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.
Browsing: Virtual currency
As central banks around the globe explore whether to issue central bank digital currencies, there is a growing recognition that CBDCs involve very significant real-world trade-offs.
In remarks at a virtual industry event today, Federal Reserve Governor Lael Brainard said the Federal Reserve is sharpening its focus on central bank digital currencies and that it is working on several areas of research about the technology.
The Federal Reserve plans to publish this summer a discussion paper exploring the implications of issuing a U.S. central bank digital currency, Federal Reserve Chairman Jerome Powell said in a statement today.
A U.S. central bank digital currency moves from theory to ‘we have a responsibility to get this right.’
New standards designed for the digital era would strengthen security, prevent fraud and finally give consumers more control over their money.
From offering bitcoin rewards checking to meeting the unique credit needs of gig workers and sole practitioners, Quontic Bank depends on innovative ideas and execution.
When asked about threats specifically targeting banks, Federal Bureau of Investigation Director Christopher Wray urged banks to be wary of “cyber criminals targeting the vulnerabilities in third-party services” as a way in to financial institution data.
The OCC is continuing its efforts, working with other agencies, to facilitate banks’ ability to engage with digital currencies, Acting Comptroller Brian Brooks said during a press event this morning.
The Federal Reserve and the Financial Crimes Enforcement Network today proposed to reduce the transaction volume threshold for when banks must collect and retain information on funds transfers and remittances that start or end outside of the United States.