Banque de France CBDC used for fund settlement project
As part of an experimental programme led by the Banque de France, more than ten transactions on fund units, for a total amount of more than €2 million, were carried out in December 2020 on a blockchain-based mututal funds platform from IZNES using central bank digital currency (CBDC).
A Central Bank Digital Currency Will be Rolled Out in 2023: Economic Ninja
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The Economic Ninja joins the show to explain why he believes the Federal Reserve will be rolling out a central bank digital currency in 2023. Ninja also provides his views on the real estate market, a new government debt instrument he sees on the horizon, diesel shortages in America, and much more.
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00:50 20% Mortgages Are Coming
03:37 Real Estate in 3 to 5 Years
07:28 New 40 and 50 Year Bonds
10:52 Debt is Slavery
12:21 Can Real Estate Reach New Highs?
16:48 Central Bank Digital Currency in 2023
19:47 How is Ninja Investing?
23:29 Diesel Shortage in the U.S.
26:12 Food Shortages in North America
31:12 How to Prepare for What’s Coming
#cbdc #recession #inflation
Virtual Central Bank Payments Conference 2021 – Keynote Speaker: Nathalie Aufauvre, Banque de France
You will have the pleasure to watch Nathalie Aufauvre, Director General for Financial Stability and Operations at Banque de France, talking about the “Wholesale CBDC being tested” at the Virtual Central Bank Payment Conference 2021.
In 2020, Banque de France launched an experimentation programme to explore the potential benefits of wholesale CBDC. Nathalie Aufauvre will explain what conclusions could be drawn from this project.
The Central Bank Payments Conference is organized by Currency Research.
Currency Research is dedicated to all aspects of the currency function and central bank payments and has undertaken research and consulting projects to promote a deeper understanding of industry issues, to equip industry stakeholders with the most up-to-date information on trends, strategies, solutions, services, and technologies.
Discover more here: https://currencyresearch.com/
#paymentsolutions #centralbanks #cbdc #mobilepayments #digitalpayment #instantpayments #fintech #financialinclusion #innovation
Central Bank Digital Currencies: Policy Issues
Central #Bank #Digital #Currencies: Policy Issues.
The recent proliferation of private digital currencies or cryptocurrencies, such as Bitcoin, has led to questions of whether the Federal Reserve (Fed) should create a central bank digital currency (#CBDC)—a digital dollar that would share some of the features of these private digital
In addition, several countries are moving forward with plans to create CBDCs, and this has increased calls for the Fed to act. According to a survey from the Bank for International Settlements, more than 85% of central banks worldwide are researching, piloting, or in advanced stages of development of CBDCs. For example, China has completed several digital currency trials in major cities across the country, as well as cross-border trials with Hong Kong; the European Central Bank hopes to launch a digital euro by 2025; the Eastern Caribbean is piloting its digital currency (DCash) in four countries; and the Bank of Japan has announced a “phase one” of testing a digital yen. The proliferation of CBDCs around the world has raised questions about whether the United States is falling behind in the future of the financial system, and whether that could affect its “reserve currency” status.
Digital payments and account access are already widespread in the United States. A key question from an end user (e.g., consumer or merchant) perspective is: would a CBDC be faster and less expensive than the current system? A CBDC would presumably allow for real-time settlement of payments—a feature that is not currently ubiquitous in the U.S. #payments system, but may become so after the Fed rolls out FedNow, its planned real-time settlement system. Creating a CBDC could take several years, whereas FedNow is expected to be operational in 2023. Whether payments using a CBDC would be less expensive than the status quo remains unknowable until detailed proposals have been made. (Cross-border payments have been identified as offering greater potential gains in cost and speed.)
From an end-user perspective, CBDC proposals range from a system similar to the current status quo to one that is fundamentally different. The Fed and private sector already operate bank-to-bank digital wholesale payments systems, some of which are settled in real time, so a CBDC only accessible to banks may differ slightly from the current system. In contrast, proposals for consumers to be able to hold CBDCs in accounts at the Fed would fundamentally change the role of the Fed and its relationship with consumers and banks. Thus, depending on its attributes, a domestic CBDC could potentially compete with #private digital currencies, foreign CBDCs, private payment #platforms, or banks. CBDC proponents differ as to which of these they would like a domestic CBDC to compete with. CBDCs are more likely to compete with private #digital currencies as a payment means for legal #commerce than to function in their other current uses (e.g., as speculative investments or as payment means for illicit activities).
Depending on its features and how much it differed from the status quo, a U.S. CBDC would have an ambiguous but potentially significant effect on financial inclusion, financial stability, cybersecurity, Federal Reserve independence, seigniorage, and the effectiveness of monetary policy. If the CBDC mainly crowded out cash and cryptocurrency use, it could make illicit activity more difficult, possibly at some expense of individual privacy. If used to deliver government payments, the CBDCs’ ability to improve their speed and efficiency would depend on the extent of its adoption by those not already receiving payments by direct deposit, which might be low unless #mandatory.
To date, the Fed has not #taken a position on whether creating a CBDC would be desirable. It has stated that it “does not intend to proceed with issuance of a CBDC without clear support from the executive branch and from Congress, ideally in the form of a specific authorizing law.” Regardless, Congress might choose to legislate in order to either explicitly authorize or mandate the Fed create a CBDC and shape its features and uses, or to prevent one from being introduced.
Opportunities and challenges of the tokenisation of finance | Banque de France
Which role for Central Banks ?
This international conference will involve an open and interactive discussion on the new and disruptive ecosystems that are rapidly emerging in the financial sector at the global level as a result of emerging innovative technologies. Those new ecosystems cover a wide array of activities, ranging from the tokenisation of assets to Decentralised Finance (DeFi), aiming to go beyond borders and sometimes circumventing intermediaries.
The conference will first explore the implications of digitalisation for central banks in terms of financial stability. It will then turn to the objectives and promises that DeFi holds for the market. Finally, it will look into whether central bank digital currencies (CBDCs) could be used in those new ecosystems to enhance cross-border transactions while also preserving monetary and financial stability.
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La Banque de France est une institution indépendante chargée de 3 missions essentielles :
La stratégie monétaire : contribuer à définir la politique monétaire de la zone euro et la mettre en œuvre en France.
La stabilité financière : contrôler les banques et assurances, veiller à la maîtrise des risques et assurer le bon fonctionnement et la sécurité des paiements.
Les services à l’économie et à la société : proposer de nombreux services à l’économie, aux particuliers et aux entreprises.
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