News

As the United States House Financial Services Committee looks to further impede the introduction of a digital dollar, where does this resistance to a CBDC stem from?

The “CBDC Anti-Surveillance State Act,” aimed at preventing the Federal Reserve from issuing a central bank digital currency, has passed the House Financial Services Committee.

The Institute of International Finance looked at seven areas where digital euro legislation, which is being developed alongside the technology, is lacking.

Despite approaching the issue from vastly different angles, the two sides were able to agree on a few basics as the bill passed out of committee.

The National Payment Corporation will be responsible for the development of “digital financial infrastructure”, including the implementation of the digital tenge.

The legal struggle between the SEC and Binance.US continues, with the company hitting new lows in trading volume.

On Sep. 20 the House Financial Services Committee will mark up two bills blocking a potential digital dollar in the United States.

The Stable Token Commission continues researching the potential implementation of stable tokens in Wyoming.

The digital assets subcommittee heard from five opponents of a U.S. CBDC without giving supporters equal (or any) time.

The bank messaging network has seen a dramatic increase in processing speed and is developing technology to connect CBDCs.

The bill would limit the Fed from issuing a CBDC which Tom Emmer called a surveillance tool that would "undermine the American way of life."



Central bank money forms the core of the global monetary system, providing a foundation of safety, neutrality, accessibility and integrity underpinned by the payment finality achieved via settlement on the central bank's balance sheet. Currently, the public has access to only one form of central bank money – physical cash in the form of notes and coins. However, there is clear evidence of a decline in the use of physical means of payment as consumers shift to digital payments that are heavily reliant on private providers. As economies become increasingly digital, more and more central banks are exploring retail central bank digital currency, or rCBDC, and evaluating different designs.

The Hong Kong Monetary Authority, Bank of Israel and Bank for International Settlements teamed up to address the complex issues of rCBDCs.

Opening remarks by Mr Howard Lee, Deputy Chief Executive of the Hong Kong Monetary Authority, at the Project Sela Report Launch Conference, Hong Kong, 12 September 2023.