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
Pacific Island nations are poised to harness the digital money revolution to enhance their financial systems, improve financial inclusion, and counteract the decline in correspondent banking relationships, according to research conducted by the International Monetary Fund (IMF). The geographic isolation, small size, and distinct challenges… Read More
U.S. Republican presidential candidate Vivek Ramaswamy has voiced strong opposition to Central Bank Digital Currencies (CBDCs), emphasizing the risks they pose to individual freedoms and privacy. In a recent social media post, Ramaswamy firmly rejected the idea of CBDCs, suggesting they pave the way for… Read More
The partnership will see the National Bank of Georgia and Ripple jointly plan the execution and delivery of the pilot program using the Ripple CBDC Platform. The National Bank of Georgia (NBG) has chosen Ripple, the enterprise blockchain and crypto solutions provider, as the official… Read More
The International Monetary Fund (IMF) is reportedly working on a solution for central bank digital currencies (CDBCs) to support financial transactions between nations, IMF MD Kristalina Georgieva revealed on Monday (June 19, 2023). As reported by Reuters, Georgieva told a conference attended by various reserve… Read More
Volante Technologies, the global provider of cloud payments and financial messaging solutions to accelerate digital transformation, has released a partner-authored paper featuring insights “into the banking sector and projections for innovation-driven growth.” The report, the first in an annual series, “incorporates contributions from fifteen global… Read More
Japan’s Finance Ministry is reportedly planning to appoint a panel of experts this coming month in order to determine the feasibility of issuing a digital yen. This, according to a report from NHK. The ministry’s panel in Japan will be going over how to establish… Read More
Swift announced further progress on its experimental solution for interlinking Central Bank Digital Currencies (CBDCs), reporting that 18 central and commercial banks found “clear potential and value” in the API-based CBDC connector after a comprehensive review. The cooperative “published the findings of the 12-week period… Read More
There has been a lot of initial excitement surrounding the possibility of a digital dollar – a government-issued, central bank digital currency (CBDC). The enthusiasm is primarily due to certain expectations that a CBDC will be frictionless, a low-cost currency that will help underbanked segments… Read More
There has been much discussion as to the benefits of Central Bank Digital Currencies (CBDCs). Many developed countries are researching the pros and cons, and China has been testing with consumers a digital yuan for some time now. The flip side to a CBDC is… Read More
SWIFT has reportedly shown that Central Bank Digital Currencies (CBDCs) and tokenized assets can “move seamlessly on existing financial infrastructure – a major milestone towards enabling their smooth integration into the international financial ecosystem.” The findings, from two separate experiments, “solve the significant challenge of… Read More
SWIFT, in collaboration with Capgemini, is conducting new experiments to test how we can interlink domestic CBDCs and “take the next step towards seamless cross-border payments involving digital currencies.” Interest in Central Bank Digital Currencies (CBDCs) is “on the rise.” A report from the… Read More
On its face (or at surface level), 2021 may not have seemed like the year cryptocurrency “got serious,” according to an end-of-year update from Mastercard (NYSE: MA). The team at Mastercard noted that this year, we had Elon Musk sending Dogecoin (a virtual currency initially… Read More
DeFinity, an institutional digital asset ECN and DeFi marketplace for fiat FX, cryptocurrencies and central bank digital currencies, has teamed up with Cobalt, a market infrastructure provider that’s focused on ‘re-engineering the institutional FX and digital asset markets to facilitate real-time clearing, settlement and dynamic… Read More
Working with Clearstream, Northern Trust, SETL and others, SWIFT plans experiments in Q1 2022 in order to “explore how it can support interoperability in the development of the tokenized asset market.” Relative to digital currencies and stablecoins, the current market cap of tokenized assets is… Read More
Catherine Gu, Global CBDC Product Lead at Visa (NYSE: V) writes in a blog post that you should try imagining splitting the check with your friends, like when everyone at the table may be using a different “type of money” — some using a central bank… Read More
At a time when reserve banks across the globe are increasingly focusing on their digital currency initiatives, Switzerland’s apparent lack of interest in seriously looking into central bank digital currencies (CBDCs) might make the leading European economy less competitive. This, according to a recent analysis… Read More
The Monetary Authority of Singapore (MAS) reveals that it has introduced an international challenge for retail central bank digital currency (CBDC) solutions. The Global CBDC Challenge from the MAS will aim to find innovative retail CBDC solutions to improve existing payment processes while promoting greater… Read More
The Swiss National Bank, the Banque de France and the BIS Innovation Hub and a private sector consortium being led by Accenture will be carrying out a pilot program by using wholesale central bank digital currencies (CBDCs) for settling cross-border transfers. The private sector consortium… Read More
The Hong Kong Monetary Authority (HKMA) announced on Tuesday (June 8, 2021) the updated “Fintech 2025” strategy for promoting financial tech development in the Special Administrative Region of the People’s Republic of China. Eddie Yue, CEO at HKMA, has outlined Hong Kong’s new Fintech strategy,… Read More
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