January 2022
Japan must cooperate with Europe, US on CBDC, BOJ says
The Bank of Japan’s (BOJ) chief called on the U.S. and Europe to cooperate on creating a global technical standard for a central bank digital currency (CBDC), Reuters reported on Friday. Fast facts The central bank has not made a decision on the issuance of a CBDC, but has conducted experiments while deliberating on the […]
Hong Kong to pilot international trade settlement for mBridge this year
Hong Kong’s central bank digital currency (CBDC) project with three other central banks and the Bank of International Settlements (BIS) will enter its pilot stage this year to test international trade settlements, a Hong Kong government official said. Fast facts Christopher Hui, Hong Kong’s Secretary for Financial Services and the Treasury, said on Wednesday the […]
Why governments have powerful incentives to develop digital currencies
CBDCs can increase financial inclusion and prevent crime, according to blockchain expert Tiana Laurence. What’s not to like about state-backed digital money?
Regulatory uncertainty has not slowed down India’s crypto sector
With new products and services being launched and international exchanges setting up camp, crypto startups thrive despite the shadow of a crypto ban.
BIS to study DeFi for SME financing in Hong Kong
The Bank for International Settlements (BIS) Innovation Hub announced on Tuesday that its Hong Kong Center will explore this year whether decentralized finance (DeFi) can improve financing for small and medium enterprises. Fast facts In Hong Kong, the BIS has been working with central banks of China, Hong Kong, United Arab Emirates and Thailand on […]
How to avoid regulatory pitfalls in an increasingly ‘cryptoized’ world
Crypto regulations run the gamut from wait-and-see to total prohibition. What are the dos and don’ts of smart regulation?
Zhejiang urges its cities to host the next digital yuan pilots
China’s Zhejiang wants six of its cities to compete for the next digital yuan pilots, which may open the door for the eastern coastal province to showcase the central bank digital currency (CBDC) during the September Asian Games. Fast facts
Korea to survey crypto assets; China hunts for CBDC talent
Korea will include virtual assets in its financial survey, while China’s central bank hunts for CBDC talents.
Digital dollar leaps closer to reality with new Fed paper
Though the world’s most powerful central bank does not stake a position, its discussion paper is a big step toward supporting a future US digital currency.
Guangzhou will advance digital yuan, blockchain pilots in 2022
Guangdong Province’s 2022 Government Report says its capital city Guangzhou will become a digital yuan testbed and a blockchain innovation application pilot center in 2022. Fast facts Guangzhou applied to become a new digital yuan pilot city in September 2021. Guangzhou is one of the major cities of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). […]
No decision on digital dollar in Fed’s new CBDC report
The U.S. Federal Reserve’s report on central bank digital currencies (CBDCs) released on Thursday did not contain policy recommendations or decisions on digital dollar issuance. Fast facts The paper acknowledged that the Fed will not proceed in creating a digital dollar without clear support from lawmakers, ideally through a specific authorizing law. The Fed said […]
Lack of audience won’t stop digital yuan showcase at Winter Olympics
The digital yuan is undergoing its final preparations in the leadup to the Beijing Winter Olympics, despite the expected absence of a general audience due to Covid-19 concerns. Fast facts The People’s Bank of China (PBOC), the central bank, said all payment channels for the 2022 Winter Olympics, including the digital yuan, are set to […]
Fed nominee looks to Congress for guidance on US digital dollar
The U.S. Federal Reserve is deferring to Congress to decide whether to introduce a central bank digital currency (CBDC), Lael Brainard told the Senate banking committee Thursday at her Fed vice chair nomination hearing. Fast facts Republican Senator Cynthia Lummis asked whether the vice chair nominee believed that the digital dollar should be available to […]
$1.5 billion worth of digital yuan transacted in Beijing last year
Residents in Beijing recorded 9.6 billion yuan (US$1.5 billion) worth of digital yuan transactions in 2021, after several rounds of coupon-driven promotions, according to state media, citing official data. Fast facts
Hong Kong outlines stablecoin regulation plan to check financial stability risks
Stablecoins and CBDCs will likely co-exist in the city, experts say, as Hong Kong looks to thrive as crypto hub.
Kazakhstan crypto mining fortunes falter as regime unplugs internet
Top blockchain and crypto news: Bandwidth bust in Kazakhstan. Binance chief CZ tops rich list. Digital yuan app adoption grows.
Telecoms giant China Unicom accepts digital yuan for phone bills
China’s No. 3 telecoms provider has started accepting payment for phone bills in digital yuan on its app, in the latest move by a major firm to advance the country’s fledgling central bank digital currency (CBDC) efforts. Fast facts Since earlier this week, China Unicom customers have had the option of using digital yuan, also […]
China’s digital yuan wallet gets 16 million downloads in debut week
China’s pilot e-CNY wallet application, currently available in a dozen major cities, topped 16 million downloads in the first week after its launch, according to two data providers. Fast facts
Former CFTC chair predicts Congress will push back on SEC’s crypto regulation
Christopher Giancarlo, AKA CryptoDad, expects legislators to get comfortable with crypto in 2022 and take a progressive approach to regulation
Bored Ape NFT frenzy; Play-to-earn sustainability questioned
China’s e-CNY pilot app is ready for download as Bored Apes headline NFT frenzy.
CBDCs and the year that may reshape crypto markets
Top blockchain and crypto news: CBDCs at the crossroads. A token gesture from Samsung. NFTs survive in China.
South China’s Guangxi region looks to cross-border e-CNY trade uses
Guangxi, China’s southern provincial-level region, is researching cross-border finance, supply-chain service platforms and e-CNY applications, according to a report by local state-run media Guangxi Daily. Fast facts The Guangxi autonomous region — often seen as a gateway for Association of Southeast Asian Nations (ASEAN) trade — plans to support cross-border circulation of capital, according to the […]
December 2021
U.S. will be big elephant in the room in 2022, says WEF’s Sheila Warren
While China made a big moves in banning crypto this year, US lawmakers appear to be warming up to the industry, setting the stage for next year.
Countries will jump aboard the crypto bus in 2022 or get left in its dust, says WazirX founder
Despite the looming parliamentary debate over banning private digital currency in India, the founder of Mumbai-based crypto exchange WazirX predicts thousands of new crypto startups.
CBDC tracker shows U.S. falling further behind
Of the Big Four central banks, including those of the EU, UK and Japan, only the Federal Reserve has not progressed beyond research mode in central bank digital currencies.
China’s PBOC wants to link e-CNY with Hong Kong’s Faster Payment System
Mu Changchun, director-general of the People’s Bank of China’s digital currency institute, said today the central bank is working with the Hong Kong Monetary Authority (HKMA) to test cross-border payment features for the e-CNY, China’s much anticipated central bank digital currency (CBDC). Fast facts Mu said at a webinar, jointly organized by the PBOC and […]
Japan’s central bank is urged to speed up its digital yen project
With economic security as a top priority, the Kishida administration anticipates the release of competing CBDCs.
The digital yuan’s de-dollarization
Why the Federal Reserve and other major central banks are likely to speed up development of retail CBDCs.
Crypto resilient to Omicron: Japan speeds up on CBDC
Crypto resilient to Omicron meanwhile Japan speeds up on CBDC
Investors queasy as prospect of India crypto ban returns
Top blockchain and crypto news: Are India’s CBDC plans crowding out crypto? Jack Dorsey goes full Bitcoin bro. China’s digital yuan hopes claim another victim.
November 2021
Nigeria charges ahead with CBDC deployment with 600K app downloads
In Nigeria, the eNaira — the country’s newly launched central bank digital currency (CBDC) — has already seen nearly 600,000 downloads, according to local media Nairametrics citing the Central Bank of Nigeria (CBN). Fast facts The local media reported Saturday that the CBN governor has revealed the country’s total digital transactions rose by more than […]
China’s new mobile payment rules could pave the way for e-CNY, experts say
In the long run, the new rules may ‘lay the perfect foundation’ to improve risk management, says an ICBC expert.
Reserve Bank of Australia considers wholesale digital dollar
Interest in cryptocurrency is being driven in part by ultra-low interest rates, Reserve Bank of Australia assistant governor Michele Bullock has said, while indicating the RBA is considering the creation of a central bank digital currency (CBDC) for use in wholesale markets, according to the Australian Financial Review. Fast facts Speaking at a Women in […]
What would Jerome Powell’s second term mean for crypto?
Top blockchain and crypto news: Fed nominations suggest no sudden moves. El Salvador’s Bitcoin lava affair. Dodgy dealings in China’s digital yuan.
South Korea CBDC development continues: Bank of Korea official
Bank of Korea’s (BOK) deputy governor Bae Joon-suk says its central bank digital currency (CBDC) development is “not one step behind that of any other country.” However, South Korea still has no plan to adopt a state-backed digital currency. Fast facts Bae spoke at Bank of Korea’s online conference on payment and settlement systems yesterday, […]
How will CBDCs benefit economies in Southeast Asia?
Central banks around the world are exploring digital currencies, writes Aymeric Salley of StraitsX. Here’s why Southeast Asia may be especially ripe for them.
3 teams, including ConsenSys, win Singapore’s CBDC Global Challenge
The projects topped 300 rivals in their potential to improve the future digital Singapore dollar in payment services and financial inclusion. Who were the other winners?
Africa’s first CBDC wallet hits almost 500K downloads
As central bank digital currencies begin picking up steam around the world, the Central Bank of Nigeria announced on Friday the digital wallet for its own digital currency, the eNaira, has been downloaded 488,000 times in 160 countries — in just 19 days after its launch. Fast facts According to local news reports, after President […]
Digital yuan use surges across China with 140 million wallets as officials deny timetable for launch
China’s soft rollout of the first major economy’s central bank digital currency (CBDC) continues apace. Yi Gang, governor of the People’s Bank of China, and Mu Changchun, director of the Digital Currency Research Institute of the bank, reported that the average weekly transaction volume of e-CNY is growing by 3 billion yuan (US$469 million) and […]
How Singapore is looking at Web 3.0 and DeFi as it prepares for a digital Singapore dollar
Speaking at the Singapore FinTech Festival, Singapore central bank chief Ravi Menon announces the launch of Project Orchid, a digital dollar project.
Asia-Middle East multiple CBDC bridge builds out business use cases for international payments
22 private sector finance heavyweights together with the BIS and central banks of China, Hong Kong, Thailand, and UAE aim to achieve a production-ready international trade settlement platform using CBDCs.
Report: Stablecoins, CBDCs may not resolve financial inclusion, international remittance challenges
Stablecoins and central bank digital currencies (CBDCs) may not live up to their promise of increasing financial inclusion and improving cross-border payments in emerging markets, according to a new report by the Bank for International Settlements. Fast facts According to the report, the most important contribution of stablecoins is that they have drawn attention to […]
October 2021
Nigeria to become 1st African country to launch a central bank digital currency
Nigeria, a country with one of the world’s highest cryptocurrency adoption rates, is set to become the first African nation to launch its own central bank digital currency (CBDC) today as President Muhammadu Buhari formally launches the eNaira. Fast facts Nigeria’s CBDC, the eNaira, was initially scheduled to be launched on Oct. 1. The launch […]
37% of Singaporeans use or are keen on crypto for purchases — but more are uninterested: report
More than one-third — or 37% — of Singapore residents are already using or are interested in using cryptocurrencies to pay for purchases, according to the latest research from Worldpay from FIS, a payment platform. But nearly half — or 47% — of Singaporean respondents said that they were not interested in using cryptocurrencies for payments. […]
Ripple joins Digital Pound Foundation as it looks to expand its CBDC business
Ripple, a San Francisco-based blockchain payments company, has joined the Digital Pound Foundation, a non-profit organization supporting the implementation of a digital pound in the United Kingdom, according to a Ripple blog post. Fast facts As a foundation member, Ripple will be represented on the board by Susan Friedman, Ripple’s head of policy. Other foundation […]
Laos hires Tokyo blockchain startup to explore CBDC
Laos enlisted Soramitsu, a blockchain company headquartered in Tokyo, Japan, to explore a central-bank backed digital currency (CBDC). The Lao Central Bank and Soramitsu’s research will begin as early as this month. Fast facts The Central Bank of Laos reportedly has recently signed a memorandum with the Japan International Cooperation Agency to discuss the development […]
Hong Kong issues technical white paper on e-HKD
The Hong Kong Monetary Authority (HKMA) on Monday released a white paper proposing potential technical architecture and design for the infrastructure of a digital Hong Kong dollar. The paper is one of the deliverables described in Project e-HKD, a feasibility study the HKMA announced in June 2021. Fast facts Hong Kong began its exploration of […]
e-CNY chat wallet launched; Korean illegal crypto transactions surge
China’s telecom giants to bring digital yuan transactions to mobile chatting boxes.
September 2021
CBDC plans advance in Nigeria, Chile, Tajikistan
Nigeria, Chile and Tajikistan have taken major steps in their plans for central bank digital currencies (CBDCs), while mainland China, Hong Kong, Thailand and the United Arab Emirates explore the potential for CBDCs in cross-border payments. Fast facts The Central Bank of Nigeria (CBN) has launched a website for eNaira, the country’s CBDC, which will […]
How central banks are wielding blockchain in soft power competition
China’s crypto ban is part of a global battle over freedom and ideology, writes Michael B. Greenwald. How can the US lead the world in a different path?
Former US Treasury advisor predicts no ‘real action’ from Fed on CBDC
While a US digital dollar is stuck at pole position, China’s digital yuan is nearing the finish line. Michael B. Greenwald of Tiedemann Advisors explains why it matters to the future global economy.
Bhutan to adopt Ripple’s XRP technology for CBDC pilot
Ripple’s win in Bhutan comes as it suffers a setback in a US court as judge rebuffs Ripple’s request for SEC’s internal trading decisions over XRP.
Reserve Bank of Australia posts CBDC job position
Amid the country’s ongoing Senate inquiry into crypto regulation, the Reserve Bank of Australia has posted a job advertisement for a position within its central bank digital currency research team. Fast facts A successful applicant would join a new cross-disciplinary team to research “whether there is a case for a CBDC in Australia, and if […]
What is the outlook for a US central bank digital currency?
It’s hard to move forward on a CBDC when those in charge can’t agree. Is time running out for an American digital dollar?
Imagining a global digital wallet and the future it can hold
As governments and citizens embrace digital currencies of all kinds, from Bitcoin to CBDCs, here’s what the world and daily life could look like.
BIS Innovation Hub, 4 central banks in CBDC test for cross-border transactions
The Bank for International Settlements (BIS) Innovation Hub together with the central banks of Australia, Malaysia, Singapore and South Africa today announced they will be collaborating to test the use of central bank digital currencies (CBDCs) for international settlements. Fast facts According to a joint statement, the pilot is part of Project Dunbar, a wholesale […]
Jack Dorsey’s Bitcoin bourse. Are NFTs in bubble trouble? China banks on e-CNY.
Top blockchain and crypto news: Does TBD stand for Twitter Boss Decision? NFTs’ ballooning interest. How billions in e-yuan are coursing through China.
August 2021
Nigeria partners with Bitt Inc. to launch its own cryptocurrency, the eNaira
Nigeria, a country with one of the world’s highest cryptocurrency adoption rates, is moving ahead with its plan for a central bank digital currency pilot project called Project Giant. The Central Bank of Nigeria has selected Bitt Inc., a Barbados-based fintech startup, as its technical partner for the project, which is scheduled to launch on […]
Three state-owned banks in China release e-CNY usage data
Tens of billions in digital yuan circulate through the banks’ systems, as leaders encourage wider adoption.
Singapore central bank announces 15 finalists for Global CBDC Challenge
The Monetary Authority of Singapore (MAS) today announced 15 finalists for its “Global CBDC Challenge” — a competition to develop retail Central Bank Digital Currency (CBDC) solutions to improve payment services and promote financial inclusion. Fast facts According to MAS, the Global CBDC Challenge attracted over 300 submissions from more than 50 countries, with over […]
Digital yuan trials now looking like a ‘soft launch’ stage
China’s high penetration of smartphones, digital-savvy population helps reduce e-CNY testing time, observers say
Survey predicts crypto will rival or replace fiat within 10 years
Cryptocurrency and other digital assets are expected to rival or displace fiat currencies within the next decade, according to Deloitte’s 2021 Global Blockchain Survey. Fast facts More than three quarters of the 1,280 executives and practitioners surveyed by Deloitte, the global consulting, tax services and auditing firm, think that digital assets “will serve as a […]
Thailand publishes CBDC study results, pilot test to start in 2022
The Bank of Thailand today published the results of its retail central bank digital currency (CBDC) study and public survey, which the central bank says will guide the development of the country’s CBDC pilot test. Fast facts The Bank of Thailand underscored that a CBDC for the general public “must not adversely affect monetary policy […]
Samsung joins South Korean pilot to test CBDC on Galaxy smartphone
Samsung Electronics will participate in the Bank of Korea’s central bank digital currency pilot program to test the practicalities of digital currency remittances without internet availability, according to a report by the Korea Times. Fast facts An unnamed source familiar with the issue told the Korea Times: “Samsung Electronics has recently decided to participate in […]
Argentinian president tangos with Bitcoin despite central bank warning
Argentinian President Alberto Fernandez has indicated he is open to adopting Bitcoin as legal tender and a central bank digital currency, according to a media report yesterday, just two days after the head of the country’s central bank, Miguel Pesce, described cryptocurrencies as a threat to economic stability. Fast facts During an interview with media outlet Caja […]
Ghana central bank in CBDC tie-up with Germany’s Giesecke+Devrient
As African countries such as Morocco, Egypt, Kenya and South Africa continue to explore the feasibility of central bank digital currencies, the Bank of Ghana is set to launch a retail CBDC pilot project, the bank has announced. Fast facts For the pilot, the central bank has partnered with German firm Giesecke+Devrient, which will provide […]
Latest digital yuan trial launches with backing of JD.com, Bank of Communications
E-commerce company’s tie-up with government-owned lender suggests hybrid private-state future for central bank digital currency.
China’s central bank to accelerate digital yuan pilots for Winter Olympics
The Business Administration Department at China’s central bank has said it will push forward pilots of the e-CNY digital currency in the Winter Olympics area to cover all payment scenarios. Fast facts To promote the digital yuan for the Winter Games, two batches of e-CNY red packets were distributed in Beijing in February and June, totaling 50,000,000 yuan […]
Cambodian state digital currency sees strong uptake
Since its launch in October 2020, Cambodia’s central bank digital currency project, Bakong, has reached 5.9 million users across the country, according to a report by Nikkei Asia. Fast facts The figure includes users of member bank mobile apps, with the number of Bakong electronic wallet addresses doubling in June from three months before to […]
Venezuela launches CBDC amid runaway inflation and currency redenomination
In an effort to curb runaway inflation, Venezuela’s central bank is removing six zeros from its currency and putting a digital bolivar into circulation on Oct. 1, according to reporting by Bloomberg. Fast facts An example of a central bank digital currency, the digital bolivar was announced by the Venezuelan central bank’s Twitter account yesterday […]
Ethereum upgrade closely watched; India launches e-RUPI voucher
Ethereum upgrade closely watched also India launches e-RUPI voucher
Blockchain applications that will change the world in the next 5 years
The next half decade will see mass adoption of decentralized technology, writes Max Kordek of Lisk. Here are the leading uses.