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Russia Hints at Development of CBDC-Based BRICS Bridge Payments System

Russia Hints at Development of CBDC-Based BRICS Bridge Payments SystemRussia has proposed the development and implementation of a BRICS-wide payment system that would use central bank digital currencies (CBDCs) to manage trade settlements. The BRICS bridge, as referred to by Russian Finance Minister Anton Siluanov, would address the fragmentation of the current payment system outside the West’s “unfriendly infrastructure.” Russia Hints at Using CBDC […]

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Texas Senator Ted Cruz Launches New Legislation To Ban Central Bank Digital Currencies (CBDCs)

Texas Senator Ted Cruz Launches New Legislation To Ban Central Bank Digital Currencies (CBDCs)

Republican senator Ted Cruz is continuing to press for the US government to ban central bank digital currencies (CBDCs). According to a new press release from Cruz (R-Texas), the Senator is introducing legislation to outright ban CBDCs. According to the release, the legislation is a partisan effort between Sens. Bill Hagerty (R-Tenn.), Rick Scott (R-Fla.), Ted […]

The post Texas Senator Ted Cruz Launches New Legislation To Ban Central Bank Digital Currencies (CBDCs) appeared first on The Daily Hodl.

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Fed Governor Discusses Crypto’s Impact on US Dollar Dominance — Says Banks Should Avoid Bitcoin ETFs as Primary Asset

Fed Governor Discusses Crypto’s Impact on US Dollar Dominance — Says Banks Should Avoid Bitcoin ETFs as Primary AssetA Federal Reserve governor has addressed crypto’s impact on the U.S. dollar’s dominance. Additionally, he expressed reservations about the need for a U.S. central bank digital currency (CBDC) and stated his opposition to banks holding bitcoin exchange-traded funds (ETFs) as their primary asset. Fed Governor on Crypto, CBDC, and the U.S. Dollar Federal Reserve Governor […]

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Fed Chair Powell Briefs Lawmakers on US Central Bank Digital Currency Progress

Fed Chair Powell Briefs Lawmakers on US Central Bank Digital Currency ProgressFederal Reserve Chairman Jerome Powell has provided an update to Congress members regarding the Fed’s central bank digital currency (CBDC) work. “If we’re going to have a CBDC, Congress needs to authorize it,” he stressed. Moreover, the Fed chair reportedly said that a framework for stablecoins is needed. Fed Chair Powell on US CBDC and […]

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Philippines to Develop Blockchainless Wholesale CBDC in Two Years

Philippines to Develop Blockchainless Wholesale CBDC in Two YearsThe Central Bank of the Philippines will develop a central bank digital currency (CBDC) in the next two years, according to Governor Eli Remolona Jr. The still unnamed CBDC will focus on the wholesale market and won’t use blockchain tech, instead relying on the Philippine Payment and Settlement System, owned and operated by the central […]

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CBDCs Will Enable the Government To Seize Your Money, Says Ex-US Presidential Candidate Vivek Ramaswamy

CBDCs Will Enable the Government To Seize Your Money, Says Ex-US Presidential Candidate Vivek Ramaswamy

Former Republican presidential candidate Vivek Ramaswamy says greenlighting a central bank digital currency (CBDC) in the US will have repercussions on the citizens’ financial freedom. In a new interview with Bloomberg Television, Ramaswamy says the government may use the digital dollar to go after those who oppose them. “A central bank digital currency, I believe, […]

The post CBDCs Will Enable the Government To Seize Your Money, Says Ex-US Presidential Candidate Vivek Ramaswamy appeared first on The Daily Hodl.

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Palau advances CBDC with Ripple in Phase 2 of PSC program launch

Phase 2 of the PSC program will prioritize the development of a digital ecosystem and increased user engagement, emphasizing adherence to regulatory compliance.

The Ministry of Finance in Palau officially launched the second phase of the Palau Stablecoin (PSC) Program. Jay Hunter Anson, a cybersecurity consultant in Palau, confirmed the initiation of the country’s CBDC pilot program in a post. 

Anson expressed that Palau aims to extend its partnership with Ripple in this next stage, allowing the PSC team to leverage Ripple’s CBDC platform and technical expertise.

PSC is a digital currency pegged to the U.S. dollar at 1:1. The USD-supporting PSC is stored in a commercial bank with FDIC insurance. The Palau government issues the PSC on the XRP Ledger (XRPL).

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Ripple issues white paper on CBDCs, reiterates belief in their potential

The white paper states that CBDCs help expand financial inclusion, streamlining cross-border payments and reinforcing monetary policy control.

Ripple has doubled down on its public support for central bank digital currencies (CBDCs) in a new white paper. The 23-page document was released by the blockchain-based digital payments company on Dec. 14.

In the document, Ripple explains the basics of CBDCs, their attractiveness, risks and barriers to widespread adoption. The white paper claims CBDCs help expand financial inclusion, streamlining cross-border payments and reinforcing monetary policy control. It also states:

Among the barriers to adoption, Ripple highlights the absence of a uniform, global regulatory framework for CBDCs. Other factors include a lack of end-user adoption, “little-to-no” consumer education, fears about privacy and security protections, digital identity verification, lack of interoperability among CBDCs and offline access to transactions. However, the authors of the white paper believe these issues “aren’t unsolvable.”

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Palau’s Ripple-supported stablecoin pilot achieves positive results

The U.S. dollar-pegged Palau Stablecoin was used by 168 volunteers for $100 of retail purchases in three months.

The first phase of the Palau Stablecoin (PSC) Program has been declared a success by the country’s Ministry of Finance. More work on the United States dollar-pegged national stablecoin is planned, with the goal of introducing the PSC on a national scale, according to a report released on Dec. 7.

The three-month PSC project was carried out with the participation of Ripple and used the XRP Ledger central bank digital currency (CBDC) platform. The Finance Ministry recruited 168 volunteers from among government employees, who were able to spend 100 PSC at participating local retailers. Both the volunteers and retailers responded positively to their experience using the PSC.

Purchases were made using a phone and a QR code or by manually inputting a wallet address. Only the retailers were able to redeem the PSC for U.S. dollars, which is Palau’s legal currency. The PSC was fully collateralized by $20,000 in “a Tier 1 Federal Deposit Insurance Corporation (FDIC) United States bank.”

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Taiwan central bank completes wholesale CBDC study, plans next steps

A central bank official spoke about ongoing CBDC research and other payment modernization Taiwan is exploring.

Taiwan’s central bank has completed a feasibility study of wholesale central bank digital currency (CBDC) and is continuing to consider its introduction. The central bank is seeking feedback from business and academics and will continue to work on platform design, deputy governor Mei-lie Chu said on Dec. 7. 

In a lengthy speech at an event for bankers, Chu outlined what she called Banking 4.0, or “services embedded in customers’ daily lives,” including the integration of artificial intelligence and advanced mobile and digital technology into banking. She devoted about half of her presentation to CBDC.

Chu referred to Bank for International Settlements research and said she saw the advantages of CBDCs and tokenization of real-world assets. Furthermore:

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