CENTRAL BANK
Swift's CBDC Connector Enters Beta Testing with Global Central Banks
Swift, a leading provider of secure financial messaging services, has announced beta testing of its Central Bank Digital Currency (CBDC) interoperability solution. The initiative aims to bridge the gap between digital and fiat-based currencies, with three central banks and over 30 financial institutions participating in the second phase of sandbox experiments. Swift's CBDC initiative aims to ensure digital currencies and tokenized assets seamlessly integrate into the financial ecosystem, preventing "digital islands" and facilitating global value transfer.
Hong Kong and Israel Central Banks Collaborate on Retail CBDC Prototype
The Hong Kong Monetary Authority (HKMA) and the Bank of Israel (BOI) have collaborated on a report titled "Project Sela – An accessible and secure retail CBDC ecosystem". The project aims to create a retail central bank digital currency framework that encourages competition and innovation in digital payments.
Financial Stability Board Finalizes Global Crypto Asset Regulatory Framework
FSB finalizes a global regulatory framework for crypto assets, aiming for consistent regulation. The framework includes high-level recommendations for crypto-asset activities and stablecoins.
BIS Survey: 93% of Central Banks Engaged in CBDCs, 15 Retail and 9 Wholesale CBDCs Expected by 2030
The Bank for International Settlements (BIS) has released a survey revealing that 93% of central banks are now engaged in some form of Central Bank Digital Currency (CBDC) work, with retail CBDCs taking the lead over wholesale CBDCs.
Danish FSA Orders Saxo Bank to Divest Crypto Holdings, Indicating Tightening Regulation
The Danish Financial Supervisory Authority (Finanstilsynet) on July 4, 2023, issued a directive to Saxo Bank, instructing the financial institution to divest its holdings in cryptoassets. This move is based on the current legal framework, which prohibits banks from trading cryptoassets for their own account.
BIS builds out "game-changing" blueprint for the future monetary and financial system
The Bank for International Settlements (BIS) is set to redefine the global financial landscape with its newly released blueprint for a futuristic monetary system.
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).
South Korea Grants Central Bank More Power Over Crypto
The Bank of Korea (BoK) has been given more power to investigate cryptocurrency service providers, including the ability to request transaction data from crypto exchanges. The move comes amid ongoing discussions on virtual asset legislation in South Korea, with the Financial Services Commission (FSC) holding the final say on the regulation of the digital asset sector. The two institutions have been at odds for several years over crypto regulations.
Kraken Irish Subsidiary Awarded VASP Authorization by Central Bank of Ireland
Payward Europe Solutions, Kraken's Irish subsidiary, has been granted VASP authorization by the Central Bank of Ireland. This authorization comes at a critical time as the EU is set to vote on the MiCA regulation, which requires all companies operating as a crypto assets service provider in the EU to register with an authorized regulator.
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.