TL;DR Breakdown Deloitte thinks that Bitcoin can help governments develop cost-effective CBDCs CBDCs are digital versions of national currencies Bitcoin is seen as a way to speed up the development process for CBDCs Bitcoin can assist governments in developing cost-effective CBDCs, according to Deloitte. A new examination from monetary administrations firm Deloitte featured the capability…
The world is moving towards digitization in almost every field. Banking and finance are no exception to that digitization. Central Bank Digital Currency is the newly emerging concept of digitization of money. It is an attempt to properly regulate the money and bring all citizens into a process of inclusion. It can be taken as…
TL;DR Breakdown Ghana seeks to launch its own CBDC, wants to promote it among every Ghanan. The authorities are looking to initiate offline capabilities for unbanked citizens. Ghana has been actively exploring the possibilities of launching the new CBDC in the country, i.e., the e-cedi. The goal of the Bank of Ghana (BoG) is to…
TL; DR Breakdown Officials from G7 countries release a report on suggested principles for CBDC implementation. The guidelines hope to bring an answer to the risks involved in the process. After a series of delegations, G7 countries decided on the regulations to make CBDC implementation more seamless. As per a report on October 14, the…
TL;DR Breakdown New Zealand’s central bank is seeking public inputs on a potential digital dollar. The bank is positive that the CBDC can preserve the nation’s monetary sovereignty. Te Pūtea Matua, the central bank of New Zealand is now exploring the possibilities of launching the nation’s digital dollar. Part of the reason is to preserve…
TL; DR Breakdown: The Indian central bank may begin testing the digital rupee in December. The RBI is “extremely careful” with the developmental processes, according to the governor. The central bank of India is considering launching pilot programs for a potential digital rupee, the nation’s legal tender, starting December 2021. India is among the list…
TL;DR Breakdown ECB officially kick starts process towards achieving a digital euro Digital Euro will consume less energy than Bitcoin, other private coins European CBDC would not replace fiat but provide alternative currency The European Central Bank confirmed that it has started working on creating a digital euro which the Bank says will be greener…
TL;DR Breakdown CBN announces plan to launch CBDC Other African countries working on a CBDC The Central Bank of Nigeria has announced that it would be launching a Central Bank Digital Currency (CBDC) before the end of 2021. According to local reports, the Director, Information Technology Department, Mrs. Rakiyat Mohammed, announced at the banker’s committee…
TL;DR Breakdown France, Switzerland to trial cross-border CBDC Digital Yuan, inspiration behind project? Switzerland, France says project doesn’t mean a CBDC is in sight The Bank of France and the Swiss National Bank, the apex bank of both France and Switzerland, are currently working on an experimental cross-border CBDC (Center Bank Digital Currency), dubbed “Project…
TL;DR Breakdown Ghana begins working on its central bank digital currency Other African countries working on a CBDC Ghana has joined the shortlist of African countries to begin work on developing their own Central Bank Digital Currency (CBDC). The country’s apex bank, Bank of Ghana (BoG) reportedly, is taking steps to introduce a CBDC to…
TL;DR Breakdown A report titled “The international role of the Euro” was released by the European Central Bank. It discussed how certain countries with no CBDC plans are at risk. There are plenty of fears of banks when it comes to crypto. The possibility of waking up to new rules imposed by banks on their…
TL;DR Breakdown Bank of Canada CBDC to rely on renewable energy sources Move to make renewable energy the source of power for mining crypto Timothy Lane, the Deputy Governor of the Bank of Canada, has said that eventually when the country’s Central Bank Digital Currency (CBDC) launches it would be more environmentally friendly than Bitcoin…
