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What is a CBDC?
A central bank digital currency (CBDC) is a new digital form of sovereign money. CBDCs are issued by the government, where monetary policies are still formed by the central bank.
A central bank digital currency (CBDC) is a new digital form of sovereign money. CBDCs are issued by the government, where monetary policies are still formed by the central bank.
Bank of Russia Delays CBDC Pilot Rollout
The Bank of Russia's CBDC pilot rollout has been delayed indefinitely due to legislation only passing through the first reading. The number of participating private banks has also changed to 13 from 15, with the pilot involving real operations and limited consumers.
UAE's Central Bank Nears Launch of Digital Dirham
The UAE's central bank is close to launching its central bank digital currency (CBDC), the digital dirham, for domestic and cross-border payments. The CBUAE has partnered with G42 Cloud and R3 to be the infrastructure and technology providers for the CBDC implementation, which will boost financial inclusion and help the country become a cashless society. The first phase of the CBDC strategy includes the soft launch of "mBridge," proof-of-concept work for bilateral CBDC bridges with India, and domestic CBDC issuance for wholesale and retail use.
Ted Cruz Introduces Bill to Block Fed CBDC
Republican Senator Ted Cruz has introduced a bill to prevent the Federal Reserve from launching a central bank digital currency (CBDC) that could be used for financial surveillance. This is his second attempt at blocking the Fed's CBDC initiative.
eNaira Adoption Grows Amid Nigeria's Cash Shortages
Nigeria's eNaira, a central bank digital currency (CBDC), is being adopted at an increasing rate as the country faces severe cash shortages due to demonetization. The value of eNaira transactions has increased by 63%, and the total number of CBDC wallets has grown more than 12 times compared to October 2022.
RBI and Central Bank of UAE sign MOU on CBDC bridge
The Reserve Bank of India and the Central Bank of UAE have signed an MOU to collaborate on CBDC interoperability, specifically for the development of a CBDC bridge to facilitate remittances and trade.
South Dakota Governor Vetoes Bill Excluding Cryptocurrencies from State's Definition of Money
Governor Kristi Noem of South Dakota has vetoed House Bill 1193, which sought to exclude cryptocurrencies from the state's definition of money. The governor believes that the bill would put South Dakota at a disadvantage and potentially lead to future overreach from the federal government in issuing a digital dollar.
Iran Completes Pre-Pilot Phase for Digital Rial
Iran's central bank has completed a pre-pilot phase for its digital rial, according to an official statement by the Monetary and Banking Research Institute. The CBDC will align with the rules governing the national currency, the Iranian rial, and be distributed among individuals and banks. Ten banks have applied to join the project, and all banks and credit institutions in Iran are expected to start offering electronic wallets for the digital currency.
India tests offline functionality of digital rupee
The Reserve Bank of India is testing the offline functionality of its recently launched digital rupee, which has completed 800,000 transactions worth $134 million since its wholesale segment pilot launched on Nov. 1, 2022.
The IMF Releases a Report on Jordan Preparations for a Central Bank
The IMF published a technical analysis on Jordan's retail central bank digital currency.
IMF Urges Countries to Consider Banning Cryptocurrencies
US Treasury Secretary Janet Yellen underlined the need for effective cryptocurrency regulation.
US Representative Tom Emmer Introduces Legislation to Limit Fed
Representative Tom Emmer presented the "CBDC Anti-Surveillance State Act" to encourage financial privacy and CBDC transparency.
India UPI expanding services to Singapore
The eight-bank digital rupee pilot programme has processed 770,000 transactions.
CBN is continuing to develop its eNaira
R3, the CBN's possible technology partner, will help design a new system to give the CBN complete authority over the CBDC.
Bank of Russia to Debut Digital Ruble in April 2023
The Bank of Russia is planning a consumer pilot for the digital ruble and a gold-backed cryptocurrency.
Japan to Launch Central Bank Digital Currency Pilot in April 2023
Private enterprises will test "digital yen" and CBDC ecosystem modeling in the trial.
The United Kingdom Tax Reform Council Launches Campaign Against Bank of England
UK Tax Reform Council and Bitcoin community worry over Bank of England's CBDC intentions.
CBUAE Plans to Launch Central Bank Digital Currency
The government plans a uniform, rapid card payment platform.
Gazprombank suggests banks be given more time to adjust to digital
Gazprom, a Russian state-owned company, suggested allowing banks extra time to deploy the "digital ruble."
The UK is a step closer to launching a central bank digital currency
The Bank of England thinks crypto stablecoins and a central-bank-issued "digital pound" might coexist.
The Bank of England and the United Kingdom's Treasury are working on a digital asset
UK's finance minister said the Digital Pound's goal is to create a "trust, accessible, and easy-to-use" digital asset.
CBDC Activity Subsidizes Consumption During Lunar New Year
After COVID-19 restrictions were eased, Chinese local governments are pushing the usage of the country's digital currency, the digital yuan, to boost e-CNY use and consumption.
U.K. Central Bank and Treasury Believe Digital Pound is Needed
The Bank of England predicts a UK CBDC by 2030.
Indonesia's Ministry of Trade is reportedly aiming to roll out a national crypto exchange
Indonesian Trade Minister Zulkifli Hasan has set a June 2023 start date for its crypto exchange.
HSBC is looking for a top executive to work with asset tokenization
The Tokenisation Director would "create and execute" a worldwide tokenization proposal.
Reliance Retail accept digital rupee at one store
Reliance Retail has pledged to assist India's CBDC throughout its companies.
Local Officials Set Ambitious Targets for Digital Yuan Transactions
In 2022, the e-CNY processed $50.5 billion in municipal transactions.
Montenegrin Prime Minister Dritan Abazovic has announced a pilot digital currency project
After meeting with Ripple at the World Economic Forum, Montenegrin Prime Minister Dritan Abazovic launched a prototype digital currency initiative.
SAMA is Ramping Up Its Research into Central bank digital currencies
SAMA is expanding its central bank digital currency study (CBDCs). Saudi Vision 2030 aims to diversify the economy, decrease oil dependency, and improve public services.
The U.K. government is recruiting for a head to its central bank digital currency project
The U.K. is hiring a central bank digital currency (CBDC) chief to establish a digital pound. CBDCs promise financial inclusion and lower corporate and consumer expenses. A former Bank of England senior advisor opposed CBDCs. In 2021, 23 million Brits did not use cash, and fewer than 15% of payments are done using cash.
China's Central Bank Digital Currency (CBDC)
China's Central Bank Digital Currency (CBDC) now supports smart contracts. Soochow Securities' mobile app allows e-CNY purchases. Android phones may now perform contactless digital yuan wallet payments.
Tanzania wary about CBDC adoption following studies
Tanzania's central bank is proposing a central bank digital currency (CBDC). An East African interdisciplinary technical team examined CBDC hazards and advantages. Four governments have halted CBDC adoption plans, while six have abandoned digital currencies.
Russia Begins CBDC Settlement Mechanism While Sanctions Continue
A central bank digital currency will be used to establish a cross-border settlement mechanism by Russia's central bank (CBDC). The plans are anticipated in 2023's first quarter. By2024, the Bank of Russia planned to launch its digital currency.
Hong Kong Politician Seeks DeFi-Based Stablecoin CBDC
Hong Kong authorities are currently considering issuing a CBDC as a government-backed stablecoin. Wu Jiezhuang, a Legislative Council member of the Hong Kong Special Administrative Region, thinks converting e-HKD into a stablecoin will mitigate Web3 virtual asset concerns.
Turkey's Central Bank Finishes First CBDC Test With More In 2023.
The CBRT's Digital Turkish Lira has completed its first experiment. On Dec 29, the CBRT announced its first digital lira payments. In the first quarter of 2023, it will conduct restricted, closed-circuit pilot testing with technology stakeholders.
Ex-Chinese Central Banker Says Digital Yuan: Use Has Been Minimal
In October, two years after introduction, China's digital yuan transactions reached $14 billion (100 billion yuan). 261 million people possessed e-CNY wallets, according to a January PBOC study. China UnionPay reported 903.6 million mobile payment users in 2021. Tsinghua University finance professor Xie Ping was PBOC research director.
Bank Of England Accepts CBDC Wallet "Proof Of Concept" Applications
The Bank of England (BOE) wants a "proof of concept" for a Central Bank Digital Currency wallet (CBDC). The wallet must trade value and solicit payments. The BOE wants a CBDC by 2030.
Financial Services Reforms Advance UK Crypto Ambitions
The U.K. Chancellor of the Exchequer, Jeremy Hunt, laid out a number of reforms aiming to "drive growth and competitiveness" to the country's financial services sector. The reforms include consulting on proposals for the establishment of a central bank digital currency (CBDC), extending a crypto tax break for investment managers and creating a sandbox that lets firms and regulators test new technologies.
Financial services reforms advance UK crypto ambitions.
The U.K. Chancellor of the Exchequer, Jeremy Hunt, proposed many financial services industry changes to "promote development and competitiveness." The measures include consulting on a central bank digital currency (CBDC) and prolonging investment managers' crypto tax exemption.
Central Bank Executive Says Hong Kong Working On Investor Protection Measures
Central bank governors from around the world are currently in Thailand to discuss the role of central banks amid evolving financial technology. Eddie Yue, chief executive of the Hong Kong Monetary Authority discussed the rise of digital assets and central bank digital currencies (CBDC) and the risks associated with the new technology. Changyong Rhee, governor of the Bank of Korea was not so optimistic about the future of blockchain technology, especially in the monetary sector.
BIS analysis reveals unequal CBDC uptake in Africa
CBDC helps African central banks implement monetary policy. A CBDC would save money on banknotes, transportation, and storage. Sub-Saharan Africa sends two-thirds of the world's money.
The RBI will pilot retail CBDC in December
The RBI is planning to test the "digital rupee" in retail. Within a month, the pilot will debut. Digital rupees will augment the present payment system, not replace it. Each bank testing CBDC will utilize 10,000 to 50,000 people.
New York Federal Reserve Partners With MAS to Research on wCBDCs
The New York Fed and Singapore's MAS are collaborating on CBDC development
Mastercard CEO Says Crypto Has a Long Way to go Before Going Mainstream
Mastercard CEO Michael Miebach says crypto has some hurdles to cross before going mainstream
Bank of Korea Completes 2nd Phase of CBDC Simulation Test
The Bank of Korea said that it has completed a 10-month CBDC simulation experiment research work on the 10-month central bank digital currency.
The Launch of CBDC May Destroy Bitcoin - Arthur Hayes
BitMEX co-founder Arthur Hayes believes the advent of CBDCs may not be a good tale for Bitcoin
Canada's Federal Government Begins Consultations on Digital Currency
The federal government of Canada announced in a budget address that it has started discussions on cryptocurrencies, stablecoins and central bank digital currencies.
BIS to Adopt DeFi Implementation in Forex CBDC Markets
The Bank for International Settlements (BIS), along with the “Eurosystem” – central banks of France, Singapore, and Switzerland will be launching a new project called “Project Mariana.”
PBOC Governor Says Digital Yuan Will Prioritize Privacy Protection
China's PBoC Governor Yi Gang has reassured that the country's Digital Yuan will prioritize privacy protection
India to Test Viability of Digital Rupee to Cut Fees When Trading Securities
The Reserve Bank of India is starting a whole pilot for its Digital Rupee project
Kazakhstan to Integrate its Digital Tenge into the BNB Chain
Binance CEO has confirmed the National Bank of Kazakhstan will integrate its Digital Tenge into the BNB Chain ecosystem
UAE's Central Bank Completes Wholesale CBDC Pilot Program
UAE's Central Bank has completed running its wholesale CBDC trials, readying for the next development phase.
Australia to Continue Treating Cryptos as Assets
According to the Australian government's budget announcement on Tuesday, legislation will be put upon treating digital currencies such as bitcoin as an asset.
The Central Bank of the Republic of Turkey Plans to Launch CBDC in 2023
The Turkish government has submitted the President’s annual plan, which included discussions on the launch of CBDC. The administration plans to launch its country’s CBDC by next year.
Hong Kong to Propose Statutory Licensing Regime for VASPs: CE John Lee
Hong Kong leader John Lee delivered his first policy address Wednesday, indicating that the administration has introduced a bill to propose establishing a statutory licensing regime for virtual asset service providers.
Bank of Jamaica Collaborates with Local Government to Expand CBDC Adoption
In a recent update, it was reported that the Bank of Jamaica is set to partner with the Government to boost the adoption of its central bank digital currency, JamDex, as a payment method.
China's Digital Yuan Has Topped Over $14 Billion in Transaction Volume
The Chinese Central Bank Digital Currency (CBDC) also known as the e-CNY has hit close to $14 billion (100.04 billion Yuan) from 360 million transactions as it gains widespread acceptance in country
Fed Governor Christopher Waller Says US CBDC Not Necessary for Dollar’s Supremacy
Waller said the Fed has not made decisions concerning CBDCs. He stated that his remarks are aimed at giving a free and open dialogue on the utility of such digital currencies.
RBI Releases Publication of CBDC to be Issued in India
The FinTech department of the Reserved Bank of India (RBI) recently released concept notes on the issuance of its Central Bank Digital Currency (CBDC) in India.
SWIFT Releases Blueprint for Global CBDC Operation
The Society for Worldwide Interbank Financial Telecommunications has detailed how these individual CBDCs can co-exist in a global setting.
BIS Launches Project Icebreaker with Central Banks to Explore CBDC
The Bank for International Settlements (BIS) has rolled out Project Icebreaker with the central banks of Sweden, Norway, and Israel to see how CBDCs can be utilized for international remittance and retail payments.
ECB Advisor Defends Amazon’s Role in Digital Euro Project
The European Central Bank (ECB) is collaborating with five firms to test “user interfaces” for the central bank digital currency (CBDC).
Digital Euro Would Not be Used for Commercial Purposes: Christine Lagarde
Christine Lagarde, the President of the European Central Bank (ECB), has given her word that the proposed Digital Euro that it will not be used for commercial purposes.
Bank of Ghana to Drive Financial Inclusion through CBDC
The focus of the CBDC in the country was confirmed by Kwame Oppong, the head of fintech and innovation at the Bank of Ghana (BOG).
France’s CBDC Projects to Manage DeFi Liquidity, Settle Tokenized Assets
The Bank of France is currently working on its second stage of experimentation in wholesale central bank digital currency (CBDC).
Australian CBDC Pilot Test to Commence Next Year - RBA
The Reserve Bank of Australia (RBA) has published a Whitepaper to give additional insights into its proposed Central Bank Digital Currency, dubbed the eAUD.
Australian Senator Bragg Releases New Draft on Digitial Assets
Australian Liberal Senator Andrew Bragg proposed a new draft of the titled Digital Assets (Market Regulation) Bill 2022, aimed at regulating digital asset exchanges.
Jeff Bezos Amazon Among 5 Partners to Design Digital Euro Prototype
The European Central Bank (ECB), has confirmed Jeff Bezos's tech company AMAZON, as part of the five partners to design a digital euro prototype
Nearly 100 Countries are Developing their CBDC by July - IMF
According to the International Monetary Fund (IMF) report, as of July 2022, nearly 100 central bank digital currencies (CBDCs) are in the research or development stage around the world.
China Central Bank Releases Digital CNY Smart Contract Prepaid Fund Management Product
In China, the Digital Currency Research Institute of the People's Bank of China has launched a digital renminbi smart contract prepaid fund management product - "Yuanguanjia".
Digital Assets Should be Regulated as Part of Banking Industry: Ex-Regulator
Financial experts are advocating for digital currency innovation and activities to be subsumed into the banking industry, a move that will let regulators permit their overall growth.
CBDCs Require Balance between Data Access & User Privacy Protection, HashCash CEO Says
CBDC would need a delicate balancing act between data access and user privacy protection in terms of taming illegal activities, according to HashCash Consultants CEO Raj Chowdhury.
Digital Dollar Project Floats Sandbox for Harness Potential CBDC Solutions
The Digital Dollar Project (DDP) has announced the launch of its Technical Sandbox Program that will make further exploration into the potential of the technical exploration of a US CBDC or the Digital Dollar.
China Guangzhou Public Transport Launches Digital RMB Payment Function
China's Guangzhou became the first city to launch a pilot function of a digital RMB payment code to pay for bus rides.
Nigeria’s eNaira Records 200,000 Transactions Worth Over $10 Million Since October
Based on eNaira’s success, Nigeria government is taking efforts to boost the functional capacity of the Central Bank Digital Currency (CBDC).
UK Group to Run Pilot Retail CBDC, Providing Data to Bank of England
The private consortium, called the Digital FMI Consortium, will carry out a real-world CBDC pilot with a ‘digital pound’ (dSterling).
Bank of China Launches e-CNY Smart Contract Product for Off-campus School Education
The Bank of China, in collaboration with the Education Bureau and financial authorities of Longquanyi District, Chengdu, has launched an educational electronic RMB smart contract prepaid fund management product, according to Chinese news media Sohu.com.
Russia's Central Bank Plans to Launch its CBDC-Digital Ruble across all Banks in 2024
The Bank of Russia launched a digital ruble experiment in 2022 to explore business models and innovative use cases for central bank digital currencies (CBDCs).
Reserve Bank of Australia Rolls Out CBDC Pilot Project
The Reserve Bank of Australia (RBA) has launched a year-long trial to explore a central bank digital currency's (CBDC) business models and innovative use cases.
Bank of Thailand to Start Retail Test for its Retail CBDC
The Central Bank of Thailand also known as the Bank of Thailand (BOT) plans to begin a pilot study of Retail central bank digital currency (CBDC)
Central African Regional Bank Seeks to Introduce Common Digital Currency
The Bank of Central African States is considering creating a common Central Bank Digital Currency (CBDC) that would serve its six member states.
At least 70% of Global Finance Leaders Believe CBDCs Will Spur Financial Inclusion - Ripple Study
Central bank digital currencies (CBDCs) have triggered overwhelming consensus among global finance leaders, according to a survey by Ripple, a leader in enterprise crypto and blockchain solutions.
Introducing Digital Euro to Protect Monetary Sovereignty amid Cashless Tendency: Lagarde
Christine Lagarde, the President of the European Central Bank, suggested introducing Euro is necessary to maintain its leading role amid the cashless tendency.
Bank Indonesia to Evaluate CBDC Influence to Local Economy
Governor of the Bank Indonesia (BI) suggested that crypto can facilitate financial system efficiencies and inclusion. The administration is evaluating the impact of adopting CBDC on the local economy.
Chinese Court Reaffirms Stablecoins are Not Legal Tender
It is already about a year since China banned transactions involving digital currency transactions, and a Chaoyang Court in Beijing has further reiterated that cryptocurrencies are not legal tender.
Federal Reserve Conference Casts Doubt over Digital Dollar Project
The Federal Reserve Conference report provides how the US central bank envisions a CBDC taking shape. However, the review pointed out that a comprehensive policy is still lacking for delivering CBDC.
Albania to Begin Levying Crypto Tax Next Year, Report says
Southern European country Albania is reportedly on track to begin taxing digital currency earnings as of 2023. Individual miners could be charged up to 15% of capital gain tax.
Ripple Labs Inc Floats CBDC Innovate Challenge
Digital currency payments company Ripple Labs Inc has announced a new hackathon dubbed the CBDC Innovate Challenge for developers who can build XRP Ledger-powered payment solutions bordering on Central Bank Digital Currency technology
HKMA Announces Joint Research with Bank of Israel, BISIH for Retail CBDC
The Hong Kong Monetary Authority announced joint research with the Bank of Israel and the Bank for International Settlements Innovation Hub Hong Kong Centre for retail CBDC.
Jamaica on Track to Launch CBDC, says Jam-Dex
The Jamaican Decentralized Exchange (Jam-DEX), the official name of the Jamaican CBDC is set to go live for domestic use later this month, according to Bank of Jamaica Governor Richard Byles.
Brazil Considers CBDC Project as a Means to Innovate Digitally: Economist
The development of CBDC means several things to several people, and for Brazil, it is a broad complement to its already transforming payment ecosystem.
Fireblocks Taps Former BoE Fintech Head as its CBDC Director
Digital assets infrastructure provider Fireblocks has announced the onboarding of Varun Paul, the former head of fintech at the Bank of England (BoE) as its new Central Banking Digital Currency (CBDC) and Market Infrastructure Director.
$30m e-CNY Airdropped in Shenzhen to Boost Consumer Spending
The use of China’s Central Bank Digital Currency (CBDC) is currently being boosted by the city of Shenzhen which according to reports has airdropped 30 million Digital Yuan (e-CNY) to its residents.
Mercado Bitcoin, Stellar Team Collaborate on Brazil’s CBDC Project
Mercado Bitcoin and the Stellar Development Foundation will explore the possibility of developing CBDC solutions to meet Brazilian future payments needs in a digital economy.
American Bankers See No Compelling Case for Digital Dollar
The ABA said that it has not seen a compelling case for the pursuit of the Digital Dollars as any attempt to float the new form of money will undermine the role of banks and private financial institutions in the country.
Bahamas’ Sand Dollar CBDC Begins Facial-Recognition Rollout to Authorize Mobile Payments
Millions of Bahamas smartphone users have started using facial recognition technology to authenticate Sand Dollar CBDC payments made through smart devices.
E-HKD’s Development in Hong Kong- The Future Way of Currency?
Exclusive: a study shows that 90% of surveyed central banks worldwide are exploring the future issuance of CBDCs. Blockchain.News interviewed industry experts to find out the outlook of e-HKD and its potential adoption.
Chile's Central Bank Wants More Time to Study CBDCs
Chile’s apex bank, Banco Central de Chile is exploring more research options to determine whether it will issue a Central Bank Digital Currency (CBDC) or not
Nigerian Government Enhances eNAIRA to Draw Financial Inclusion
The Central Bank of Nigeria (CBN) has announced the upgrade to its Central Bank Digital Currency (CBDC) dubbed the eNAIRA.
The Bank of Tanzania to Introduce CBDC, Strengthening Domestic Payment System
The Bank of Tanzania is actively introducing a CBDC to strengthen the domestic payment system.
9 in 10 Central Banks are Eyeing CBDCs, BIS Study Shows
90% of apex banks have shown intentions of rolling out central bank digital currencies (CBDCs), according to a study by the Bank for International Settlements (BIS).
HKMA Seeks Public Consultation for e-HKD Development
In Hong Kong, the local financial regulator has issued a discussion paper to the public, asking for the public opinions about introducing domestic retail central bank digital currency.
DTCC to Build Prototype Supporting US Digital Dollar in Clearing & Settlement Process
The prototype aims to examine the ability of US clearing and settlement infrastructure to support the US central bank digital currency using a DLT platform.
Swedish Central Bank Completes Second Phase Testing of E-Krona
The Riksbank, Sweden's central bank, said it completed the second phase of the e-krona test, known as the e-krona, ready to be integrated into the banking network and facilitate transactions.
Singapore and Cambodia to Explore CBDC to Boost Payments Ecosystem
Singapore and Cambodia are notably exploring the use of CBDCs and digital currencies to improve their payment ecosystem efficiency and bolster the growth of startups aboard.
Bank of England Teams up with MIT on CBDC Research Project
To delve deeper into the opportunities, risks, trade-offs, and potential technical challenges faced when developing a CBDC system, the Bank of England has joined hands Massachusetts Institute of Technology on a year-long research project.
BIS Identifies Three Key Factors as Challenges of Wholesale CBDC
The Central Bank Digital Currency (CBDC) project of the Bank for International Settlements (BIS) is generating more questions than answers as the multinational banking institution weighs in the technical and governance challenges that embody the attempt to create a multi-platform CBDC product.
Qatar to Explore CBDC
Qatar is exploring use cases of introducing a CBDC, including all aspects, the pros and cons of the digital currency as well as digital banking.
Canadian Central Bank Partners with MIT for CBDC Research
Although the Bank of Canada still has no plans to issue a Central Bank Digital Currency, it has accelerated its research on such a project.
CBDCs Will Not Change the Role of Stablecoins, Says Tether CTO
The subject of CBDCs has garnered a lot of thoughts from experts in the cryptocurrency ecosystem; one of them is Tether CTO Paolo Ardoino.
Indian Finance Minister Sees "Clear Advantages" in CBDC
India’s Finance Minister, Nirmala Sitharaman, has hailed the Central Bank Digital Currency (CBDC) being developed by the Reserve Bank of India (RBI).
Bank of Russia Commences Digital Ruble Trials
The Bank of Russia (BoR) has announced the commencement of its Digital Ruble trials, making the most ambitious push for a functional CBDC in the country.
Digital Yuan Transactions Overtakes Visa during Beijing Winter Olympics
According to a Wall Street Journal, at the opening ceremony of the 2022 Winter Olympics in Beijing, the number of transactions using the digital yuan greatly exceeded that of Visa.
Kenyan Central Bank Seeks Public Opinion concerning CBDC
As a change of tune about crypto assets, the Central Bank of Kenya (CBK), Kenya’s apex bank, seeks to know the public's view about the potential introduction of CBDC.
U.S. Should Examine Chinese Digital Yuan Rollout during Winter Olympics: Senator Toomey
Senator Pat Toomey, a senior member of the U.S. Senate Banking Committee, urges the Treasury and State Departments closely examine Beijing’s CBDC rollout during the Olympic Games.
Russia's Crypto Ban Will Ease Risks But Limit Tech Diffusion: Fitch
The proposed attempt by the Central Bank of Russia (CBR) to ban digital currencies and related operations in the country has been identified by Fitch Ratings as a double-edged move that has its ups and downs.
Mutual Efforts with Europe, U.S. Key for CBDC Issuance: Bank of Japan Governor
Joining hands with the United States and Europe is fundamental when meeting technical issues needed in the issuance of a central bank digital currency (CBDC).
BIS to Explore Potential Advantages of Defi on Small & Medium Enterprises in H.K.
As part of its research plans, the Bank for International Settlements (BIS) will explore if decentralized finance (DeFi) technologies can enhance financing for small and medium enterprises in Hong Kong.
South Korea's Digital Won Project Sees First Trial Stage Completed
The Bank of Korea (BOK) announced that it has completed the first stage of its Central Bank Digital Currency (CBDC) or Digital Won trials, according to its official press release.
Bulgaria to Introduce Crypto Payment Options
The Bulgarian government is currently in discussion with industry stakeholders and the Bulgarian National Bank with respect to its crypto payment initiative.
Digital Dollar's Benefits Could Affect Financial Stability & Privacy: US Fed
The US Federal Reserve said that the introduction of an official digital version of the US dollar could benefit Americans but it may also potentially affect financial stability and privacy.
Four Years Down the Line, Iran's Pilot National CBDC is Ready
The Central Bank of Iran (CBI) is taking its favour for digital innovation to a new level with the possibility of introducing its Central Bank Digital Currency (CBDC) within a short time.
China's e-CNY is Growing, despite Local Payment Options Lack behind
China’s CBDC is growing at a fast pace as data released official from the PBOC financial markets department revealed the new legal tender has inked a total of 87.57 billion yuan ($13.68 billion) in transactions since public trials began.
Economic Affairs Committee Unsure UK Needs Retail CBDC
The United Kingdom’s Economic Affairs Committee has shared its views on the proposed plans by the country to launch a Central Bank Digital Currency (CBDC) or digital Pound.
China Launches Digital Yuan Pilot Wallet for Android and iOS Users
The People’s Bank of China has extended its pilot tests for the country’s Central Bank Digital Currency (CBDC) or digital Yuan with the launch of a new mobile wallet for Android and iOS users.
Mexican Central Bank Reveals CBDC Distribution in 2024
Banco de México, the Central Bank of Mexico has revealed that its projected CBDC will be up for public distribution by 2024.
RBI Says India Will Initially Go for Basic Model For CBDC
India’s central bank plans to launch a basic model of the CBDC before implementing a more sophisticated version.
Thai Delays Testing Its Retail CBDC Until Late 2022
Thailand will be slow but prudent in testing its CBDC to ensure that it does not have problems with funder transfers and other payments.
Crypto Review 2021: Full of Uncertainty and Volatility
Before the end of 2021, Blockchain.News summaries serval key events and milestones that the crypto sector has witnessed this year.
France & Switzerland Central Banks Succeed Pilot CBDC Trials in Conjunction with BIS
The trio of the Central Banks of France, Switzerland, and the Bank of International Settlements (BIS) has successfully conducted a wholesale Central Bank Digital Currency (wCBDC) trial involving both country’s fiat notes.
America to Build its Digital Dollar Based on General Consensus
The US Treasury Secretary Janet Yellen said that the move by the American Federal Reserve to develop a Digital Dollar or Central Bank Digital Currency (CBDC) can only take place following a general consensus amongst all parties of interest.
Bank of Tanzania Preparing for the Launch of CBDC
The Bank of Tanzania is preparing to start exploring a possible launch of a central bank digital currency (CBDC). The central bank termed the move inspired by Nigeria’s central bank launch of its national digital currency.
Japan’s Major Banks Join Consortium of Private Firms to Launch Yen-Based Digital Currency
The private sector in Japan has joined forces to examine the trial and launch of a CBDC as a way of streamlining large funds transfers and settlements among financial firms.
India Reportedly Postpones to Test Digital Rubee in Q1 in 2023, Amid Banning Private Cryptos
Reportedly, the Indian government has postponed the trial date of testing digital Rubee until Q1 of 2023, the digital form of central bank digital currency (CBDC), according to local media outlets.
Nigeria's E-Naira Gains Momentum, Tackles Influence of Volatile Cryptos
Nigeria's further efforts to curb the influence of cryptocurrencies have begun to bear fruits as its introduction of a centralised digital currency eNaira has lured about half a million users within three weeks.
Digital Rubble Prototype to be Introduced in Early 2022
In line with the development of its Central Bank Digital Currency (CBDC) dubbed the Digital Rubble, the Central Bank of Russia is set to launch a prototype platform for the new form of money in early 2022.
European Digital Currencies Soon to Become Legal Tenders, ECB Says
Central Bank Digital Currencies may soon become legal tenders in their jurisdictions as planned by major central banks in Europe as officials are currently studying such initiatives.
MAS Sees Potential in Retail-CBDC for the City-State
Despite its plans to float Project Orchid, the technology infrastructure, and the technical competencies necessary to issue a digital Singapore dollar, the Monetary Authority of Singapore (MAS) is not in a hurry to follow the bandwagon.
Banks Will Start Mulling the Possibility of Crypto Trading in 3 Years: Former Citi CEO
According to Vikram Pandit, most financial institutions are likely to integrate digital currency trading services within the next one to three years
HK FinTech Week: China’s eCNY Wallet Registers 140M Users, Rises 6 Times More, says PBoC Official
China’s digital yuan wallet has witnessed its user base rise six times more just after the past four months to hit 140 million active accounts.
Mastercard Reveals to Develop CBDC as The Private Payment Provider
Digital payment Mastercard CEO Michael Miebach expresses his strong support for CBDC on the Q3 earnings conference call.
eNaira: Nigeria Rolls Out Africa’s First Central Bank Digital Currency
Nigeria has become the first nation in Africa to officially launch a CBDC.
Burnt Ether Tops $2B as Ethereum 2.0 Deposit Contract Continues to Grow
Burnt Ether stands at 608,567 ETH worth $2.089 billion since the London Hardfork or EIP 1559 upgrade went live on August 5.
Chinese Authorities Wants McDonald's to Expand its Digital Yuan Acceptance
Chinese authorities are reportedly mounting pressure on McDonald’s as well as other American firms to expand their acceptance of the e-CNY
France Central Commission Proceeds CBDC-Backed Treasury Bond Trials
The Central Bank of France commissioned a trial involving the settlement of treasury bonds by using Central Bank Digital Currencies (CBDCs).
Ghana Examining Offline Use of Its “E-Cedi” CBDC
Ghana is exploring the ability to carry out secure offline transactions for its Central Bank Digital Currency.
G20-Backed FSB Sets Out Roadmap for Stablecoins and CBDCs, Optimizing Cross-Border Payment System
The FSB, a G20-backed think tank, has cited the duo of government-issued CBDCs and stablecoins as key drivers in the pursuit of better cross-border payments.
G7 Set to Release the Guidelines for the Creation of CBDCs
The Group of Seven (G7) industrialized nations are looking forward to accepting the proposals of a draft which seeks to enshrine some set of standards in the creation and issuance of CBDCs.
National Bank of Georgia to Launch CBDC Pilot Program in 2022
The National Bank of Georgia is set to launch a pilot program for its Central Bank Digital Currency (CBDC) dubbed the Digital Lari by 2022.
HKMA Releases Whitepaper on Proposing the issue of CBDC: e-HKD
The Hong Kong Monetary Authority (HKMA) has published a Whitepaper to discuss the technical consideration of its proposed CBDC dubbed the e-HKD.
Visa Developing Interoperable Transfers among CBDC Payments
Visa is rolling out a new interoperability feature facilitating digital currency payments among different parties. Visa aims to establish a bridge payment between digital currencies on the blockchain ecosystem.
New Zealand Eyeing the Possibility of Rolling Out a CBDC
New Zealand is in the race of setting up a central bank digital currency (CBDC) because it sees it as a stepping stone towards attaining an efficient monetary policy tool.
PayPal, Visa, Amazon Named as Core Members to Help Bank of England Work on Developing UK’s CBDC
The Bank of England has announced the members of the technology and engagement forums, which will help the central bank coordinate exploratory work on a potential UK’s CBDC.
Ripple Labs to Provide Infrastructure for Establishing Bhutan’s Digital Ngultrum
Bhutan has tapped the services of blockchain payments firms Ripple Labs Inc to design its Central Bank Digital Currency (CBDC), the Digital Ngultrum.
Turkish Central Bank Announces Partnership with Technology Firms to Develop CBDC
Turkey’s central bank has expanded its commitment towards launching a CBDC. The monetary authority has formed partnerships with technology firms to develop a prototype of a national digital currency.
ECB Member Says Should not Treat Banks as “Endangered Species” in CBDC Plans
ECB Governing Board member Jens Weidmann does not want banks to be pampered concerning CBDC development to fuel competition.
Ex-IMF Top Economist Shortlisted to Lead Roxe's CBDC Pursuit
Former IMF economist Andreas Jobst will lead Roxe's CBDC Solutions built to leverage the Bitcoin hashrate.
Four Countries to Conduct Cross Border CBDC Payment Trials
The Bank for International Settlements (BIS) has joined forces with the central banks of South Africa, Malaysia, Singapore, and Australia to kick start a project dubbed Dunbar aimed at testing the use CBDCs in cross border payments.
Chinese State-Owned Banks Start Exploring Digital Yuan Use-Cases for Buying Investment Funds & Insurance Products
Two Chinese state-owned banks have begun working to fund management and insurance companies to explore the use cases of digital yuan CBDC for purchasing investment funds and insurance products online.
MAS Shortlists 15 Firms to Help Pilot its CBDC Program
15 candidates have been chosen to continue vying for the role to help deploy Singapore's CBDC program
India’s Central Bank to Begin Testing Its CBDC in December
The governor of India’s central bank recently said that the regulator is preparing to start trial programs for its digital rupee by December. The central bank revealed that it will examine the functionality of the national central bank digital currency to ascertain the suitability of the underlying technology.
Ukraine Plans to Pilot CBDC Digital Hryvnia for Salary Payments
Ukraine has announced pilot testing plans for central bank digital currency to pay the national digital currency (CBDC) to its workers' salaries.
The Bank of Jamaica Suggests Court Order Approval Required for Tracking CBDC Transactions
The Bank of Jamaica (BOJ) believes it must obtain a court order approval for tracking CBDC transactions, apart from wallet holders and issuers.
