CBDC

The number of digital yuan wallets in China has reportedly surged to 140 million, as 10 million of them are corporate accounts. Transactions in e-CNY reached 62 billion yuan, or $9.7 billion. Seven Times More Than in June When speaking of creating a digital version of a national currency, China’s efforts are among the most...Read More

One of the leading European economies – France – has reportedly fulfilled its 10-month experiment aiming to test how a central bank digital currency would interact with its debt market. The financial services company Euroclear led the project, in which some of the nation’s largest banks took part. France Pushes for a CBDC Last year,...Read More

On Sept. 30, Visa’s Global CBDC Product Lead, Catherine Gu, wrote that the company’s research and product teams are working on a new blockchain initiative called Universal Payment Channel (UPC). The cross-chain interoperability hub will connect different DLT networks to facilitate transfers of digital assets. Gu used the example of splitting a bill between friends...Read More

The central banks of Australia, Singapore, Malaysia, and South Africa will reportedly launch a trial program to test cross-border payments employing different CBDCs. Their mission: to determine whether the move would enable more accessible transactions. The Multinational Partnership Central bank digital currencies appear to be an attractive financial instrument for numerous countries across the globe...Read More

As cryptocurrency adoption enters a mainstream stage, traditional financial services platforms are trying to adapt to the changing financial ecosystem. To maintain their importance in this industry, payment processors like Mastercard and Visa intend to use their large client base and international reach to attract both government and private entities when they are testing their...Read More

After four years of research, the Central Bank of Nigeria (CBN) will finally roll out a pilot program for its own digital currency on October 1st, 2021. The CBDC project, named “GIANT,” will run on the modular blockchain framework Hyperledger Fabric. Nigeria Does Not Want to Fall Behind During a recent webinar, the Central Bank...Read More

The Japanese government intends to put stablecoins under strict regulation as some authorities consider them a threat to the country’s financial stability. At the same time, the Bank of Japan aims to issue a digital yen that it sees as a safer alternative to private virtual currencies. Japan’s Next Crypto Move According to Reuters, three...Read More

The European Central Bank will start an investigation phase of a digital euro project, which will last 24 months after years of dabbling with the idea. The organization promised privacy protection and also lower energy consumption than Bitcoin. Although the idea of a central bank digital currency has floated around for years, the ECB has...Read More

François Villeroy de Galhau – the head of the French central bank – sounded a note of caution that Europe’s monetary sovereignty faces tough times if the EU does not regulate cryptocurrencies. Without hasty action, the international role of the euro would be endangered. ‘Europe Must Be Ready’ At the annual financial conference in Paris,...Read More

Elvira Nabiullina – the Chief of Russia’s Central Bank – sounded a note of caution for investors to beware of the risks in the crypto market. She opined that digital assets are very volatile and warned investors to be wary of ”appalling” losses. Do Not Get Involved in Crypto The head of the Russian Central...Read More

The BIS, which is often called the central bank to the world’s central banks, set out recommendations on June 23 as to how a CBDC should be. It estimated that around 56 central banks and monetary authorities around the world are now looking at digitizing their currencies as commerce shifts online, as reported by Reuters....Read More

Residents of the Chinese capital will receive 40 million renminbi ($6.2 million) of the digital currency. They can use two banking apps to apply to win one of the 200,000 so-called ”red packets”, each containing 200 yuan, as part of a lottery. Simultaneously, the governor of Russia’s central bank called digital currencies the future of...Read More

South Korea announced plans to establish a pilot program examining the possibility of developing and launching a digital version of the won. The country’s central bank will focus on how the CBDC will work with mobile payment transactions, internet banking, saving accounts, transferring funds, and more. South Korea CBDC Pushes Forward According to a recent...Read More

Edward Chancellor – a British journalist and financial historian, explained that the first central bank digital currencies are likely to raise inflation which can lead to the destruction of Bitcoin. He agreed that CBDCs are ”cool” but certainly not stable. CBDCs Would Mean The End Of BTC Nowadays, many central banks of numerous leading economies...Read More

The head of Binance, Changpeng Zhao, recently gave his comments on the two largest cryptocurrencies – BTC and ETH. According to him, people nowadays need alternative coins for the new type of transactions, which may drive the price of ether up. CZ also predicted that many central bank digital currencies would be very different than...Read More