Tag Archives: CBDC

Bank Negara Malaysia (the central banking institution of the nation) has reportedly joined the global race to develop a digital version of its national currency. As of the moment, the project is still in a research mode as the county is only “assessing the value proposition” of such a financial product. Malaysia Enters the CBDC League Launching a central bank digital currency has been a target for many countries recently. While China’s efforts are by far the most advanced...

In the quest not to fall behind in its drive to develop a central bank-backed digital currency (CBDC), policymakers in Israel reportedly tested stakeholders’ views to determine the risks and limits of a national digital currency. Yoav Soffer, the head of the Bank of Israel’s digital project, announced the trial, as reported by Bloomberg. He noted that knowing the opinion of stakeholders is an ongoing process, even though the digital shekel is still in its developmental stage...

The Swiss National Bank (SNB), together with five other banking giants, have reportedly tested whether they can process central bank digital currencies within the nation’s financial network. The institutions revealed they were able to integrate CBDCs into their existing core banking systems. The Latest CBDC Trial in Switzerland A January 13 coverage by Bloomberg disclosed that Switzerland’s central bank and five commercial banks successfully employed CBDCs to settle...

Jerome Powell – chairman of the Federal Reserve – appears to have reversed one of his previous positions on the relationship between CBDCs and stablecoins. Testifying in front of the US congress, he suggested that both could co-exist, without the former replacing the latter. Allowing Stablecoins and CBDCs. Powell discussed the possibility of a Federal Reserve issued CBDC during his renomination hearing on Tuesday. Republican Senator Pat Toomey – a known crypto advocate –...

China’s leading messaging application – WeChat Pay – will reportedly begin supporting the e-CNY. The app has more than one billion users, meaning the initiative could significantly boost the distribution of the digital yuan. WeChat Adopts Digital Yuan Payments According to a recent CNBC report, WeChat Pay – a multi-purpose messaging and mobile payment app – will begin supporting digital yuan settlements. The company’s move is expected to rapidly increase the number of...

The People’s Bank of China launched a pilot version of its digital yuan wallet application on mobile phone app stores. This is another effort marking the nation’s desire to be the first to develop its own central bank digital currency (CBDC). China’s Most Recent CBDC Push According to a recent tweet by the local news outlet BlockBeats, the digital currency research institute of PBoC released the “e-CNY (Pilot Version)” app – a mobile wallet for the Chinese CBDC – on iOS and...

Mexico’s central bank (Banco de México) announced it “will have a digital currency of its own in circulation” by 2024. Thus, the Latin American country put its name next to other nations such as China and Indonesia, which also unveiled plans to launch their CDBCs soon. Digital Peso by 2024 In a recent tweet, the government of Mexico revealed that Banco de México (the Central Bank of Mexico) will implement a CBDC in the country’s financial system by 2024. The authorities...

The Bank of Thailand (BOT) has revealed that it will delay the testing phase of its central bank digital currency (CBDC) until late 2022. Thailand Reschedules CBDC Test Reporting the postponement, Reuters noted that Thailand plans to use the national digital currency as an alternative payment option to cash. Although the central bank did not state the reason for the delay, it still intends to use the pilot project to evaluate the use of a CDBC to complement cash transactions...

The European Central Bank (ECB) published a paper on ‘Central Bank Digital Currencies'. The European Central Bank (ECB) has published a paper on ‘Central Bank Digital Currencies‚ recently. In July 2021 the #ECB decided to launch a two-year investigation phase into a #digitaleuro project, starting on 1 October 2021. The expectation that #CBDCs will eventually be issued reflects the benefits of maintaining #centralbank #money in a world where...

Despite the problems, Ripple has not given up on its mission to become a significant player in the global payments industry, and even though things are not going so well with the United States, one country is looking at the company as the best option to develop a domestic currency based precisely on U.S. dollars: Palau. According to a Press Release shared by Ripple, Palau chose the XRP Ledger to create digital dollars to circulate internally in the country. The idea, Ripple...