Tagged: cbdc

January 14, 2025 @ 8:57 am By JD Alois  |  

The Bank of England and HM Treasury are in the design phase for the creation of a digital pound or central bank digital currency. A consultation paper outlined the framework as a precursor to a possible digital currency. The update by the Bank is said… Read More

December 11, 2024 @ 7:37 am By Tony Zerucha  |  

A representative from digital identity platform SPACE ID believes the ECB’s [European Central Bank] work on the digital euro leaves plenty to be desired, especially regarding privacy. Alice Shikova made the comments following the release of the ECB’s second progress report. “The ECB’s second progress… Read More

October 27, 2024 @ 4:31 pm By Michael Wong  |  

Australia has announced a three-year initiative to explore central bank digital currencies (CBDCs), focusing on wholesale applications, regulatory reforms, and industry engagement. Brad Jones, Assistant Governor (Financial System) at the Reserve Bank of Australia (RBA), shared details of the plan at an industry event in… Read More

September 25, 2024 @ 7:29 pm By Omar Faridi  |  

The Reserve Bank of Australia (RBA) and Treasury released a report this past week summarising research to date on central bank digital currency (CBDC) and how this has informed the RBA and Treasury’s current assessment of CBDC issues in Australia. The report also sets out… Read More

September 25, 2024 @ 7:24 am By Omar Faridi  |  

The Hong Kong Monetary Authority (HKMA) commenced Phase 2 of the e-HKD pilot program and is expanding Project e-HKD to explore new forms of digital money. The HKMA in Hong Kong revealed on September 23 that it officially began Phase 2 of the e-HKD Pilot… Read More

September 14, 2024 @ 12:49 pm By Michael Wong  |  

Shanghai has unveiled an ambitious action plan to position itself as a global Fintech hub, with 31 measures aimed at upgrading the city’s financial technology landscape over the next three to five years. The action plan, released by the municipal government on Friday, outlines a… Read More

August 26, 2024 @ 4:12 pm By JD Alois  |  

Shri Shaktikanta Das, Governor of the Reserve Bank of India, touched on multiple topics pertaining to Fintech at a global conference entitled Digital Public Infrastructure and Emerging Technologies. Digital Public Infrastructure (DPI) and Emerging Technologies are expected to shape the futures of all economies, said… Read More

July 16, 2024 @ 8:30 pm By JD Alois  |  

  On June 30, 2024, the Markets in Crypto-Assets (MiCA) regime went into effect in the EU. MiCA regulates non-security digital assets, including stablecoins. The EU legislation aims to create an environment where digital asset innovation may take place while providing a compliant ecosystem to… Read More

July 7, 2024 @ 8:56 am By Michael Wong  |  

North Carolina Governor Roy Cooper has vetoed House Bill 690 (HB 690), which sought to prohibit the state from using or participating in the testing of central bank digital currencies (CBDCs) conducted by the Federal Reserve, according to reports. The bill, titled “An act to… Read More

June 5, 2024 @ 7:47 am By JD Alois  |  

Yesterday (June 4), the Bank for International Settlements (BIS) announced Project Rialto, an initiative that aims to review how instant cross-border payments could be improved using a “modular foreign exchange (FX) component combined with settlement in wholesale central bank digital currencies (CBD).” BIS said improving… Read More

June 5, 2024 @ 3:22 am By Omar Faridi  |  

Project Rialto is focused on improving instant cross-border payments via wholesale CBDC or central bank digital currency settlement The Bank for International Settlements (BIS) is introducing Project Rialto in order to explore how instant cross-border payments may be enhanced through a modular foreign exchange (FX)… Read More

May 21, 2024 @ 9:01 am By Michael Wong  |  

The Hong Kong Monetary Authority (HKMA) has launched the digital yuan, also known as e-CNY,marking a significant step in the integration of digital currencies in the region’s financial system. According to reports from Sing Tao Daily, the launch event was hosted by Howard Lee Tat-chi,… Read More

May 8, 2024 @ 10:24 am By JD Alois  |  

Singapore and the United Kingdom have enhanced their existing relationship in regard to Fintech development and utilization. The UK is the top western Fintech hub and Singapore represents the most robust Fintech center in Asia. The initiative was led by HM Treasury and the Monetary… Read More

March 8, 2024 @ 4:47 pm By JD Alois  |  

Yesterday, testifying in front of the Senate Banking Committee, Jerome Powell, Chair of the US Federal Reserve, was asked several questions about a digital dollar or Central Bank Digital Currency (CBDC). Powell first pointed to the fact that most transactions are digital today as consumers… Read More

February 22, 2024 @ 12:35 pm By JD Alois  |  

Congressman Warren Davidson has taken to X to criticize Central Bank Digital Currency (CBDC), describing these types of digital assets as an “existential threat to Western civilization.”   Central Bank Digital Currency (CBDC) is an existential threat to western civilization.@FinancialCmte passed a bill to ban… Read More

February 12, 2024 @ 6:08 pm By Omar Faridi  |  

India is reportedly moving forward with the next few stages of its planned digital rupee pilot. This would add programmability and offline payment capability, according to a recent update. Like most major economies across the globe, India has been testing a retail CBDC or central… Read More

January 19, 2024 @ 4:46 pm By JD Alois  |  

Donald Trump touched on the topic of Central Bank Digital Currency (CBDCs) recently, and he is no fan of the concept. A digital dollar is being discussed at the US Federal Reserve and on  Capitol Hill in general. The Fed has been partnering with MIT… Read More

November 19, 2023 @ 12:57 pm By Omar Faridi  |  

At the XI Congress of Financiers of Kazakhstan, a new central bank digital currency (CBDC)-linked debit card – the Digital Tenge Card – was presented. As a part of the 30th anniversary celebration of the national currency, the first payment transaction was “made at the… Read More

November 17, 2023 @ 4:58 pm By Omar Faridi  |  

The Monetary Authority of Singapore (MAS) unveiled three initiatives to ensure the safe and innovative use of digital money in Singapore, namely: a blueprint outlining the infrastructure required for a digital Singapore dollar; expanding digital money trials; and a plan to issue a “live” central… Read More

November 6, 2023 @ 5:03 pm By JD Alois  |  

The US Federal Reserve recently published a paper on the potential impact of a Central Bank Digital Currency (CBDC) on the financial system. Currently, many jurisdictions around the world are investigating the possibility of issuing a digital currency – including the US. China is already… Read More