Tag Archives: CBDC

South Korea has long been recognized for its robust blockchain and crypto community. Crypto traders in South Korea have recently emerged as key players, wielding considerable influence during the latest Bitcoin (BTC) rally that has seen the digital currency surge by more than 50%, according to reports. The Rise of the South Korean Won Over the Dollar Recent data compiled by CCData shows that the South Korean won surpassed the US dollar to become the largest fiat trading pair in the crypto...

Although Bitcoin has outperformed XRP in 2023, there is the chance that XRP could follow in Bitcoin’s footsteps for a December bull run. Bitcoin has had a relatively good year, returning more than 144% to investors since January. The king coin has also climbed nearly 14% in the past month and about 10% since December 1st. Currently trading above $42,000 according to CoinMarketCap data, Bitcoin has gained almost 2% in the last 24 hours and seems to be on track to end the year impressively....

Algorand entered the Indian market earlier this year with the launch of the AlgoBharat Project. One of the first collaborations was formed with the Self-Employed Women’s Association (SEWA).  Blockchain protocol Algorand (ALGO) has announced its expansion into India through major collaborations with prominent organizations including NASSCOM, TiE Bangalore, and the Mann Deshi Foundation. Algorand’s Impact Strengthened by New Collaboration Under collaboration with NASSCOM, Algorand aims to...

Canadians are overwhelmingly opposed to their central bank researching and issuing a digital loonie, according to newly released survey results from the Bank of Canada. The report found that citizens and stakeholders are worried that the technology could violate their financial privacy, and wouldn’t be their payment method of choice compared to existing options. Why Canadians Don’t Like CBDCs Released on Wednesday, the report dissected results from a public consultation on...

The retiring MAS director believes the future monetary system will revolve around CBDCs, tokenized bank liabilities, and stablecoins. The Director of the Monetary Authority of Singapore (MAS), Ravi Menon, has emphasized that private cryptocurrencies have no future. Menon shared his thoughts as a panelist at an event jointly hosted by the Hong Kong Monetary Authority and the Bank for International Settlements. Earlier, Mr Menon, who spearheaded the fintech revolution in Singapore, announced...

In a move to modernize its financial infrastructure, South Korea is set to embark on a pioneering project involving digital currency. Commencing in the fourth quarter of 2024, the nation will start a pilot program involving the participation of 100,000 citizens, signifying a significant stride towards the nationwide implementation of digital currencies. South Korea to Pilot Digital Currency with 100,000 Citizens In an upcoming pilot program jointly managed by the Bank of...

The Bank of Korea will be looking to use the pilot stage of its CBDC to determine things such as acceptability and ease of use. South Korea, through its apex bank – The Bank of Korea (BOK) – has revealed its plans to begin testing its central bank digital currency (CBDC) in 2024. A local news outlet Korea Times confirmed the report, saying that the testing will begin either by September or October, running for three months. The report also claimed that South Korea will allow 100,000...

Mastercard’s blockchain and digital assets lead for Asia-Pacific, Ashok Venkateswaran, has expressed skepticism about the wide adoption of central bank digital currencies (CBDCs). This comes as countries globally explore CBDCs, with only 11 having adopted them, 53 in advanced planning stages, and 46 researching the topic as of June, according to data from the Atlantic Council. Mastercard Highlights Challenges in CBDC Adoption During the Singapore FinTech Festival, Ashok...

The MAS will collaborate with local banks during the pilot, allowing them to issue tokenized bank liabilities on blockchain technology, streamlining the clearing and settlement processes. Singapore is gearing up for a groundbreaking move into the era of Central Bank Digital Currencies (CBDCs), with plans to pilot the live issuance and use of wholesale CBDCs in 2024. As reported by CNBC, Ravi Menon, the Managing Director of the Monetary Authority of Singapore (MAS), announced the plans at...

The price of XRP is responding positively to Ripple sealing agreements to several institutions who need varying services from the firm. The price of XRP has jumped considerably in the last 24 hours. XRP climbed 11% earlier on Monday, before falling to the current 10.13%, according to data from CoinMarketCap. XRP is now the fourth-largest cryptocurrency by market capitalization after replacing the BNB token. CoinGecko data also shows that XRP’s trading volume jumped from $1 billion on...