The House of Lords Economic Affairs Committee — an investigative governing body representing the economic interests of the United Kingdom — has released an official report assessing the pertinence of a government-issued central bank digital currency (CDBC).Titled “Central bank digital currencies: a solution in search of a problem?,” the 52-page publication covers a litany of … [Read more...] about UK Economic Affairs Committee unconvinced by prospect of retail CBDC
Committee
House of Lords Committee Sees ‘No Convincing Case’ for UK CBDC
The Bank of England, in common with central banks of almost every other major economy across the world, is exploring a potential CBDC as a means of addressing the decline in the use of cash, expediting the implementation of monetary policy and future-proofing fiat currencies from the rise in use of privately issued digital currencies. It is set to begin a consultation alongside … [Read more...] about House of Lords Committee Sees ‘No Convincing Case’ for UK CBDC
Fed Chair Jerome Powell Appears Before the Senate Banking Committee
Federal Reserve Chair Jerome Powell has run the U.S. central bank for the last four years, but his most significant work may have come in the past two years during the COVID-19 pandemic. President Joe Biden recently nominated Powell to a second term helming the Fed. The Senate Banking Committee will question the bank regulator on Tuesday. They will likely focus on current … [Read more...] about Fed Chair Jerome Powell Appears Before the Senate Banking Committee
Crypto CEOs to Testify Before House Financial Services Committee
FTX Sam Bankman-Fried, Circle’s Jeremy Allaire, Bitfury’s Brian Brooks, Paxos’ Charles Cascarilla, Stellar Development Foundation’s Denelle Dixon and Coinbase CFO Alesia Haas will speak at the session entitled Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States. Source link … [Read more...] about Crypto CEOs to Testify Before House Financial Services Committee
Bank of Japan Forms Committee to Coordinate CBDC Efforts
While the Bank currently has no plan to issue central bank digital currency (CBDC), from the viewpoint of ensuring the stability and efficiency of the overall payment and settlement systems, the Bank will prepare thoroughly, including implementing experiments, to respond to changes in circumstances in an appropriate manner. In the course of CBDC exploration, the Bank considers … [Read more...] about Bank of Japan Forms Committee to Coordinate CBDC Efforts