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Nigerian Stablecoin Consortium Seeks Central Bank Approval After Making a U-Turn on Stablecoin Launch
11.1.2024
The Nigerian stablecoin consortium has said it will not be launching a stablecoin in late February as previously advised. Instead, the consortium, which is comprised of banks and fintech startups, said it plans to launch the stablecoin only after it gets the green light from the central bank....
Number of Chinese CBDC-related Criminal Cases on the Rise
11.1.2024
Source: blackday/Adobe China’s rapid CBDC progress is causing a rise in digital yuan-related criminal cases, including suspected fraud, identity theft, and phishing. Per the Shenzhen Securities Times, a Shanghai court this week convicted a group of criminals that exploited CBDC functions on an...
Bank of Spain Announces Partners for Wholesale CBDC Trials
9.1.2024
The Bank of Spain has announced that Adhara, a treasury and transactions payment platform, and a consortium formed by Cecabank and Abanca, two private banks, will be its partners in the development of several upcoming wholesale central bank digital currency (CBDC) trials, which will be complete...
Russian Experts: 2024 Will Be a Big Year for Cross-border Crypto, CBDC Payments
9.1.2024
Source: hamara/Adobe Russian legal and tech experts think that 2024 will mark a turning point for the use of crypto and CBDCs like the digital ruble in cross-border payments. Per RBC, Andrey Tugarin, the head of the law firm GMT Legal , said: “The main trend to look out for in 2024 will be...
Bank of Spain Collaborates with Cecabank, Abanca, and Adhara Blockchain for CBDC Tests
6.1.2024
Source: iStock/Zerbor Spain’s central bank, Banco de España, has revealed its selected collaborators for the testing phase of the central bank digital currency (CBDC) initiative, a year after issuing a call for collaboration. Out of 24 applications received over the past year, Bank of Spain...
Central Bank of Nigeria Approves Africa Stablecoin Consortium to Pilot cNGN Stablecoin in Regulatory Sandbox
5.1.2024
Source: AdobeStock / Faraz The Central Bank of Nigeria (CBN) has granted approval to the Africa Stablecoin Consortium (ASC) to launch the cNGN stablecoin in its regulatory sandbox. The stablecoin is set to be introduced on February 27, 2024, the Africa Stablecoin Consortium, a collaborative effort...
The Road to Digital Euro: ECB Publishes Crucial Rulebook Draft
4.1.2024
Source: Adobe/Christian The European Central Bank (ECB) has unveiled progress in the development of the digital euro, with the publication of a report detailing the advancements made by the digital euro scheme’s Rulebook Development Group (RDG). The update follows a June 2023 report from...
India’s Digital Rupee Hit 1 Million Daily Transactions in December: Report
4.1.2024
Source: AdobeStock / picsmart India’s digital rupee hit 1 million daily transactions in December, aligning with the Reserve Bank of India’s targeted goal for daily transactions by the end of 2023, Reuters reported. The central bank digital currency (CBDC), known as the e-rupee,...
Russia Will Begin Collecting Taxes in Digital Rubles from 2025
3.1.2024
Source: Valery/Adobe Russian tax authorities will start collecting taxes in digital rubles from 2025, with banks also handed powers to block “suspicious-looking” CBDC transactions. Per the media outlet Klerk, recent tax code amendments – signed into law by President Vladimir Putin late last year...
75 US Lawmakers Now Support CBDC Anti-Surveillance Bill
2.1.2024
Congressman Tom Emmer’s CBDC Anti-Surveillance State Act now has 75 cosponsors. “A central bank digital currency is government-controlled programmable money that, if not designed to emulate cash, could give the federal government the ability to surveil and restrict Americans’ transactions,”...
Latam Insights: Vitalik Buterin Praises Argentina, Brazilian Banks Test Microsoft CBDC Privacy Solution
1.1.2024
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Ethereum co-founder Vitalik Buterin praises Argetina’s moves, Brazilian banks introduce Microsoft privacy solutions in digital real tests, and Mi Primer...
Crypto Ban in Nigeria Stalls eNaira Adoption Despite Global Recognition
29.12.2023
Source: AdobeStock Chinedu Albert, a legal expert specializing in Nigerian tech and innovation, has attributed the challenges facing the adoption of the eNaira, the Central Bank of Nigeria’s digital currency (CBDC), to a previous crypto ban. In an exclusive interview with Cointelegraph...
41% of Central Banks Expect to Have Operational CBDCs by 2028 — Study
26.12.2023
Some 41% of central banks that participated in the Official Monetary and Financial Institutions Forum (OMFIF) study said they expect to have an operational central bank digital currency (CBDC) by 2028. The survey found that the sentiment towards CBDCs is turning positive with 30% of the respondents...
Russia’s Digital Ruble ‘Will Affect Banks’ Liquidity’ – Report
22.12.2023
Source: Yevgeniy Vershinin/Adobe Russia’s digital ruble will affect the commercial banking sector’s liquidity, experts have claimed as the nation prepares for a CBDC rollout. Per the media outlet Comnews, Russian financial industry experts expressed mixed feelings about the CBDC at a banking...
Bank of China Completes First Precious Metal Digital Yuan Settlement
22.12.2023
The Shanghai branch of the Bank of China has completed the first settlement of precious metals using the digital yuan. The transaction, finalized on December 19, allowed the Shanghai Gold Exchange to close a $14 million precious metal trade after receiving the funds overseas, according to local...
Vladimir Putin's Signature Brings Digital Ruble Into Russia's Tax Code
21.12.2023
Russia's digital ruble has been integrated into the nation's tax code after its President Vladimir Putin signed the move into law
Chinese Bank Seals First-ever Cross-border CBDC-powered Precious Metals Deal
21.12.2023
Source: pla2na/Adobe The Bank of China has completed the world’s first cross-border CBDC-powered precious metals deal – a gold transaction worth some $14.1 million. Per the Shanghai Securities News and the China Securities Network, the deal involved the Shanghai Branch of the Bank of China,...
Putin Green-lights Russian Digital Ruble Tax Law
21.12.2023
Source: chase4concept/Adobe Russian President Vladimir Putin has signed off on a law that will see the digital ruble incorporated into the nation’s tax code. Per Telesputnik, the new law sees terms like “digital ruble” and “digital ruble wallet” added to the code. The law also allows bailiffs...
Banks Flock to Chinese Digital Yuan Pilot – 60 Now Offer CBDC Wallets
20.12.2023
Source: Sean K/Adobe Nine more banks have joined China’s digital yuan pilot, bolstering the number of banks offering CBDC wallets to 60. Per Beijing Business Today (via Sohu), the latest batch of commercial banks to join the pilot include three big city-based banks and six rural banks. City-based...
Bitcoin Struggles for Direction in Run-Up to Christmas + More News
19.12.2023
Get your daily, bite-sized digest of crypto and blockchain-related news – investigating the stories flying under the radar of today’s news. In this edition: Bitcoin Struggles for Direction in Run-Up to Christmas Hong Kong’s AIA Carnival to Accept Cryptocurrency Payments in Partnership with...