20 / 24 Relevant items tagged with #CBDC

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WeChat integrates digital yuan into its payment platform

[Mar 7, 2023 7:11 AM] Chinese social media platform WeChat has incorporated the digital yuan in its payment app to boost the CBDC’s popularity.

BIS wraps exploration project on retail CBDC payment system

[Mar 6, 2023 10:30 AM] The bank concluded that a ‘hub-and-spoke’ model between CBDC domestic systems could “reduce settlement and counterparty risk" and complete cross-border transactions in seconds.

Iran completes pre-pilot phase of central bank digital currency

[Mar 6, 2023 4:30 AM] The Central Bank of Iran progresses with CBDC development in anticipation of a visit by the Bank of Russia’s governor Elvira Nabiullina.

Pakistan banks agree on blockchain-based KYC system development

[Mar 6, 2023 1:30 AM] The blockchain-based national eKYC banking platform is aimed at strengthening anti-money laundering (AML) capabilities while countering terror financing.

Gold Bug Schiff Says ‘The Months of Declining Inflation Are in the Review Mirror,’ AI Crypto Assets Surge, and More — Week in Review

[Mar 5, 2023 7:00 AM] Economist and gold enthusiast Peter Schiff has said that the U.S. Fed may have to fight a “complete economic collapse” and be faced with more to worry about than the current battle against inflation. In other news, artificial…

Reserve Bank of Australia Unveils Proposed CBDC Use Cases

[Mar 5, 2023 5:00 AM] The Reserve Bank of Australia said on March 3 that it has selected 14 digital currency proposed use cases from a large number of submissions obtained from industry participants. An assistant governor at the RBA, Brad Jones, said the Aussie central…

India explores offline functionality of CBDCs: RBI executive director

[Mar 4, 2023 1:49 AM] In addition to offline functionality, RBI is gauging CBDC’s potential for cross-border transactions and linkage with legacy systems of other countries.

India’s Central Bank Digital Currency Will Act as Alternative to Cryptocurrency, Says RBI Official

[Mar 3, 2023 9:30 PM] An official of India’s central bank, the Reserve Bank of India (RBI), says that the country’s central bank digital currency (CBDC) will act as an alternative to cryptocurrency. He stressed that the digital rupee must possess all the…

U.S. Treasury Introduces CBDC Working Group, Discusses Potential Routes For Digital Dollar

[Mar 2, 2023 3:04 PM] The Treasury’s statements explore the potential forms and implementations of an American CBDC.The U.S. Department of the Treasury has released comments from Undersecretary for Domestic Finance Nellie Liang on the “Next Steps to the Future of Money…

US Treasury-led CBDC Working Group looking at technical issues, national interest

[Mar 2, 2023 2:45 PM] Treasury Under Secretary for Domestic Finance Nellie Liang examined some of the design issues that would shape a potential U.S. digital dollar.

Proposed South Dakota amendment to UCC would prohibit cryptocurrencies, but not CBDC

[Mar 2, 2023 12:45 PM] The bill authored by a Republican state legislator would prevent the use of cryptocurrency as a medium of exchange starting July 1, 2024.

US Treasury and White House to Hold Regular Meetings on CBDCs and Payment Innovations

[Mar 2, 2023 9:30 AM] On March 1, 2023, Nellie Liang, undersecretary for domestic finance at the U.S. Treasury, delivered a speech to the Atlantic Council in Washington concerning the subject of central bank digital currencies (CBDCs). Liang detailed during her speech…

Hong Kong citizens not interested in digital yuan: Reports

[Mar 2, 2023 5:04 AM] Despite the 20% discount, the e-CNY hard wallets don’t attract much attention from the islanders.

Australian central bank to launch ‘live pilot’ of CBDC in coming months

[Mar 1, 2023 4:35 PM] The use cases for the CBDC ranged from offline payments to “trusted Web3 commerce” and financial industry participants were invited to undertake a live pilot.

Bank of England has no tech skills to issue CBDC yet: Deputy governor

[Feb 28, 2023 7:29 AM] BoE deputy governor Jon Cunliffe compared a potential digital pound with iPhone’s Apple Store as it could “open a new frontier for people to improve payments.”

Anti-CBDC bill in the US, no algo stablecoins for Canada: Law Decoded, Feb. 20–27

[Feb 27, 2023 1:30 PM] United States Representative Tom Emmer introduced legislation in the U.S. House of Representatives that could prevent the Federal Reserve from issuing a central bank digital currency.

Brazilian Digital Real Passes Public Blockchain Pilot Test With Flying Colors

[Feb 27, 2023 6:30 AM] A tokenized version of the digital real, the Brazilian central bank digital currency (CBDC), has passed a public blockchain pilot test successfully. The test, which was carried out by Mercado Bitcoin, a local exchange, using the Stellar network…

U.S. Treasury Janet Yellen calls for 'strong regulatory framework' for crypto activities

[Feb 25, 2023 2:07 PM] On the sidelines of the G20 meeting, U.S. Treasury Secretary Janet Yellen said the country is not pushing for an outright banning of crypto activities.

IMF offers Jordan’s central bank recommendations for implementing retail CBDC

[Feb 24, 2023 3:40 PM] The IMF mission spent three months studying conditions in the country, which is preparing to produce a feasibility report.

Stablecoins Market Cap Continues To Slump – Here’s Why

[Feb 23, 2023 8:37 AM] Stablecoins are cryptocurrencies built to withstand the market’s volatility as it is backed by a specific asset. In the case of most stablecoins, the US dollar backs the cryptocurrency, pegging the coin’s value to one USD. Investors use stablecoins…

BIS head describes ideal ‘unified ledger’ for central banks and other financial users

[Feb 22, 2023 3:33 PM] peaking in Singapore, Agustín Carstens described a ledger that would accommodate a variety of public and private projects in discrete but connectable parts.

This CBDC Act Will Prevent The US Government From Surveilling Citizens’ Finances

[Feb 22, 2023 2:30 PM] Tom Emmer, the House Majority Whip serving as the representative for Minnesota’s 6th congressional district for the last seven years, is introducing the Central Bank Digital Currency (CBDC) Anti-Surveillance State Act to prevent the…

U.S. Legislators Introduce Bill That Would Prohibit Creation Of An American CBDC

[Feb 22, 2023 12:05 PM] The bill would effectively put an end to the debate over the creation of a Federal Reserve-issued CBDC.U.S. Congressman Tom Emmer (R-MN) has introduced a bill that would prohibit the Federal Reserve from issuing a CBDC directly to anyone. The bill…

US lawmaker introduces bill aimed at limiting Fed's authority on digital dollar

[Feb 22, 2023 10:15 AM] If passed, the legislation could prohibit the Fed from issuing a digital dollar “directly to anyone”, as well as bar the bank from implementing monetary policy based on a CBDC.

Bank of Japan to Launch Digital Yen CBDC Pilot Later This Year

[Feb 22, 2023 3:30 AM] The Bank of Japan is preparing to launch a pilot test for a digital yen, its central bank digital currency (CBDC), later this year. Shinichi Uchida, executive director of the Bank of Japan, explained that the goals of this new pilot are to test the…

eNaira is ‘crippled‘: Nigeria in talks with NY-based company for revamp

[Feb 21, 2023 7:10 AM] After multiple attempts to create an efficient digital currency, the Central Bank of Nigeria is turning to a New York tech firm to revamp the underlying technology.

India expands national payment network to Singapore: What’s in it for crypto?

[Feb 21, 2023 3:31 AM] One of the banking partners in the cross-border remittance service is also part of the government’s CBDC program.

Expert Predicts Looming Economic Collapse as BRICS Nations Unite Against the Dollar

[Feb 20, 2023 3:00 PM] Andy Schectman, CEO of Miles Franklin Precious Metals Investments, explained in a recent interview that the five leading emerging economies—Brazil, Russia, India, China, and South Africa, collectively known as BRICS nations—are “coalescing…

Bank of Russia to Start Testing Digital Ruble With Real Users on April 1

[Feb 19, 2023 11:30 PM] The Central Bank of Russia plans to launch test operations with digital ruble transactions between real customers at the beginning of April. More than a dozen banks will join the upcoming stage of the pilot project, a high-ranking representative of…

San Francisco federal bank eyes CBDC system development, reveals job posting

[Feb 19, 2023 3:51 AM] Within 24 hours of the job posting, 45 applicants have shown interest in joining the federal government to build an in-house CBDC.