China’s messaging app giant – WeChat – reportedly enabled digital yuan settlements on its platform. The service is available in all of the 23 regions where the financial product is being trialed, including Beijing and Shanghai. According to recent coverage, the biggest messenger application in China – WeChat – allowed clients to facilitate transactions in...Read More
The central bank of Jamaica doubled down on its plans to design a digital version of its national currency. The institution claimed that the financial product will benefit a considerable percentage of the residents who do not have access to basic monetary services. Jamaica’s CBDC to Help the Locals Jamaica is yet another nation that...Read More
A group of US lawmakers introduced this Monday the “E-CASH” Act, a bill directed to the US Treasury Department to encourage the entity to develop a digital version of the dollar. E-Cash Is not CBDC, but a Complement to it Democratic Representative Stephen Lynch is the principal sponsor of the ECASH Act, a legislative proposal...Read More
After bashing the cryptocurrency industry for years, the Bank of England has decided to go down the central bank digital currency path by collaborating with MIT. Thus, England’s central bank has become the second such institution to partner with the prominent university on the matter. BoE Joins Forces With MIT The announcement shared earlier this...Read More
Qatar’s central bank plans to digitalize most of its products, including studying and potentially developing and launching a CBDC. One of the other directives from the institution involves issuing digital bank licenses. Qatar Enters the CBDC Race Speaking to The Peninsula at the 8th Doha Islamic Finance Conference, QCB’s Head of FinTech – Alanood Abdullah...Read More
Canada’s central bank collaborated with the Massachusetts Institute of Technology (MIT) to launch a twelve-month research project on central bank digital currency (CBDC). The study will inform the financial institution about the product’s potential merits and its possible implementation in the monetary network. Bank of Canada Catches the CBDC Wave According to a recent announcement,...Read More
Deloitte believes Bitcoin and cryptocurrencies can help deliver a payment system that is fast, secure, effective, can facilitate efficient cross-border transactions, but there are challenges to overcome first. In the latest study called ‘State-sponsored cryptocurrency,’ Deloitte provided a fresh perspective of a central bank’s digital currency by revamping the traditional fiat system and adapting Bitcoin’s...Read More
In a bid to spread awareness and bolster usage, the Jamaican Government is all set to airdrop $16 (2500 Jamaican dollars) to the first 100,000 citizens setting up Central Bank Digital Currency (CBDC) wallets after April 1st. Jamaica Digital Exchange (JAM-DEX) While delivering the opening presentation in the 2022/23 Budget Debate in the House of...Read More
Indian Finance Minister Nirmala Sitharaman said that she expects the central bank to roll out its digital currency this year. About the legalization of bitcoin and other digital currencies, she noted that the government is not inclined to take a position just yet. It has set in motion a consultation process, and when it ends,...Read More
Everyday transactions with China’s digital currency during the Beijing Olympic Games account for around 2 million yuan (approximately $315,000), a top official at the nation’s central bank said. He further revealed that foreign users employ hardware wallets when dealing with the product, while locals prefer software wallets. Digital Yuan Transactions During The Games China’s name...Read More
The Central Bank of Kenya (CBK) said a potential CBDC could positively impact the local financial system. Nonetheless, the institution introduced a discussion paper to find out what the general public thinks on the matter. Seeking Society’s Opinion According to the CBK, launching a central bank digital currency could flatten the multi-layered correspondent banking structure...Read More
Zambia’s central bank is reportedly conducting research on its own digital currency in hopes of cutting transaction costs and boosting participation. “The results of the research will form part of the input in the policy considerations on whether to introduce a central bank digital currency in Zambia,” officials revealed cited by Bloomberg. Central bank digital...Read More
Central bank digital currencies have become among the most popular topics of discussion among governing monetary bodies as they are trying to find a way to reduce the impact of private cryptocurrencies. However, IMF’s Managing Director believes that each country has to follow its own route as one type of a CBDC will not work...Read More
We saw the publishing of technical research and open-source code that could be the groundwork for digitizing the greenback. There were no definitive plans to develop a CBDC mentioned in the paper as any decision must pass Congress first, according to reports. On Feb. 3, executive vice president at the Boston Fed, Jim Cunha, said:...Read More
Although US authorities continue to dabble with the idea of issuing their own central bank digital currency, the Bank of America believes such a product is “inevitable.” Additionally, researchers from the large banking organization see stablecoins continue to flourish and take a massive role in the monetary system. Inevitable US CBDC? CBDCs are a growing...Read More
The central bank of the East Asian country – Bank of Korea (BoK) – has reportedly carried out the first stage of its two-part mock testing of its CBDC in December. The institution also revealed that the project is currently running its second phase. CBDC on Its Way in Korea The Bank of Korea successfully...Read More
In the face of massive sanctions, top Iranian official believes cryptocurrency is a solution. The country is now looking to launch its CBDC in a pilot phase. CBDC headlines have been dominating fintech media for quite some time. Several countries are working on a national digital currency, but only a handful of them have landed...Read More
Bank Negara Malaysia (the central banking institution of the nation) has reportedly joined the global race to develop a digital version of its national currency. As of the moment, the project is still in a research mode as the county is only “assessing the value proposition” of such a financial product. Malaysia Enters the CBDC...Read More
In the quest not to fall behind in its drive to develop a central bank-backed digital currency (CBDC), policymakers in Israel reportedly tested stakeholders’ views to determine the risks and limits of a national digital currency. Yoav Soffer, the head of the Bank of Israel’s digital project, announced the trial, as reported by Bloomberg. He...Read More
The Swiss National Bank (SNB), together with five other banking giants, have reportedly tested whether they can process central bank digital currencies within the nation’s financial network. The institutions revealed they were able to integrate CBDCs into their existing core banking systems. The Latest CBDC Trial in Switzerland A January 13 coverage by Bloomberg disclosed...Read More
Payments firm Visa announced a partnership with blockchain software company Consensys to offer an on-ramp for central bank digital currencies (CBDC) to existing payment networks. Visa and ConsenSys Partnership According to the official press release, the end goal is to facilitate CBDC networks to connect to traditional financial service providers seamlessly. With the latest partnership,...Read More
Jerome Powell – chairman of the Federal Reserve – appears to have reversed one of his previous positions on the relationship between CBDCs and stablecoins. Testifying in front of the US congress, he suggested that both could co-exist, without the former replacing the latter. Allowing Stablecoins and CBDCs. Powell discussed the possibility of a Federal...Read More
China’s leading messaging application – WeChat Pay – will reportedly begin supporting the e-CNY. The app has more than one billion users, meaning the initiative could significantly boost the distribution of the digital yuan. WeChat Adopts Digital Yuan Payments According to a recent CNBC report, WeChat Pay – a multi-purpose messaging and mobile payment app...Read More
The People’s Bank of China launched a pilot version of its digital yuan wallet application on mobile phone app stores. This is another effort marking the nation’s desire to be the first to develop its own central bank digital currency (CBDC). China’s Most Recent CBDC Push According to a recent tweet by the local news...Read More
Mexico’s central bank (Banco de México) announced it “will have a digital currency of its own in circulation” by 2024. Thus, the Latin American country put its name next to other nations such as China and Indonesia, which also unveiled plans to launch their CDBCs soon. Digital Peso by 2024 In a recent tweet, the...Read More
The Bank of Thailand (BOT) has revealed that it will delay the testing phase of its central bank digital currency (CBDC) until late 2022. Thailand Reschedules CBDC Test Reporting the postponement, Reuters noted that Thailand plans to use the national digital currency as an alternative payment option to cash. Although the central bank did not...Read More
The central bank of Indonesia is willing to issue a digital form of its national currency as a way to “fight” private digital assets. The financial institution believes a CBDC would be more “credible” than bitcoin or the altcoins. Indonesia and its CBDC Efforts Bank Indonesia (BI) – the country’s central bank – displayed its...Read More
China is leaving no stones unturned in promoting the usage of digital yuan while ensuring a crackdown on the Bitcoin and cryptocurrency industry. According to the latest report, China is gearing up to establish a digital asset exchange in its sprawling capital of Bejing. The guidelines issued by the State Council also mentioned that Beijing...Read More
Peru is joining the list of Latin American countries that are actively working on the development of a CBDC. In a panel on economic institutions organized yesterday during the Annual Conference of Executives (CADE), the president of the Central Reserve Bank of Peru (BCRP), Julio Velarde, explained that the country is making progress in the...Read More
One of the largest Chinese e-commerce platforms – JD.com – has reportedly enabled its customers to use the digital yuan for payments during the shopping festival – Singles Day. JD Embraces The Chinese CBDC Even though China’s central bank digital currency has not officially rolled out nationwide, the local leading retail company – JD –...Read More
