Tag Archives: CBDC

The Bank of Lithuania has officially launched its blockchain-based digital collector coin called LBCOIN. Although bank officials clarified that it’s not a CBDC, they suggested LBCOIN could eventually lead to releasing a central bank digital currency.Bank Of Lithuania’s Digital Collector CoinAs CryptoPotato reported recently, the central bank of the Baltic country had finished with the development stages of the LBCOIN and was planning to initiate a pre-sale. With some delays, the Bank of...

The CBDC race is about to heat up again with nations across Asia leading the way in crypto research. Japan is the latest to accelerate progress, joining China and Thailand, which are already well underway with their respective digital currencies.Japan Forms Crypto Research TeamThe Bank of Japan (BoJ) stated on Monday that it has started with the formation of a ‘Digital Currency Group, ’ which will operate under the umbrella of the Payment and Settlement Systems Department. The primary goal of...

The Bank of Thailand (BOT) is ready to deploy its central bank digital currency (CBDC) to local corporations as part of the third phase of the project’s development.BOT Launches Third Phase of its Digital Currency ProjectThailand’s central bank has stepped into the third phase of development of its digital currency, according to The Nation Thailand, which cited BOT assistant governor Vachira Arromdee.BOT has started to use the digital currency for financial transactions with some big...

Bloomberg reports that the People’s Bank of China (PBC) intends to begin testing its central bank digital currency (CBDC) on several platforms operated by the food delivery giant backed by Tencent Holdings – Meituan Dianping.China’s CBDC On A Food Delivery PlatformCiting people familiar with the matter, Bloomberg informs that the large Chinese web-based shopping platform for locally found foods, consumer products, and retail services – Meituan Dianping – has been in contact with the PBC for a...

According to a recent report, Lithuania may be the first nation to launch a central bank-backed digital coin in the eurozone. The country’s central bank plans a pre-sale of twenty-four thousand blockchain-based digital tokens called LBCOINs.Lithuania To Sell 24k Blockchain-based TokensA Reuters report from earlier today informed that the Baltic country has completed the development stages of the LBCOINs and is preparing for the pre-sale next week.Each of the twenty-four thousand...

In its latest report, the Bank of International Settlements doubled-down on its narrative that the COVID-19 pandemic has exemplified the need for central banks to accelerate the development of central bank digital currencies (CBDCs).BIS outlined the ongoing payment digitalization phase and predicted that whoever launches such currency first will ultimately prevail.BIS: Payment Digitalization Comes FastThe report noted that the financial sector is currently in a significant transitioning stage...

The Bank of Thailand (BOT) has announced plans to develop a payment system prototype for businesses through the use of Central Bank Digital Currency (CBDC), according to a report published by the bank on Thursday.CBDC For BusinessesThe prototype will allow Thailand’s central bank to conduct a feasibility study and also develop ways to integrate the CBDC with the procurement and financial management systems platform developed by Siam Cement.The CBDC prototype will commence in July 2020 and...

Despite the lacking demand as of yet, the Bank of Korea (BOK) has set up a legal advisory group to review any legal issues before possibly launching a central bank digital currency (CBDC) in the future.BOK To Review Legal Matters Around CBDCAccording to a local report from today, South Korea’s central bank has established a group consisting of a six-member panel. Among those are law professors and legal practitioners, including lawyers and BOK’s legal policy office. They will provide...

The Federal Reserve of Philadelphia believes that central bank digital currencies (CBDCs) could significantly impact global finance. In a recent paper, the Fed even suggested that digital currencies could replace commercial banks if they manage to tone down any associated risks.Fed Philadelphia Pro-CBDCIn its comprehensive report on the matter, the Fed examined the potential merits and drawbacks of CBDCs in an ever-digitalizing world.“The introduction of a CBDC can represent an important...

The three largest banks in Japan will set up a study group to examine the benefits of building a common settlement infrastructure for digital payments. Local cryptocurrency exchange DeCurret will organize the group and the meetings, which should take place twice per month.Japan’s Largest Banks Look At Digital CurrenciesAccording to the recent report from the New York Times, the core banks in question behind the study group are Mitsubishi UFJ Financial Group Inc, Mizuho Financial Group Inc,...