Canada’s CBDC is struggling, and incentives won’t work on Canadians
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 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
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 […]
Russia to recognize foreign CBDCs as digital ruble law takes effect
In a significant development, the Russian government has officially acknowledged digital currencies issued by other nations, signaling an important step in the country’s evolving stance on cryptocurrency. Alongside this move, the country has also implemented a dedicated law that regulates its digital currency, the digital ruble. Reports from local crypto media outlets reveal that the […]
Russia advances in the CBDC race as Putin signs digital ruble bill into law
Russian President Vladimir Putin has signed the digital ruble bill into law, marking a significant step towards the country’s central bank issuing its own digital currency, according to a document released by the Russian government. The law, signed on July 24, 2023, will officially come into effect on August 1, 2023. This development follows the […]
Hana bank leads South Korea’s quest for secure monetary solutions
The banking sector in South Korea has been actively exploring alternatives to stablecoins and Central Bank Digital Currencies (CBDCs) as they search for secure and efficient monetary options. Leading banks in the region have shown a keen interest in Certificate of Deposit (CD) accounts, indicating a growing trend towards blockchain-based monetary solutions proposed by the […]
Chinese business travelers embrace cryptocurrency for air tickets
The digital yuan, China’s central bank-issued cryptocurrency, has taken to the skies with its latest partnership. A strategic alliance between China Merchants Bank and the Civil Aviation Administration has given birth to the cutting-edge e-CNY platform, catering to the needs of both business travelers and jetsetters alike. Launched on July 18 with much fanfare, the […]
BOK outline plans to adopt CBDC in the future
The Bank of Korea (BOK) recently released its 2022 Payment and Settlement Systems Report, signaling successful oversight of the systems and a strategic focus on the future with Central Bank Digital Currency (CBDC). The report also shed light on the discussions surrounding stablecoin regulations in South Korea. BOK plans for the future with CBDC adoption […]
People’s Bank of China reveals impressive digital yuan numbers: $250 billion and counting
China’s digital yuan has made impressive strides since its experimental debut 1.5 years ago, with transactions totaling approximately $250 billion, according to the People’s Bank of China governor Yi Gang. Revealing these impressive figures at a conference in Singapore, Yi Gang announced that the total translation volume had reached a staggering 1.8 trillion, with over […]
G20 embraces FSB’s crypto recommendations amid increasing regulatory pressure
Nirmala Sitharaman, the Finance Minister of India and the current G20 president, announced on Tuesday that the Group of Twenty (G20) has endorsed the recommendations from the Financial Stability Board (FSB) concerning crypto asset activities and global stablecoin arrangements. This decisive nod from the G20 comes after an eventful year in the crypto sphere marked […]
Brazil’s CBDC will allow the government to freeze funds and adjust balance
A blockchain developer has uncovered a concerning feature within the code of the Brazilian Central Bank Digital Currency (CBDC), revealing that the government has embedded the capability to freeze funds and modify balances. Pedro Magalhaes, the founder of Web3 consulting firm Iora Labs, conducted a review of the Application Programming Interface (API) published by the […]
Changzhou’s cashless revolution: $700k in digital yuan tokens & coupons await
Changzhou, China, is gearing up for an exhilarating citywide shopping festival that promises to captivate residents and visitors alike. The city plans to distribute a staggering 700,000 digital yuan tokens and coupons for the festivities, signaling a significant step forward for the country’s central bank digital currency (CBDC) pilot program. To infuse an element of […]
China’s offline SIM card wallet allows payments with digital yuan even on ancient phones
The People’s Bank of China (PBoC) has introduced an innovative offline SIM card-based solution for its digital yuan, allowing users to make payments even when their phones are powered down. This new development aims to cater to users with 2G phones who previously couldn’t access digital currency. Earlier this year, a similar solution was launched […]
Circle CEO urges Beijing to embrace Yuan-backed stablecoins for global currency expansion
In a recent interview with the South China Morning Post, Circle CEO Jeremy Allaire advocated for introducing Chinese Yuan (CNY)-backed stablecoins to facilitate the currency’s internationalization. Allaire argued that stablecoins could be a more effective means than central bank digital currencies (CBDCs) to achieve this goal. While acknowledging the complimentary nature of stablecoins and CBDCs, […]
Secret code in Brazil’s CBDC allows govt manipulation
The world of finance was recently abuzz following a shocking discovery in the Central Bank Digital Currency (CBDC) of Brazil. It seems that the supposed beacon of decentralization might contain some not-so-secret code enabling a centralized authority to freeze funds or even diminish balances at their discretion. Discovering hidden powers in Brazil’s digital currency The […]
24 CBDCs expected to be fully operational by 2030 – BIS Report
According to a survey by the Bank for International Settlements (BIS), 93% of central banks are researching central bank digital currencies (CBDCs). As per the report, by 2030, there could be as many as 15 retail and 9 wholesale CBDCs in circulation. The survey of 86 central banks, published on July 10, took place from […]
Navigating Nigeria’s crypto tax debate – Assessing prematurity from local stakeholders perspective
Nigeria’s recent move to tax crypto transactions has sparked a discussion among local stakeholders. The Nigerian government wants to control and bring in money from the digital asset market. However, critics say the move is too soon and could slow down innovation and economic growth. Nigeria’s crypto tax concerns On May 28, the day before […]
Singapore Bank DBS launches innovative e-CNY payment solution for customers
DBS, the renowned Singaporean bank, announced today a groundbreaking development that allows its customers to accept payments in e-CNY, the digital currency issued by the Chinese central bank. In a major step forward, DBS has established a seamless system through which e-CNY can be directly settled into a company’s bank account, leveraging automated processes for […]
Survey reveals Canadians’ willingness to embrace Central Bank Digital Currency
A recent survey conducted by WealthRocket found that a significant majority of Canadians are open to the idea of utilizing a central bank digital currency (CBDC). Out of the 1,500 respondents aged 18 and above, approximately 59% expressed interest in embracing a CBDC. However, only 5% demonstrated a high level of willingness, while 25% indicated […]
Argentina to pay IMF with yuan as Brazil readies CBDC
Argentina has taken the bold move of making payments towards its staggering $44 billion debt to the International Monetary Fund (IMF) using Chinese yuan, sidestepping the traditional use of the US dollar. This development, coupled with Brazil’s preparation to launch its central bank digital currency (CBDC), signals a new wave of economic maneuvers and a […]
Mercado Bitcoin set to join Brazil’s CBDC project
In a significant development for Brazil’s digital currency landscape, the country’s central bank has granted authorization to two prominent entities to participate in the pilot of the digital real, Brazil’s central bank digital currency (CBDC). The largest local cryptocurrency exchange, Mercado Bitcoin, and state-owned bank Caixa have been given the green light to engage in […]
Singapore’s Monetary Authority unveils innovative guidelines for crypto assets
The Monetary Authority of Singapore (MAS) has taken a significant stride towards creating a uniform regulatory framework for using crypto assets. MAS has proposed a comprehensive set of guidelines to govern the evolving digital currency landscape in a groundbreaking move. The move aims to provide clarity and security while fostering innovation in cryptocurrencies. Purpose-bound money […]
The crypto community doesn’t like IMF’s CBDC plans
The International Monetary Fund (IMF) is facing opposition from the cryptocurrency community regarding its persistent push to advance Central Bank Digital Currencies (CBDCs). This backlash signifies a growing apprehension about the potential impact of CBDCs and the perceived encroachment on the principles of decentralization, which are fundamental to the blockchain and crypto community. IMF’s CBDC […]
Digital Euro faces delay—here’s why
The implementation of a digital euro, a central bank digital currency (CBDC), is facing a setback as the European Union (EU) has decided to postpone the publication of the legislation required to support its development. This delay comes after a leaked draft bill addressing privacy and technical concerns regarding the CBDC and statements made by […]
IMF to create a global CBDC platform – Details
In a dramatic new development, the International Monetary Fund (IMF) has announced its intentions to construct a global platform for central bank digital currencies (CBDCs). This innovative move promises to redefine financial transactions between nations, with a primary focus on efficiency and fairness. Reinventing international transactions The comprehensive digitalization of central bank currencies is the […]
Ripple and Colombia’s central bank collaborate to enhance payment system
Ripple, a global leader in blockchain solutions, has teamed up with Banco de la República, Colombia’s central bank, to explore the potential use cases of blockchain technology in the country’s high-value payment system. This collaboration aims to drive innovation and efficiency in Colombia’s financial landscape, leveraging Ripple’s Central Bank Digital Currency (CBDC) platform to revolutionize […]
The U.S. is still undecided on issuing CBDC
The U.S. continues to navigate the uncharted waters of digital financial evolution, with Assistant Secretary for Financial Institutions at the Treasury Department, Graham Steele, underscoring the country’s measured approach to the idea of issuing Central Bank Digital Currencies (CBDCs). As he elucidated, the United States has yet to make a concrete decision about whether to […]
Americans don’t really like the idea of CBDC
Despite the ubiquity of digital dollars in the form of credit cards, debit cards, and various digital platforms, Americans appear to be more hesitant when it comes to the concept of a Central Bank Digital Currency (CBDC), an asset that would bridge citizens and the central bank of the U.S. more directly. Shaky ground: American […]
Americans express cautious stance towards CBDC
A recent series of polls conducted by the Cato Institute, a libertarian think tank based in Washington, D.C., unveiled that only 16% of Americans favor the adoption of a Central Bank Digital Currency (CBDC), while 34% oppose it. The survey indicates that the majority of Americans, 49%, have not developed a strong opinion on the […]
Central Bank of Kenya considers CBDC but prioritizes existing solutions for payments
The Central Bank of Kenya (CBK) has received over 100 comments from stakeholders, including the public, commercial banks, and tech firms, regarding the potential issuance of a central bank digital currency (CBDC). The comments highlighted the potential benefits and risks associated with a CBDC, prompting the central bank to take a measured approach in considering […]
Microsoft and Visa sign up for Brazil CBDC pilot
In a remarkable stride towards digitization, Brazil’s central bank is steering the country towards the integration of a digital version of its national currency, the real. The Banco Central do Brasil has unveiled plans to inaugurate a central bank digital currency (CBDC) pilot project, garnering significant interest from a diverse range of participants, both domestic […]
Russian lawmakers propose game-changing amendments to digital ruble bill
As a result of recent hearings in the Russian parliament, members of parliament have suggested significant amendments to the regulations that regulate the digital ruble initiative in the nation. The activities of the debt, the services provided to non-residents, and the role of the central bank are the critical areas of attention in the proposed […]
Samsung ventures into CBDC research – Details
In a strategic pivot toward the future of finance, South Korean technology titan Samsung has joined forces with the country’s central bank, the Bank of Korea (BOK), to delve into the field of Central Bank Digital Currencies (CBDCs). This groundbreaking partnership aims to leverage blockchain technology and distribute a digital currency issued directly by central […]
Florida governor Ron DeSantis bans CBDCs in the state
Florida Governor Ron DeSantis has taken a bold stance against centralized digital currencies, signing a bill prohibiting any future implementation of a central bank digital currency (CBDC) in the state. This move comes as the Biden administration explores the potential of CBDCs, which DeSantis believes would threaten citizens’ financial independence and privacy. DeSantis on the […]
President Biden announces Federal Reserve Board nominees
President Biden has announced his nominations for key positions on the Federal Reserve Board of Governors, including Dr. Philip Jefferson for Vice Chair and Dr. Adriana Kugler as a Member. Furthermore, the President will renominate Dr. Lisa Cook for an additional full term as a Member. These nominations are critical for the U.S. economy, experiencing […]
Canadians shape future currency: Bank of Canada launches public consultation on digital dollar
The Bank of Canada has taken an innovative step to involve Canadians in shaping the future of their currency. As part of its efforts to explore the creation of a Canadian digital dollar, the central bank has launched a public consultation inviting citizens to submit their ideas and suggestions on what features they would like […]
Anti-CBDC legislation passed in North Carolina
North Carolina has joined Florida in passing legislation that would ban the use of central bank digital currency (CBDC) payments and prevent the state from participating in any testing. Proponents of CBDCs argue that they can reduce costs, decrease friction in cross-border payments, and deter counterfeiting. However, critics are concerned about the potential infringement of […]
IMF recognizes CBDCs as the future
Kristalina Georgieva, a managing director at the International Monetary Fund (IMF), acknowledged the importance of central bank digital currencies (CBDCs) during a discussion at the Milken Institute Global Conference. According to Georgieva, the IMF is increasing its staff working on digital money as the organization can no longer afford to ignore digital versions of fiat […]
The Bank of Israel’s consideration for a Digital Shekel
The Bank of Israel is closely monitoring various scenarios that could potentially impact its decision to issue a digital shekel, the country’s central bank digital currency (CBDC). In a recent report released by the Bank of Israel’s steering committee on the potential issuance of a digital shekel, it was clarified that no final decision has […]
IMF tackles growing CBDC interest: New handbook to guide central bank
As interest in central bank digital currencies (CBDCs) reaches unparalleled heights, the International Monetary Fund (IMF) is witnessing a surge in demand for guidance on the subject. To address this, the IMF plans to release a CBDC handbook, according to deputy managing director Bo Li’s recent speech. Meeting the urgent needs of central banks exploring […]
