Tag Archives: CBDC

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...

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...

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...

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...

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...

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...

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...

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...

Vor wenigen Jahren noch unbekannt, sind Kryptowährungen heute nicht mehr aus der Finanzwelt wegzudenken. Nachdem diese zunächst privat organisiert waren, wagen sich immer mehr Staaten an das Thema. Insbesondere Stablecoins der Zentralbanken sind hier interessant. Eine neue Studie des Beratungsunternehmens PwC nahm diese unter die Lupe. Die Schweiz landete dabei erstmals in den Top 10 bei den Wholesale CBDC. Die digitalen Währungen der Zentralbanken, die als Alternative oder Ergänzung zum...

Janet Yellen – Treasury Secretary of the United States – recently delivered her first speech solely dedicated to cryptocurrencies. While discussing the risks and benefits of crypto and CBDCs, the secretary listed five historical lessons she’ll be following as she regulates the space. A More Balanced Tone The speech was delivered before American University’s Kogod School of Business Center for Innovation on Thursday. Her words reflect significant evolution in how the Treasury...