23 / 25 Relevant items tagged with #CBDC

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CBDCs not worth the costs and risks, says former BoE advisor

[Jan 16, 2023 7:46 AM] Tony Yates, the former senior advisor of the Bank of England, argues that CBDCs are not worth the headache.

Tanzania ‘cautious’ on CBDC adoption after initial research

[Jan 15, 2023 8:21 PM] The Bank of Tanzania is waiting for the conclusion of its research into CBDCs before making a final decision on adoption.

Ukraine’s Tascombank Pilots Stellar-based E-hryvnia

[Jan 15, 2023 5:30 AM] Tascombank, one of the oldest banking institutions in Ukraine, has completed the pilot testing of a digital currency based on the Stellar network. The bank believes that its electronic money platform represents an economically viable implementation…

MIT, Maiden Labs examine CBDC inclusiveness issues in report from 4 countries

[Jan 13, 2023 1:30 PM] The report concentrates on real-world research from low- and middle-income countries and untangles questions of inclusiveness, trust and functionality.

BIS economists suggest improving TradFi with CBDC to attract users away from crypto

[Jan 12, 2023 1:00 PM] The latest Bank of International Settlements bulletin looks at ways to mitigate the risks of crypto assets and suggests traditional finance could get its house in better order too.

Nigeria revisits its payments landscape amid sluggish eNaira adoption

[Jan 12, 2023 4:30 AM] The Nigerian central bank has outlined key focus areas for its national payments system in a two-year roadmap leading up to 2025.

UK Treasury Considers Digital Pound, Maintains Crypto Hub Objective

[Jan 12, 2023 3:00 AM] The U.K. is mulling over launching a digital pound as it remains committed to becoming a cryptocurrency hub, a government representative has indicated. British authorities should also regulate payments with stablecoins, according to the official…

China's central bank includes digital yuan in report on currency circulation

[Jan 11, 2023 2:45 PM] The 13.61 billion e-CNY represented roughly 0.13% of the 10.47 trillion yuan in circulation at the end of 2022.

City of London, British trade groups form new digital currency advocacy alliance

[Jan 11, 2023 1:45 PM] The UK capital’s governing body is partnering with the Digital Pound Association and other trade groups to promote good crypto policy and practice and the UK’s position as a global financial center.

Bank of Russia Outlines Payment Models With Digital Ruble, Other CBDCs

[Jan 11, 2023 2:30 AM] The Central Bank of Russia has detailed two methods for implementing the digital ruble and other state-backed coins in international settlements. The monetary authority also plans to start testing consumer-to-business (C2B) operations in the first…

UK MP says stablecoin is a gateway to CBDC, only crypto can ‘disrupt’ settlements

[Jan 10, 2023 3:45 PM] MP Andrew Griffith and colleagues spoke before a hearing of the U.K. parliamentary Treasury Committee about payments technology and CBDC.

Russia to begin work on CBDC settlement system in Q1 as sanctions endure: Report

[Jan 9, 2023 7:34 PM] The country's central bank will begin studying two possible cross-border CBDC settlement models this quarter.

Report: Nigeria to Stop Cash Withdrawals From Government Accounts

[Jan 8, 2023 5:30 PM] From the start of March, Nigerian public officials will be barred from withdrawing cash from government bank accounts, the head of the Nigerian Financial Intelligence Unit reportedly said. Public officials that want to be exempted from this new…

Mexico’s digital peso delayed, unclear launch date

[Jan 8, 2023 3:02 PM] Mexico’s central bank is working on legal, administrative and technological requirements for the peso’s digital version.

Mexican CBDC Unlikely to Be Ready by 2024

[Jan 8, 2023 5:30 AM] The Mexican central bank digital currency (CBDC), the digital peso, is unlikely to be ready by 2024, as was announced back in 2021 by the Mexican government. In a statement, representatives from Banxico, the central bank of Mexico, stated the…

ECB’s Fabio Panetta: Unbacked Cryptos Are a ‘Vehicle for Gambling’ Lacking ‘Intrinsic Value’

[Jan 6, 2023 4:30 AM] Fabio Panetta, part of the Executive Committee of the European Central Bank (ECB), believes that unbacked cryptocurrency assets are vehicles for gambling without intrinsic value, which need to be regulated. In an opinion piece, Panetta states that…

ECB official urges CBDC development for the good of cryptocurrency and consumers

[Jan 5, 2023 1:15 PM] ECB board member Fabio Panetta has woven his enthusiasm for blockchain technology and skepticism of cryptocurrency into an argument that supports both, albeit begrudgingly.

Hong Kong lawmaker wants to turn CBDC into stablecoin featuring DeFi

[Jan 5, 2023 5:16 AM] A Hong Kong official believes that a government-backed stablecoin would serve as a better entry point to Web3 compared to private stablecoins.

The ‘godfather of crypto’ wants to create a privacy-focused CBDC: Here’s how

[Jan 3, 2023 12:33 PM] David Chaum explained his game plan to create a CBDC that would also be appreciated by the crypto ecosystem in an exclusive interview.

Bill on Digital Ruble Submitted to Russian Parliament

[Jan 1, 2022 1:00 AM] A draft law devoted to the digital ruble has been filed with the State Duma, the lower house of Russian parliament. The legislation introduces rules determining how the new form of national fiat will be issued and amends a series of legal acts to…

China’s Digital Yuan Little Used, Former Central Bank Official Says

[Dec 31, 2022 8:30 AM] Trials of the digital yuan have produced disappointing results, according to a report quoting the former head of research at the Chinese central bank. The new form of national fiat has brought no benefits to the banks and should expand beyond being…

Central Bank of Turkey Reports First Payment Transactions on Digital Lira Network

[Dec 31, 2022 2:30 AM] The Central Bank of the Republic of Turkey (CBRT) has conducted the first payment transactions on the test network of the digital lira. The monetary authority intends to proceed with more testing in 2023 and plans to invite banks and fintech…

Former Chinese central banker says digital yuan ‘usage has been low’

[Dec 29, 2022 9:30 PM] A former China central banker said cumulative e-CNY transactions only crossed $14 billion in two years, adding the results were “not ideal.”

China’s CBDC wallet resorts to ages-old tradition to boost adoption

[Dec 28, 2022 1:00 AM] A traditional Chinese way of gifting money that’s gone virtual with the rise of digital payments has been introduced into the digital yuan wallet app.

Project Hamilton has concluded, weeks after legislators’ enquiry, according to Boston Fed

[Dec 26, 2022 1:16 PM] The two-year project produced a white paper in February; research results will continue to appear, with the Fed’s partner at MIT scheduled to make a research report in January.

ECB to Decide Whether to Issue Digital Euro in 2023

[Dec 24, 2022 5:30 AM] The European Central Bank (ECB) has published a new report on the progress of its investigation into the possible launch of a digital euro. The research will continue next year with the regulator planning to make a decision whether to proceed to…

Nigerian Central Bank Increases Cash Withdrawal Limits After Receiving ‘Feedback From Stakeholders’

[Dec 23, 2022 6:30 AM] Barely a month after announcing the restricting of cash withdrawals to under $50 per week, the Central Bank of Nigeria said on Dec. 21 that individuals will be able to withdraw an equivalent of $1,120 per week starting on Jan. 9, 2023. The central…

How crypto could be good for CBDC and vice versa: Industry exec explains

[Dec 23, 2022 2:24 AM] While some governments continue bashing crypto, some industry executives argue that crypto could be beneficial for CBDCs.

Digital euro settlement, distribution options detailed in latest progress report

[Dec 21, 2022 1:05 PM] The ECB is continuing its digital euro investigation with more pieces of the potential system filled in, but no commitment to blockchain technology or even its issuance has been made.

Kazakhstan central bank recommends a phased CBDC rollout between 2023-25

[Dec 18, 2022 1:40 AM] Kazakhstan’s central bank recommended making the in-house CBDC available as early as 2023 with a phased expansion of functionality and introduction into commercial operation until the end of 2025.