Tag Archives: CBDC

The Bank of Israel reportedly launched a digital currency pilot program, aiming to create its central bank digital currency based on the Ethereum blockchain. However, the project might face some significant challenges. Israel Aiming at CBDC Many leading nations including China, Japan, France, Sweden, and more have worked for years on developing a digitalized version of their national currency. According to a report by Globes, the central bank of Israel has joined the trend...

One of the leading European economies – France – has reportedly fulfilled its 10-month experiment aiming to test how a central bank digital currency would interact with its debt market. The financial services company Euroclear led the project, in which some of the nation’s largest banks took part. France Pushes for a CBDC Last year, Banque de France – the country’s central bank – collaborated with the Belgian financial services company Euroclear and many of the leading French...

The blockchain-based digital payment company – Ripple – joined the Digital Pound Foundation to assist with the creation of a central bank digital currency. Incorporating with The Digital Pound Foundation According to a recent announcement, the enterprise blockchain provider will continue its involvement in CBDC projects by joining the Digital Pound Foundation. Launched on October 14th by a group of founding members, the latter is an independent forum aiming to support the...

The infamous US whistleblower – Edward Snowden – criticized CBDC’s potential impact on the financial network. He labeled them as a “perversion of cryptocurrency” and a “cryptofascist currency,” as they could grant a lot of power to the governments and leave less freedom to the people. CBDC – ‘a Cryptofascist Currency’ The computer programmer who worked as a subcontractor for the National Security Agency (NSA) – Edward Snowden – opined strongly against the potential use cases...

Following a collaboration with the BIS Innovation Hub, the Hong Kong Monetary Authority (HKMA) released a technical Whitepaper on retail CBDC, called “e-HKD: A technical perspective.” The financial institution expects to come up with an initial view of the project by the middle of 2022. One Step Closer to a CBDC The HKMA doubled down on its efforts of launching a digital Hong Kong dollar (e-HKD). After exploring the project’s potential benefits with peer central banks, the...

Jerome Powell – the active chair of the Federal Reserve – says they have begun studying whether to launch their own digital currency and will soon be releasing a paper on the matter. Possible Digital Currency for the United States Powell confirmed that investigations were underway in an interview with CNBC this Wednesday. “We are working proactively to evaluate whether to issue a CBDC,” said the chairman, “and if so– in what form.” Jerome Powell. Source: TimeHe follows with...

The Royal Monetary Authority (RMA) – Bhutan’s central bank – has joined forces with Ripple to launch a digital version of its national currency. The institution anticipates the initiative to boost the country’s financial inclusion by 85% in the next two years. Ripple and Bhutan Shook Hands The enterprise blockchain provider Ripple announced it would enable Bhutan’s central bank to employ its network to pilot a central bank digital currency: “Today, we are proud to announce...

The central banks of Australia, Singapore, Malaysia, and South Africa will reportedly launch a trial program to test cross-border payments employing different CBDCs. Their mission: to determine whether the move would enable more accessible transactions. The Multinational Partnership Central bank digital currencies appear to be an attractive financial instrument for numerous countries across the globe since many are exploring them as a financial instrument. While governments...

According to recent research, every third British citizen fears that a potential digital pound could bring more harm than benefits to the UK economic system. In contrast, 24% believe the so-called Britcoin would turn to be a successful financial instrument. Britcoin Brings More Suspicion Than Excitement The US journalism company Politico surveyed 2,500 British adults to determine their opinion on issuing a digital version of the local pound currency. The majority of the...

Shaktikanta Das – the governor of the Reserve Bank of India – said the financial institution could launch its first trial programs for a digital rupee by December this year. The initiative would determine the security of the Indian CBDC and its impact on the local economic network. India’s Approach to a CBDC In a recent interview for CNBC, Shaktikanta Das revealed the Reserve Bank of India’s plans to begin trials for a central bank digital currency before the end of this...