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Central Bank Digital Currency (CBDC) Race:  2020 Year in Review
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Central Bank Digital Currency (CBDC) Race: 2020 Year in Review

As 2020 comes to a close, we take a look back at the most important developments regarding the pursuit of Central Bank Digital Currencies (CBDC).

Central Bank of Brazil Forms a Digital Currency Study Team to Drive CBDC Research Forward
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Central Bank of Brazil Forms a Digital Currency Study Team to Drive CBDC Research Forward

The Central Bank of Brazil is planning the potential issuance of a Central Bank Digital Currency (CBDC) by setting up a research study group.

Jamaica to Launch Central Bank Digital Currency in 2022
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Jamaica to Launch Central Bank Digital Currency in 2022

Jamaica’s Minister of Finance Nigel Clarke has announced that the country intends to launch its central bank digital currency (CBDC) in 2022.

List of Important Resources on Central Bank Digital Currency (CBDC)
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List of Important Resources on Central Bank Digital Currency (CBDC)

Blockchain has the potential to change the whole monetary and financial industry. But it still has a long way to go, as currently, the money issuance power is in the hands of central banks. The compromised way of welcoming blockchain technology in the monetary and financial industry are the central bank issued stablecoins - CDBC.

Ghana Confirms Its Interest in Piloting Central Bank Digital Currency
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Ghana Confirms Its Interest in Piloting Central Bank Digital Currency

Ghana has confirmed that it is on the hunt for a Central Bank Digital Currency (CBDC). The Bank of Ghana’s deputy governor, Dr. Maxwell Opoku-Afari, recently revealed that the country’s central bank remains committed to piloting a national digital currency. He made such remarks during a virtual stakeholder workshop on payment systems and services as reported by GhanaWeb local news outlet.

South Korea’s Central Bank Launches Central Bank Digital Currency Pilot Program in Case of Future Necessity
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South Korea’s Central Bank Launches Central Bank Digital Currency Pilot Program in Case of Future Necessity

South Korea’s central bank recently announced that it has launched a pilot program assessing the issuance of a central bank digital currency (CBDC). The Bank of Korea has stated that there are no immediate plans to launch a CBDC, however, the pilot program will allow the central bank to be prepared in the future if the changing market conditions require its issuance.

European Central Bank is Consulting the Public on CBDC
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European Central Bank is Consulting the Public on CBDC

The European Central Bank has launched a public consultation to seek public opinion on its proposed digital Euro or central bank digital currency (CBDC).

Bank of Thailand Tests its Central Bank Digital Currency with Large Businesses Before Official Debut
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Bank of Thailand Tests its Central Bank Digital Currency with Large Businesses Before Official Debut

The Bank of Thailand (BoT), Thai’s central bank, is already utilizing its central bank digital currency (CBDC) for financial transactions with various big businesses. This development ushers in the third development phase of the nation’s CBDC before a public debut.

Canada’s Central Bank Digital Currency Won't Include Zero-Knowledge-Proofs
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Canada’s Central Bank Digital Currency Won't Include Zero-Knowledge-Proofs

Bank of Canada researchers do not feel that the current state of zero-knowledge-proofs is mature enough to be integrated into their development plans for a Central Bank Digital Currency (CBDC).

Singapore Consults China on Central Bank Digital Currency
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Singapore Consults China on Central Bank Digital Currency

Singapore is considering a partnership with China as it works on developing a Central Bank Digital Currency dubbed Project Ubin

Bank of Japan Testing Digital Yen CBDC
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Bank of Japan Testing Digital Yen CBDC

The Bank of Japan (BoJ) has just announced that it will begin experimenting with a Digital Yen, its own Central Bank Digital Currency (CBDC) to test its technical application and feasibility.

Japan Will Include Central Bank Digital Currency in Honebuto Economic Plan
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Japan Will Include Central Bank Digital Currency in Honebuto Economic Plan

The Japanese Government has continued its acceleration towards a Central Bank Digital Currency (CBDC) and is set to include its consideration in its formal economic plan.

First Blockchain National Currency Platform Ready for Central Banks’ CBDC Issuance
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First Blockchain National Currency Platform Ready for Central Banks’ CBDC Issuance

The blockchain national currency platform issued by blockchain company Apollo Fintech was finalized and completed on August 12.

Mainstream Adoption of DeFi and DLT Is Coming, It Will Replace Banks, Says US Currency Comptroller
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Mainstream Adoption of DeFi and DLT Is Coming, It Will Replace Banks, Says US Currency Comptroller

The US acting Comptroller of the Currency disclosed that roles played by banks will soon change due to cryptocurrencies and decentralized finance (DeFi).

NBG Georgia Shortlists Ripple Among Tech Firms for CBDC Pilot
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NBG Georgia Shortlists Ripple Among Tech Firms for CBDC Pilot

The National Bank of Georgia progresses with its Digital GEL Pilot Project, focusing on the exploration of Central Bank Digital Currency (CBDC) technology. Nine technology firms, including Ripple Labs, Inc., have been shortlisted for potential collaboration. The initiative mirrors global trends in modernizing financial infrastructures to meet the digital economy's evolving demands.

Shaping the Future of Banking: Standard Chartered and PwC China Release White Paper on Central Bank Digital Currency"
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Shaping the Future of Banking: Standard Chartered and PwC China Release White Paper on Central Bank Digital Currency"

Standard Chartered, in collaboration with PwC China, have co-published a comprehensive white paper detailing the potential advancements in the future of banking, courtesy of Central Bank Digital Currency (CBDC).

India tests offline functionality of digital rupee
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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.

Iran Completes Pre-Pilot Phase for Digital Rial
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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.

UK lacks expertise for central bank digital currency
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UK lacks expertise for central bank digital currency

UK is unlikely to issue a central bank digital currency (CBDC) as the Bank of England lacks the necessary technical skills, according to Jon Cunliffe, the deputy governor. The BoE plans to partner with the private sector to test a digital pound in a simulated environment, with the aim of gaining the required expertise to develop a working prototype.

Riksbank's Final Report on e-Krona Explores Offline Payment Solutions
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Riksbank's Final Report on e-Krona Explores Offline Payment Solutions

Sweden's Riksbank concludes its e-Krona pilot, highlighting the development of offline payment technologies like "shadow wallets" and payment cards.

Nigerian President-elect's Manifesto Includes Blockchain and Crypto Regulations
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Nigerian President-elect's Manifesto Includes Blockchain and Crypto Regulations

Nigerian President-elect Bola Tinubu has released a manifesto proposing the implementation of blockchain technology and cryptocurrencies in Nigeria's banking and finance sector. The manifesto suggests reforming existing Nigerian Security Exchange Commission regulations to create a more business-friendly framework for regulating digital assets. The proposed regulations would require digital asset companies to register with the SEC and comply with SEC regulations. The release of the manifesto coincides with the increasing adoption of cryptocurrencies in Nigeria, with the government hoping that the proposed SEC regulation reforms will attract more investors in the digital and economic sectors and stimulate economic growth.

Ripple to Build The Core Ledger that Will Power Central Bank Digital Currencies
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Ripple to Build The Core Ledger that Will Power Central Bank Digital Currencies

Ripple has been making headway in pursuing projects involving central bank digital currency issuances.

Fed Chairman Powell Says Central Bank Digital Currency Would Need to Coexist with Traditional Cash
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Fed Chairman Powell Says Central Bank Digital Currency Would Need to Coexist with Traditional Cash

While speaking at a virtual payments conference hosted by the Basel Committee on banking supervision, Federal Reserve Chairman Jerome Powell said that central bank digital currencies would need to be complementary to physical cash.

"Bitcoin Is Risky," Says BIS Chief as Crypto and Unconventional Stocks like GameStop Gain Support
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"Bitcoin Is Risky," Says BIS Chief as Crypto and Unconventional Stocks like GameStop Gain Support

The Bank for International Settlements remains skeptical of Bitcoin, echoing the sentiments of many traditional banking institutions.

Mastercard Tapped to Issue Prepaid Cards Linked to Bahamas’ Central Bank Digital Currency
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Mastercard Tapped to Issue Prepaid Cards Linked to Bahamas’ Central Bank Digital Currency

Mastercard has partnered with the Central Bank of The Bahamas and Island Pay to issue prepaid cards that would allow people of Bahamas to instantly convert the Bahamas’ CBDC to cash during purchases.

Facebook's Libra Sparked CBDC Race, COVID-19 Made Central Banks Realize Its Necessity
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Facebook's Libra Sparked CBDC Race, COVID-19 Made Central Banks Realize Its Necessity

Digital innovation and central bank digital currency adoption (CBDC) have been on the rise despite the ongoing COVID-19 pandemic. What has driven CBDC forward?

Reserve Bank of Australia May Still Have Its Eye on CBDC After All
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Reserve Bank of Australia May Still Have Its Eye on CBDC After All

Reserve Bank of Australia's Tony Richards has said that the RBA will continue to consider the potentials of issuing a CBDC.

The Russia-Ukraine War Might Accelerate CBDC Issuance, Former BOJ Official Says
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The Russia-Ukraine War Might Accelerate CBDC Issuance, Former BOJ Official Says

The sanctions slapped on Russia based on its invasion of Ukraine might prompt more nations to adopt CBDCs as a shield against the U.S. dollar’s supremacy in the global financial system.

Swedish Central Bank Delays CBDC Plans Again
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Swedish Central Bank Delays CBDC Plans Again

The world’s oldest Central Bank, Sweden’s Riksbank, published results of its pilot project for its proposed central bank digital currency, the e-krona.

The Issuance of China's CBDC On The Horizon, According to Insiders
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The Issuance of China's CBDC On The Horizon, According to Insiders

The issuance of central bank digital currencies (CBDCs) has been gaining traction as various nations have shown interest. The People’s Bank of China (PBoC), China’s central bank, has finished the development of a CBDC’s basic function and relevant laws are being drafted to set the ball rolling for its circulation.

Ripple GM Reveals that the Blockchain Firm Is Actively Seeking to Partner with Banks for CBDC
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Ripple GM Reveals that the Blockchain Firm Is Actively Seeking to Partner with Banks for CBDC

Amid the COVID-19 pandemic and the SEC lawsuit, Ripple continues to thrive through partnerships with financial institutions leveraging their payment services.

CBDC Project will Help Enhance Japan's "Settlement System," Says Bank of Japan Executive
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CBDC Project will Help Enhance Japan's "Settlement System," Says Bank of Japan Executive

Bank of Japan's Kazushige Kamiyama has revealed that the country’s proposed central bank digital currency will enhance the country’s settlement system.

Bank of Japan Wants to Hear From Public About Digital Yen Development
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Bank of Japan Wants to Hear From Public About Digital Yen Development

The head of Bank of Japan (BOJ)’s payments and settlement systems department, recently said that the Central Bank was seeking public opinion on the digital yen.

Bank of Thailand Projected to Go Forward with Central Bank Digital Currency Prototype
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Bank of Thailand Projected to Go Forward with Central Bank Digital Currency Prototype

The Bank of Thailand (BOT) announced its plans for a Central Bank Digital Currency (CBDC) prototype to be in effect by 2021. The BOT plans to begin the production of their prototype for a CBDC next month.

ConsenSys Picked to Help Develop Phase 2 of Hong Kong's CBDC Project
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ConsenSys Picked to Help Develop Phase 2 of Hong Kong's CBDC Project

Blockchain firm ConsenSys has revealed that it has been awarded a cross-border payment network study project by the Hong Kong Monetary Authority (HKMA)

Major China Bank Disables Digital Yuan Wallet Registration After Launch Draws Intense Public Attention
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Major China Bank Disables Digital Yuan Wallet Registration After Launch Draws Intense Public Attention

China Construction Bank (CCB) opened registration service for the DCEP wallet via its mobile app but disabled the new feature shortly after.

Federal Reserve Has Been Advancing CBDC Research with US Regional Banks’ Contributions
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Federal Reserve Has Been Advancing CBDC Research with US Regional Banks’ Contributions

The Federal Reserve's research and development on a central bank digital currency issuance has been complemented by several regional Federal banks' efforts.

Brazil Could Deploy CBDC by 2022, Says Central Bank President
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Brazil Could Deploy CBDC by 2022, Says Central Bank President

According to Brazil’s Central Bank president Roberto Campos Neto, the country has all the necessary implementations set in place for a digital currency issuance to happen in 2022.

Is The US Ready for CBDC? Most Americans Opposed to Digital Dollar Adoption, Survey Reveals
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Is The US Ready for CBDC? Most Americans Opposed to Digital Dollar Adoption, Survey Reveals

Most American citizens appear to be against a digital dollar adoption within the US, preferring paper money to CBDC, according to a study.

ECB to Announce by Mid-2021 Whether It Will Move Forward with CBDC Issuance
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ECB to Announce by Mid-2021 Whether It Will Move Forward with CBDC Issuance

European Central Bank (ECB) President Christine Lagarde said that a decision on whether or not to launch a CBDC will be made by the middle of this year.

ECB to Meet the Growing Demand for Digital Payments with a CBDC Digital Euro
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ECB to Meet the Growing Demand for Digital Payments with a CBDC Digital Euro

President of the ECB Christine Lagarde broached the topic of CBDC issuance and why the bank was seriously considering the creation of a digital euro.

European Central Bank President: Coronavirus Has Accelerated Digital Currency Adoption
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European Central Bank President: Coronavirus Has Accelerated Digital Currency Adoption

COVID-19 has led to an acceleration in digital payments adoption and technological innovation, as seen by the spending pattern of European citizens.

European Central Bank Assesses Potential Digital Euro CBDC Issuance
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European Central Bank Assesses Potential Digital Euro CBDC Issuance

The European Central Bank (ECB) evaluated whether a digital euro would be a beneficial addition to its financial system through an October report.

Bank for International Settlements Reveals Findings on Central Bank Digital Currencies
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Bank for International Settlements Reveals Findings on Central Bank Digital Currencies

The Bank for International Settlements released its analysis report in which it evaluated central bank digital currencies globally.

Top Four South Korean Banks Announce Plans to Provide Cryptocurrency Custodial Services
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Top Four South Korean Banks Announce Plans to Provide Cryptocurrency Custodial Services

Two of South Korea’s top banks have recently announced that they were looking into providing cryptocurrency custodial services to their clients.

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