During the Point Zero Forum banking conference held in Zurich yesterday, the upcoming launch of a Swiss CHF-based CBDC was announced by Thomas Jordan, the chairman of the Swiss Nation Bank (SNB). Although no exact date has been put forth by the bank, the chairman of the SNB announced that the CBDC would be released...Read More
Mercado Bitcoin – the largest cryptocurrency exchange in Brazil – will reportedly participate in the country’s pilot project to launch a digital real. The central bank intends to issue such a financial product in 2024. The List of Contributors As reported by a local media outlet, Banco Central do Brasil has authorized Mercado Bitcoin to...Read More
On June 22, the IMF reported on the benefits of CBDCs noting that they could lower remittance costs and improve financial inclusion. It also stated that crypto needs to be regulated for digital assets to safely remain part of the payment system. However, in conclusion, the IMF painted a positive picture of the crypto industry...Read More
The International Monetary Fund (IMF) is working on a global platform to make the Central Bank Digital Currencies (CBDCs) launched by numerous world governments more interoperable, reported Reuters on Monday. The agency believes widespread agreement on such a platform may be necessary to ensure that private market cryptocurrencies don’t fill its functional vacuum. Preparing for...Read More
Central Bank Digital Currencies (CBDCs) are slowly becoming a reality. The initial hype may have faded, but to crypto advocates’ disdain, these digitized versions of legal tenders appear to be inevitable. So far, 100 countries are reported to be exploring the concept in some form or the other. Despite not yet being rolled out full-fledged,...Read More
Ramping up its CBDC game, Ripple announced the launch of a new platform for central banks, governments, and financial institutions to issue their own central bank digital currency. Dubbed ‘Ripple CBDC Platform,’ the offering will leverage the same blockchain technology used on the XRP Ledger (XRPL). The platform is developed to address multiple use cases,...Read More
Famous Canadian psychologist and political commentator Jordan Peterson believes Bitcoin is the only “viable” monetary alternative in a future world dominated by central bank digital currency (CBDC). The intellectual recently spoke with tech expert and entrepreneur Brian Roemmele about artificial intelligence and other emerging technologies, highlighting how Bitcoin can serve to shield the world from...Read More
North Carolina’s House of Representatives unanimously voted in favor of a bill banning the acceptance of Central Bank Digital Currencies (CBDCs) by government entities. The legislation follows a wave of vocal opposition to CBDCs from the Republican party, alongside some critics from the Democrat side. North Carolina Rejects CBDCs The vote on May 3 saw...Read More
Robert F. Kennedy Jr – the nephew of former President John F Kennedy, who challenged Joe Biden for the Democratic nomination in the 2024 elections – blamed the Federal Reserve for the current disturbing condition of the financial sector. He believes cryptocurrencies like bitcoin could serve as lifeboats to individuals “when this bubble invariably bursts.”...Read More
Former presidential candidate and political commentator Tulsi Gabbard is taking a stand against the Biden administration’s plans to develop a Central Bank Digital Currency (CBDC) in the United States. The ex-congresswoman argued on Sunday that CBDCs will be used as tools of mass financial surveillance that “undermine our autonomy and freedom.” Standing Against a Cashless...Read More
The Central Bank of Montenegro (CBCG) has partnered with real-time payment protocol Ripple to develop a strategy to launch the country’s Central Bank Digital Currency (CBDC) pilot. According to a press release, the collaboration aligns with the central bank’s objectives, aimed at further digitizing the financial services sector in Montenegro and granting its citizens access...Read More
Florida Governor Ron DeSantis is the next Republican politician to take a firm stance against Central Bank Digital Currencies (CBDCs) in the United States. The governor recently voiced support for a ban on CBDCs within the state, blasting such technologies as tools of financial surveillance. Standing Against CBDCs In a speech shared over Twitter on...Read More
A recent study conducted by the analytics company Juniper Research estimated that payments via central bank digital currencies (CBDCs) could reach $213 billion by 2030. The firm believes governments across the globe will use the product to boost financial inclusion and improve the monetary condition of emerging economies. A Possible Boom of CBDC Transactions Juniper...Read More
The Central Bank of Brazil has commenced testing of its central bank digital currency (CBDC) project, expected to foster an increased inclusion of individuals in the financial sector. Also, the Thailand government is willing to offer tax breaks for companies that issue digital tokens for investment purposes. Brazil Kicks off CBDC Pilot According to Reuters...Read More
In a post-FTX world, it’s really hard being a crypto executive. Not only are your bags empty and revenues down, but you also have United States financial regulators breathing down your neck with subpoenas one day, and lawsuits the next. It’s understandable, then, why industry leaders like Brian Armstrong may wish to present themselves to...Read More
On February 22, Republican Congressman Tom Emmer of the US House of Representatives introduced a bill to ban the Federal Reserve (Fed) from issuing a central bank digital currency (CBDC). The “CBDC Anti-Surveillance State Act” aims to protect the financial privacy of American citizens by prohibiting the creation of a CBDC by the Fed without...Read More
India’s retail CBDC pilot, launched on December 1, has onboarded 50,000 users and 5,000 merchants. In the two-month period, 0.77 million e-rupee transactions were carried out, the Reserve Bank of India (RBI) said. Right now, digital rupee (e-rupee) transactions are available in a closed group of banks, cities, and merchants. India CBDC Plan will Go...Read More
The Chinese Ministry of Science and Technology reportedly approved the launch of the National Blockchain Technology Innovation Center. It will be based in the capital Beijing and will focus on use cases that could boost the local economy. Unlike BTC, China is Supportive of Blockchain According to recent coverage, the newly-formed entity will try to advance...Read More
On Feb. 7, the Bank of England and the HM Treasury department published a consultation paper on the “digital pound,” a UK central bank digital currency. It added that the CBDC would be subject to rigorous privacy and data protection standards. “It would be privacy-enhancing by design and would allow users to make choices about...Read More
Major Chinese cities, including Shenzhen, Jinan, and Lianyungang, have reportedly launched approximately 200 activities involving the digital yuan during the Spring Festival. The authorities aim to boost the asset’s adoption during one of the largest holidays in the country. China Continues With its CBDC Efforts According to recent coverage, the local government started digital yuan activities...Read More
The CEO of the world’s largest credit card company told shareholders on Tuesday that stablecoins and central bank digital currencies (CBDCs) will play a “meaningful role” in the payments space going forward. The company also published its 2022 annual report, in which it wrote about its simultaneously complementary and competitive relationship with cryptocurrencies. Visa’s Crypto...Read More
Nigeria is planning to push a law to legalize the usage of bitcoin and cryptocurrencies, backpedaling its stance on the industry. According to a local newspaper, Babangida Ibrahim, chairman of the House of Representatives Committee on Capital Markets and Institutions of Nigeria, disclosed details about the new law that seeks to amend the existing “Investment...Read More
The initial excitement among Indian bankers over the launch of a central bank-sponsored digital rupee seems to be fizzling out. They find it adding to their paper and accounting work without bringing any significant benefits over the existing procedures. Bankers point out that the real benefit of e-rupee may be in the retail and consumer...Read More
Changpeng Zhao – CEO of Binance – revealed that the National Bank of the Republic of Kazakhstan will integrate its central bank digital currency (CBDC) into BNB Chain. The firm has strengthened its presence in the Central Asian country lately. The local regulator AIFC Financial Services Authority (AFSA) allowed it to operate a digital asset...Read More
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) conducted an 8-month trial on different technologies and central bank digital currencies (CBDCs). It determined that such monetary products could take part in the global financial ecosystem and assist cross-border payments. The CBDC Experiment Earlier this year, SWIFT launched a program whose purpose was to link different...Read More
The Bank for International Settlements (BIS) on Tuesday announced that a multi-jurisdiction CBDC pilot spearheaded by BIS Innovation Hub has been successful. The project saw 164 transactions worth nearly $22 million in real-value cross-border payments through a purpose-built multi-CBDC platform – mBridge. Apart from the central banks of Hong Kong, China, Thailand, and the United...Read More
Mhel Plabasan – a top executive at Bangko Sentral ng Pilipinas (the central bank of the Philippines), said the institution is highly in favor of stablecoins as they can aid the monetary system and ensure “affordable and faster” cross-border transactions. The organization also plans to launch a pilot version of its CBDC by the end...Read More
Russia is on course to launch its CBDC early next year and use the new currency in mutual settlements with China that has already tested its digital Yuan, a senior Russian lawmaker said in an interview. The move aims at reducing the US hegemony over the global financial system, media reports said. Russian CBDC to Take on...Read More
Federal Reserve Chairman Jerome Powell said that a central bank digital currency (CBDC) in the U.S. would “not be anonymous” during an event hosted by the Bank of France on Tuesday. He described the key properties that would underpin a CBDC if implemented – one of which includes being “identity verified.” Private, But Not Anonymous...Read More
The Reserve Bank (the central banking institution of Australia) collaborated with the Digital Finance Cooperative Research Centre (DFCRC) to unveil a technical White Paper on its future CBDC. The organization is expected to complete the pilot version of the financial product by the middle of 2023. Australia joined the list of countries, racing to issue...Read More
