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.
Bank of America has launched a cross-border payment tracker though its Swift GPI module that allows clients real-time visibility into their international payments.
After selling the rights to its Ethereum-based technology, the bank is rebranding a venture related to cross-border payments and creating a new umbrella group to oversee all blockchain-related efforts.
The two agencies proposed amending the Bank Secrecy Act to lower the threshold for transfers occurring outside the U.S. that trigger recordkeeping requirements.
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.
