Digital currencies

Several central banks and the Bank for International Settlements have developed prototypes for a common digital currencies platform that has the potential to make cross-border payments more efficient.

Jamaica plans to give $16 of free money to the first 100,000 citizens who use its soon-to-be-launched Jam-Dex digital currency.

Roughly two dozen countries have issued central bank digital currencies or have pilots underway. But until financial services firms strengthen the security of their mobile apps, these payment tools are unlikely to gain widespread acceptance.

The country that gets it right first will see rapid business and job creation, attract the world’s best and brightest minds and set the standard other nations will follow.

There’s no universal case for central-bank digital currencies, according to International Monetary Fund Managing Director Kristalina Georgieva, who urged policymakers to carefully weigh trade-offs as financial innovation enters a new phase.

A bipartisan group of House Financial Services Committee members says nonbanks as well as insured depository institutions should be allowed to issue cryptocurrencies pegged to U.S. dollars. That stance is a notable departure from financial regulators' recommendations.

By the end of the year, if it can clear regulatory and technical hurdles, the bank plans to launch tokenized dollars people could use to buy anything on the internet.

The work of creating a possible digital dollar inched ahead Thursday with research by the Federal Reserve Bank of Boston into the code that could eventually support such a currency.

A group of community banks and two major trade associations have formed a partnership with and invested in the fintech NYDIG to offer the service on the banks’ mobile apps by midyear. The banks say it will help them generate revenue and retain customers interested in cryptocurrency.

New York Community Bank and Synovus Bank are among the founding members of the group, which will use the US Dollar Forward stablecoin on the Provenance blockchain.

A U.S. central bank digital currency is coming, and what form it takes could spell opportunity — or trouble — for the banking industry.

Large banks explored the concept more than five years ago before quietly moving on. The advent of stablecoins and general acceptance of blockchains have helped make it more practical for some regionals.

A well-intentioned report from federal banking regulators was flawed in recommending that only insured depository institutions be permitted to issue stablecoins. Here's why.

David Marcus, Facebook's financial services chief, discusses how its Novi digital wallet and the Diem stablecoin project it's involved in can be the backbone of a platform that offers real-time digital transactions, acts as a merchant acquirer and helps commercial banks handle central bank digital currencies.

The Federal Reserve has been circumspect about whether it will issue its own digital currency. Observers are looking to an upcoming report by the central bank for clarity about its intentions and how a digital dollar would work with private stablecoins.

The IRS and Justice Department waged a successful campaign to crack down on UBS and other Swiss banks for facilitating tax evasion. Coinbase, Kraken and other crypto exchanges should take note.

Walmart is looking to hire a cryptocurrency expert to develop a blockchain strategy, joining a growing number of major corporations exploring the viability of digital currencies such as bitcoin.

As the Federal Reserve mulls the idea of issuing a digital currency, some industry representatives are already sounding the alarm. Their main concern is a new regime for storing cash will reduce demand for bank deposits.

Western central banks trying to develop sovereign cryptocurrency models face pushback from lawmakers and other obstacles, while the digital yuan has a much clearer path.

The president's working group on financial markets met in advance of a report expected within months on growth in digital currencies pegged to the U.S. dollar.