Virtual Currency, Central Bank Digital Currency (CBDCs), Digital Currency

The Payments Newsletter including Digital Assets & Blockchain, August 2024

Hogan Lovells on 8/30/2024

Key developments of interest over the last month include: the Bank of England publishing a discussion paper on its approach to innovation in money and payments; the European Commission publishing clarifying Q&As on the...more

Weekly Blockchain Blog - June 2024 #4

BakerHostetler on 6/24/2024

Crypto Companies Announce Licenses, Acquisitions, New Products - According to recent reports, a major Chicago-based digital asset trading desk recently obtained a BitLicense from the New York Department of Financial...more

The Payments Newsletter including Digital Assets & Blockchain, June 2024

Hogan Lovells on 6/20/2024

Key developments of interest over the last month include: the European Banking Authority’s publication of a report on virtual IBANs; HM Treasury’s designation of banks under the access to cash framework; and a Central Bank of...more

Georgia bans CBDCs for government use

Orrick, Herrington & Sutcliffe LLP on 6/11/2024

Recently, Georgia enacted HB 1053 (the “Act”) which will prohibit government agencies from engaging with central bank digital currencies (CBDCs). Specifically, the legislation will prevent state government agencies from...more

Tennessee updates its UCC to amend “money” definition and include CBDCs

Orrick, Herrington & Sutcliffe LLP on 4/22/2024

On April 11, the Governor of Tennessee signed into law SB 2219 (the “Act”) that amended Section 47-1-201(b) of the Tennessee Code by redefining “money” and codifying “central bank digital currency.” The term “money” was...more

The Payments Newsletter including Digital Assets & Blockchain, February 2024

Hogan Lovells on 3/7/2024

Key developments of interest over the last month include: the European Parliament’s ECON Committee adopting draft reports on the European Commission’s PSR and PSD3 legislative proposals; ESMA consulting on 'reverse...more

日本中央銀行デジタル通貨(CBDC) - 日本銀行が概念実証を完了し、CBDC実証実験を開始 - Japan Central Bank Digital Currency (CBDC) – Bank of Japan Completes Proof of...

Kilpatrick on 9/6/2023

日本銀行は、中央銀行デジタル通貨(CBDC)に関する２年間の概念実証(proof-of-concept)リサーチを完了し、現在、実証実験(パイロット・プログラム)を開始している。これにより、日本は、CBDC開発の実証段階に進んだ世界有数の経済国のひとつとなった。金融専門家は、2030年までに5兆ドルのCBDCが最大40億人に流通すると予想している。世界第3位の経済大国として、デジタル円が採用される可能性は、世界の金融システムやデジタル資産金融技術...more

The Payments Newsletter including Digital Assets and Blockchain, July 2023

Hogan Lovells on 7/31/2023

Key developments of interest over the last month include: the European Commission’s publication of legislative proposals including for PSD3, a Payment Services Regulation and a digital euro; the UK Chancellor of the Exchequer...more

Japan Central Bank Digital Currency (CBDC) – Bank of Japan Completes Proof of Concept and Begins Pilot for Japanese CBDC

Kilpatrick on 6/21/2023

The Bank of Japan has completed its two-year proof-of-concept research for its prospective central bank digital currency (CBDC) and has now launched a pilot program. This makes Japan the largest democratic economy in the...more

Key Takeaways – Digital Assets (Cryptocurrencies, Stablecoins, Tokenization, and CBDCs)

Kilpatrick on 5/9/2023

With the rapid expansion and adoption of digital assets (cryptocurrencies, stablecoins, tokenized assets, and central banks digital currencies), companies of all types are being asked to address and interact with this growing...more

A Brief Primer on Cryptocurrencies, Stablecoins, Tokenization, and Central Bank Digital Currencies

Kilpatrick on 4/3/2023

Digital assets, including cryptocurrencies, stablecoins, tokenized assets, and central bank digital currencies, are fundamentally reshaping U.S. and global business and transactions. That said, this transformation is complex,...more

IRS Publishes Advice Concerning Cryptocurrency that has Declined in Value

Kilpatrick on 1/23/2023

On January 13, 2023, the Internal Revenue Service (IRS) Office of Chief Counsel published Memorandum 202302011 titled “[a]pplicability of I.R.C. section 165 to cryptocurrency that has declined in value.” The Memorandum...more

The State of Digital Assets Regulation and Foundational Terminology (Crypto, Stablecoin, and CBDC)

Kilpatrick on 1/3/2023

The last twelve months have seen unprecedented adoption, evolution, and turbulence across the digital assets sphere. Whether cryptocurrencies, stablecoins, or central bank digital currencies (CBDCs), all of which qualify as...more

Treasury Solicits Public Comment on Ensuring Responsible Development of Digital Assets

Kilpatrick on 10/3/2022

The U.S. Department of the Treasury (Treasury) published a Request for Comment on Ensuring Responsible Development of Digital Assets. As stated by Treasury, the Request for Comment seeks input on “the illicit finance and...more

U.S. Announces Comprehensive Framework for Responsible Development of Digital Assets

Kilpatrick on 9/19/2022

On September 16, 2022, the White House released a Fact Sheet outlining the “First-Ever Comprehensive Framework for Responsible Development of Digital Assets.” The framework addresses various topics related to both domestic...more

Understanding DeFi: Words Have Meaning, But What Do They Mean?

McGlinchey Stafford on 9/9/2022

Perhaps the most challenging (and intimidating) part of Decentralized Finance is understanding all the terms and industry jargon—many of which are new and technical, while others are as old as time but commonly misunderstood....more

Treasury Provides 30 Days for Comment on Digital Assets Development

Kilpatrick on 7/11/2022

On July 8, 2022, the U.S. Department of the Treasury (Treasury) published a Request for Comment seeking public input on U.S. digital assets development. The Request for Comment was published pursuant to the Biden...more

Digital Assets Regulation Framework - Commerce Solicits Public Comment

Kilpatrick on 6/7/2022

On May 19, 2022, the U.S. Department of Commerce (Commerce) published a Request for Comment titled “Developing a Framework on Competitiveness of Digital Asset Technologies” (Request for Comment). Digital assets, in this...more

Crypto Payment Initiatives Launch; Report Cites Evolving Crypto Views; G7, ECB, BIS Address Crypto Risks; DOJ, CFTC Target NFT...

BakerHostetler on 6/6/2022

New Cryptocurrency Payments Systems, Tokens and Trade Associations Launch - A leading global cryptocurrency platform has reportedly announced a partnership with a global e-commerce platform that would allow e-commerce...more

Is the Future of the Dollar Digital? The Fed Talks Updating Greenbacks to the Blockchain

McGuireWoods LLP on 5/27/2022

On May 26, three days into her term as Vice Chair of the Federal Reserve, Lael Brainard testified about the Federal Reserve’s Examination of the Benefits and Risks of a U.S. Central Bank Digital Currency (CBDC) before the...more

Federal Reserve explores benefits and risks of potential US Central Bank Digital Currency while the Biden Administration issues...

Eversheds Sutherland (US) LLP on 5/9/2022

In January of this year, the Board of Governors of the Federal Reserve System issued a research and analysis paper titled Money and Payments: The US Dollar in the Age of Digital Transformation, in which the Fed...more

Virtual Currency › Central Bank Digital Currency (CBDCs) › Digital Currency