The ECB’s work on the digital euro remains in the preparation phase, with no final decision in place as to whether to launch it or not. However, the bank is working closely with national central banks, industry, and EU lawmakers to make sure everything is in place if the go-ahead is given.
The European Central Bank (ECB) is expanding its efforts to enable banks and financial institutions to use blockchain-based systems for transactions with central bank money.
Stephan Leithner, chief executive officer of German securities marketplace Deutsche Börse, calls for financial reforms in the European Union, including establishing a permanent digital euro.
Huawei is embedding Chinese CBDC, digital yuan, directly into its HarmonyOS NEXT operating system, potentially reaching up to a billion users.
The Digital Economy Semi-Fungible Token (DESFT) Project between Ghana and Singapore is intended to encourage trade between MSMEs in these two countries.
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.
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.
In Hong Kong, the local financial regulator announced the launch of the wholesale Central Bank Digital Currency (CBDC) project.
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.
In India, in December, local financial institutions paid some benefits to their employees in digital rupees.
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.
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 (BI) is advancing a plan to test the use of its new central bank digital currency (CBDC).
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.
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.
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.
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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