Digital currencies

Democratic leaders are encouraging the Federal Reserve to develop its own digital currency to expand financial services access. Chair Jerome Powell indicated the central bank plans to take a methodical approach.

Potential central bank digital currencies would need to be integrated into existing payment systems alongside cash and other forms of money, Federal Reserve Chair Jerome Powell said.

As the Federal Reserve continues to explore issuing a digital U.S. dollar, the Biden administration and key congressional leaders are endorsing the idea as a way to expand banking access for underserved consumers.

Governments are digitizing money, creating a need for banks to provide rails to connect consumers and central banks.

Treasury Secretary Janet Yellen said a digital version of the dollar could help address hurdles to financial inclusion in the U.S. among low-income households.

It would be misguided to expect cash-like features of a central bank digital currency, according to one of the monetary authorities furthest ahead in exploring such a system.

New technological innovations, consumer behavior shifts, competition from fresh digital entrants, and regulatory reforms herald the payment environment of tomorrow. In addition, the current pandemic is pushing players to rethink their market fundamentals in an already transitioning industry. Join John Adams, Executive Editor of PaymentsSource and our special guest, Andrew Jamison a virtual card expert with twelve plus years at American Express and CEO & Co-Founder of Extend, in a discussion about the business strategy, management, and innovations in the post pandemic ecosystem and how it can serve the way the economy is headed.

Virtual worlds, built for gaming or social interaction, are still trying to turn their digital economies into something real. Crypto regulation could be a hurdle.

I look forward to seeing digital currencies brighten up our antiquated banking infrastructure and embrace the global move toward e-commerce. For now, though, I’m not holding my breath, says T1 Payments' Donald Kasdon.

Join Jim McKelvey, co-founder of Square as he offers his insights into where the Fintech industry is headed next year. Will a Biden administration insist on greater regulation? What will happen in the cryptocurrency markets? What will be the big IPOs in the sector? Will GooglePlex make a big splash? What new technologies or applications should we be expecting?

They're among a handful of companies willing to hold clients' digital assets for safekeeping. Many of their peers balk at the reputational and financial risks.

From brokering insurance contracts to financial settlements, smart contracts could bring immense innovation to CBDCs that otherwise would act as little more than an augmented medium of exchange, says Cypherium's Sky Guo.

By allowing access to public chains, CBDCs could render much greater, and even revolutionary, functionality, says Cypherium's Sky Guo.

The events of 2020 have only helped to intensify a range of potentially disruptive developments in the payment industry. As the central bank's digital currencies advance, how will the government and the private sector work together to bring projects to an effective conclusion?

Bitcoin has underpinned the next generation of currencies, while showing that central banks are not necessarily needed as administrators or gatekeepers.

Founder Caitlin Long says the blockchain bank plans to issue a virtual currency and help hedge funds and family offices trade digital assets now that it has a special-purpose banking charter in Wyoming.

Blockchain has too many advantages over traditional payment solutions for merchants to ignore. By accepting cryptocurrency, merchants can tap into a growing multibillion-dollar market and get a taste of a cashless, borderless future, says Nash's Kellogg Fairbank.

National banks just got the OCC's go-ahead this summer to hold and transfer digital assets like bitcoin for customers, but the Paris-based bank has already vetted the technology needed to do the job.

Other central banks have considered phasing out cash as they explore digital currencies. Should the idea take hold in the U.S., Federal Reserve Chairman Jerome Powell said it would not replace the physical dollar.

Other central banks have considered phasing out cash as they explore digital currencies. Should the idea take hold in the U.S., Federal Reserve Chairman Jerome Powell said it would not replace the physical dollar.