As criticism grows over a digital dollar, Republicans push for an anti-CBDC bill, which industry leaders projected to disrupt bipartisan support for a much-anticipated stablecoin bill.
U.S. Fed Chair Jerome Powell insists he's not plotting to unleash a CBDC, while a new study says concerns about BTC and other digital currency tokens ever serving as global currency are overblown.
A document prepared by the Federal Reserve for presentation to Congress reveals that a CBDC is one of the key duties it’s probing, alongside FedNow and wholesale payments.
Republicans are sounding the alarm over the U.S. Federal Reserve’s CBDC plans, while ‘crypto’ voters prefer CBDC-opponent Donald Trump rather than Joe Biden for president.
The five senators, led by Senator Ted Cruz, claim that a digital dollar is the Biden administration’s attempt to illegally surveil citizens’ spending habits.
While TradFi has built a reputation that could withstand the test of time, CBDCs and stablecoins are making a name of their own, with the Fed acknowledging their disruptive impacts in a new report.
India is eyeing a collaboration with U.S. Federal Reserve and HKMA for cross-border CBDC functionality to enhance international remittances and accelerate digital rupee development.
Federal Reserve Governor Michelle Bowman has doubts about CBDCs, stating that “the potential uses of a U.S. CBDC remain unclear and, at the same time, could introduce significant risks and tradeoffs.”
The U.S. House Financial Services Committee has approved the CBDC Anti-Surveillance State Act, which will now be put before the House of Representatives.
The Digital Dollar Project announced in a press release that it had completed a pilot study focusing on retail CBDCs, using a digital dollar in remittance payments to the Philippines.
Under a new program, the Federal Reserve will expand its oversight on novel banking activities like digital assets and other emerging asset classes.
The U.S. Fed warned any state banks dealing with digital asset “Dollar Tokens,” or stablecoins, to obtain a written “supervisory nonobjection” before issuing, holding, or transacting in them.
