A U.K. House of Lords committee has concluded that there is currently “no convincing case” for the Bank of England to issue central bank digital currency (CBDC). It found that “while a CBDC may provide some advantages, it could present significant challenges for financial stability and the protection of privacy.” The committee chair said that the potential benefits of a CBDC are currently “overstated or achievable through less risky alternatives.” Nevertheless, the report recommended that U.K. authorities continue to work with international partners on CBDC principles and standards while learning lessons on technical design and usage from the experiences of countries that introduce a CDBC, in case consumer payment preferences, technological developments and the choices of other countries enhance the case for a U.K. CBDC in the future. [Read more]
Elon Musk tweeted that Tesla will accept meme-based cryptocurrency dogecoin as payment for its merchandise such as the “Giga Texas” belt buckle and mini models of electric vehicles. The move, which sent dogecoin prices 14% higher, comes a month after Musk said Tesla would test out the digital token as a payment option. [Read more]
The Centrale Bank van Curaçao en Sint Maarten, working with Worldline and the local commercial banks, has implemented the basic infrastructure for dual currency instant payments. As of January 15, 2022, all US dollar and Netherlands Antillean guilder interbank payments in and between Curaçao and Sint Maarten and in Bonaire will be processed within ten seconds 24/7. [Read more]
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The CBDC Think Tank (CBDCTT) is hosting an in-person CBDC Workshop in Washington DC on February 24. It’s an intensive and hands-on CBDC course for central bank leadership and staff that are looking to understand and position for CBDCs. The workshop is a mix of lectures from CBDC experts and hands-on exercises. Certification of completion will be provided by the CBDCTT. Note that it is open only to staff from central bank staff and finance ministries! [Register here]