South Korean Central Bank Accelerates Plans for CBDC Rollout
The Bank of Korea (BOK) plans to accelerate its Central Bank Digital Currency (CBDC) initiative. As reported by Newsway, the bank aims to conduct a pilot program involving 100,000 participants by the end of 2024. This program will assess the functionality of the digital Korean Won in terms of usability and deposit capabilities. The Central […]
Australians LOVE privacy, favor commercial banks over retail CBDC
Australia seems to have made its choice clear when it comes to banking preferences, showing a strong inclination for commercial banks over the proposed retail central bank digital currency (CBDC). Recent investigations by the Reserve Bank of Australia (RBA) suggest that while Australians aren’t willing to shell out extra cash for the so-called safety perks […]
ECB and Clearstream launch joint effort to explore tokenized securities in CBDC trials
Deutsche Börse Group’s affiliated central securities depository, Clearstream, is scheduled to take part in the European Central Bank’s (ECB) pilot tests for a digital euro, with an emphasis on the wholesale central bank digital currency (CBDC) segment. About Clearstream Clearstream, the operator of the D7 post-trade infrastructure, stands out as the sole central securities depository […]
SWIFT to launch a central bank digital currency in a year or two
s in, folks, because the global bank messaging giant SWIFT is shaking things up in the finance world. Within the next year or two, they’re rolling out a brand spanking new platform. This isn’t just any old update; we’re talking about a groundbreaking bridge between the burgeoning realm of central bank digital currencies (CBDCs) and […]
UAE Central Bank launches Digital Dirham strategy for wholesale and retail use
The Central Bank of the United Arab Emirates (CBUAE) has announced the commencement of the initial phase of its central bank digital currency (CBDC) strategy, marking an important stride towards the adoption of digital currency in the region. In collaboration with R3 and G42 Cloud, the strategy aims to explore the utility of CBDC for […]
Hong Kong central bank flags e-HKD investment scams
The Hong Kong Monetary Authority (HKMA) has issued a public warning about certain organizations. These groups falsely claim an association with its e-HKD pilot projects. The central bank’s advisory highlights concerns as Hong Kong evaluates the potential of a central bank digital currency (CBDC) through various trial projects. The misleading entities have reportedly promoted investment […]
Sweden’s Central Bank, The Riksbank, wraps up E-Krona pilot with focus on offline transactions
The Riksbank, Sweden’s central bank, unveiled its fourth and concluding report on the e-krona pilot project on March 20, presenting detailed insights into the digital currency’s offline functionality. This last phase of the project diverged from its Phase 2 proposition, which primarily used mobile phones for storing offline transaction data. The central bank evaluated an […]
China’s PBOC facilitates global access to e-CNY payments
The People’s Bank of China (PBOC) has recently released a comprehensive service guide aimed at facilitating international visitors’ use of the digital yuan, officially known as e-CNY. The guide, titled “Explore the Splendors of China with e-CNY Service Guide for Visitors in China,” seeks to streamline the process for foreign tourists to make contactless payments […]
U.S. Representative exposes Federal Reserve’s secret CBDC plans
Rumors have swirled, whispers have intensified, and now the cat’s out of the bag, or rather, the document’s on the table. U.S. Representative Tom Emmer, a figure not exactly known for holding his tongue or his punches, has thrown a heavyweight curveball into the ongoing saga of the Federal Reserve’s dance with the concept of […]
Bank of Israel pioneers interest-bearing CBDC with unique features
Israel’s central bank, the Bank of Israel, has announced plans to launch an interest-bearing Israeli shekel central bank digital currency (CBDC). This move comes as part of the country’s exploration of digital currency options since 2021. Israel’s unique digital shekel design The digital shekel will adopt a two-tier model, featuring 24/7 instant payments, multipayment support, […]
Republican Senators Introduce Bill to Ban Federal Reserve-backed CBDC
Amidst ongoing interest from the Biden administration and the Federal Reserve in exploring Central Bank Digital Currencies (CBDCs), Republican senators have introduced a bill to ban the Federal Reserve-backed digital currency. The legislation, proposed by GOP members, marks an escalating debate over the potential implementation of CBDCs, indicating potential partisan divisions shaping decisions in this […]
Ted Cruz picks a new fight with Federal Reserve over CBDC
A new report from Fox Business has unveiled that a group of US Senators is rolling up their sleeves to challenge the Federal Reserve’s capacity to roll out a Central Bank Digital Currency (CBDC). This move, spearheaded by GOP Senators with Texas’ own Ted Cruz in charge, is firing up to curb the inception of […]
Russian parliament reviews key digital assets legislation
The Russian parliament is on the verge of approving a pivotal piece of legislation that could transform how Russian firms engage in international trade. This legislation focused on utilizing “digital financial assets” (DFAs) in cross-border transactions, marking a strategic pivot in Russia’s approach to digital currency and its application in the global economic arena. The […]
Love him or hate him, Trump’s pro-Bitcoin stance is turning heads
Former U.S. President Donald Trump recently commented on the growing prominence of Bitcoin, stating that the cryptocurrency has “taken on a life of its own.” Trump’s acknowledgment reflects the widespread adoption and influence of Bitcoin beyond traditional financial systems. However, he also hinted at the necessity for regulatory measures due to its increasing prominence and […]
From skeptic to advocate: Donald Trump’s new Bitcoin stance
Former President Donald Trump has recently demonstrated a more open attitude towards Bitcoin. During an appearance on Fox News’ “The Ingraham Angle,” Trump acknowledged the growing popularity of Bitcoin, particularly among younger demographics and African American communities. Despite his continued preference for the traditional currency, the dollar, Trump’s comments suggest a nuanced understanding of the […]
The debate over Central Bank Digital Currencies (CBDCs): Assessing benefits and concerns
The rise of Central Bank Digital Currencies (CBDCs) has ignited a contentious global discourse, with proponents extolling their potential to revolutionize financial systems while detractors warn of inherent risks. This article delves into the multifaceted debate surrounding CBDCs, analyzing their touted benefits and lingering apprehensions. The case for CBDCs: Enhancing efficiency and inclusion Advocates assert […]
Central Bank of Turkey advances digital Lira initiative: Report
The Central Bank of the Republic of Turkey (CBRT) has taken significant strides towards digitizing its national currency, releasing an English translation of its report on the initial phase of the Central Bank Digital Turkish Lira Research and Development (R&D) Project. Originally published in Turkish last year, the document details the progress made in developing […]
ECB responds to banking industry concerns over digital euro introduction
The European Central Bank (ECB) has recently made efforts to quell concerns surrounding the introduction of a digital euro, a central bank digital currency (CBDC). In a column published on February 19, ECB executives, including board member Piero Cipollone, addressed the banking industry’s apprehensions about potential disintermediation effects. Despite including measures in the CBDC’s design […]
Russia witnesses alarming rise in crypto-related fraud
In a revealing report from the Central Bank of Russia, a significant shift in the landscape of fraudulent financial schemes has been highlighted, with cryptocurrency emerging as the primary tool for illicit activities. The report underscores a worrying trend in 2023, where nearly all pyramid schemes and illegal brokerages have leveraged cryptocurrencies to facilitate their […]
Philippines to launch wholesale CBDC in the next two years
The Philippines is set to introduce a wholesale Central Bank Digital Currency (CBDC) within the next two years. Governor Eli Remolona Jr. of the Bangko Sentral ng Pilipinas (BSP) announced the strategic plan, highlighting the decision to opt for a wholesale rather than a retail CBDC for the country. This initiative aims to enhance domestic […]
BSP plans to introduce wholesale CBDC, Shuns blockchain technology
The Bangko Sentral ng Pilipinas (BSP) has unveiled its intention to launch a wholesale central bank digital currency (CBDC) in the near future, as revealed by the Governor, Eli Remolona. The move aims to leverage digital currency technology without adopting blockchain, a departure from strategies employed by other central banks. BSP’s approach to CBDC implementation […]
US Presidential Hopefuls Robert F. Kennedy Jr. and Donald Trump Firmly Oppose CBDCs
Two prominent U.S. presidential candidates, Robert F. Kennedy Jr. and former President Donald Trump, have taken a resolute stance against CBDCs (central bank digital currencies). They assert that the adoption of such a currency poses a threat to financial privacy and autonomy. Kennedy Jr.’s Libertarian aspirations Robert F. Kennedy Jr., who is exploring the possibility […]
Donald Trump discusses his opinions about CBDCs
In recent developments, former President Donald Trump has revisited the topic of central bank digital currencies (CBDCs), crediting Vivek Ramaswamy, a former Republican presidential candidate, for bringing attention to the matter. During a rally in Laconia, New Hampshire, on January 22, Trump acknowledged Ramaswamy as the sole presidential candidate with a crypto framework in his […]
Central banks poised to lead digital currency revolution as BIS advocates for CBDC development
Agustín Carstens, the General Manager of the Bank for International Settlements (BIS), has highlighted the pressing need for central banks to embrace and lead the digital transformation in the financial sector. Addressing a conference in Basel, Switzerland, Carstens identified central bank digital currencies (CBDCs) as a pivotal element in this evolutionary process. His speech underscored […]
Trump vs. Biden – Which Commander-in-Chief will ignite the crypto revolution?
The battle for the future of digital assets and blockchain technology has become a central theme, with former President Donald Trump and President Joe Biden representing contrasting approaches. As two distinctly different leaders, Trump and Biden’s stances on cryptocurrencies and their potential to revolutionize the financial landscape are subjects of keen interest and speculation. Trump […]
Multiple states in the U.S challenge inclusion of CBDCs as legal tender
Several states in the U.S. have initiated legislative actions to redefine the concept of money, specifically excluding Central Bank Digital Currencies (CBDCs) from this definition. These moves represent a growing skepticism and regulatory caution towards digital currencies issued by central banks. Legislative actions across four states The states of Utah, South Carolina, South Dakota, and […]
Morgan Stanley warns of Bitcoin, CBDC threat to US Dollar
In a recent investment note, Andrew Peel, the head of digital assets at Morgan Stanley, highlighted the potential threat that Bitcoin and Central Bank Digital Currencies (CBDCs) pose to the dominance of the U.S. dollar in global finance. This development comes amidst growing interest in digital assets and significant advancements in the field. The rise […]
Wall Street giant Morgan Stanley predicts CBDCs to challenge US dollar dominance
Morgan Stanley, a renowned banking institution, has released a research note indicating a potential paradigm shift in global finance due to the advent of central bank digital currencies (CBDCs). Andrew Peel, the bank’s executive director and head of digital asset markets, emphasized the transformative power of CBDCs in establishing a new norm for international transactions. […]
Digital Yuan Fraud cases surge, prompting security review
The digital yuan, China’s central bank digital currency (CBDC), is being exploited in sophisticated fraud schemes. Notably, a recent case in Shanghai highlighted how criminals use the digital yuan to commit financial crimes. The Shanghai High Court reported a unique “run-score” fraud involving the digital yuan, where perpetrators swiftly emptied an ATM within two hours. […]
Assessing the potential effects of Europe’s CBDC on banks
As Europe strides towards the digital era with its Central Bank Digital Currency (CBDC), the banking sector braces itself for a seismic shift. The European Central Bank (ECB) has embarked on a mission to adapt to a paperless union while retaining monetary sovereignty, a move that could rewrite the rules of financial engagement in the […]
Nigeria’s cNGN stablecoin to transform digital currency scene
The Central Bank of Nigeria (CBN) has officially approved the cNGN stablecoin, marking a significant development in the country’s cryptocurrency industry. This approval, granted on January 4, 2024, paves the way for the Africa Stablecoin Consortium (ASC) — a collaboration of Nigerian banks and fintech companies — to launch the new stablecoin on February 27, […]
Bank of Spain’s Selection for CBDC Testing: A Leap into Digital Currency
The Bank of Spain has taken a significant step in its journey towards embracing digital currency by selecting its partners for Central Bank Digital Currency (CBDC) testing. After an open call a year ago, which drew 24 applications, the central bank has now announced its collaboration with Cecabank, Abanca, and Adhara Blockchain. The selection highlights […]
Fintech 2024: Key Trends Shaping the Financial Landscape
The fintech industry is in the midst of a transformational shift driven by a wave of emerging technologies poised to reshape the financial landscape. In 2024, stakeholders face unprecedented competition, and business models are evolving acceleratedly. As we explore the key trends that will define fintech this year, one thing is clear: innovation, for its […]
Ripple shifts focus to CBDC projects and boost XRPL in 2023
In a significant strategic shift, Ripple, the renowned U.S.-based fintech company, has increasingly focused on Central Bank Digital Currency (CBDC) projects in 2023. The company, traditionally known for its retail payment solutions, particularly through its On-Demand Liquidity corridors (ODLs), is now gaining traction in the CBDC space. This pivot was highlighted by a pseudonymous observer […]
Kazakhstan announces the success of its CBDC pilot test
Kazakhstan’s central bank digital currency (CBDC), the digital tenge, has achieved success following a month-long pilot project. Various business, regulatory, and technical enhancements are on the horizon for the digital currency in 2024. During the pilot phase, the digital tenge demonstrated its utility by facilitating transactions such as providing schoolchildren in Almaty with free lunches […]
Palau’s XRPL CBDC pilot progresses, Ripple exec expresses support
In a significant development for digital currency, the Republic of Palau has launched the second phase of its central bank digital currency (CBDC) pilot program, leveraging the Ripple XRP Ledger (XRPL). This move follows the successful completion of the first phase, marking a progressive step in the nation’s journey towards a robust digital economy. Palau […]
UK financial heavyweights embrace blockchain for payments revolution
Blockchain technology continues to make inroads into traditional finance, with major financial firms, including Lloyds Banking Group, Banco Santander, and UBS, participating in the recent launch of a liquidity management network. The Sterling Fnality Payment System, developed by blockchain payments startup Fnality, facilitated live payments within the Bank of England’s real-time gross settlement service. Fnality’s […]
South Korea’s central bank urges swift action on CBDC amid growing stablecoin popularity
South Korea’s central bank governor, Rhee Chang-yong, emphasized the urgency of addressing Central Bank Digital Currencies (CBDCs) during the 2023 MOEF-BOK-FSC-IMF International Conference on Digital Money. Stablecoins’ surge raises systemic concerns Governor Chang-yong expressed apprehensions about the burgeoning popularity of stablecoins in the country, warning that their widespread adoption as a digital payment method could […]
Ripple releases insightful white paper on CBDC potential
In a significant move, Ripple (XRP), the renowned blockchain-based digital payments firm, has released a detailed white paper emphasizing the importance and potential of Central Bank Digital Currencies (CBDCs). The 23-page document, released on December 14, provides an in-depth analysis of CBDCs, covering their advantages, risks, and the challenges hindering their widespread adoption. Ripple’s white […]
Ripple eyes $7.5 trillion forex market with BIS project mariana
In a significant move towards the future of finance, Ripple, a leading player in the blockchain and digital payment sector, is setting its sights on the foreign exchange market, currently valued at an astonishing $7.5 trillion daily trade volume. This move parallels the ambitions of the Bank for International Settlements (BIS) through its innovative Project […]
