The Banque de France and Societe Generale have tested the use of a blockchain platform to settle a transaction with a central bank digital currency.
Who will lead the charge to launch Digital Euros
The Banque De France with Société Generali (SG) have started tests on using a Digital Euro recently with SG depositing €40million of bonds and the Banque De France settled and paid for them using a Digital Euro. The objective is find find away to improve the efficiency of transactions and payments between institutions. The current systems are thought to be able to be changed to be more automated more secure and faster. The French bank asked institutions who were interested in being involved in looking at a DigitalEuro a to contact them in April 2020 and have been encouraged by the number of companies that contacted them. The head of France’s Central Bank Francois Villeroy, said “the Digital Euro will be used between banks initially as a digital currency for the retail market would be subject to special vigilance” However, French may face competition from the Dutch who are also looking at launching a Digital Euro as they claim only 1/3 of transactions in Holland are in cash.The Dutch central bank have published a report citing the potential threat from Facebook’s Libra unless governments offer a digital alternative. Will this recent activity spur on the German as seven months ago the Association of German Banks published its position (https://en.bankenverband.de/newsroom/comments/programmable-digital-euro/#Innovation)on digital currency, saying a ‘crypto-based digital Euro’ should be launched. It would appear that momentum is gathering to issue a Digital Euro who will lead the charge and how coordinated and interoperable will it be across the EU? Watch this space for more updates!
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�� Central Bank of France – Digital Euro LINKED With XRP �� | Cheeky Crypto
In this XRP cryptocurrency video we take a look at the latest XRP crypto news and see what has been happening in the Cryptocurrency space in the last 24 hours. We discuss a new report showing that Central Bank of France wants to run the digital euro on the XRPL. What are your XRP price predictions? Let us know in the comments.
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Why central banks want to launch digital currencies | CNBC Reports
Interest in bitcoin and other cryptocurrencies may be surging, but central banks don’t want to be left behind by financial innovation. In fact, more than 80% are examining how to launch digital versions of their own currencies. CNBC’s Joumanna Bercetche takes a look at why these cautious institutions may soon be launching a revolution in how we think about money.
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Digital Euro Will Focus on Personal Use First, Not Web3
A retail digital euro will, in the first stage, only enable payments initiated by people, rather than allowing businesses to settle invoices, issue paychecks or be used in decentralized finance, European Union (EU) officials said Wednesday. “The Hash” team discusses central bank digital currencies (CBDCs) and their privacy implications amid a global race to digital money.
Banque de France reports back on wholesale CBDC programme
The Banque de France has published an upbeat report on its series of experiments with a wholesale CBDC but says its work has also thrown up new questions.
The Engineering and Design Problems of Building a US Dollar CBDC
A Future of Finance Interview with Jim Cunha, SVP at the Boston Fed.
The central bank that runs the major global reserve currency has largely resisted the temptation to join the increasingly animated debate about central bank digital currencies (CBDCs). But this summer will see the publication by the Federal Reserve of a major consultation paper on making the US dollar available as a CBDC.
The peculiar challenges of turning the US Dollar into a CBDC is one of the topics Future of Finance co-founder Dominic Hobson raised with Jim Cunha, an SVP at the Boston Fed who has added applied research into CBDCs to his long experience and expertise in payments, technology, innovation, security and fraud prevention.
Find out more at https://futureoffinance.biz/2021/07/12/the-engineering-and-design-problems-of-building-a-us-dollar-cbdc/
Wholesale Central Bank Digital Currencies (CBDCs) – The Future or a Complex Solution?
In Open Banking Expo’s Central Bank Digital Currency virtual event, we welcomed an exclusive panel to discuss wholesale CBDCs. In particular, we:
– Review the most important wholesale CBDC projects to determine whether CBDC will move out of exploration and experimental stages to transform the traditional wholesale environment – Explore the value proposition for wholesale CBDCs including digital exchanges, cross-border payments and wider payments systems – Analyse the wholesale CBDC framework, delving into the design, use and interoperability of DLT – Consider the uncertainty around wholesale CBDCs to understand if their benefits outweigh the risks – Tackle regulatory questions, coexisting with fiat currency, taxonomy and global standardisation, ecosystem development, other solutions than CBDCs to improve wholesale inefficiencies.
Panellists: James Pomeroy, Global Economist, HSBC Segun Bewaji, Team Lead, Senior Economist, Payments Canada Will Lovell, Head of Future Technology, Bank of England
Moderated by: Noelle Acheson, Managing Director of Research, CoinDesk
Fast, cheaper cross-border payments – is wholesale CBDC the answer?
The G20 has made enhancing cross-border payments a priority. This panel session looks at the potential of wholesale CBDCs in particular to make cross-border payments faster and cheaper. https://www.bis.org/events/bis_innovation_summit_2021/agenda.htm
Video: Banque de France’s wholesale CBDC experiment
See more information on OMFIF’s DMI here: https://www.omfif.org/dmi/
Banque de France selects eight firms to experiment with digital currency creation
The Banque de France is to work with eight firms in testing applications for a central bank digital currency interbank settlements.
Why the Fed Is Considering a Digital Dollar | WSJ
The Federal Reserve is trying to figure out how to keep cash relevant in a cashless world. It’s considering digitizing the U.S. dollar, giving people money they can access on their phone and bypassing electronic payments that can be slow and costly for businesses. Illustration: Jacob Reynolds/WSJ
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How the Facebook digital currency dream has changed | CNBC Reports
The Facebook-backed Diem Association plans to launch a new stablecoin tied to the U.S. dollar in 2021. Formerly known as Libra, the digital currency project faced years of pushback from regulators, with key figures deeming the project a failure months after the first white paper launched. So how is Diem getting its previous detractors on board? CNBC’s Joumanna Bercetche spoke to Diem’s chief economist Christian Catalini about what has changed, and what the new coin could mean for consumers.
*Diem has since withdrawn its license application in Switzerland shortly after publication. —–
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This Is How They’ll Convince America to Adopt a CBDC
Many people are concerned about the rollout of a Central Bank Digital Currency, especially as we see carnage in the markets everywhere.
It seems like policy makers are doing everything they can to bring as much pain as possible on everyday Americans, while asset prices are crashing, and prices of goods and services are going through the roof.
So, the big question is, are the deliberately trying to reset everything so they can rollout a CBDC?
So, in this video, I’m going to give you exactly what my plan would be if I was in charge — and wanted to rollout a Central Bank Digital Currency successfully. Because if they were to roll this out right now, people wouldn’t have any incentive to migrate over into it unless they had a reason to, which is why everything must go through chaos.
Timecodes 0:00 Video Overview 1:43 Intro 1:46 CBDCs and How They Would Function 3:13 My Plan to Roll Out a CBDC 13:47 Outro
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DISCLAIMER: This is NOT financial advice. This is a entertainment and educational show. I am not responsible for any investment decisions you make. Just always be sure to do your own research and only invest what you are willing to lose. Remember that nobody has a crystal ball to the future, so be smart with your money.
Digital Money: Global markets and the coming revolution in cross-border settlement
On 24 February, the Digital Pound Foundation hosted a webinar entitled ‘Global markets and the coming revolution in cross-border settlement’. The session discussed how new forms of digital money, including central bank digital currency, are opening up possibilities for wholesale cross-border transaction settlement.
These new forms of money have the potential to revolutionise the FX markets, reducing the dependence of intermediaries, opening up competition and more efficient, effective market structures. They are also a key dependency for the evolution of digital asset markets, which introduce the ability to transform the way in which capital is allocated and value is transferred in a global marketplace.
In the webinar, Digital Pound Foundation members and guest speakers from the industry – including participants in Project Jura – spoke about the benefits that new forms of digital money can bring to wholesale cross-border settlements and the innovative use cases that can be delivered, as well as the associated challenges and potential solutions.
The opening keynote was given by two Accenture representatives: John Velissarios, Digital Assets, Custody & CBDC Lead and Global MD Blockchain and Multiparty Systems, and Dr Ousmène Jacques Mandeng, Senior Advisor, Blockchain and Multiparty Systems. John and Ousmene discussed their involvement in Project Jura, an initiative led by the Bank for International Settlements, Banque de France and Swiss National Bank with support from a range of private sector actors and market participants. The project explored the potential for cross-border settlement of tokenised asset and FX trades on a single DLT-based platform operated by a third party.
This was followed by a panel discussion, led by DPF’s Policy Lead Jannah Patchay, around the roles that public and private sector can play in developing the future ecosystem for cross-border settlement. Participants included: James Wallis, Vice President, Central Bank Engagements & CBDCs, Ripple; Gilbert Verdian, CEO, Quant; Mathias Studach, Head Finance, Risk & Org. Development, SDX and Dave Sissens, CEO, RTGS.global.
As with any new market infrastructure, the webinar participants agreed there will be challenges including interoperability, standards, open access and competition. Ending on a positive note, they also concluded that the creation of Central Bank Digital Currencies is about more than simply providing solutions to existing problems but also about innovating to provide new solutions that may not yet have been conceived.
French Central Bank Launches Experimental Digital Euro Program!
The French central bank is the latest nation state to be joining the Central Bank Digital Currency research party, having recently announced of an experimental new program, that’s seeking for applications to file their proposal’s by May of this year, for France’s central bank to consider as part of a future strategy to take inter-bank settlement systems into the future.
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New Push for CBDC in UK with Digital Pound
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China gets a CBDC, the United States gets a CBDC, the Euro gets the CBDC, everybody gets a CBDC and now that includes the UK as the deputy governor of the Bank of England said that “the UK may need a digital pound considering the FTX’s collapse”.
You know, they say never let a good crisis go to waste and considering the fact the FTX’s collapse will only hurt, number one, the investors, obviously. And then number two, the companies that were doing the fraud themselves instead that governments around the world are looking to jump on this at the chance to pass new laws, new regulations, establish new oversight committees in government agencies to take advantage of this collapse.
Time Codes 00:00 UK Looking into Gaining New Digital Pound 03:13 Crypto in the UK to be Regulated 04:05 Control of Money Leads to Control of Resources
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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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00:00 Introduction 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/
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 currencies.
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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Elle est membre de l’Eurosystème, organe européen qui regroupe la Banque centrale européenne et les banques centrales nationales des pays ayant adopté l’euro pour monnaie.
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