The US Federal Reserve has been exploring the feasibility of a CBDC. This, however, is not a sign that a digital dollar is on the horizon. Former United States President Donald Trump has stated that he will not allow the creation of a central bank digital currency (CBDC). Trump, who is seeking the Republican presidential…
This article is featured in Bitcoin Magazine’s “The Primary Issue”. Click here to get your Annual Bitcoin Magazine Subscription. Click here to download a PDF of this article. “What luck for rulers that men do not think.” – Adolf Hitler Bitcoin will not kill the U.S. dollar. It will become the U.S. dollar, with all…
The Bank of Korea will be looking to use the pilot stage of its CBDC to determine things such as acceptability and ease of use. South Korea, through its apex bank – The Bank of Korea (BOK) – has revealed its plans to begin testing its central bank digital currency (CBDC) in 2024. A local…
The MAS will collaborate with local banks during the pilot, allowing them to issue tokenized bank liabilities on blockchain technology, streamlining the clearing and settlement processes. Singapore is gearing up for a groundbreaking move into the era of Central Bank Digital Currencies (CBDCs), with plans to pilot the live issuance and use of wholesale CBDCs…
The NBG will now commence the pilot stage and test the Ripple CBDC platform in a live environment to evaluate select use cases. The National Bank of Georgia (NBG) has chosen blockchain and crypto solutions provider Ripple as a technology partner in its Central Bank Digital Currency (CBDC) pilot project. The Digital Lari (GEL) project…
SNB said that all transactions conducted during this test phase will be secured by digital bonds and settled on SDX using the wCBDC framework. The Swiss National Bank (SNB) has announced its partnership with SIX Digital Exchange (SDX) and other prominent commercial banks in Switzerland for the initiation of a pilot project aimed at testing…
The e-HKD program has taken a three-rail approach for the potential implementation of the virtual currency: foundation layer development, industry pilots and iterative enhancements, and full launch. Hong Kong’s central bank digital currency (CBDC) pilot is set to advance to its second phase following the successful completion of phase one. The first phase was largely…
Currently, there are nine residents of the park. All of them will get access to ten government initiatives introduced to “boost the development” of the digital yuan ecosystem. The initiatives include payment solutions, smart contracts, hard wallets, and digital yuan promotion. The first industrial park has been opened in the Luohu district of Shenzhen, China, with…
MasterCard says it has devised a solution that helps it tokenize (or wrap) CBDCs onto different blockchains. Global payments platform Mastercard Inc (NYSE: MA) has announced the successful completion of an experiment it carried out using wrapped central bank digital currencies (CBDCs). As Coinspeaker reported in March, the company had the help of the Reserve…
Aside from the commercial bank, the Bank for International Settlements (BIS) will participate in the pilot to provide technical guidance and expertise to users. South Korea has become the newest country to conduct a pilot program to explore the technical infrastructure necessary for a central bank digital currency (CBDC). On October 4, the Bank of…
As part of Project Marina, the three banks have collaborated with the Bank of International Settlements (BIS), for conducting CBDC cross-border settlements. The central banks of France, Switzerland, and Singapore collaborated with the Bank of International Settlements (BIS) to conduct a joint test for cross-border payments with central bank digital currencies (CBDCs). On Thursday, September…
mBridge stands out as the sole international CBDC project in which China has participated. Currently, all participating central banks have CBDCs in the pilot project phase. The Hong Kong Monetary Authority (HKMA) CEO Eddie Yue has revealed plans for significant expansion of the mBridge project, which involves the central bank digital currency (CBDC). In a…
SWIFT has been actively involved in various CBDC-related projects, including a wholesale CBDC initiative in collaboration with the New York Federal Reserve Bank, utilizing a regulated liability network. SWIFT, a prominent bank messaging platform connecting over 11,500 financial institutions worldwide, announced that three banks have joined the beta phase of its central bank digital currency…
The director of Digital Currency Research Institute of the People’s Bank of China said that online platforms have the responsibility to adhere to the regulatory requirements. On Sunday, September 3, Changchun Mu, director of the Digital Currency Research Institute of the People’s Bank of China, emphasized the importance of wallet providers in enabling CBDC payment…
IBM said that simplicity will play a crucial role in the initial adoption of Digital Euro, emphasizing that familiarity strengthens this process. As we know, the European Union has been working on its own central bank digital currency (CBDC) aka Digital Euro, and has been receiving consultations from global tech players. Tech giant IBM has…
As Australia deliberates the potential implementation of CBDC, the central bank’s report emphasizes that while introducing a digital dollar could enhance efficiency and resilience in certain segments of the country’s payment ecosystem. As the global financial landscape continues its rapid evolution, the Reserve Bank of Australia (RBA) has concluded its pilot program for a central…
As part of its CBDC Partner Program, Mastercard has joined hands with prominent CBDC leaders and payment giants to work along with the central banks to bring CBDCs to the market under a regulatory framework. On Thursday, August 17, global payments giant Mastercard disclosed its CBDC partner program while naming initial partners as Ripple and…
The DREX CBDC will utilize distributed ledger technology (DLT) for settling wholesale interbank transactions, and retail access will rely on tokenized bank deposits. The Central bank of Brazil continues to push further with its progress o the central bank digital currency (CBDC). Previously popular as Digital Real, the CBDC gets a new official brand name…
While the CBDC testing is scheduled for next year, the road to CBDC implementation is not without its challenges. The Bank of Korea (BoK) is making headway in its quest to develop and test its central bank digital currency (CBDC). According to a new report from the country’s local news outlet, the bank has selected…