CBDCs draw increasing interest during pandemic says Russia’s Central Bank
CBDCs make it to the top of the list at a meeting of the world’s central bank governors hosted by Russia. Governors call for an investigation of merits and impacts on the digital economy as COVID-19 pandemic forces things online. Multiple central banks are already in the development stage of their own CBDCs. Central bank […]
Digital Ruble may enter the testing phase as early as 2021
Anatoly Aksakov, a member of the Russian parliament, revealed the country’s plans of launching a Digital Ruble. Aksakov stated that the bank does intend to develop a digital version of the national currency. He added that the project might even begin testing next year. Digital Ruble testing may begin next year According to a Forbes […]
Hex Trust partners with payments firm as a gateway to Europe
Hex Trust enters partnership with multibillion-dollar European payments company SIA The partnership will enable a gateway to Europe for digital custody solutions Hex Trust, a key provider of custody for digital assets in the banking sector, is partnering with the Milan-based payments company, SIA group. Hex hopes the partnership will provide an opportunity to help […]
Digital Euro politically motivated, says German central bank executive
Decision to consult on a digital Euro ‘political’ according to Burkhard Balz Fears that falling behind in the digital currency race will weaken Europe’s monetary policy measures Throughout 2020, discussion of a central bank digital currency for the EU has been justified so far by the need for increased cashless transactions in the wake of […]
Australia sees no strong case to introduce national digital currency
An official from Australia’s central bank revealed they see no strong case for launching a CBDC. In addition to evaluating the retail aspect, the bank will consider the wholesale CBDC. Many countries of the world have begun studying and considering issuing a central bank-issued digital currency (CBDC), with China already nearing the launching of its […]
Japan’s CBDC sets for trial as BOJ expects high demand
BOJ plans to test the basic functions necessary for a CBDC by next year The central bank said there will be high demand for the digital currency, following the increasing rate of digital payments. Most countries like Japan, which has already initiated plans to develop a potential national digital currency, are stepping up efforts as […]
Chinese CBDC: Shenzhen plans to airdrop 10 million RMB in digital Yuan
Shenzhen wants to airdrop 10 million RMB via the national digital currency. The CBDC can be spent in more than 3,000 stores in the city. The authorities in China’s province of Shenzhen are planning to airdrop the soon-to-launch Chinese CBDC to its local residents. Reportedly, this will mark as the largest campaign initiated as part […]
South Korea plans to test-run CBDC issuance and circulation next year
The central bank of Korea (BOK) is moving to the next preparatory stage for a potential digital WON, a central bank-issued digital currency (CBDC). Recently, the central bank began reviewing the legal and technical feasibility of issuing national digital currency, just in case the need arises. However, the bank now plans to debut a pilot […]
Hong Kong taps ConsenSys for phase 2 of digital currency development
ConsenSys to take over phase two of project Inathon-LionRock The blockchain firm will team up with PwC and HK Forms Project involves the execution of a cross-border proof-of-concept Project Inathon-LionRock is about to enter phase two as Hong Kong taps ConsenSys blockchain firm to take finalize the development. Hong Kong’s finance regulator singled out ConsenSys […]
Ripple CEO believes that interoperability is key to the success of CBDCs
Ripple CEO, Brad Garlinghouse is convinced interoperability is the main reason why the creation of a Central Bank Digital Currency (CBDC) would not threaten Ripple’s cross border payment system. In his statement, the Ripple CEO said the presence of interoperability puts Ripple’s cross-border payment system far ahead of the digital currency. Countries around the world […]
Cleveland Fed president revealed research in potential CBDC
Cleveland Fed president announced that Fed is exploring CBDCs Fed is also exploring various DLT-based technologies and platforms For time being, Fed’s focus is on the functioning of payment system During the session of the 20th Anniversary Chicago Payments Symposium, Cleveland president of the Federal Reserve Bank, Loretta Mester, revealed that they have ongoing research […]
European digital euro YES, but fiat will play a role in the digital world
The digital euro is seen as an important part in the future of the economic union ECB’s CBDC should function alongside the fiat, and insure sovereignity and autonomy of the Eurozone’s monetary and payment systems Central bank’s internal task-force has already identified advantages and problems of implementing a digital currency that will need to be […]
CBDCs and blockchain: The question of trust
This is one of the conclusions of the European Blockchain Convention Virtual 2020 conference held on September 21st. Due to the Covid-19 pandemic, Martin Diehl from Deutsche Bundesbank’ and Swiss central bank’s Thomas Moser agreed during the virtual discussion that the world’s CBDC plans, such as China’s digital yuan, don’t need blockchain technology. They both […]
Australian CBDC seems unnecessary right now, says Reserve Bank of Australia
As nations jostle around to launch CBDCs, the possibility of an Australian CBDC has been rejected by the country’s central bank. The Reserve Bank of Australia has stated in its payment paper that it is in no rush to create a central bank digital currency since the Australian Dollar is performing well. The payment paper […]
The Bahamas to launch its Central Bank Digital Currency in October
The sovereign currency, backed by the Bahamian Dollar on a ratio of 1:1, is dubbed ‘the Sand Dollar’. The nationwide rollout results from successful pilot tests of the digital currency in two islands starting late last year. Transacting with the Sand Dollar is irrevocable and will be done using Payment Service Providers (PSPs) The Caribbean […]
Bahamas CBDC ‘Sand Dollar’ planned for launching in October
Bahamas plans to launch CBDC in October Sand Dollar is expected to make payments easier Bahamas CBDC can be transacted using mobile phones The Bahamas is most likely going to be the first country to officially release the national central bank-issued digital currency (CBDC) which is known is ‘Sand Dollar.’ The Bahamas CBDC is coming […]
Digital banks: Central Bank of Philippines set to publish framework
In a move that will see the emergence of digital banks across the country, the Philippines Central Bank is planning to lay down a framework that will support digital banking. According to the words of the Deputy Governor of Bangko Sentral ng Pilipinas, Chuchi Fonacier, the bank is set to release a memo detailing the […]
Japan should hasten to Digital Yen, expert
Tetsuya Inoue, a former official of the Bank of Japan, explains that the country must hasten towards Digital Yen. Inoue, currently a researcher at the Nomura research department, expresses that the country is not in any haste to digitize its currency, but Japan should be concerned about the adaption to central bank digital currency (CBDC). […]
Retail CBDC launch considered by ECB
President of the European Central Bank (ECB) has said that Europe is currently pushing for the creation of a retail CBDC after confirming that they have been behind in the talks about digital payments creation. The ECB is set to look into the prospect of creating a retail CBDC (Central Bank Digital Currency) after it […]
Mastercard launches CBDC virtual testing platform for central banks
Mastercard is looking to streamline the critical processes involved in central bank digital currency (CBDC) development, especially the trial stage. The company announced that it has launched a CBDC virtual testing platform on Wednesday. This is expected to support central banks in evaluating the use-cases of CBCDs before the main launch. Mastercard’s proprietary CBDC virtual […]
Bank of England Governor asks G20 countries to set up stablecoins regulatory consensus
Governor of the Bank of England has charged the G20 countries to work together and come up with stablecoins regulatory consensus that would check its activities in the market Giving his speech at an event that was held in Brookings Institution, Andrew Bailey said the G20 countries need to work together to achieve the common […]
Bermuda partners with Stablehouse to launch stimulus token
Bermuda has just launched a stimulus token that would pull the country out of the jaws of the economic decline caused by the coronavirus pandemic. In the full report, it says that the country presently has no framework or plans to launch a Central Bank digital currency but is ready to go ahead and issue […]
Brazil set to launch CBDC by 2022
The President of the Central Bank of Brazil has announced that the country is currently making plans to launch its CBDC by the start of 2022. Brazil is currently hoping to rival other countries involved in CBDC creation in the future as the President of the Central Bank , Roberto Campos Neto affirmed that the […]
China Construction Bank DCEP wallet registration begins
China Construction Bank has begun DCEP wallet registration, the country’s upcoming digital Yuan cryptocurrency. With the world prefixed on the digital Yuan, DCEP wallet registration marks an important step in China’s realization of a central bank digital currency. Digital currency electronic payment, or DCEP, is a project overseen by the Central Bank of China. Now, […]
Why banks are afraid of Facebook Libra
Facebook Libra project despite being underway and facing regulation issues here and there happens to be a nightmare for many traditional banks. However, central banks across the globe are beginning to explore the option of a Central Bank Digital Currency (CBDC). Facebook Libra, CBDC’s are both different from Bitcoin, another nightmare for both currencies as […]
US Congressman warns against centralized control of money, not bitcoin
Tom Emmer, a United States congressman, is currently trending for stating that centralized control of money is unhealthy. Going further, Tom said irrespective of the mode and the location where it is being carried out, the centralization of money is a terrible thing to do. Citing key examples to back up his claims, the Minnesota […]
CBDC could replace cash with the adoption of blockchain, says Brad Garlinghouse
In a tweet from his official page, the CEO of digital assets powerhouse, Ripple, Brad Garlinghouse, has noted that CBDC could replace cash with the adoption of blockchain technology by governments. Garlinghouse further noted that around the world are now looking to the technology years after they dismissed it. When blockchain technology first entered the […]
BOJ appoints senior economist to lead Japan CBDC research department
The latest report on Japan CBDC has informed that the central bank’s senior economist will now head the team overseeing the research of the nation’s planned digital currency. The appointment today shows the extent to which the central bank is pushing to research a feasible digital currency that can meet certain challenges highlighted in its […]
Philipines central bank forms panel to research central bank digital currency
Bangko Sentral ng Pilipinas, the central bank of the Philippines, has created a technical working group to research the feasibility and the implications of issuing a central bank digital currency (CBDC). In a virtual conference today, the governor of the Philippines central bank revealed that the bank had created a technical working group dedicated to […]
CBDC is helicopter money, says Tomas Holub of Czech central bank
Tomas Holub, a Czech National Bank board member, has said that CBDC is helicopter money. His remarks are different from other central bank spokespersons who are actively looking to experiment with central bank digital currencies. Theoretically, helicopter money is considered harmful as it can stoke unnecessary inflation. The world is warming up to the concept […]
Former CFTC chair advocates for the development of a digital dollar
Former CFTC chair J. Christopher Giancarlo pitched for the development of a digital dollar in a Senate hearing discussing the economic competition with China. With China developing its Digital Currency Electronic Payments (DCEP) system, the US dollar might be left behind. As such many believe that the United States needs to develop its own digital […]
Bank of Jamaica invites firms to develop, test potential CBDC solutions
The Bank of Jamaica (BOJ) has officially invited interested Central Bank Digital Currency (CBDC) providers to develop and test potential CBDC solutions. The invitation, which was disclosed via the Bank of Jamaica recently established Fintech Regulatory Sandbox, noted that the CBDC is a digital form of central bank-issued currency and therefore is legal tender. Notably, […]
Bank of France announces 8 finalists for CBDC experiment project
The Bank of France has announced eight financial institutions who would take part in its experiment to test central bank digital currency as functional means of trading. The participants selected include, consulting giant Accenture ACN, Euroclear, a Belgium-based financial services company, Iznes, a blockchain-powered record-keeping platform for funds, the HSBC bank, Etheruem platform LiquidShare, little-known […]
BoJ heightens its approach towards Japan digital currency with new team
Many central banks have woken to the concept of central bank digital currency (CBDC), probably due to China’s moves to issue one. Today, the Bank of Japan (BoJ) has heightened its approach towards a potential Japan digital currency, although it previously declined to have plans to launch a CBDC. Japan sets up a digital currency […]
Bank of Thailand launches digital Baht for businesses before public launch
The Bank of Thailand (BOT) has entered the third phase of development for its digital Baht project and plans on expanding its use among corporations. According to The Nation Thailand, BOT assistant governor Vachira Arromdee revealed that the bank is already using the CBDC for financial transactions with some big businesses. Digital Baht The bank […]
Bahamas cryptocurrency ready to protect against Category 5 hurricane
The Bahamas cryptocurrency project by the country’s central bank is all set to offer protection against a Category 5 hurricane. Sounds strange? Yes, now cryptocurrencies are set to battle it out with actual hurricanes and protect communities from natural disasters. Project Sand Dollar is the nation’s answer to the ongoing global CBDC trend. As per […]
Bank of England exploring UK cryptocurrency, says governor Andrew Bailey
A UK cryptocurrency could be a reality soon, reports The Bank of England’s governor, Andrew Bailey. In his latest statement, the governor said that the bank recently discussed the mechanisms of a probable UK cryptocurrency backed by the central bank. Central bank digital currencies, or CBDCs, are being developed by many countries. China is leading […]
South Korea sets blockchain technology adoption first in healthcare
The South Korean government is putting its best foot forward so as to adopt blockchain technology as healthcare becomes the first industry to profit from the blockchain technology adoption. The South Korean government is planning to embrace blockchain technology in diverse industries. The central bank of South Korea is currently reviewing the use of a […]
Private stablecoins are a dead end, SFB Technologies
Private stablecoins are worthless when compared to central bank digital currencies (CBDCs), said the chief economist from New York-based fintech firm SFB Technologies, Peter Dittus. Stablecoins – Future of money? The future of money has been a significant talking point among leading economists and industry leaders ever since Bitcoin came into existence, challenging the […]
Japan CBDC: BoJ explores offline usability of its digital currency
Japan is another popular Asian country that is pushing through the launch of a central bank digital currency (CBDC). Reportedly, the Central Bank of Japan (BoJ) is exploring ways to initiate offline usability of Japan CBDC, due to some challenges facing the country. BoJ wants Japan CBDC available offline In the bank’s latest research report, […]
