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You had better get ready for the world of central bank digital currencies (CBDCs) because they are coming. And they are coming fast. According to a recent survey by the Bank for International Settlements (BIS), as many as 24 CBDCs could be in circulation by 2030.
Violent protests in Nigeria reveal that getting average people to embrace central bank digital currencies (CBDCs) might be more difficult than government officials would like. Nigerians recently took to the streets to protest a cash shortage caused by government policies adopted in order to push the country into the adoption of its central bank digital […]
Last month, the New York Fed launched a pilot program for a “digital dollar.” Could this be the first step toward monetary totalitarianism?
On Tuesday (Nov. 15), the New York Federal Reserve announced a 12-week pilot program in partnership with several large commercial banks to test the feasibility of a central bank digital currency (CBDC). The “proof of concept” program will test an “interoperable digital money platform” on a regulated liability network (RLN) for “technical feasibility, legal viability, […]
Last week, the Federal Reserve released a “discussion paper” examing the pros and cons of a potential US central bank digital dollar. According to the Federal Reserve press release, the central bank hopes to get public feedback on the idea. “We look forward to engaging with the public, elected representatives, and a broad range of […]
Last year, China launched a digital yuan pilot program. The Chinese government-backed digital currency got a boost when the country’s biggest online retailer announced the first virtual platform to accept the Chinese digital currency. China isn’t the only government exploring the possibility of digital money. Sweden has developed a digital currency of its own. The […]
