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).
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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.
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.
Mastercard Reports on Wrapped CBDC Solution Success
Mastercard has participated in the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre’s (DFCRC) central bank digital currency (CBDC) pilot project, showing positive results.
E-Yuan App Adds New Feature for Foreigners
The new mobile top-up feature enables foreigners in China to use their overseas SIM cards to open an e-yuan wallet and recharge it with their bank cards or cash before making a payment.
Swift Enters Beta Testing of CBDC Connector
Swift continues exploring CBDC interoperability, proceeding to the next testing phase with three central banks / monetary authorities and over 30 financial institutions involved
Rep. Tom Emmer Revives Anti-CBDC Bill
Representative Tom Emmer and 49 original co-sponsors reintroduced the “CBDC Anti-Surveillance State Act” in the United States House of Representatives
Israel and Hong Kong Finish Retail CBDC Test
Project Sela leveraged the diverse experience of the central banks of Israel and Hong Kong to create a retail central bank digital currency (CBDC)
Central Bank of Colombia Backs Partial Restrictions on Use of CBDC
Last week, the central bank of Colombia released a report suggesting that limiting CBDC with a high degree of probability may be the right strategy for a financial institution.
Mastercard Launches CBDC Partner Program With Major Blockchain Players
The set of partners at launch of the Mastercard CBDC Partner Program includes Ripple, Consensys, Fluency, Idemia, Consult Hyperion, Giesecke+Devrient and Fireblocks.
Japanese Fintech Soramitsu to Develop Asian Cross-Border Payments System Using CBDCs and Stablecoins
Cambodia’s central bank digital currency (CBDC), Bakong, will become the foundation for an expanding international payment system for Asian countries
Palau Government Teams Ripple to Pilot Stablecoin
The Republic of Palau collaborates with Ripple to launch a government-backed stablecoin on XRP Ledger
Nigeria Adds NFC Function to Boost eNaira Adoption
The Nigerian central bank hopes that the addition of NFC technology will improve the adoption rates for the country’s CBDC – eNaira
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.
