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Ex-Central Bank Chief Says China ‘Must Lead World’ in CBDC Adoption
18.12.2023
Source: Eagle/Adobe The former Governor of China’s central bank, Dai Xianglong, has insisted that China needs to “lead the world’ in CBDC adoption, as the nation’s digital yuan pilot continues. Per a Weibo post from the media outlet Finance iFeng, former People’s Bank of China (PBoC) chief Dai said...
Verida and inDAO Team Up to Help Uzbekistan Adopt Web3 Tech
15.12.2023
Source: Pixabay inDAO, a specialized organization focused on incorporating blockchain technology into daily life, and Verida, a provider of self-sovereign digital identity solutions, have formed a partnership with the goal of promoting the widespread adoption of Web3 in Uzbekistan. The partnership...
Hong Kong Firms Make First Cross-border Digital Yuan Commodity Payments
15.12.2023
Source: leungc/Adobe Hong Kong-based firms have made the first “cross-border” commodity payments with the Mainland Chinese digital yuan, as the CBDC takes its first international steps. Per Hong Kong Today, several Hong Kong firms took part in the Bank of China (Hong Kong)’s “Enterprise Digital...
StarkWare to Pay 10% of Network Fees to Developers in Pilot Program
12.12.2023
Source: Adobe Stock Ethereum developer StarkWare said it will pay 10% of its network fees to builders as part of a new pilot program dubbed the “Devonomics Pilot Program” incentivising the team to make the network “bigger and bolder.” The first distribution paid to developers amounts to 1,600...
City of Basel Settles Tokenized Bonds Using Wholesale CBDC
12.12.2023
The Swiss city of Basel recently settled a series of tokenized bonds using a wholesale central bank digital currency (WCBDC) as part of Helvetia III, a WCBDC pilot program. The system is designed to prioritize efficiency, as having on-chain funds bypasses the need for reconciling transactions with...
Palau Declares First Phase of Stablecoin Pilot a Success
12.12.2023
The Republic of Palau has stated that the first phase of its limited stablecoin pilot was a success in a recently released report. The document also indicates that future phases of the project will focus on extending the reach of the stablecoin, with a high emphasis on compliance. Palau Reports...
Bank of Russia States Digital Ruble Pilot Will Continue Until the End of 2024
11.12.2023
The Bank of Russia has offered an update on the future of the digital ruble pilot, the Russian central bank digital currency (CBDC). The bank’s press service clarified that the pilot will continue throughout 2024 and until the massification of the digital ruble usage, estimated to happen...
China and Singapore Team Up to Allow Tourists to Spend Digital Yuan
10.12.2023
Singapore and China have teamed up on a pilot to allow tourists in both countries to spend China’s central bank digital currency, the digital yuan. “This will enhance convenience for travelers when making purchases during their overseas travel,” Singapore’s central bank...
Digital Ruble Will Spark Russia’s ‘Biggest Monetary Reforms Since the 1990s’
4.12.2023
Source: Larisa/Adobe The launch of the Russian digital ruble will trigger the nation’s “largest monetary reforms since the 1990s,” a media report has claimed. Per ProGorod, Russia’s CBDC project will be the biggest transformative event in the nation’s economic history since the collapse of...
Solomon Islands and Soramitsu Unveil Partnership To Launch CBDC Pilot
1.12.2023
Source: Pixabay The Central Bank of Solomon Islands has revealed a partnership with Japanese blockchain Soramitsu to launch a proof-of-concept for a CBDC named Bokolo Cash. In a Keynote speech on Tuesday, Solomon Islands Prime Minister Manasseh Sogavare said his country was embarking on the CBDC...
More Hong Kong Banks Set to Join Digital Yuan Pilot, Gov’t Confirms
1.12.2023
Source: dmitriy/Adobe Hong Kong’s government says more banks based in the country are preparing to join Mainland China’s digital yuan pilot. Mainland China’s central bank, the People’s Bank of China (PBoC), wants to expand its CBDC’s cross-border applications. And it seemingly wants even more...
Standard Chartered Bank Begins Offering Digital Yuan Exchange Services in China
29.11.2023
Standard Chartered Bank (China) has become one of the first foreign banks to participate in China’s central bank digital currency (CBDC) pilot. The bank explained that as an international bank rooted in the Chinese market for 165 years, Standard Chartered is optimistic about the development...
More Apex Banks Jump on e-CNY Pilot Trial Program – The Rise of Global CBDC Issuance?
28.11.2023
Source: AdobeStock China’s e-CNY pilot program is gaining significant attention as three additional banks join the initiative. Reports from local news outlets reveal that Hong Kong-based HSBC Bank, Hang Seng Bank, and Taiwan’s Fubon Bank are already providing access to the Asian...
More foreign banks join China's CBDC pilot trials
28.11.2023
A total of four foreign banks have integrated China's e-CNY CBDC thus far
HSBC, Hang Seng Join China’s Digital Yuan Pilot
28.11.2023
Source: Eagle/Adobe The international banking giants HSBC and Hang Seng Bank have joined China’s digital yuan pilot. 21st Century Business Herald reported that a group of “four foreign banks” have “officially announced the launch of digital yuan business.” HSBC’s Chinese arm confirmed...
Standard Chartered joins China's CBDC pilot testing
27.11.2023
The British bank will provide e-CNY CBDC services to clients and explore its future use in China's financial system
South Korea to Pilot CBDC With 100,000 Citizens in 2024: Report
23.11.2023
The Bank of Korea sees a CBDC as a potential answer to problems with existing government-issued grant systems, such as during the COVID-19 pandemic or childcare vouchers
Digital Ruble Pilot to Expand to Execute Budget Expenditures Next Year
22.11.2023
Anton Siluanov, the finance minister of Russia, has announced that the Central Bank of Russia will expand the pilot phase of the digital ruble next year to include the execution of still undefined targeted budget expenditures. Digital Ruble to Be Leveraged for Budget Expenditures The digital ruble...
Digital Hong Kong Dollar Pilot Plan to Enter Second Phase Next Year
20.11.2023
Source: HKMA The Hong Kong Monetary Authority (HKMA) is set to initiate the second phase of its digital Hong Kong Dollar project next year, focusing on the exploration of innovative applications and reinforcing collaborations across the financial industry. During the Fintech Foresight Seminar held...
CBDC Milestone: Kazakhstan’s Central Bank Introduces Digital Tenge in Pilot Phase
16.11.2023
Source: Adobe/Сергей Шиманович The National Bank of Kazakhstan has initiated a pilot phase for its central bank digital currency (CBDC), becoming the latest bank to jump on the CBDC craze. In a recent announcement, the bank said the pilot phase started with the first retail payment using...