A U.S. central bank digital currency “is unlikely to be an equally effective tool for all of the purposes for which it has been advanced, or even to be effective for some stated purposes at all,” the Clearing House said in a paper published today.
As consumers increasingly buy, hold and sell digital assets, the American Bankers Association told the FDIC today that these individuals “are best served when they can do so through banks that are subject to rigorous oversight and supervision.”
Testifying before the Senate Banking Committee today, Federal Reserve Chairman Jerome Powell said that he is “legitimately undecided about whether the benefits outweigh the costs” of creating a central bank digital currency.
The American Bankers Association today released a report on cryptocurrency for bankers that discusses its origins, uses, technological underpinnings and the industry surrounding it.
Cautioning against “American susceptibility to boosterism and fear of missing out” leading to “occasionally impetuous, deluded crazes or fads,” Federal Reserve Vice Chairman for Supervision today raised several concerns about the purported benefits and “considerable risks” of developing a U.S. central bank digital currency.
Federal agencies on Friday announced updates to their rulemaking agendas. Items on the agendas and…
The Bank for International Settlements released a working paper to discuss the range of central bank digital currencies, including addressing their architectures, how they could complement existing payment options and what they imply for the financial system and central banks in the future.
As banks increasingly explore or embark on activities related to cryptocurrencies, the Basel Committee on Banking Supervision today released a public consultation document on the prudential treatment of banks’ cryptocurrency asset exposures.
On the latest episode of the ABA Banking Journal Podcast, Rob Morgan and Matthew Daigler join to provide quick-fire updates on a variety of fintech-related policy issues.
As the OCC reviews recent interpretive letters on digital assets and trust charters, “everything’s on the table,” current Acting Comptroller Michael Hsu told reporters during a press briefing today—including reviewing provisional approvals already granted under prior acting agency leadership.