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Russian Banks Baulk at Digital Ruble Implementation Costs

[Oct 25 11:30 AM] Russian banks, particularly smaller ones, are unhappy about the high cost (between $1.25 million and $2 million) of integrating with the central bank’s digital ruble platform. This cost is seen as prohibitive for many banks, exceeding their…

Taiwanese Central Bank to Test CBDC, Not Race to It

[Jul 8 12:35 AM] Taiwanese Central Bank Governor Yang Chin-long stated that the development of digital currency (CBDC) is not an international competition, and being the first to launch does not guarantee success. He disclosed that the Central Bank of the Republic…

Ethiopia Approves CBDC Launch Draft Proclamation

[Jun 19 11:38 PM] The Ethiopian Council of Ministers recently approved a draft proclamation that paves the way for the launch of a central bank digital currency (CBDC). The National Bank of Ethiopia (NBE) stated that the draft considers rapid technological…

Despite $250 Billion Worth of Transactions, Digital Yuan Users Prefer Physical Cash

[May 13 3:05 AM] Some participants of China’s Central Bank Digital Currency (CBDC) pilot program, specifically state workers paid in digital yuan (e-CNY), are quickly converting their digital currency to physical cash due to concerns over its utility and lack…

Zano Blockchain’s Hard Fork Facilitates Privacy Coin Creation, Introduces Confidential Assets

[Mar 25 5:30 AM] The Zano blockchain’s recently completed Zarcanum hard fork (HF4) will enable users and organizations to create custom tokenized assets that meet their specific needs. These custom tokenized assets or confidential assets, will be untraceable…

Digital Euro Association Partners With HBAR Foundation to Boost Understanding of CBDCs and Stablecoins

[Feb 28 6:30 AM] The Digital Euro Association (DEA) has entered into a partnership with the HBAR Foundation. This collaboration aims to bolster its comprehension of central bank digital currencies (CBDCs) and stablecoins. Although this partnership marks a…

Russia Open to the Use of Crypto in Foreign Trade Says Central Bank Governor

[Feb 1 2:30 AM] The Russian Central Bank is discussing the possible use of central bank digital currencies as a payment method in foreign trade, according to Elvira Nabiullina, the bank’s governor. Nabiullina stated that while Russia is opposed to the use of…

Nigerian Stablecoin Consortium Seeks Central Bank Approval After Making a U-Turn on Stablecoin Launch

[Jan 11 6:30 AM] The Nigerian stablecoin consortium has said it will not be launching a stablecoin in late February as previously advised. Instead, the consortium, which is comprised of banks and fintech startups, said it plans to launch the stablecoin only after…

41% of Central Banks Expect to Have Operational CBDCs by 2028 — Study

[Dec 26, 2023 6:30 AM] Some 41% of central banks that participated in the Official Monetary and Financial Institutions Forum (OMFIF) study said they expect to have an operational central bank digital currency (CBDC) by 2028. The survey found that the sentiment towards…

Governments See CBDCs Making Their Countries ‘More Economically and Financially Efficient’ — Venom Foundation CEO

[Aug 29, 2023 4:30 AM] According to Louis Tsu, the CEO of Venom Foundation, governments that are seeking to introduce central bank digital currencies (CBDCs) are not being driven by the fear that privately issued digital currencies may soon become the preferred method…

Latam Insights — Argentina’s Reserves Bleed, Central Bank of Brazil Would Be Able to Manipulate Digital Real in CBDC Pilot

[Jul 18, 2023 1:30 AM] Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue, the Argentine central bank sheds yuan for dollars as its reserves bleed, the Central Bank of Brazil would…

BIS Survey: 93% of the World’s Central Banks Are Engaged in CBDC Work

[Jul 11, 2023 11:30 PM] The Bank for International Settlements (BIS), an organization that seeks to support the international cooperation of the world’s central banks, has released the results of its 2022 survey on central bank digital currencies (CBDC) and crypto…

Economist Jim Rickards Warns of a CBDC-Supported Social Credit System in the US: ‘It Can Happen Here’

[Jun 26, 2023 4:00 AM] Jim Rickards, an economist and investment banker, has warned about the establishment of a social credit system powered by the issuance of a central bank digital currency (CBDC). According to Rickards, this combination could be used to restrict the…

IMF Working on Platform to Support CBDC Cross-Border Interoperability

[Jun 20, 2023 11:30 PM] The International Monetary Fund (IMF) is working to develop a platform that would serve as an interoperability layer for central bank digital currencies (CBDCs), allowing for settlements among different countries. According to statements from IMF…

Report: Regulations Governing Tokenized Deposits and Crypto Assets in South Africa Set to Effect in January 2025

[Mar 26, 2023 12:30 AM] Regulations governing tokenized deposits and crypto assets are likely to become effective on Jan. 1, 2025, a senior fintech analyst at the South African central bank has revealed. However, according to the analyst, regulators are still trying to…

Zambia Testing Technology to Regulate Cryptocurrency — Government Minister

[Feb 19, 2023 2:00 AM] The Bank of Zambia and the country’s securities regulators are currently testing the technology to regulate cryptocurrencies, a Zambian government minister has said. According to Felix Mutati, cryptocurrency is a revolutionary technology that…