Tagged: central bank

Bank of Japan Official Says China’s Digital Yuan Will Not Pose Threat to US Dollar’s Position as Global Reserve Currency

A senior Bank of Japan (BoJ) official has stated that China’s digital renminbi will not be able to pose a threat to the US dollar’s dominant position as the global reserve currency. As reported by Bloomberg, Kazushige Kamiyama, who heads the BoJ’s payment systems division… Read More

India Budget Allocates $200M+ for Digital Payments Adoption, as RBI Confirms Country Is World’s Largest Recipient of Remittances

Bengaluru-based Simpl, a company that aims to make money simple, so that people can “live well and do amazing things,” has noted that the recent India budget appears to be focusing on the “revival” of inclusive economic growth and an “expansionary fiscal policy that prioritized… Read More

Venezuelan President Says Country will Fully Transition to a Digital Economy as Certain Banks Issue USD based Debit Cards

Banks in Venezuela are reportedly issuing debit cards for US dollar-denominated accounts, according to a report from Reuters which cited sources familiar with the matter. There’s now a group of Venezuelan banking institutions that have been providing debit cards to customers who maintain accounts in… Read More

Instant Payments via Bank of Lithuania’s CENTROlink Platform have Increased by 4x Year-over-Year, Overall Transactions Doubled

Bank of Lithuania, the nation’s central bank, has revealed that the number and value of payments completed via its platform, CENTROlink, had doubled last year, while instant payments surged by around four times (when compared to previous years). Keeping these developments in mind, Bank of… Read More

People’s Bank of China to Introduce Policies to Support Small Businesses, while Prohibiting Financial Service Providers from Offering Risky Products

China’s reserve bank stated on January 6, 2021 that it will be making its monetary policy more flexible, targeted and appropriate this year. The country will begin focusing on supporting smaller companies as the Chinese economy tries to recover following the COVID-19 outbreak. The People’s… Read More

CBDCs: Modern Central Sandbox Introduced by EMTECH to Help with Testing Central Bank Digital Currencies

EMTECH has introduced its “pilot-ready” innovation and regulatory compliance platform, the Modern Central Bank Sandbox, which will focus on serving reserve banks that are planning to “streamline regulatory reviews,” work with innovators on emerging technology (EmTech), or safely test their Central Bank Digital Currencies (CBDC)…. Read More

Fintech Collaboration: Monetary Authority of Singapore and Hungary’s Magyar Nemzeti Bank to Work on Financial Tech Projects

The Monetary Authority of Singapore (MAS) and the Magyar Nemzeti Bank (MNB) have entered into a co-operation Agreement (CA) in order to collaborate on various Fintech initiatives that will enhance Singapore and Hungary’s economy. The CA aims to establish a framework for Fintech collaboration between… Read More

The Road Is “Wide Open” for Fintech as It May Become Primary Mode for Offering Financial Services, Says Malaysia’s Central Bank Asst Governor

Adnan Zaylani Mohamad Zahid, Assistant Governor of the Central Bank of Malaysia (Bank Negara Malaysia), recently commented on developments related to Islamic finance, digital payments, and Fintech platforms and services. Zahid, whose comments came during the 3rd Islamic Fintech Dialogue (IFD2020) on December 1, 2020,… Read More

New Digital Banking Framework Approved by Regulators in the Philippines

​The Monetary Board in the Philippines has reportedly approved the recognition of digital banking platforms as a new bank category that’s separate and distinct from the traditional bank classifications. Regulators in the country have defined digital banks as an institution or entity that provides financial… Read More

Brazil’s Reserve Bank Launches its PIX Instant Payments Platform, Might Allow WhatsApp P2P Payments Soon

Brazil’s reserve bank has launched its PIX instant payments platform and has also noted that WhatsApp might soon be allowed to reintroduce its peer to peer (P2P) payments service in the South American country. PIX allows local residents, companies, and government agencies to carry out… Read More

Tourism Industry has Struggled due to COVID, and now Many Tourism focused Countries May Adopt Digital Currencies to Boost Economy

The COVID-19 pandemic has created many different socioeconomic challenges. It has definitely been a really tough year for the travel and tourism industry as most people were forced to cancel their travelling plans and stay at home (to prevent the further spread of the virus)…. Read More

Brazil’s Reserve Bank Introduces Regulatory Sandbox Program to Support Financial and Payment Innovations

​Brazil’s National Monetary Council (CMN), which is responsible for establishing monetary and credit policies, will be working with Banco Central do Brasil (BCB), the nation’s reserve bank, in order to create guidelines for managing the operation of the “Controlled Tests Environment for Financial and Payment… Read More

Central Bank of the UAE Releases Updated Regulatory Guidelines for Digital Payments or Stored Value Facilities

The central bank in the UAE has issued new regulations on Stored Value Facilities (SVF). The updated regulatory guidelines apply to local Fintech companies and various other non-bank payment service providers. The new guidelines aim to make it easier to access the UAE market while… Read More

Ocean Protocol to Work with Central Bank of Germany to Develop Decentralized Data Sovereignty Solution

The developers of the Ocean Protocol (OCEAN), which allows software engineers to build marketplaces and other apps to privately and securely publish, exchange, and consume data, have partnered with the Central Bank of Germany. Through the partnership, both organizations will develop a “decentralized” data sovereignty… Read More

Bank of Japan Official Argues that No Single Virtual Currency will Dominate Global Transactions

A Bank of Japan official recently noted that there’s no single virtual currency that will completely dominate global transactions, but only if reserve banks focus on enhancing their existing settlement systems. China, which has been leading the charge when it comes to implementing a national… Read More

Egyptian Central Bank Provides New Guidelines for Opening Bank Accounts for Individuals and SMEs, Aimed at Enabling Financial Inclusion

The Central Bank of Egypt (CBE) has reportedly issued updated guidelines and instructions that will allow local residents and small businesses to open certain types of bank accounts under various terms and conditions. The CBE sent a letter to local banks in which it noted… Read More

CBDCs: Ukraine’s Reserve Bank Official Claims Central Bank Digital Currencies Need Private Sector to be Successful

Ukraine’s reserve bank claims that central bank digital currencies (CBDCs) may work well when the private sector is involved. The country’s central banking institution had launched a pilot program back in 2018 that had focused on developing a digital version of Ukraine’s national currency (the… Read More

CBDCs: Wang Yongli, Former VP of China’s Reserve Bank, Argues that Central Bank Digital Currencies can Serve as Cash Substitute

Wang Yongli, the former VP of China’s reserve bank, has argued that central bank digital currencies (CBDCs) can serve as a substitute for cash or paper money in circulation. Yongli, the director of the Haixia Blockchain Research Institute, noted that virtual currencies can effectively serve… Read More

CBDCs: Bank of Japan and the Central Bank in the Philippines Continue to Conduct Research to Determine Feasibility of Digital Currencies

The Bank of Japan or BOJ (JASDAQ: 8301), the nation’s central bank that’s headquartered in Chūō, Tokyo, has reportedly appointed Kazushige Kamiyama, a prominent economist, as its head of a department that’s tasked with conducting research on central bank digital currencies (CBDCs). Reuters reports that… Read More

US Federal Reserve Confirms it has No Concrete Plans to Launch Digital Currency, but Might be Ready when it’s Necessary

The US Federal Reserve has confirmed on multiple occasions that it has no immediate or concrete plans to introduce its own digital currency. However, Robert Bench, the Assistant VP working in the secure payments group at the Federal Reserve Bank of Boston, said that the… Read More

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