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US Senator Introduces ‘No Digital Dollar Act’ to Prohibit Treasury and the Fed From Interfering With Americans Using Paper Currency
2.10.2022
A U.S senator has introduced the “No Digital Dollar Act to prohibit the U.S. Treasury and the Federal Reserve from interfering with Americans using paper currency” if a central bank digital currency is adopted. The bill further states: “No central bank digital currency shall...
Fed Chair Jerome Powell Updates Work on Digital Dollar — Says US Central Bank Digital Currency Will Take ‘at Least a Couple of Years’
29.9.2022
Federal Reserve Chairman Jerome Powell says the U.S. central bank is looking at whether to issue a digital dollar with a “very broad scope.” He noted that the Fed is collaborating with Congress and the executive branch on whether to issue a central bank digital currency. Fed Chair...
Australia Issues White Paper for Central Bank Digital Currency
28.9.2022
Reserve Bank of Australia is researching the potential benefits of launching a central bank digital currency. The monetary authority released a white paper outlining its goals and invited interested parties to participate with proposals and suggest pilot projects. Central Bank of Australia to Pilot...
BIS marks CBDC pilot as 'successful' with $22M transacted
28.9.2022
Over $12 million in value was issued in the pilot with commercial and central banks in Hong Kong, Thailand, the UAE and China taking part
Iran Begins Central Bank Digital Currency ‘Crypto Rial’ Pilot Today
23.9.2022
The Central Bank of Iran (CBI) has reportedly begun a pilot for its central bank digital currency (CBDC), also known as “crypto rial.” Iran’s chamber of commerce explained that the “crypto rial has been designed in a way that is easy to track, and even if the data on...
ECB Chooses Amazon and 4 Other Companies to Help Develop Digital Euro
18.9.2022
The European Central Bank (ECB) has selected five companies to help develop user interfaces for a digital euro. Each company will work with the ECB and focus on one specific use case of the digital euro. Amazon has been chosen to focus on e-commerce payments. ECB Collaborates With 5 Companies...
White House Releases ‘First-Ever’ Framework for Digital Asset Development — Crypto Industry Leader Says Recommendations Are Unclear
17.9.2022
The White House has now released what it called its “first-ever” comprehensive framework for the responsible development of digital assets just over six months after U.S. President Joe Biden signed an executive order on the same matter. However, one crypto industry leader has lamented...
Central Bank of China Calls for Increasing Use of Digital Yuan
12.9.2022
The People’s Bank of China has urged for widening of the array of use-case scenarios for its central bank digital currency. The monetary authority believes that deeper interconnection with traditional e-payment platforms will make the digital yuan more convenient for consumers....
Ripple advisor teases 'more CBDC announcements in the next few weeks'
7.9.2022
The blockchain company has been pushing hard into the CBDC space since piloting its CBDC Private Ledger aimed at central banks in March 2021
India’s Central Bank RBI Starts Digital Currency Pilot With 4 Banks: Report
7.9.2022
India’s central bank, the Reserve Bank of India (RBI), has reportedly asked four banks to pilot the country’s central bank digital currency (CBDC) ahead of its public launch. RBI to Pilot India’s CBDC With Public-Sector Banks The Reserve Bank of India (RBI),...
Ghanaian Central Bank Allays Fears That a CBDC Will Disrupt Mobile Money Operations
4.9.2022
The Bank of Ghana has said the expected implementation of the central bank digital currency will not disrupt or negatively impact the operations of mobile money operators. Rather, the central bank expects the digital currency to improve the efficiency of Ghana’s settlement systems as well...
Ripple to Participate in the Digital Dollar Project’s CBDC Sandbox Program
2.9.2022
The non-profit organization promoting the creation of the digital dollar, the Digital Dollar Project, has announced the launch of a sandbox program to kickstart the probe of the technical implementations of the envisaged digital currency. The fintech firm Ripple is among the four participants that...
Nigerian Central Bank Slashes CBDC Transaction Fees by 50%
30.8.2022
The Central Bank of Nigeria has said it is slashing transaction fees for the e-naira platform by 50% — a move which the bank claims will increase the volume of transactions on the central bank digital currency (CBDC) platform. The central bank also believes that wider adoption of the CBDC...
Reserve Bank of Zimbabwe ‘Developed a Roadmap for Adoption of CBDC,’ Says Governor
14.8.2022
The governor of the Zimbabwean central bank, John Mangudya, recently said his organization “has developed a roadmap for adoption of CBDC [central bank digital currency] in Zimbabwe.” Mangudya also revealed that two fintech startups had been admitted into the central bank’s...
Bank of Russia Aims for Full Launch of Digital Ruble in 2024
14.8.2022
The Central Bank of Russia plans to begin the comprehensive implementation of the digital ruble two years from now, according to a paper detailing its monetary policy priorities for the 2023 – 2025 period. As the development of the state-issued digital currency continues, the monetary...
Reserve Bank of Australia to Pilot Digital Currency, Explore Use Cases
10.8.2022
The monetary authority in Australia is beginning research into the potential economic benefits of issuing a central bank digital currency. Within the project, the regulator hopes to identify use cases and intends to develop a limited-scale pilot. Central Bank of Australia Working on Digital...
Central Bank of Brazil Director Praises Bitcoin as a Financial Innovation, Talks Programmable Digital Real
6.8.2022
Fabio Araujo, Director of the Central Bank of Brazil, has praised the properties of Bitcoin, saying it is a financial innovation using new technologies. To Araujo, Bitcoin was the catalyst for what is today known as Web3. At an event, Araujo also commented about the status of the development of...
CBDC Could Be ‘Holy Grail’ of Cross-Border Payments, ECB Says, Sees Bitcoin as Less Credible
4.8.2022
Several solutions can potentially improve cross-border payments significantly and central bank digital currency (CBDC) could be the “holy grail,” according to the European Central Bank (ECB). In a new report, the eurozone’s monetary authority also claims stablecoins, among...
Report: IMF Warns Kenyan Central Bank Against Introducing a CBDC That Harms Fintechs and Banks
29.7.2022
The global lending institution, the International Monetary Fund (IMF) has told the Kenyan central bank that its proposed digital shilling must “do no harm” to existing private sector digital money. The lender insisted the proposed central bank digital currency (CBDC) must “not...
Reserve Bank of India Is Working on ‘Phased Implementation’ of Central Bank Digital Currency
21.7.2022
India’s central bank, the Reserve Bank of India (RBI), is working on a “phased implementation of a central bank digital currency (CBDC) in both wholesale and retail segments.” Necessary amendments have been made to the RBI Act, 1934 to allow the central bank to pilot and issue...