As more customers engage with cryptocurrency, they are increasingly looking to banks to help them safely hold these assets. Banks are responding to this new customer demand.
Federal Reserve Chairman Jerome Powell told members of the Senate Banking Committee today that there are “good arguments” for granting special purpose depository institutions Fed master accounts and that the Fed will “make some progress” on the issue.
A U.S. central bank digital currency, or CBDC, would be a “threat to core funding to the banking industry,” Jim Reuter, ABA board member and president and CEO of FirstBank in Lakewood, Colorado, said on a new episode of IntraFi Network’s Banking with Interest Podcast.
Esther George, president and CEO of the Federal Reserve Bank of Kansas City today announced that the FedNow payment system is now expected to be ready in 2023.
Central bank digital currencies will meet the goals envisioned by their proponents only if they include private-sector participation, interoperability with the existing payments system and careful, deliberate design and implementation, a group of central banks that includes the Federal Reserve said yesterday.
Whatever the specifics, we can be certain that every business that deals with virtual currencies will be affected as well.
Banks of all sizes are hearing from many customers that they want exposure to the fast-growing but volatile cryptocurrency market. Vast Bank recently became the first nationally chartered, FDIC-insured bank to offer crypto banking.
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 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.