Thursday , May 19 2022
Home / Tag Archives: CBDC

Tag Archives: CBDC

European Union Could Start Testing a CBDC in 2023, ECB Executive Says

With the crash of TerraUSD —the largest algorithmic stablecoin in the ecosystem— and the de-pegging of other stablecoins like Stasis, DEI (not to be confused with DAI and even Tether), financial institutions like the European Central Bank, used this weakness in their favor and started promoting their new CBDCs. On May 16, Italian economist and Executive Board member of the European Central Bank (ECB), Fabio Panetta, said in a lecture at the National College of Ireland (NCI)...

Read More »

Chile’s CBDC Should Operate Both Online and Offline Before Launch

The Chilean central bank withdrew its plans to release a CBDC by the end of 2022, saying it will conduct thorough research and additional analysis on the product before moving to its launch. Digital Peso Should Wait Banco Central de Chile published a report focused on the country’s current monetary network and examined the risks and benefits of issuing a digital version of its national currency. By the looks of it, the central bank is optimistic about such a financial...

Read More »

Crypto Regulatory Framework Coming Next Year in South Korea: Report

The new government of South Korea will reportedly finalize the regulatory framework on the local digital asset ecosystem next year and enforce it in 2024. The legislation will aim to incorporate cryptocurrencies like bitcoin into the country’s institutional system. In addition, the authorities have greenlighted the Bank of Korea’s efforts to launch a CBDC in 2023. South Korea Embracing Crypto Just two months after Yoon Seok-youl secured a victory in South Korea’s presidential...

Read More »

Nigeria’s Central Bank to Allow Bill Payments in eNaira (Report)

The Central Bank of Nigeria (CBN) will reportedly enable locals to pay their bills, TV subscriptions, and flight tickets using the eNaira. The move is part of a campaign that aims to popularize the financial product and encourage people to employ it more often in their daily transactions. The Upgrade of Nigeria’s CBDC It is safe to say that the most populated country in Africa – Nigeria – is among the leaders in terms of CBDC efforts. Last year, the authorities introduced the...

Read More »

90% of Central Banks Explore Launching CBDCs (BIS Survey)

In its most recent research, the Bank of International Settlements (BIS) estimated that nine out of ten central banks explore how to release their own CBDC. Moreover, 50% of those financial institutions are currently developing such products or passing through experiments. Most Central Banks Are Interested in CBDCs The international monetary institution – BIS – questioned 81 central banks to determine their stance on CBDCs and how close they are to launching one. Per the...

Read More »

China Distributes $2.3 Million Worth of Digital Yuan to Shenzhen Citizens: Report

The Chinese authorities will reportedly give away 15 million yuan ($2.3 million) in e-CNY to the residents of Shenzhen’s Futian district. The move aims to boost the adoption of China’s CBDC and promote the financial product among broad society. China’s Latest CBDC Efforts Unlike its hostile viewpoint on digital assets, the government of the world’s most populous country has an entirely different stance on central bank digital currencies (CBDC). Over the past year, the...

Read More »

Swiss National Bank Chairman: Bitcoin Does Not Meet Currency Reserves Requirements

The Swiss National Bank’s (SNB) Chairman Thomas Jordan revealed that the bank has decided not to have the world’s largest cryptocurrency on its balance sheet. At the same time, though, the organization is mulling over digital currencies to an extent. Bitcoin, Not Yet At the central bank’s annual general meeting on Friday, the Chairman stated that SNB does not believe that Bitcoin meets the requirements of currency reserves in the current perspective. Adding BTC to its balance...

Read More »

Japan’s Central Bank Will Test Digital Yen Cautiously

Over the past years, developed and developing countries have shown a growing interest in central bank digital currency (CBDC). The Bank of Japan has recently announced a cautious approach to the digital Yen, stating that its developmental trajectory will follow similar steps as Sweden did. The final decision on whether to issue CBDC is likely to be made by 2026, BOJ revealed. No Large-scale Pilot Tests Like China BOJ considers the framework of its CBDC closely tied to the...

Read More »

Mexican Senator Proposes CBDC Legislation After Promising Bitcoin Legal Tender Bill

Indria Kempis – Mexican senator for the State of Nuevo León – has introduced a bill to formalize the inclusion of virtual assets as a form of currency that may circulate in Mexico. However, it proposes that only the central bank can issue a digital currency, without any mention of Bitcoin. What Happened to the Bitcoin Law? In February, CryptoPotato reported that Kempis was planning to help make Bitcoin legal tender in Mexico. The chances seemed slim at the time, given that...

Read More »

The US Securities Processor Is Building a Prototype to Support CBDC

The United States continues its exploration of a central bank digital currency (CBDC) as the main processor for US securities said it is developing a prototype for studying how such an asset can work in reality. The main goal is to examine how real-time transactions through cash-like tokens can pass through in the clearing and settlement process. Project Lithium The Depository Trust & Clearing Corporation (DTCC), the country’s securities processor maintaining the...

Read More »