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China drives BRICS initiative for CBDC as SWIFT replacement

BRICS Bank to Offer More Loans in Local Currencies

In a bold stride toward financial sovereignty, the BRICS bloc, fortified by China’s pioneering efforts, is advancing towards an innovative central bank digital currency (CBDC) system. This initiative, distinct from the traditional Western-dominated financial frameworks, marks a significant pivot in global economic operations. As China converges with partners like the United Arab Emirates (UAE), the […]

Ripple secures partnership with National Bank of Georgia for Digital Lari project

The National Bank of Georgia (NBG) has taken a significant step forward in evolving digital currencies by appointing Ripple as the technology partner for the Digital Lari pilot project. This collaboration aims to enhance the understanding and application of blockchain technology in the nation’s financial infrastructure. Out of nine contenders, Ripple stood out, earning the […]

Indian banks collaborate to promote E-Rupee adoption

Banks

Several leading banks in India are joining forces to promote the use of the e-rupee, a central bank digital currency introduced by the Reserve Bank of India. In a bid to encourage wider adoption, these banks have introduced various incentives, including cashbacks and rewards, akin to those offered on credit and debit cards. The move […]

European watchdogs call for major privacy upgrades in digital euro

In a collaborative move to regulate the future of digital currencies within the European Union, the European Data Protection Board and the European Data Protection Supervisor have issued a joint statement. Published on Oct. 18, the statement outlines recommendations to bolster personal data protection standards in the European Union’s proposed central bank digital currency (CBDC), […]

Demystifying CBDCs: Central Banks’ Motivations for Venturing into Digital Currencies

CBDC

A Central Bank Digital Currency (CBDC) functions like electronic cash for everyday transactions. Unlike traditional electronic payments involving intermediaries and banks, CBDCs resemble decentralized digital currencies such as Bitcoin and Ethereum. They facilitate direct transactions from person to person or customer to vendor, reducing intermediaries. Both CBDCs and cryptocurrencies rely on electronic networks for transactions. […]

Reserve Bank of Australia explores CBDC for the future of money

CBDC

The Reserve Bank of Australia (RBA) has indicated its openness to the concept of Central Bank Digital Currency (CBDC) as the potential future of money. In a recent speech titled “A Tokenised Future for the Australian Financial System,” Brad Jones, the Assistant Governor (Financial System) of RBA, addressed the opportunities and challenges presented by the […]

Sber rejoins Russia’s digital ruble trials for 2024

Sber, Russia’s banking titan and a burgeoning technology heavyweight, recently committed to partaking in the country’s Central Bank digital currency (CBDC) trial slated for 2024. This development follows the financial institution’s surprising departure from the initial pilot stage earlier this year. Significantly, Sber’s inclusion in the upcoming phase marks a pivotal moment for Russia’s digital […]

Chinese FX regulator discusses potential of CBDC programmability

China's yuan continues to dive Things are getting worse

China has heightened its focus on central bank digital currencies (CBDCs), eyeing the substantial potential of their programmable features. As Deputy Administrator of the State Administration of Foreign Exchange, Lu Lei, recently highlighted, these features could redefine the role of M0 currency, traditionally associated with physical cash. Moreover, these developments might impact M2 currency, which […]

PBOC emphasizes security in China’s digital finance evolution

digital yuan

China’s central bank, the People’s Bank of China (PBOC), is spearheading the nation’s evolution into digital finance, emphasizing the importance of security, cost-efficiency, and misuse prevention. Zhou Xiaochuan, the bank’s former governor, recently shared his insights at a Beijing forum, clearly showing the nation’s trajectory in the world of central bank digital currencies (CBDCs). Zhou […]

Mastercard completes CBDC pilot project with Reserve Bank of Australia

Mastercard completes CBDC pilot project with Reserve Bank of Australia

Mastercard, in conjunction with the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre (DFCRC), has successfully concluded its central bank digital currency (CBDC) pilot project. This project delved deep into exploring practical applications of a CBDC within the Australian economy.  Consequently, the partnership has unveiled a mechanism that fosters the seamless […]

Japan’s first bank-supported digital currency, DCJPY, to go live in July 2024

Japan

As economies continue to digitize, Japan is set to launch its first bank-backed digital currency in 2024. On October 12, digital currency and electronic payments business DeCurret Holdings released a white paper on its crypto proposal, the “DCJPY.” The coin will be released in July 2024, according to the organization. According to cryptocurrency exchange DeCurret, […]

CBN refutes claims, ensures eNaira won’t harm economy

Nigeria

The Central Bank of Nigeria (CBN) on October 9, addressed the burgeoning apprehensions surrounding the stability of the nation’s economy in light of the escalating usage of eNaira, one of the world’s pioneering Central Bank Digital Currencies (CBDC). The bank’s response came in the wake of a surge in eNaira adoption, which, while gradual, has […]

Argentina’s central bank director backs digital peso initiative

Dollarization will be the downfall of Argentina

Juan Agustín D’Attellis Noguera, a key figure at Banco Central de la República Argentina, has put his weight behind the “digital peso.” This move comes in tandem with Economy Minister Sergio Massa’s vision of leveraging a central bank digital currency (CBDC) to solve the nation’s fiscal issues. In a recent television appearance, Noguera highlighted the […]

EU Central Banks to Announce Wholesale CBDC Plans in Weeks

EU

The European Union (EU) is set to unveil its plans for a wholesale Central Bank Digital Currency (CBDC) within the next few weeks, according to François Villeroy de Galhau, the governor of France’s central bank. This initiative is aimed at modernizing how financial institutions settle securities and foreign exchange transactions, offering a glimpse into the […]

South Korea’s top players collaborate on wholesale CBDC pilot

South Korea’s top players collaborate

The Bank of Korea (BOK), along with financial regulators and the Bank for International Settlements (BIS), announced their collaboration in conducting trials for the implementation of Central Bank Digital Currency (CBDC) with the aim of advancing a prospective monetary framework. This CBDC pilot initiative, set to include contributions from both public and private entities, encompasses […]

Banque de France deputy governor on CBDCs’ global impact

Banque de France’s First Deputy Governor, Denis Beau, recently highlighted the transformative potential of central bank digital currencies (CBDCs) in reshaping the international monetary system. Beau’s remarks, delivered on October 3, underscored the importance of CBDCs in enhancing cross-border payments. Beau emphasized the urgency of addressing cross-border issues from the beginning rather than as an […]

Argentina’s economic crossroad: CBDC or dollarization, the voter’s dilemma

Argentina's economic crossroad: CBDC or dollarization, the voter's dilemma

The upcoming presidential election in Argentina, scheduled for October 22, holds significant economic implications. Sergio Massa, Minister of the Economy and presidential candidate for the Union for the Homeland party has committed to introducing a central bank digital currency (CBDC). This proposal comes amid Argentina’s long-standing struggle with hyperinflation, making monetary policies a focal point […]

Robert Kiyosaki warns of CBDC’s impact on privacy

Renowned financial author Robert Kiyosaki has recently raised concerns about the potential development of a Central Bank Digital Currency (CBDC) by the Federal Reserve, emphasizing the profound implications it could have on individual privacy. Kiyosaki, widely recognized for his “Rich Dad, Poor Dad” series, conveyed his apprehensions through a tweet to his 2.4 million followers, […]

BIS Chief calls on countries to have a legal framework that supports CBDCs

CBDCs

Agustin Carstens, the general manager of the Bank for International Settlements, a global bank, said on Wednesday that nations should establish legal frameworks that support the deployment of central bank digital currencies (CBDC). In a speech delivered on September 27 at the BISIH-FSI conference in Switzerland, Carstens emphasized the urgent need to resolve legal obstacles […]

CBDC anti-surveillance state act advances in congress

CBDC

In a significant development on the legislative front, the CBDC Anti-Surveillance State Act, designed to curtail the issuance of a central bank digital currency (CBDC), has cleared a crucial hurdle. On September 20, the House Financial Services Committee passed the bill, moving it closer to a congressional vote. The CBDC Anti-Surveillance State Act, spearheaded by […]

U.S. politics clash: Dems push for CBDC reign, GOP fears risks

U.S. politics clash Dems push for CBDC reign, GOP fears risks

The showdown on Capitol Hill over the future of digital currency in the U.S. has taken an intense turn. On one side, the Democrats argue that Central Bank Digital Currencies (CBDCs) could bolster the nation’s financial leadership. The GOP, however, fears potential infringements on the rights and privacy of Americans. From Star Wars to Financial […]

Kazakhstan forms new agency to oversee its CBDC implementation

Kazakhstan

The National Bank of the Republic of Kazakhstan (NBK) has taken significant steps toward the development and implementation of its central bank digital currency (CBDC), known as the digital tenge. In an official statement released on September 15th, the NBK announced the establishment of a new entity called the National Payment Corporation (NPC), which will […]

U.S. House Committee advances legislation to halt CBDCs

U.S. House Committee Advances Legislation to Halt Central Bank Digital Currency

The United States House Financial Services Committee, chaired by Patrick McHenry, is progressing with two bills aimed at preventing the Federal Reserve from issuing a Central Bank Digital Currency (CBDC) without Congressional approval.   The first bill, known as the Digital Dollar Pilot Prevention Act or H.R. 3712, was introduced by Representative Alex Mooney (R-W.V) in […]

House hearing sparks heated debate over CBDC – Details

The compelling arguments against CBDCs

The fiery chasm between Congress members and industry professionals grew even wider in a recent hearing over the controversial topic of Central Bank Digital Currencies (CBDCs). While the dust is still settling after the introduction of an anti-CBDC bill, both sides of the aisle have armed themselves with data, expertise, and a great deal of […]

Digital Euro proponents encounter political opposition

Digital euro

Proponents of a digital euro, a central bank digital currency (CBDC) for the European Union (EU), are encountering unexpected political opposition that presents a unique challenge. Unlike the typical technical and economic debates surrounding CBDCs, this opposition is grounded in concerns over privacy, government control, and even conspiracy theories. As central bankers work to promote […]

Federal Reserve’s Barr sounds alarm on stablecoin oversight needs

JasperArt 2023 09 08 21.09.18 upscaled

Federal Reserve Vice Chair of Supervision Michael Barr raised alarms about stablecoins in a fintech conference on Friday. He emphasized the urgent need for strong federal oversight. Barr warned that non-regulated stablecoins could risk financial stability and monetary policy. This message comes as House Financial Services Committee lawmakers spar over stablecoin regulation. Last month, the […]

Philippines central bank selects Hyperledger Fabric for CBDC pilot

Philippines central bank selects Hyperledger Fabric for CBDC pilot

The Philippines central bank, Bangko Sentral ng Pilipinas (BSP), revealed today that it has chosen Hyperledger Fabric as the Distributed Ledger Technology (DLT) for its wholesale Central Bank Digital Currency (CBDC) pilot, known as Project Agila. Initially referred to as Project CBDCPh, Project Agila is designed to educate the BSP and collaborating financial institutions about […]

Palau halts Ripple-based stablecoin pilot program unexpectedly

JasperArt 2023 09 07 16.40.31 upscaled

Jay Hunter Anson, the director of the Digital Residency Office in Palau’s Ministry of Finance, announced the abrupt halt of the Ripple (XRP)-based Palau Stablecoin (PSC) pilot program. Known locally as “Kluk” for its bird insignia, the program aimed to offer a fee-free, secure, and transparent payment option for Palau residents. The U.S. Dollar backed […]

The compelling arguments against CBDCs

The compelling arguments against CBDCs

Once the domain of policy enthusiasts, Central Bank Digital Currencies (CBDCs) are now front and center in the world of politics and conspiracy theories. While the technicalities of these digital currencies differ across borders, the core idea remains: a digital representation of physical cash, regulated by central banks. But as governments worldwide explore the benefits […]

Digital currencies’ unwanted role in the culture wars

Israel & Hong Kong test privacy-focused CBDC for all

Amid the growing political turbulence and societal divisions of our age, a new player has entered the arena: cryptocurrencies, or more specifically, Central Bank Digital Currencies (CBDCs). As nations from China to Nigeria embrace digital currencies, their true implications in the modern world raise eyebrows and fuel conspiracy theories. From Wonkish Debate to Political Hot […]

Regulated Liability Network explores CBDC on proof-of-concept

Regulated Liability Network explores CBDC on proof of concept

The digital realm of finance is rife with disruptions, and the latest entrant set to redefine the landscape is the Regulated Liability Network (RLN). With the completion of its United Kingdom-centric discovery phase, the RLN is zeroing in on the potent potential of a retail central bank digital currency (CBDC). Let’s dive into the ambitious […]

Australia’s central bank reveals findings of its CBDC pilot test

Australia

Australia’s journey towards a central bank digital currency (CBDC) has taken a significant step forward as the Reserve Bank of Australia (RBA), in collaboration with the Digital Finance Cooperative Research Centre (DFCRC), concluded its pilot program. The initiative explored the potential of introducing a digital version of the Australian Dollar (e-AUD) and shed light on […]

Australia’s CBDC still ‘some years away’, RBA warns of uncertainty

Australia's CBDC still 'some years away', RBA says

The Reserve Bank of Australia (RBA) has stated that the possibility of introducing a central bank digital currency (CBDC) is still years away. The announcement follows the conclusion of a pilot investigation conducted by RBA in collaboration with the Digital Finance Cooperative Research Centre.  In a report published today, both entities outlined that the study […]

Congressman: Banning CBDC vital for America’s future

Congressman Banning CBDC vital for America's future

An outspoken critic on the move to introduce a central bank digital currency, U.S. Congressman Warren Davidson, once again steers the national conversation on the CBDC’s potential dangers and its profound implications for the nation’s fintech horizon. Contrary to popular belief, cryptocurrencies and CBDCs aren’t two sides of the same coin. Let’s take a deep […]

Should the Reserve Bank of New Zealand Collaborate with Ripple on CBDC?

JasperArt 2023 08 12 20.54.39 upscaled

Ripple is on the move, extending its cryptocurrency expertise with the XRP Ledger (XRPL) to craft Central Bank Digital Currencies (CBDC). There has been speculation that the Reserve Bank of New Zealand is stepping into the ring, engaging in discussions with Ripple for this exciting venture. What’s the potential of such a collaboration if this […]

Post Malone raises concerns over CBDC on the Joe Rogan podcast

Post Malone

Central Bank Digital Currencies (CBDCs) have sparked discussions across the mainstream landscape, drawing attention from both supporters and skeptics. The recent backlash against CBDCs by United States politicians and prominent public figures like Joe Rogan and Post Malone underscores the growing concerns over the implications of government-backed digital currencies. Post Malone states the potential risk […]

Canada’s CBDC is struggling, and incentives won’t work on Canadians

Canada

According to a new Bank of Canada paper, the average Canadian has little reason to adopt a central bank-issued digital currency, which could hinder its widespread acceptance. In the staff discussion paper released on August 10, the central bank examined a hypothetical scenario in which currency was virtually eliminated to determine the potential role of […]

Russia set to test Digital Ruble with 13 banks

Russia

Russia is poised to expand its digital ruble pilot by beginning real-world tests with 13 banks next week, the country’s central bank announced on Wednesday. According to reports, the Bank of Russia (BoR) will commence testing operations for the central bank digital currency (CBDC) project using digital rubles on August 15, 2023. Russia to begin […]

Digital Yuan adoption soars as Minsheng bank and JD.com join forces

china

Minsheng Bank of China, a pioneer in digital yuan adoption, has partnered with e-commerce giant JD.com to launch an innovative digital CNY-powered payment solution. The collaboration aims to bring the benefits of China’s Central Bank Digital Currency (CBDC) to Minsheng Bank clients in the CBDC trial zone, offering them seamless CBDC payments on JD.com by […]

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