Cabinet approves drafting instructions for CBDC October 6, 2021, PBC Jamaica
Cabinet has granted approval to amend the Bank of Jamaica Act to facilitate the issuance of Central Bank Digital Currency and for the Bank of Jamaica to be the sole issuer of CBDC. Watch
Not all money is created equal
October , 2021, Jamaica Gleaner
The Bank of Jamaica, quite proactively, has authorized the minting of digital currency. This is currency issued in a digital format by the Central Bank. Read
IN THE NEWS
Task Force on Financial Technology, US House Financial Services Committee
June 15, 2021
eCurrency CEO, Jonathan Dharmapalan, was invited to testify as a witness at the US House Committee on Financial Services, Task Force on Financial Technology Hearing. The virtual hearing entitled, “Digitizing the Dollar: Investigating the Technological Infrastructure, Privacy, and Financial Inclusion Implications of Central Bank Digital Currencies" was hosted by the Task Force on Financial Technology Chairman Lynch and Ranking Member Emmer. Watch
Fed explores 'once in a century' bid to remake the US Dollar
June 12, 2021, Politico
The rise of private cryptocurrencies motivated the Fed to start considering a digital dollar to be used alongside the traditional paper currency.
The Federal Reserve is taking what may be the first significant step toward launching its own virtual currency, a move that could shake up banks, give millions of low-income Americans access to the financial system and fortify the dollar's status as the world’s reserve currency.
This paper discusses the competition and innovation arguments for issuing a central bank digital currency (CBDC). A CBDC could be an effective competition policy tool for payments. On innovation, the paper argues that a CBDC could be necessary to support the vibrancy of the digital economy by helping solve market failures and fostering competition and innovation in new digital payments markets. Overall, competition and innovation are supporting arguments for issuing a CBDC. Read
The international role of the euro, June 2021
Special Feature, Section B of the report examines how issuance of a central bank digital currency (CBDC) could impact the international role of currencies. It stresses that the global appeal of currencies depends on fundamental economic forces which digitisation is unlikely to alter. Read
BIS Working Papers No. 948
Central bank digital currency: the quest for minimally invasive technology
CBDCs should let central banks provide a universal means of payment for the digital era. At the same time, such currencies must safeguard consumer privacy and maintain the two-tier financial system. Read
A Bank of Israel Digital Shekel
Potential Benefits, Draft Model, and Issues to Examine
The Bank of Israel has decided to accelerate its learning, research, and preparation leading to the potential issuance of a Bank of Israel digital currency in the future.Read
Central bank digital currencies - 3rd report of working group
Norges Bank and a number of other central banks are researching the introduction of a CBDC as a supplement to cash. For Norges Bank, the paramount question is whether introducing a CBDC is an appropriate measure for promoting an efficient and secure payment system and confidence in the monetary system. Read
