G-7 to prioritize assisting developing nations introduce CBDCs
The advanced nations of the Group of Seven (G-7) will give top priority to how they can better assist developing countries with the introduction of their central bank digital currencies (CBDCs), Senior financial diplomat for Japan, Masato Kanda, spoke at a seminar in Washington, DC, on Tuesday. According to Kanda, Japan’s Vice Minister of Finance […]
Montenegro partners with Ripple to launch its own digital currency
Montenegro’s central bank announced today that it has signed an agreement with Ripple to develop a strategy and pilot program for a national stablecoin or central bank digital currency (CBDC). Central Bank of Montenegro to analyze benefits and risks of CBDCs It is essential to know that the exact nature of the potential future of […]
Bank of England assembles team to develop digital currency
The Bank of England is reportedly assembling a team of up to 30 professionals to work on the development of a central bank digital currency (CBDC), according to the Sunday Times. The recruitment drive comes after the UK central bank and finance ministry announced plans to conduct further research and development on a digital version […]
Texas senators propose bill to create state-issued, gold-backed digital currency
The Texas House and Senate proposed legislation that would authorize the creation of a state-issued digital currency backed by gold. The move is seen as a challenge to the Federal Reserve’s monopoly on money and an alternative to a potential central bank digital currency. Senator Bryan Hughes and Representative Mark Dorazio, both Republicans, introduced Senate […]
Japan launches expert panel to explore the feasibility of digital Yen
Japan’s finance ministry is reportedly planning to launch an expert panel next month in order to explore the feasibility of a digital Yen, or central bank digital currency (CBDC). According to NHK, this panel will use the findings of over two years of proof-of-concept experiments conducted by the Bank of Japan (BOJ). Additionally, a pilot […]
European Banking Federation reveals plans for digital euro
A report outlining the European Banking Federation’s (EBF) vision for the retail digital euro in particular and the future digital money ecosystem, in general, has been launched. The carefully designed report articulated commercial banks’ ideals and worries regarding the digital euro. The paper, which was published on March 28, highlighted the bank’s values, including security […]
Nigeria’s CBDC adoption increases amid fiat currency shortage crisis
Nearly eighteen months after launching its in-house Central Bank Digital Currency (CBDC), the eNaira, Nigeria is witnessing increased adoption as its national fiat currency faces severe shortages. This dire situation was caused by the central bank’s decision to replace old bank notes with bigger denominations in response to rising inflation. CBDCs have long been regarded […]
US presidential hopeful and the current governor of Florida calls for CBDC ban
Ron DeSantis, the governor of Florida and potential Republican nominee for president has proposed legislation that would prohibit the use of a central bank digital currency (CBDC) as money in his state Last year, President Joseph Biden issued an executive order directing the federal government to research the potential benefits and drawbacks of a CBDC. […]
SWIFT’s CBDC pilot test shows promising results for cross-border payment
On March 9, SWIFT, the global interbank messaging platform, released a statement announcing positive outcomes from their pilot test connecting various Central Bank Digital Currencies (CBDCs). The encouraging results suggest increased collaboration between central banks and financial institutions. During a 12-week testing period, SWIFT simulated nearly 5,000 transaction scenarios between blockchain networks and existing fiat […]
The dark side of CBDCs – a Nigeria case study
Not all that glitters is gold. The current CBDC situation in Nigeria foreshadows what is to come. Citizens in Nigeria have taken to the streets to protest the country’s cash shortage, as well as their government’s implementation of a central bank digital currency (CBDC). The shortage was caused by cash restrictions aimed at transitioning the […]
CBDC development in the United States comes under the Treasury
The United States of America has had a rather slow process in developing and testing its CBDC. However, this does not imply that they are completely disregarding its central bank digital currency (CBDC), also known as the Digital Dollar. With the advanced technology and money inflow in the US, the nation is set to be […]
Exploring the Bank of England’s consultation process for a CBDC
The Bank of England has announced a four-month public consultation process on a British central bank digital currency (CBDC) that could one day replace cash and even challenge the role of private banks. The consultation, which opens today, is seeking input from industry bodies, businesses, citizens, and other stakeholders on topics such as privacy, security, […]
Bank of England sheds light on CBDC: What you need to know
The Bank of England (BoE) recently unveiled a technology working paper detailing their plans for a digital pound. This Central Bank Digital Currency is a major financial breakthrough; over 100 central banks have joined to increase user privacy. As more governments jump on board with this revolutionary new concept, it’s looking very likely that CBDCs […]
Zambia develops new technology to regulate cryptocurrencies
The development of new technologies in Zambia is intended to pave the way for the country’s cryptocurrencies to be subject to government oversight. According to Felix Mutati, the Minister of Technology and Science in Zambia, the Bank of Zambia, and the country’s securities authorities are now conducting tests of the technology. As part of the […]
Bank of Russia to roll out CBDC Pilot in April 2023
Russia will see a digitally memorable April Fools Day. On April 1, 2023, the Bank of Russia will launch the first consumer pilot for the nation’s central bank digital currency (CBDC). During a fintech conference in Russia, Skorobogatova informed reporters that the project would be introduced for peer-to-peer transactions between people and retail purchases. The […]
Japan’s digital yen is about to be launched: Here’s what you need to know
After months of conducting experiments on Central Bank Digital Currency (CBDC), the Bank of Japan has announced that it will be launching a pilot program for the digital yen in April 2023. This move is in line with “The Bank of Japan’s Approach to Central Bank Digital Currency,” released in October 2020, and will involve […]
UK’s FCA goes after illegal crypto ATMs operators
The Financial Conduct Authority (FCA), the United Kingdom’s financial regulator, is coming for unregistered crypto ATMs. FCA has joined forces with the West Yorkshire Police to combat operators of cryptocurrency ATMs in the northern English city of Leeds. The cyber division of the West Yorkshire Police has found “several live crypto ATMs” without specifying their […]
UAE unveils plan to power financial services with FIT program
The Central Bank of the United Arab Emirates (CBUAE) recently announced its Financial Infrastructure Transformation Program, which seeks to foster digital transactions and bolster the UAE’s status as a financial technology hub. To support this mission, they are launching their central bank digital currency for domestic and cross-border use. The CBDC will provide an improved […]
Indian retailers adopt the digital rupee in record numbers
The Reserve Bank of India (RBI) recently made an announcement about the progress of its pilot program for digital currency. According to RBI Deputy Governor T. Rabi Sankar, CBDC (the RBI’s digital currency) has 50,000 users and is accepted at 5,000 shops. On December 1, 2022, five Indian cities began participating in a pilot program […]
Indian retail giant Reliance will be accepting CBDC digital rupee
One of the largest merchants in India has announced that it would enable consumers to make payments using digital versions of the Indian rupee called digital rupee. During the period in which it is being tested, the Central Bank Digital Currency (CBDC) will be accepted by a number of merchants, one of which will be […]
Tanzania taking a cautious stance on CBDC adoption after initial research
The Bank of Tanzania has declared that it is still assessing the viability of introducing a Central Bank Digital Currency (CBDC) but will take a step-by-step, risk-based strategy after identifying multiple issues that could interfere with its implementation. Since their 2021 announcement about possibly launching CBDCs, Tanzania’s central bank established an interdisciplinary expert group to […]
Launch of Mexico CBDC might not happen as soon as expected
According to recent information that has surfaced from Banxico, the country’s central bank, the Mexico central bank digital currency (CBDC), also known as the digital peso, will most likely not be ready by the year 2024, despite the fact that this date was announced by the Mexican government in 2021. A digital counterpart of a […]
Australia is now the fourth-largest crypto ATM hub in the world
According to information provided by CoinATMRadar, an internet analytics company that keeps track of the total number of cryptocurrency ATMs all over the world, Australia has surpassed El Salvador to take the position of the fourth-largest hub for crypto ATMs. The sudden shift came about as a result of Australia installing 99 cryptocurrency ATMs across the […]
Turkey’s Central Bank wraps up its first CBDC test
2022 has been a difficult year for the crypto industry. Despite this, a number of industry participants have embraced cryptography and blockchain technology in light of sufficient proof that it works. The government of Turkey is one of the nations that has recognized the usefulness of this initiative. The Central Bank of Turkey (CBRT) has […]
Kazakhstan central bank suggests a two years stepwise CBDC launch
The National Bank of Kazakhstan, which serves as Kazakhstan’s central bank, has suggested that the in-house CBDC be made accessible as early as 2023, with a progressive development of functionality and introduction into commercial operation not occurring until the end of 2025. Taking into account the need for technological improvements, infrastructure preparation, development of an […]
Revealed: Brazil’s central banks CBDC launch plan 2024
The crypto market has been down for almost a year now, but in this downtrend market, there always comes news that ensures the future potential of this digital market. One such news was revealed at a conference held by the Brazilian News site Poder360 Yesterday, 12 Dec. 2022. It was revealed the Brazilian central bank […]
Iran plans to freeze bank accounts for women without hijab
The women of Iran are rising up — again. However, their struggle for freedom has not been smooth and continues to be challenging. Since the recent death of Kurdish-Iranian woman Mahsa Amini in the custody of the country’s morality police, Iranian cities and towns have erupted in outrage. These demonstrations have become one of the […]
E-Hryvnia’s new CBDC concept takes shape in Ukraine
E-Hryvnia is a digital version of the Ukraine Hryvnia national currency created on the blockchain. CBDCs are commonplace, with many nations announcing plans to implement their own. Blockchain has numerous applications past the volatile cryptocurrencies. The technology has been battle-tested and used in cross-border money transfers, IoT, smart contracts, healthcare, logistics, and government. A central […]
PBoC reveals key details about its CBDC
The Governor of the People’s Bank of China (PBoC), Yi Gang, has revealed new details regarding the country’s CBDC (Central Bank Digital Currency). During the recent Fintech Week held in Hong Kong, the PBoC Governor emphasized the adoption and other vital details in the build-up to the official launch of the country’s CBDC. PBoC claims […]
Watch: IMF deputy managing director’s opinion on CBDC
It is well-known that the IMF’s relationship with the digital asset industry has been quite love-hate. CBDCs are issued by central banks and recorded as central bank liabilities, in contrast to crypto assets. Global central banks are examining the potential benefits and risks of CBDCs from multiple perspectives. The IMF notes that, if designed prudently, […]
India confirms digital rupee launch details
India has released an updated report that will discuss every detail of the much anticipated digital rupee. In a recent statement by the Reserve bank in the country, the recently released report will talk about every detail of the digital rupee until its official rollout. Some of these details are the risks, benefits, and objectives, […]
Bank of International Settlements green signals CBDC
The Bank of International Settlements (BIS) has branded its recent CBDC pilot test a success after it saw transactions going to $22 million. The CBDC was tested across many jurisdictions in the span of a month. Several central banks from Asian nations, including China, were involved, with more than 20 banks from the region actively […]
Here’s the White House crypto framework
With each passing day, it becomes more likely that centralized entities will regulate the decentralized crypto industry. The White House is taking a hard stance on crypto companies. The Biden Administration has proposed new rules to regulate the burgeoning market and urges regulators to aggressively pursue those who break the law. The White House has […]
Here’s how Iran’s CBI is planning to use Crypto tech
On Thursday, the Central Bank of Iran will commence its central bank digital currency (CBDC) pilot project in conjunction with the country’s Chamber of Commerce, Industries, Mines, and Agriculture. The CBI explained that the goal of creating crypto-rial is to convert currency into programmable entities. The bank’s announcement follows its release of a draught paper […]
Revealed: Four banks that India’s RBI is kicking off CBDC test
RBI (Reserve Bank of India) has selected four banks that would help with the pilot test of its CBDC, the digital Rupee. According to several reports, the premier banks want the four public banks to help test the digital currency on all aspects before a launch date is determined. In the statement by Moneycontrol some […]
National Bank partners Saromitsu for Cambodia CBDC Bakong
Cambodia CBDC Bakong application launches in partnership. National Bank of Cambodia partners Japanese firm Saromitsu. The application can process USD and Cambodian fiat Riel. Banking institutions globally have been eyeing Blockchain technology with both skepticism and conviction simultaneously. National Bank of Cambodia collaborated with Japanese based blockchain tech firm “Soramitsu” to launch its first all […]
Christine Lagard, ECB President rolls out plans for digital euro
TL;DR Breakdown ECB to float CBDC 2025 if approved. China to float CBDC 2022. President of the European Central Bank, ECB, Christine Lagarde has said that by 2025, the Digital Euro will launch if the continent would ever have a Central Bank Digital Currency, CBDC. During an interview with Bloomberg, Christine Lagarde talked about the […]
Chile halts plans to unveil CBDC this year
Chile has announced that it will halt a further move to release its CBDC to carry out more research into the project. According to the central bank in the country, debuting a CBDC takes a great deal, and the country must get it right. In this regard, Chile intends to carry out more intensive research […]
The IMF encourages the Bahamas to “intensify its education initiatives” on CBDC
The International Monetary Fund, or IMF, has shifted its focus to the Sand Dollar, the Bahamas’ central bank digital currency (CBDC), and has recommended more regulatory control and awareness campaigns. The IMF stated that its executive governors saw the promise of the Sand Dollar to encourage access to finance in a report released on Monday. […]
Number of central banks involved in CBDC jumps 14%, BIS reports
The creation of central bank digital currencies (CBDCs) was one of the most notable stories in blockchain and cryptocurrency in 2021, even if CBDCs aren’t always linked to blockchain or decentralized cryptocurrencies. For each new all-time high in Bitcoin (BTC), Ethereum (ETH), or any other digital currency reached in 2021; it appeared that some central […]
