Search
Report: Egypt Wants to Have a Functioning CBDC by 2030
16.1.2024
Egypt reportedly aims to launch a central bank digital currency by 2030 to boost the competitiveness of its national currency. According to an Egyptian economic expert, a digital currency issued by the central bank is more secure than privately issued cryptocurrencies. Enhancing Monetary Policy...
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....
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,”...
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...
Report: Bank of Korea Chief Says Growing Use of Stablecoins Threatens Central Bank Operations
19.12.2023
The Bank of Korea governor Rhee Chang-yong recently stated that the growing stablecoin use threatens the operations of central banks. The possible involvement of global networks like Visa and Mastercard in the stablecoin business will likely undermine the monetary independence of countries like...
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...
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...
Singapore Unveils Plan to Ensure Seamless Financial Transactions Across Digital Asset Networks
21.11.2023
The Monetary Authority of Singapore’s managing director has outlined the central bank’s plan to ensure seamless financial transactions across digital asset networks. “Currently, there is a proliferation of digital asset networks,” the head of Singapore’s central bank said....
Digital Euro Enters ‘Preparation Phase’ — ECB Says ‘Digital Euro Would Make Data Protection a Priority’
19.10.2023
The European Central Bank (ECB) has decided to move its digital euro project to the next phase after two years of investigation. The “preparation phase” of the digital euro will involve “finalizing the digital euro rulebook and selecting providers that could develop a digital euro platform...
India’s Central Bank RBI Launches CBDC Pilot in Call Money Market
14.10.2023
India’s central bank, the Reserve Bank of India (RBI), has initiated a pilot for a second use case of its wholesale central bank digital currency (CBDC), focusing on the call money market. The Indian central bank reportedly plans to expand its e-rupee testing to cover the entire wholesale...
Mastercard Demonstrates New Solution for CBDC Tokenization
14.10.2023
Mastercard says its new solution that enables central bank digital currencies (CBDCs) to be tokenized or wrapped onto different blockchains provides consumers with “a new option to participate in commerce across multiple blockchains with increased security and ease.” A Mastercard...
Bank of Ghana Launches Hackathon to Explore Various Use Cases of CBDC
12.10.2023
The Ghanaian central bank said it will be hosting a 12-week hackathon where participants are expected to explore the e-cedi’s nine different use cases. At the end of the hackathon, the central bank will hold a conference where individuals with outstanding solutions are recognized. Addressing...
US House Committee Passes CBDC Anti-Surveillance State Act With Support of 60 Congress Members
23.9.2023
The U.S. House Financial Services Committee has passed the CBDC Anti-Surveillance State Act, the first anti-central bank digital currency legislative effort introduced in the United States. Congressman Tom Emmer detailed that the bill halts the efforts of the Biden administration “from...
50 US Lawmakers Reintroduce ‘CBDC Anti-Surveillance State Act’ to Protect ‘the American Way of Life’
13.9.2023
Fifty U.S. lawmakers have reintroduced the CBDC Anti-Surveillance State Act to prohibit the Federal Reserve from issuing a retail central bank digital currency “while protecting innovation and any future development of true digital cash.” Congressman Tom Emmer stressed: “President Biden is willing...
India’s Central Bank Digital Currency Has 1.5M Users, 300K Merchants, Says RBI Chief
11.9.2023
Reserve Bank of India (RBI) Governor Shaktikanta Das has revealed that India’s central bank digital currency (CBDC) now has around 1.5 million users. In addition, over 300,000 merchants are currently accepting payments in digital rupees, and the pilot is being operated through 13 banks in...
Fed Official: Digital Dollar Decision Still a Long Way Off
10.9.2023
The Federal Reserve’s vice chair for supervision has affirmed that the U.S. central bank is “a long way” from making a decision on whether to issue a central bank digital currency (CBDC). The Fed official also voiced concerns regarding USD stablecoins, emphasizing that they...
US Lawmaker: Americans Don’t Need CBDC That Can Track Purchases Like China’s Digital Yuan
1.9.2023
Several lawmakers have expressed concerns about the privacy risks of the Federal Reserve issuing a central bank digital currency (CBDC). “Americans have a right to financial privacy,” one congressman said, emphasizing: “We do not need a CBDC that can track your purchases like China does...
Governments See CBDCs Making Their Countries ‘More Economically and Financially Efficient’ — Venom Foundation CEO
29.8.2023
According to Louis Tsu, the CEO of Venom Foundation, governments that are seeking to introduce central bank digital currencies (CBDCs) are not being driven by the fear that privately issued digital currencies may soon become the preferred method for cross-border and micropayments. Instead, some...
US Congressman Warren Davidson: ‘Banning CBDC Is Essential to America’s Fintech Future’
16.8.2023
U.S. Congressman Warren Davidson has railed against central bank digital currencies (CBDC), stating that enacting a ban on these instruments is “essential” for the future of the fintech industry in America. Davidson explained that many people wrongly conflate cryptocurrencies with CBDC...
Canadians have ‘weak incentives’ to use a CBDC: Bank of Canada
11.8.2023
A central bank discussion paper found that the majority of Canadians have little trouble accessing financial services, which gives them little reason to use a CBDC