Huawei Integrates Chinese CBDC Into HarmonyOS NEXT
Huawei is embedding Chinese CBDC, digital yuan, directly into its HarmonyOS NEXT operating system, potentially reaching up to a billion users.
CBDC
Ghana & Singapore Complete Cross-Border Transaction in Semi-Fungible Token Pilot Project
The Digital Economy Semi-Fungible Token (DESFT) Project between Ghana and Singapore is intended to encourage trade between MSMEs in these two countries.
Chinese Employees Cash Out CBDC Due to Lack of Utility
Although many state Chinese workers receive their salaries in “e-CNY” CBDC aka digital yuan, survey shows they seldom have chances to use it and often convert it all to physical cash.
SWIFT to Launch New Central Bank Digital Currency Platform
The SWIFT global banking messaging network has intentions of creating a new platform to connect multiple central bank digital currencies (CBDC) to the existing financial system.
Hong Kong Launches Wholesale CBDC Project
In Hong Kong, the local financial regulator announced the launch of the wholesale Central Bank Digital Currency (CBDC) project.
BIS to Focus on Cybersecurity, CBDCs and Green Finance in 2024
The Bank for International Settlements (BIS) announced its work program for the year, which includes six new projects exploring the issues of cybersecurity, fighting financial crime, CBDCs and green finance.
India’s Digital Currency Transactions Top One Million Daily
In India, in December, local financial institutions paid some benefits to their employees in digital rupees.
Central Bank of Nigeria Launches Naira-Pegged Stablecoin Pilot
The Central Bank of Nigeria (CBN) approves the Africa Stablecoin Consortium (ASC) to pilot cNGN (a stablecoin pegged to the value of Nigerian Naira) in its innovative Regulatory Sandbox.
Spain’s Central Bank Chooses Partners for CBDC Project
Cecabank, Abanca and Adhara Blockchain will experiment with central bank digital currency (CBDC), testing different use cases within the pilot of the wholesale CBDC by Spain’s central bank (Banco de España).
Bank Indonesia to Use Blockchain Technology for Digital Rupiah Trial
Bank Indonesia (BI) is advancing a plan to test the use of its new central bank digital currency (CBDC).
China and Singapore to Use E-Yuan for Tourist Spending in Cross-Border CBDC Pilot
China’s Central Bank Digital Currency (CBDC) – e-yuan – will be now used for cross-border payments between China and Singapore, facilitating tourist spending between the two countries.
Bank of Korea Plans to Launch Retail CBDC Pilot Program
The Bank of Korea intends to launch a pilot program for its retail central bank digital currency (CBDC).
Monetary Authority of Singapore Presents Initiatives for Digital Money
The Monetary Authority of Singapore (MAS) has unveiled several initiatives that have been developed to ensure the achievement of such a goal as the safe and responsible use of digital money in this country.
Kazakhstan Welcomes CBDC-Linked Debit Card
The first CBDC debit card transaction in Kazakhstan was performed using the Digital Tenge Card on the 30th anniversary of the Tenge, Kazakhstan’s national currency.
IMF Says About Potential of CBDC
Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva on Wednesday, November 15, said that central bank digital currency (CBDC) can replace cash, separately noting that it will take time to implement the corresponding scenario.
European Central Bank to Launch Preparation Phase for Its CBDC in November
The European Central Bank (ECB) is currently as close as possible to launching a digital euro.
Central Bank Digital Currency (CBDC) News
Central Bank Digital Currency (CBDC) has recently been a hot topic in the financial world. As a result, many central banks worldwide are exploring the possibility of introducing their digital currencies, which their respective governments would back.
China has been leading the way in developing a CBDC, with their digital currency electronic payment (DCEP) already in the testing phase. Other countries are following suit, with the European Central Bank announcing that they will begin a two-year investigation into the potential for a digital euro. The Bank of Japan is also conducting research into a CBDC.
Proponents of CBDCs argue that they could increase financial inclusion, reduce the costs of transactions, and improve payment systems. However, there are concerns about privacy and the potential for CBDCs to be used for illicit activities.
Overall, the development of CBDCs is an exciting and rapidly-evolving area in the financial world, with many potential benefits and challenges to consider.
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