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Central bank of the Philippines is considering issuing its own digital currency

The central bank of the Philippines, locally called the Bangko Sentral ng Pilipinas (BSP), is looking at the feasibility of issuing its own digital currency. Bloomberg reported the news on Wednesday, saying that the central bank has created a committee to study digital currencies and its policy implications. Governor Benjamin Diokno said the central bank …

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Federal Reserve Bank of Boston’s Bench says the U.S. ‘better be ready’ for a future digital currency issuance

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The Federal Reserve — the U.S. central bank — has no immediate plans to launch a digital currency. But that doesn’t mean it shouldn’t be ready when that day comes, according to Robert Bench, assistant vice president in the secure payments group at the Federal Reserve Bank of Boston. During a recent webinar hosted by …

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Japan’s central bank sets up new team to research digital currencies

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The Bank of Japan (BOJ), the country’s central bank, has set up a new dedicated team to further study digital currencies. Reuters reported the news on Sunday, saying that the team is part of the central bank’s payment and settlement systems division. Members of the team are not yet known. The news comes just days …

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The number of blockchain investment deals has declined for seven consecutive months

Crypto-friendly Signature Bank was the most popular among industry firms seeking PPP loans

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A review of data from the U.S. government’s Payroll Protection Program reveals that two crypto-friendly banks were the most popular among those seeking such loans. The Block’s Steven Zheng found that Signature Bank and Silicon Valley Bank — both of which maintain a range of crypto industry firms as clients — facilitated nine and eight …

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South Korea’s central bank forms legal advisory team to research digital currency

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The central bank of South Korea has today officially formed a legal advisory group to research digital currency. The six-member group comprises of internal and external legal experts, who will advise the Bank of Korea on legislative and amendment matters concerning central bank digital currency (CBDC) if it were to issue one. To be sure, …

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Congressman calls for more transparency from the Fed on central bank digital currency work

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U.S. Representative Tom Emmer said Thursday that the U.S. Federal Reserve should be more open about its research and development efforts focused on a central bank digital currency, or CBDC. Emmer’s comments came during an appearance of the House Financial Services Committee’s The Task Force on Financial Technology, which met to discuss topics like the …

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Central Bank Digital Currencies Need Decentralization

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Igor Mikhalev is an expert principal at BCG helping clients develop business models with blockchain technologies and digital currencies. Kaj Burchardi is a Managing Director with BCG and leads the blockchain practice of BCG/Platinion globally. Digital currencies hold a long-term promise to change the way nations, corporations, and people transact value. Some of them – …

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Telegram Agrees to Give SEC Bank Records, Communications in Ongoing TON Lawsuit

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Telegram is pledging to turn over communications, bank records and other information to the Securities and Exchange Commission (SEC) as part of the agency’s ongoing legal fight against the messaging startup on allegations that its $1.7 billion token sale in 2018 was conducted in violation of U.S. securities law. According to a court filing Friday, …

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Vietnam’s HDBank Taps Blockchain Network to Streamline Bank Credit for Corporates

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HDBank has signed up to a blockchain network from Contour with the aim of bringing trade finance into the digital realm. The Vietnam-based bank is the latest financial institution to join Contour’s network with a view to streamlining the issuance of letters of credit with the use of a blockchain and smart contracts, local media …

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Dutch central bank wants to play a leading role in digital currency development

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The central bank of the Netherlands, De Nederlandsche Bank, says it wants to be a world leader in the development of central bank digital currencies. In a bulletin posted Tuesday, the bank said that the use of physical cash is “clearly” declining in the Netherlands, meaning that people are using less central bank-issued money to …

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