Financial Services Committee approves bill prohibiting CBDC in US
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 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.
PYUSD is being pitched as good for sending person-to-person payments, transferring to external wallets or funding purchases and users can convert PYUSD to other PayPal-supported digital assets.
The successful applicant will be in charge of creating "novel systems" around CBDCs, launching working prototypes of the system, and identifying risks associated with launching CBDCs.
U.S. Representative Warren Davidson claims CBDCs "corrupt money into a tool for coercion and control," he also called them the "financial equivalent of the Death Star."
The completion of proof of concept for the Regulated Liability Network opens doors for banks to unify their messaging and settlement elements and realize the true utility of blockchain in attaining financial inclusion.
The Regulated Liability Network (RLN) might be integrated with commercial bank deposit tokens or a wholesale central bank digital currency may offer a range of benefits, according to researchers.
The U.S. Federal Reserve says the 57 firms will be ready to send and receive payments on FedNow upon launch and are currently completing final trial runs.
U.S. House Committee members give differing takes on two proposed bills focused on regulating digital assets amid the tug-of-war between the SEC and CFTC over their roles in overseeing the industry.
NAFCU argued that regulatory guidelines for a digital dollar could only be achieved in consultation with Congress and stakeholders, including banks and credit unions.