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The new law, signed by Governor Ron DeSantis, also urges other states to take action against the potential introduction of CBDCs through their commercial codes.
According to the Bank for International Settlements, offline payments with CBDCs raise new risks related to counterfeiting, fraud and privacy concerns.
At a recent event, Tom Mutton, the Bank of England’s head of fintech, touted the privacy benefits of CBDCs while denouncing the anonymity of cryptocurrencies.
But central bank says CBDC not needed “at this time”
Canadians are being asked what features they wish to see in a digital Canadian dollar even though there are no plans yet to issue one.
Argentina’s central bank banned payment providers from offering crypto transactions, adding that it intends to reduce the country’s payment-system exposure to digital assets.
The U.S. presidential candidate has added anti-CBDC to his anti-establishment, anti-vaccination repertoire and has gained double-digit support among Democrats.
The partnership will enable BNP Paribas China’s corporate clients to make payments using the digital yuan through an e-CNY management system.
The latest version of the legislation included limiting the Federal Reserve from using the U.S. state as a potential testing ground for its own CBDC pilot.
International Monetary Fund Managing Director Kristalina Georgieva says that wholesale CBDCs, on the other hand, have “fairly little space for undesirable surprises.”
Even as digitalization increases, the commercial bank’s place in the economy is solid and will be supported by some new forms of money, the credit rating agency said.