UAE and India to Test Cross-Border CBDC Use
The Central Bank of the UAE and the Reserve Bank of India have agreed to jointly explore innovation in financial products and services, especially Central Bank Digital Currencies (CBDC)
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Florida Governor Ron DeSantis Proposes Banning Using CBDCs as Money
Florida Governor Ron Desantis has launched an initiative to ban central bank digital currencies (CBDC).
Swiss Bankers Association Considers Joint Deposit Token
The Swiss Bankers Association released a white paper suggesting the digitalisation of the Swiss financial system requires a Swiss franc joint deposit token
FedNow Instant Payment System to Launch in July
The U.S. Federal Reserve has confirmed its long-awaited instant payments system FedNow, seen as an alternative to CBDCs and stablecoin payments, will launch in July
Swift to Develop CBDC Connector
After sandbox testing, Swift is preparing to develop a beta version of the new way to connect central bank digital currencies (CBDC) with existing fiat infrastructures
WeChat Adds CBDC to Payment Platform
China’s major social networking and payment app WeChat has followed Alipay in adding support for payments using the digital yuan – the country’s central bank digital currency (CBDC)
ANZ to Trial Offline CBDC Payments
ANZ has established cooperation with two universities to test CBDC offline payments using smart cards, which can be loaded with funds and used as cash.
BIS Concluded CBDC Project Icebreaker
The Bank for International Settlements (BIS) has finished a joint project exploring international retail and remittance payments use cases for CBDC with the central banks of Israel, Norway and Sweden
Bank of Canada Prepares Report on Prospects of Digital Currency
The Bank of Canada has prepared a report on the specifics of using the national bank’s digital currency (CBDC).
ECB Introduces Timeline for CBDC Rollout
The European Central Bank (ECB) has announced its plans for a step-by-step rollout of a digital euro CBDC. The final realisation phase may come later this year
Bank of Japan Launches CBDC Pilot
The Bank of Japan decided to launch large-scale testing of the digital yen after two years of research into the prospects of this project.
CBDC: The currency compromise we shouldn’t accept
CBDCs, where did the idea come from, why are banks obsessed with them, and why you shouldn’t be into it.
Laos Central Bank Launches CBDC Pilot
The Central Bank of Laos has launched testing of the central bank’s digital currency (CBDC), known as DLak or digital Lao kip.
Bank of England Launches CBDC Project
Bank of England launches design phase of its ‘digital pound’ project.
Montenegro to Create CBDC with Ripple
The southeastern European country has partnered with Ripple to develop its own CBDC.
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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