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CBDC – Central Bank Digital Currencies

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January 2024

Petro cryptocurrency era ends in Venezuela

The controversial Petro cryptocurrency is now defunct as Venezuela pulls the plug.

November 2023

Is Hong Kong really in the forefront of the global digital money race?

Hong Kong is charging ahead in its digital currency initiatives, but more must be done to address the e-HKD’s environmental impact and security concerns.

October 2023

ECB to kick off digital euro preparation phase on Nov. 1

The central bank said that the preparation phase is not a decision on the issuance of a digital euro.

Japanese yen-backed digital currency set to launch next July

The DCJPY could play a central role in the future’s currency system, according to DeCurret Holdings.

Bank of Korea to kick off wholesale CBDC pilot

South Korea’s central bank will be launching a pilot program for its central bank digital currency (CBDC) to explore infrastructure requirements, according to an Oct. 4 joint statement by the Bank of Korea (BOK), the nation’s Financial Services Commission (FSC) and the Financial Supervisory Service (FSS). See related article: CBDCs are coming. Here’s why you […]

EU wholesale CBDC plans to publish within weeks, France central bank governor says

European Union central banks will publish plans for a wholesale central bank digital currency (CBDC) in the coming weeks, François Villeroy de Galhau, the governor of France’s central bank, said at a Tuesday event in Paris. See related article: US legislators to discuss CBDC prevention bill on Sept. 20 Fast Facts See related article: Nepal […]

September 2023

US legislators to discuss CBDC prevention bill on Sept. 20

The U.S. House Financial Services Committee announced last Friday that it will discuss a new bill to prevent the issuance of a CBDC.

Nepal central bank plans CBDC within two years, crypto and stablecoin still excluded, says spokesperson

It has been more than a year since Nepal’s central bank, the Nepal Rastra Bank, initiated amendments to the law to enable the issuance of the digital version of the Nepalese rupee. What is the status of its CBDC?

August 2023

Asia’s richest man bets on blockchain, CBDC

Mukesh Ambani, Asia’s richest man from India, said on Monday that his Reliance Industries Ltd. is exploring blockchain-based platforms and central bank digital currencies (CBDC).

BTC Markets CEO sees silver lining in Australian banks’ crypto clampdown

Australian banks are heightening scrutiny on digital asset exchanges and restricting crypto payments due to rising scams and frauds. Caroline Bowler, CEO of BTC Markets highlights the challenges and opportunities faced by the industry in the country.

Why smart money is pushing the big idea of ‘purpose-bound money’: Opinion

Recently proposed by Singapore in collaboration with fintech heavy hitters, PBM can be a powerful tool for promoting accountability and efficiency, writes Anndy Lian. But it’s not without risks.

July 2023

Tourists from Mainland China can now shop in Hong Kong with Chinese CBDC

Mainland tourists can now shop in Hong Kong with Chinese CBDC, as part of a digital yuan shopping festival launched this week by the Bank of China (Hong Kong).

USDT’s goal is to be the dollar, not beat it, says Tether CTO

Scrutiny on the stablecoin’s reserves has intensified since USDT’s latest depegging scare. Paolo Ardoino, CTO of Tether and Bitfinex, delves into the composition of USDT reserves, explaining how the firm ensures dollar redemptions, irrespective of secondary market prices.

XRP’s partial victory as Russia inches toward CBDC; Arkham draws flak

Welcome to Forkast IQ, presented by Angie Lau, where we look beyond the headlines to get you insights that power smarter decisions. Coming up on today’s show:

Blockchain Alliance’s Raj Kapoor says the technology can reshape India’s governance systems

Kapoor founded the India Blockchain Alliance five years ago and gives an update on how the technology is being used in police reports to real estate transactions, as well as challenges of CBDC adoption and plans for tokenization of assets. He spoke in an interview for Forkast IQ.

June 2023

EU publishes draft bill for digital euro and cash payments

The European Commission released two proposals on Wednesday, one for the digital euro, the ECB’s CBDC, and a legislative proposal to safeguard the role of cash.

Shanghai Clearing House launches digital yuan services for commodity trading

The Shanghai Clearing House started digital yuan clearing and settlement services for trading in commodities on Monday.

Singapore central bank, Amazon, IMF unveil ‘purpose-bound’ money technical concept

The Monetary Authority of Singapore (MAS) released on Wednesday a whitepaper for “purpose bound” money, detailing a technical overview of digital currencies designed for specific purposes.

IMF says common global CBDC platform, rules needed for international transactions: Reuters

Central banks need to agree on a common global platform and rules to ensure international use of CBDCs, IMF’s Kristalina Georgieva said.

May 2023

Warren Buffet-backed Nubank, Visa, Mastercard to join Brazil’s CBDC pilot

Banco Central do Brasil, the central bank of Brazil, has selected 14 institutions to participate in the pilot run of the country’s central bank digital currency (CBDC) named Real Digital.

Hong Kong Solidifies Crypto Regulations even as Malaysia bears down on Huobi

The launch of Hong Kong’s very own CBDC comes with new regulations for crypto trading platforms operating in the city.

Are deposit tokens the new stablecoins — or a wolf in sheep’s clothing?

Stablecoins are a key part of the crypto ecosystem, but banks like JPMorgan are now exploring deposit tokens as an alternative. Which is better, and why?

Big buys fail to lift NFT markets as regulatory uncertainty weighs heavy on crypto

Investors remain cautious as U.S. debt talks continue despite slowing inflation and large NFT purchases.

Ripple joins Hong Kong CBDC pilot, partners with Fubon Bank

Ripple Labs has launched a new payment platform for a central bank digital currency in Hong Kong.

XRP gains; Lift-off for Space Pepe NFTs; US investor sentiment up on positive debt talks

Bitcoin and Ether prices fell on Friday morning in Asia. XRP gained after Hong Kong CBDC announcement by issuer Ripple.

Hong Kong’s e-HKD pilot puts the world on notice

Rollout of the central bank digital currency in Hong Kong is a potential game-changer and a move that others may soon look to follow.

China’s Jiangsu Province to expand digital yuan adoption in education sector

China’s Jiangsu Province plans to expand the use of digital yuan to its public education system, as the province seeks to spearhead the country’s CBDC pilot.

 It’s a fight for the future of money in the US, says Christopher Giancarlo

The U.S. is resisting digitization of the dollar due to it being a threat to the country’s dominance over traditional financial system, said Christopher Giancarlo, former chair of the Commodity Futures Trading Commission (CFTC) and author of “Crypto Dad: Fight for the Future of Money.”

Central bank digital assets can legitimize risk in the crypto space, says Standard Chartered’s Geoff Kendrick

In the second installment of a three-part interview series, Geoff Kendrick, head of crypto research and EM FX West at Standard Chartered Bank, talks altcoins, stablecoins and the legitimization of crypto risk through central bank digital assets.
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April 2023

Coinbase sues SEC in bid for clarity on crypto rules

Top blockchain and crypto news: Coinbase in court to force SEC’s hand. PEPE surge lifts memecoin mood. China paves CBDC path with payroll.

China’s Changshu city to pay civil servant salaries in digital yuan

State employees in China’s Changshu City will receive their salaries in digital yuan from May, as China’s CBDC expands in daily uses.

Equinix, Astra in pact to advance Indonesia’s digital infrastructure needs

Nasdaq-listed Equinix and Indonesian conglomerate Astra International have set up a joint venture to help local businesses and multinationals capitalize on emerging technologies.

ECB’s Lagarde gets pranked, reveals digital euro will have ‘limited’ control

ECB President Christine Lagarde said the digital euro would have “limited control” in a prank call.

India prioritizes offline CBDC transfers, targets 1 mln users in three months: CoinDesk

India is reportedly aiming to have one million users of its CBDC within three months of launch, according to sources familiar with the matter cited by CoinDesk. 

March 2023

Japan’s finance ministry to launch panel to assess digital yen: NHK

Japan’s Finance Ministry is reportedly planning to launch an expert panel next month to assess the feasibility of issuing a digital yen, according to NHK.

Russia delays CBDC pilot to await new law

Russia has postponed the trial of a digital ruble originally scheduled for April 1, as it awaits a regulatory framework to be adopted before the pilot, according to a report by state-owned news agency TASS.

India, UAE to collaborate on cross-border central bank digital currencies

The Indian central bank and the UAE will jointly run pilot programs on their central bank digital currencies, according to the Reserve Bank of India. 

China’s WeChat social media giant integrates digital yuan into payment platform

WeChat, China’s leading social networking and payment app, has integrated the digital yuan into its payment network, which may help adoption of the CBDC.

CBDC: Boon Or Bane?

Critics fear CBDCs could mean the end of cryptocurrencies, and an increasing number of countries are racing to develop their own.

Australia’s central bank identifies CBDC use cases as it prepares pilot launch

Australia has outlined potential use cases and providers for a central bank digital currency (CBDC), with a pilot program to be launched in the coming months.

China’s digital yuan initiative gets cold reception from Hong Kong visitors

China is promoting digital yuan to Hong Kong visitors, but has not received much enthusiasm so far.

Creation of U.S. digital dollar would ‘crowd out’ crypto: ex-Biden adviser

A U.S. central bank digital currency would “crowd out” the cryptocurrency ecosystem and protect national security, according to an ex-top presidential adviser.

February 2023

Japan to launch digital yen pilot programme in April

Japan will start a pilot programme to test the use of a digital yen in April, joining a growing number of countries seeking to launch their own CBDCs.

Crypto Clarity Coming?

The UK and Europe are following suit in trying to regulate crypto. Just how far along have they come and what more do they have in store?

UAE central bank to issue CBDC, promote digital asset growth

The United Arab Emirates plans to launch a central bank digital currency (CBDC), among other initiatives, to become a financial and digital payment hub.

CBDCs are coming. Here’s why you should worry

Governments are pushing central bank digital currencies to exert more control over macro policy, writes Josef Tětek of Trezor. But your money and privacy are also at stake.

India’s largest retailer Reliance starts CBDCs sales

Indian retail giant Reliance Retail announced on Thursday that it has started accepting digital rupee payments to become the largest Indian firm to adopt the nation’s CBDC.

Why the cloud will be critical to US competitiveness in world finance

The future global financial system will be reliant on the cloud, especially when it comes to CBDCs and stablecoins, writes Michael Greenwald and Logan Weber.
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Digital yuan sales during Lunar New Year up from last year, online retailers say

Digital yuan sales at online retail platforms in China have surged during the Lunar New Year holidays fueled by local governments’ red packet coupons.

January 2023

Will Genesis meet its maker amid creditors closing in?

Top blockchain and crypto news: Genesis bankruptcy begins. FTX chief ponders a reboot. China’s CBDC gets a smart-contract upgrade.

Universal digital payments network for stablecoins, CBDCs launches at Davos

The Universal Digital Payments Network (UDPN), which aims to offer interoperability between regulated stablecoins and CBDCs, was launched today at the World Economic Forum in Davos.

What does the future hold for digital assets in 2023?

NFTs, tokenization and blockchain-based cross-border payments will see big paradigm shifts, but their success will depend on regulation, investment and adoption, writes Stephen Richardson of Fireblocks.

CBDCs may drive more funds into DeFi protocols, says Immunefi’s Mitchell Amador

Immunefi founder Mitchell Amador believes the future security risks of CBDCs will highlight the benefits of DeFi.

December 2022

Regulatory issues ‘still challenging’ as CBDCs gain popularity globally, says German tech firm Giesecke+Devrient’s Chief Evangelist Lars Hupel

Central bank digital currencies (CBDC) development and interest are growing rapidly worldwide but regulatory issues remain a challenge, especially for cross-border CBDC transactions.  But German technology company Giesecke+Devrient (G+D) – winner of Best Technology Award in the Hong Kong Monetary Authority’s Global Fast Track CBDC 2022 competition during the city’s FinTech Week in November – […]

Why local currency stablecoins are needed in non-US countries

Stablecoins in USD are becoming the digital world’s default currency — which burdens ordinary crypto users and monetary policies in smaller nations, writes Wei Zhou of Coins.ph.

S.Korea central bank puts hand up to regulate stablecoins

The Bank of Korea (BOK) claimed it needs the authority to monitor and supervise stablecoins, according to the South Korean central bank’s report published on Monday.

Indonesia central bank releases whitepaper on digital rupiah, to develop wholesale CBDC first

Indonesia’s central bank has released a whitepaper detailing plans for its central bank digital currency (CBDC), as the country looks to “advance digital transformation.”

November 2022

Japan’s central bank to test digital yen with three megabanks: report

The Bank of Japan, the country’s central bank, will conduct experiments with three megabanks and regional banks on a digital yen, according to a report by Nikkei on Wednesday. 

Singapore’s central bank partners New York Fed to explore wholesale CBDCs

The Monetary Authority of Singapore (MAS) has partnered The New York Innovation Center of the Federal Reserve Bank of New York, to study if wholesale central bank digital currencies (wCBDCs) can make cross-border payments more efficient.

The Future of Money

CBDCs are the latest fad amongst central banks around the world – but how can they change our lives?

Stablecoin, CBDC issues take center stage at Singapore’s Future of Finance Forum

Central bank digital currencies draw fire over inflation, privacy and threat to innovation, as questions raised over status of stablecoins in digital asset ecosystem.

Digital Transformation Boost

How can collaboration help advance digital age and blockchain technologies?

Singapore still aims to be a crypto hub, minus speculative trading

The Monetary Authority of Singapore (MAS) wants to build the city-state into a “crypto hub” fueled by instant settlements, tokenized assets and programmable money, not “speculating in cryptocurrencies,” Ravi Menon, the central bank’s managing director, said at the Singapore FinTech Festival on Thursday. 

Singapore’s Project Ubin+ to study cross-border FX with CBDCs

The MAS launched Project Ubin+ on Thursday, a collaborative initiative with international partners to explore cross-border foreign exchange settlements using wholesale CBDC.

India’s finance minister urges G20 nations to come on board to regulate crypto

Indian Finance Minister Nirmala Sitharaman has urged all Group of 20 (G20) nations, as well as international bodies like the International Monetary Fund and Financial Stability Board, to come together to help regulate crypto assets. See related article: India’s finance minister sees 46% growth in blockchain technology use in next few years Fast facts Sitharaman […]

BIS’ ‘Project Mariana’ to explore CBDC integration with DeFi

The Bank for International Settlements (BIS) has launched a new project with the central banks of Singapore, France and Switzerland to study the possibility of integrating some decentralized finance (DeFi) features with central bank digital currencies (CBDCs). See related article: mBridge participants to end domestic payments of foreign CBDCs Fast facts The BIS announced on […]

Payments platform StraitsX to show real-world stablecoin use at Singapore Fintech Festival

Singapore-based StraitsX, a payments infrastructure for digital assets, will pilot stablecoin applications at the ongoing Singapore Fintech Festival. 

mBridge participants to end domestic payments of foreign CBDCs

Bank of Thailand’s Vachira Arromdee said on Tuesday the four central banks in the mBridge CBDC trials agreed to end use of foreign CBDCs domestically.

October 2022

India shortlists nine banks to start CBDC trial from Nov. 1

India’s central bank, the Reserve Bank of India (RBI), will pilot the country’s first digital rupee in the wholesale segment (e₹-W) from Nov. 1 and has identified nine banks for participation in the trial. 

Hong Kong announces policies to win back role as digital asset hub

Hong Kong reveals digital asset policies to distinguish itself from China, where cryptocurrency trading was banned in September last year.

Kazakhstan’s central bank to test CBDC on BNB chain

The National Bank of Kazakhstan [NKB] will be testing the integration of their central bank digital currency (CBDC) on the BNB Chain.

Aptos debut underwhelms amid questions over design and performance

Top blockchain and crypto news: Aptos launch falls short. Why FTX chief is calling for crypto regulations. Is Hong Kong paving way for a retail CBDC?