Namibia wants to launch its CBDC
TL; DR Breakdown Namibia wants to create its CBDC The country wants to challenge crypto with the CBDC BON Governor breaks down CBDC plans The central bank digital currencies era is now upon us, with many countries looking in that direction. This is because most countries know and see the value that a DLT based […]
CBDC: Sweden completes the second phase of its e-krona testing
TL; DR Breakdown Sweden completes the second test of its e-krona The digital currency will substitute cash More countries to conduct CBDC tests CBDCs have become a global sensation, with more than 80% of countries worldwide looking into the currency. Sweden has announced that it has finalized the second phase testing of its central bank […]
Bank of Jamaica completes CBDC pilot
TL;DR Breakdown Jamaica is ready to welcome its CBDC soon. The Bank of Jamaica has tested its CBDC through the National Commercial bank. Bank of Jamaica (BOJ) has completed the Central Bank Digital Currency (CBDC) pilot. At the beginning of last year, BOJ said that it was testing a prototype central bank digital currency. Central […]
PwC report: 80% of central banks are researching CBDC
TL; DR Breakdown PwC report says more than 80% of countries are researching CBDC The report discussed the maturity of the digital currencies Analyst gives an opinion on CBDCs and stablecoins CBDCs are becoming the new financial instrument making waves worldwide as countries continue to join the bandwagon. This is because the countries see it […]
Swiss starts CBDC trials featuring the national bank and five other banks
TL;DR Breakdown The Swiss National Bank has announced the beginning of testing their CBDC with five banks to determine its interoperability. The CBDC tests aim to determine how the coin will function within private banks and backed by Bank for International Settlements (BIS). The Swiss National Bank has announced the beginning of a test phase […]
HSBC and IBM create successful multi-ledger CBDC demo
TL;DR Breakdown Banking giants HSBC and IBM made a breakthrough in delivering a multi-ledger CBDC. The move was above board as it was under the supervision of the Bank of France. HSBC and IBM announced a breakthrough in creating a multi-ledger central bank digital currencies (CBDC) demo. The breakthrough came after a victorious trial of […]
ECB executive propose acceptance of CBDC in physical stores
TL; DR Breakdown ECB executive suggests the availability of CBDC at offline stores The executive pinpoints demand as an adoption driver ECB will design CBDC to meet specific requirements In the last few years, many countries have been working tirelessly to create their own central bank-backed digital currency. Although most of them have different creation […]
Bank of Ghana outlines the idea behind its CBDC design
TL; DR Breakdown Bank of Ghana outlines the idea behind CBDC creation BOG specifics importance of the digital currency The Central bank wants full financial inclusion Countries across the globe have not hidden their intentions of releasing their respective Central bank digital currencies. Although some are already putting it into use, others are still trying […]
Canadian CBDC: Bank of Canada partners with MIT
TL; DR Breakdown Bank of Canada will partner with MIT on a Canadian CBDC research The research will run for 12 months The US wants to create a CBDC The design and subsequent development of potential CBDCs have been in the works across different countries in the past few years. Although some have crossed the […]
Bitcoin can assist governments in developing cost-effective CBDCs, says Deloitte
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 […]
CBDCs: 17 countries launch pilot projects
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 […]
Ghana exploring the possibilities of offline CBDC transactions for Ghanans
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 […]
G7 countries release proposed principles for CBDC distribution
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 […]
New Zealand releases consultation paper on potential CBDC
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 […]
India might launch digital rupee pilot programs in December
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 […]
Digital euro will be greener, greater than Bitcoin – ECB
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 […]
African giant Nigeria announces plan to launch CBDC
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 […]
France, Switzerland hint at cross-border CBDC
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 […]
Ghana announces plan to float CBDC
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 […]
Lack of CBDC by central banks could be harmful – ECB
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 […]
Bank of Canada says it will go green on proposed CBDC
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 […]
How COVID-19 spurred digital currencies adoption
TL;DR Breakdown EIU’s report on how COVID made CBDC more attractive Short history on the evolution of money Data behind virtual currencies Economist Intelligence Unit (EIU) has completed a report commissioned by Crypto.com revealing that the COVID-19 pandemic spurred the recent growth in acceptance of digital currencies. Per the report, people have increasingly adopted cashless […]
Russia to trial CBDC 2022
TL;DR Breakdown Russia to begin CBDC trial 2022 Other countries and their CBDC Elvira Nabiullina, the Head of Russian Central Bank, has confirmed that the digital ruble would be ready for trial next year (2022), Walter Bloomberg reports. This is coming after previously announcing that they would start testing the Central Bank Digital Currency (CBDC) […]
Slight edge Bahamas CBDC has over digital Yuan as Bahamas forges ahead with CBDC launch
TL;DR Breakdown Bahamas gets residents to sign-up for CBDC The edge sand dollar has over digital yuan John Rolle, Governor of the Central Bank of the Bahamas, has said that the country has continued to push for a national digital currency (Bahamas CBDC) adoption this summer. For now, the governor notes that the goal is […]
Binance CEO warns US CBDC primed to fail as they set for trial
TL;DR Breakdown Zhao warns US CBDC may fail US set to begin CBDC trial Binance CEO Changpeng Zhao has sounded a note of caution ahead of the conduct of Central Bank Digital Currency, CBDC trials in the United States. Zhao lashed out his warning in a Bloomberg interview on Monday. He explained that central bank […]
Bank of England rolls out application for CBDC experts
TL;DR Breakdown England Central Bank to hire CBDC experts. Other countries and their CBDC The Bank of England, like many other countries, have joined the burgeoning Central Bank Digital Currency (CBDC) trend. The Bank of England, this time, rolled out an application to hire a team dedicated to the exploration of CBDC. The job advert […]
CBDC: UK is set to explore a digital pound
TL;DR Breakdown The UK government is set to research a potential CBDC, together with the Bank of England. An exploratory taskforce for CBDC is being launched between BoW and the UK Treasury. The United Kingdom has become the latest developed nation to announce interest in exploring a potential central bank digital currency, which might be […]
Thailand to begin CBDC test 2022
TL;DR Breakdown Thailand set to launch CBDC. Why the country wants a CBDC. Thailand’s central bank has announced plans to begin working on a Central Bank Digital Currency (CBDC) and how it would start test on the digital currency in 2022. The bank announced a press release on Friday as they asked residents of the […]
Digital dollar: Federal Reserve to unveil its research on a potential US CBDC
TL;DR Breakdown The US Federal Reserve is planning to unveil its research on a potential digital dollar in July. However, there are mixed feelings amongst banks and other financial institutions on the need for CBDC. The United States is among the countries researching a potential central bank digital currency (CBDC), although there’s currently no approval […]
BOJ governor says they need to “prepare thoroughly” for a CBDC
TL;DR Breakdown The BOJ governor says the central bank has to thoroughly prepare for a CBDC for when the need to issue one arises. The bank will begin experimenting with its digital currency later this year. Since the COVID-19 outbreak, the world has been gradually considering digital alternatives, like cryptocurrencies, for settlements and payments. To […]
XRP ledger that supports CBDC coming soon
TL;DR Breakdown Central Banks could leverage Ripple’s XRP ledger interoperability. CBDCs continue to gain worldwide acclaim. Ripple undeterred despite legal battle with U.S. SEC. With the world edging closer to the creation and adoption of Central Bank’s Digital Currencies (CBDC), the Ripple team have announced that it is on course to introduce an XRP ledger […]
Researchers say CBDCs are primed to fail
TL;DR Breakdown Researchers say CBDC should not be a means of exchange. A potentially surviving CBDC has not been discussed. As countries globally continue to find a path towards launching a Central Bank Digital Currencies (CBDCs), researchers are beginning to doubt digital currency’s success. China, France, Japan, Russia, among other countries, are researching digital currencies. […]
CBDC: Bank of France reveals interbank settlement testing results
TL;DR Breakdown French Central Bank releases results of CBDC testing. Central banks across the world have begun massively working on their national digital currency. The French Central Bank has released its central bank digital currency (CBDC) testing it carried out last month. The test, which used a blockchain developed by a startup in the United […]
Is XRP investment the best cryptocurrency for beginners?
TL;DR Breakdown Bitcoin, Litecoin, Ethereum, XRP worthy investments. XRP is the most affordable and promising crypto option. XRP has leapt up in price recently. Is XRP investment the best cryptocurrency for beginners? As someone who is avidly exploring and writing about the crypto world, I see it as wise to invest in a cryptocurrency. I […]
What does a CBDC future look like
TL:DR Breakdown CBDC’s are growing in popularity. Many countries are contemplating going CBDC. The IMF is predicting a global digital reserve. What does a CBDC future look like There has been a lot of news about central bank digital currencies ( CBDC’s). Banks are at crossroads. Due to growing cryptocurrency adoption banks have to decide […]
How Ripple will lose its coin identity
One of the lead investors of Ripple in 2013 himself declared at the start of the year that he never believed Ripple would be seen as a coin. Kevin Rose believes that Ripple is limited as a currency, but it excels as a transfer. In an interview with tech crunch regarding how he felt about […]
UAE, Saudi Arabia joint CBDC won’t be available for public use
TL:DR Breakdown: Saudi Arabia joint CBDC will not be available for individuals to use, according to SEMA exec. The CBDC is planned under the Aber Project to streamline cross-border payments between Saudi Arabia and UAE. Saudi Arabia joint CBDC with the United Arab Emirates (UAE) will not be available for the public, says an executive […]
Digital Euro: German finance minister urges ECB to accelerate its CBDC development
TL:DR Breakdown German finance minister wants the ECB to speed up their work for launching a digital Euro. He pointed out in a conference today that there is a high demand for digital payment solutions. The quest for central bank digital currency (CBDC) grows stronger as the public continues to search for more solutions to […]
CBDC takeover won’t lead to fiat extinction – BIS
Benoît Cœuré says fiat currencies are still important Fiat remains a strong means of savings Fiat still in-demand in Europe Benoît Cœuré, a French economist and the head of Bank for International Settlements (BIS), has said that a Central Bank Digital Currency (CBDC) takeover does not mean an end to fiat currencies. The BIS head […]
CBDC latest: Economists at US Federal Reserve explore “intrinsic value” of CBDCs
The United States Federal Reserve is expanding its exploration of CBDCs in a bid to find any “intrinsic value” they may have. It comes after Federal Reserve Chair, Jerome Powell encourages taking the lead on innovation whilst remaining cautious. China’s ‘digital yuan’ has already surpassed 4 million transactions Economists at the United States Federal Reserve […]
