Mike Rogers

Central Bank Digital Currency Privacy

A common misconception about central bank digital currencies (CBDCs) is that privacy can’t exist while transacting, which makes many citizens anxious about general-purpose or retail CBDC. In fact, transaction privacy is such a big factor for potential users that it was the top concern among respondents in the CBDC survey that the European Central Bank […]
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Feb 19, 2021, 9:56AM UTC

Digital currencies and the future of the monetary system

On January 27th, 2021, Agustín Carstens, General Manager of the Bank for International Settlements (BIS), delivered a speech for Stanford’s Hoover Institution policy seminar. His speech was titled ‘Digital currencies and the future of the monetary system,’ and it covered the digitization of money. Bitcoin, stablecoins, and central bank digital currencies (CBDCs) were discussed in […]
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Feb 16, 2021, 11:49AM UTC

Dissecting the third annual BIS survey on CBDC

In January 2019, the Bank for International Settlements (BIS) started releasing a yearly central bank digital currency (CBDC) paper based on results from its global survey of central banks. The third paper, ‘Ready, steady, go? – Results of the third BIS survey on central bank digital currency,’ was recently published on January 27th. Central banks […]
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Feb 12, 2021, 10:24AM UTC

Analyzing Christine Lagarde's latest digital euro comments

On January 21st, 2021, the Governing Council of the European Central Bank (ECB) met to discuss the latest monetary policy updates for the eurozone. At the subsequent press conference, ECB President, Christine Lagarde was asked a question about the digital euro.  During the Q&A session, a reporter stated, “Many people are a little worried about […]
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Jan 26, 2021, 11:53AM UTC

Examining the STABLE Act Proposal, Part II

On December 2nd, 2020, a proposal for the Stablecoin Tethering and Bank Licensing Enforcement (STABLE) Act was announced by members of the 116th United States Congress. The bill’s discussion draft was introduced by Congresswoman Rashida Tlaib (MI-13), Congressman Jesús “Chuy” García (IL-04) and Chairman of Task Force on Financial Technology Rep. Stephen Lynch (MA-08). If […]
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Jan 21, 2021, 11:53AM UTC

Fiat Freeway: Anchorage Receives OCC Approval to Become a Federally Chartered Bank and Brian P. Brooks Steps Down From the OCC

Last week, ‘Fiat Freeway’ examined the most recent interpretive letter on digital assets from the U.S. Office of the Comptroller of the Currency’s (OCC).  We’ve also previously covered GMO-Z.com Trust Company Inc.’s trust charter approval from the New York State Department of Financial Services (NYDFS), Visa’s novel offline payment system (OPS) protocol for CBDC, Paxos’ […]
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Jan 20, 2021, 11:05AM UTC

Fiat Freeway: The OCC addresses the use of Stablecoins for Payment Activities

Last week, ‘Fiat Freeway’ explored GMO-Z.com Trust Company Inc.’s trust charter approval from the New York State Department of Financial Services (NYDFS). Our piece concluded with a review of a recent FEDS Note on the tokens vs. accounts classification of digital assets, particularly CBDCs. We’ve also previously covered Visa’s novel offline payment system (OPS) protocol […]
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Jan 13, 2021, 11:38AM UTC

Examining the STABLE Act Proposal, Part I

On December 2nd, 2020, a proposal for the Stablecoin Tethering and Bank Licensing Enforcement (STABLE) Act was announced by members of the 116th United States Congress. The bill’s discussion draft was introduced by Congresswoman Rashida Tlaib (MI-13), Congressman Jesús “Chuy” García (IL-04) and Chairman of Task Force on Financial Technology Rep. Stephen Lynch (MA-08). If […]
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Jan 12, 2021, 12:10PM UTC

Fiat Freeway: GMO’s JPY-pegged Stablecoin Rises in the Big Apple and Fed Researchers Weigh-in on Digital Asset Tokens vs. Accounts

Last week, ‘Fiat Freeway’ explored Visa’s novel offline payment system (OPS) protocol, which expands the global payments technology company’s fast-growing digital ecosystem into CBDC. We’ve also previously covered Paxos’ $142M Series C fundraising, FinCEN’s proposed KYC rule for digital wallets, digital asset firms seeking banking licenses, digital asset industry backlash from Capitol Hill, China’s Digital […]
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Jan 6, 2021, 12:12PM UTC

Fiat Freeway: Visa adds a novel CBDC Protocol to its Growing Digital Ecosystem

Last week, ‘Fiat Freeway’ examined Paxos’ $142M Series C fundraising and FinCEN’s newly proposed KYC rules for digital wallets. We’ve also previously covered the influx of applications by digital asset firms seeking to obtain banking licenses, recent digital asset industry backlash from Capitol Hill, China’s Digital Currency Electronic Payment (DC/EP) progress in the second half […]
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Dec 30, 2020, 12:00PM UTC

Fiat Freeway: Paxos Closes its $142M Series C Round, FinCEN’s Coming for Self-hosted Wallets

Last week, ‘Fiat Freeway’ focused on the latest influx of applications by digital asset firms seeking to obtain banking licenses, which is likely a reaction to authorities’ actions. We’ve also previously covered recent digital asset industry backlash from Capitol Hill, China’s Digital Currency Electronic Payment (DC/EP) progress in the second half of 2020, the ECB’s […]
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Dec 23, 2020, 12:00PM UTC

2020 Macro Overview: Traditional & Digital Asset Market Behavior, Part III

In the first research piece of this series, ‘2020 Macro Overview: Traditional & Digital Asset Market Behavior, Part I,’ we provided evidence of Pre-COVID-19 economic deterioration and financial system stress, arguing that the pandemic likely exacerbated a recession that was already on the horizon. Further, we made the case that short-term funding pressure in the […]
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Dec 22, 2020, 11:56AM UTC

Fiat Freeway: Digital Asset Firms React to Authorities Recent Actions by Filing for Banking Licenses

Last week, ‘Fiat Freeway’ laid out the recent backlash that the digital assets and financial services industries are facing from Capitol Hill. We’ve also previously covered China’s Digital Currency Electronic Payment (DC/EP) progress in the second half of 2020, the ECB’s ‘digital euro’ initiative, the Fed’s classification of CBDC literature, Norges Bank’s study on CBDC […]
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Dec 16, 2020, 12:00PM UTC

2020 Macro Overview: Traditional & Digital Asset Market Behavior, Part II

In our previous research piece,‘2020 Macro Overview: Traditional & Digital Asset Market Behavior, Part I,’ we provided evidence of Pre-Covid19 economic deterioration & financial system stress, arguing that the pandemic likely exacerbated a recession that was already on the horizon. Further, we made the case that traditional financial system stress likely contributed to the cryptocurrency market […]
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Dec 15, 2020, 12:00PM UTC

Fiat Freeway: Digital Assets Face Backlash from Capitol Hill

Last week, ‘Fiat Freeway’ examined China’s Digital Currency Electronic Payment (DC/EP) progress in the second half of 2020. We’ve also previously covered the ECB’s ‘digital euro’ initiative, the Fed’s classification of CBDC literature, Norges Bank’s study on CBDC ‘Safe Asset’ Funding, an ECB Board Member’s stablecoin speech in Frankfurt, Circle’s blog post on using stablecoins […]
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Dec 9, 2020, 11:35AM UTC

2020 Macro Overview: Traditional & Digital Asset Market Behavior, Part I

2020 has been a tumultuous year, to say the least.  Our world currently finds itself battling both the COVID-19 pandemic and a major ongoing global economic crisis that is a byproduct of human behavioral reactions. The COVID-19 virus itself is outside of our area of expertise, so we will not even attempt to speculate on […]
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Dec 8, 2020, 12:00PM UTC

Fiat Freeway: China’s DCEP Progress in H2 2020

Last week, ‘Fiat Freeway’ reviewed an ECB Board Member’s stablecoin speech in Frankfurt, Circle’s blog post on using stablecoins for US foreign policy in Venezuela, and a BIS paper on “rigid stablecoins” from the late Bank of Amsterdam. To date, we’ve mostly covered CBDC updates, including the ECB’s ‘digital euro’ initiative, the Fed’s classification of […]
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Dec 2, 2020, 12:00PM UTC

Fiat Freeway: The Two Sides of Stablecoins, Cross-Border Freedom, and the Very First Stablecoin?

Thus far, ‘Fiat Freeway’ has focused on CBDC updates, including the ECB’s ‘digital euro’ initiative, the Fed’s classification of CBDC literature, and Norges Bank’s study on CBDC ‘Safe Asset’ Funding.  Today, we will shake things up by examining recent stablecoin news, but first, a look at the latest stablecoin supply breakdown, courtesy of The Block’s […]
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Nov 25, 2020, 12:00PM UTC

Investigating the Downfall of Cred Inc.

Paying homage to the wild west era of digital assets, online cryptocurrency lending platform, Cred abruptly filed for chapter 11 bankruptcy protection in Delaware on Saturday, November 7th, 2020.  The dramatic rise and fall of Cred Inc. left more questions than answers, which is, unfortunately, a common occurrence in the still-nascent cryptocurrency industry. Luckily, there is […]
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Nov 24, 2020, 12:00PM UTC

Fiat Freeway: Norges Bank studies CBDC’s effect on ‘Safe Asset’ Funding

The Central Bank of Norway, Norges Bank, released its ‘The demand for safe liquid assets and the implications of issuing a Central Bank Digital Currency for bank funding instruments’ report on Friday, November 6th. It is the third report on CBDC published by Norges Bank to date, and a fourth report is scheduled for release […]
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Nov 18, 2020, 12:00PM UTC
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