Tag Archives: CBDC

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...

Turkish Finance Minister noted that work related to the crypto assets regulations is the final outstanding matter in order to achieve full compliance with FATF standards. Turkey’s finance minister has revealed the country’s intentions to introduce new crypto regulations, aiming to secure removal from the Financial Action Task Force’s “grey list” of nations lacking sufficient anti-money laundering measures. Back in 2021, the FATF had put Turkey on the grey list. As per the Reuters report...

The e-HKD program has taken a three-rail approach for the potential implementation of the virtual currency: foundation layer development, industry pilots and iterative enhancements, and full launch. Hong Kong’s central bank digital currency (CBDC) pilot is set to advance to its second phase following the successful completion of phase one. The first phase was largely focused on full-fledged payments, programmable payments, offline payments, tokenized deposits, and the settlement of Web3...

As blockchain technology continues to mature, Deutsche Bank and Standard Chartered’s initiative offers a promising vision of the financial world’s future. German banking giant Deutsche Bank (ETR: DBK) and Standard Chartered’s SC Ventures have begun testing the UDPN, a system that promises to ensure seamless communication and interoperability between various digital assets, stablecoins, and Central Bank Digital Currencies (CBDCs). Deutsche Bank and Standard Chartered Now Testing the Waters...

To demonstrate the potential of UDPN, Standard Chartered’s SC Ventures and Deutsche Bank conducted a trial. Standard Chartered’s SC Ventures and Deutsche Bank have achieved a significant milestone by completing the first Proof of Concept (PoC) for the Universal Digital Payments Network (UDPN). This groundbreaking initiative aims to revolutionize the way digital payments are conducted by connecting payments across various Central Bank Digital Currency (CBDC) and blockchain networks, using a...

On October 18, the ECB Governing Council stated that it had decided to move to the next phase of the digital euro project. The move into the preparation phase for a potential European CBDC follows the completion of a two-year investigation phase. The preparation stage will start on November 1 and will initially last two years. It will involve finalizing the digital euro rulebook, selecting technology providers, and testing. Our Governing Council has decided to move to the...

TL;DR Speculation suggests France might use XRP for its digital euro, backed by positive references from Banque de France. The European Union is progressing towards a digital euro with recent European Central Bank movements. Bhutan and Montenegro have already collaborated with Ripple for their CBDC efforts. Could XRP Find a Spot in France’s Future Financial Plans? Several X (Twitter) users have recently speculated that one of the leading European economies – France – might...

Currently, there are nine residents of the park. All of them will get access to ten government initiatives introduced to “boost the development” of the digital yuan ecosystem. The initiatives include payment solutions, smart contracts, hard wallets, and digital yuan promotion. The first industrial park has been opened in the Luohu district of Shenzhen, China, with a focus on developing China’s Central Bank Digital Currency (CBDC) – digital yuan or e-CNY. The official launching ceremony of...