SWIFT Plans to Launch CBDC Interconnection System in Next Two Years

SWIFT Plans to Launch CBDC Interconnection System in Next Two YearsSWIFT, the network that provides the messaging system for cross-border banking settlements, has announced plans to launch a CBDC equivalent of its current network in the next two years. The organization recently completed a 6-month test to assess the viability of such a development, which included the participation of 38 institutions, including central banks and […]

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Russia Discusses Testing Digital Ruble for Budget Payments

Russia Discusses Testing Digital Ruble for Budget PaymentsThe Central Bank of Russia and the Russian treasury are considering testing using the Russian CBDC, the digital ruble, to complete budget settlements. The tests would involve using this CBDC to make payments to businesses and citizens and receiving payments from these in CBDC, to ensure the targeted use of these funds. Russian Digital Ruble […]

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Latam Insights: Chile to Keep Advancing CBDC Tests, Argentina Debuts VASP Registry

Latam Insights: Chile to Keep Advancing CBDC Tests, Argentina Debuts VASP RegistryWelcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: the Central Bank of Chile will keep experimenting with CBDC, Argentina’s VASPs will have to register to provide services in the country, and Argentines are warming up to bitcoin as an investment instrument. […]

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Hong Kong Launches Second Phase of Its CBDC Pilot Program

Hong Kong Launches Second Phase of Its CBDC Pilot ProgramThe Hong Kong Monetary Authority announced the launch of the second phase of the pilot of its CBDC, the digital Hong Kong dollar (e-HKD). This new phase will focus on furthering the research on already examined use cases for the currency, including programmability and tokenization, and adding new, not previously explored use cases. Hong Kong […]

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Real-World Assets Platform Gluwa Considers Developing Liberia’s CBDC

The real-world assets platform, Gluwa, is exploring the potential to assist in the development and launch of Liberia’s central bank digital currency. To increase the likelihood of the digital currency’s success, Gluwa is also considering the launch of a satellite-based internet service. Making the Digital Currency Compatible with Liberia’s Mobile Money System Gluwa, a real-world […]

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Nigerian Central Bank, Real-World Asset Firm Partner to Revive Struggling CBDC

Gluwa, a platform for real-world assets, announced on March 7 its partnership with the Central Bank of Nigeria. The partnership arrangement aims to improve the functionality of the Nigerian central bank’s digital currency and promote financial innovation through blockchain technology. Improving the CBDC’s Utility Gluwa, a real-world assets platform, has entered into a partnership arrangement […]

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Jerome Powell Clarifies: US Far From Introducing a Central Bank Digital Currency

Jerome Powell Clarifies: U.S. Far From Introducing a Central Bank Digital CurrencyFederal Reserve Chair Jerome Powell stated before the Senate Committee on Banking, Housing, and Urban Affairs that the United States is far from adopting or even recommending the introduction of a central bank digital currency (CBDC), emphasizing a significant distance from such a possibility. He assured that any potential CBDC would not be designed for […]

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Fed Chair Powell Eases CBDC Concerns: US Far From Direct Fed Accounts, Emphasizes Need for Congressional Approval

Fed Chair Powell Eases CBDC Concerns: US Far From Direct Fed Accounts, Emphasizes Need for Congressional ApprovalFederal Reserve Chairman Jerome Powell engaged with the Senate Banking Committee, signaling that the U.S. is just beginning to contemplate the introduction of a central bank digital currency (CBDC). Powell Assures No Direct Fed Accounts in CBDC Plans, Seeks Congressional Go-Ahead In his conversation with the Senate Banking Committee, Fed Chair Jerome Powell explored the […]

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CBDC Anti-Surveillance State Act Back in the Senate

CBDC Anti-Surveillance State Act Back in the SenateThe CBDC Anti-Surveillance State Act has been reintroduced in the Senate with the support of five U.S. senators. “As Americans face the prospect of an increasingly weaponized government, ensuring financial privacy is pivotal,” said one senator who supports the bill. A central bank digital currency (CBDC) “would open the door for the federal government to […]

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Russia Hints at Development of CBDC-Based BRICS Bridge Payments System

Russia Hints at Development of CBDC-Based BRICS Bridge Payments SystemRussia has proposed the development and implementation of a BRICS-wide payment system that would use central bank digital currencies (CBDCs) to manage trade settlements. The BRICS bridge, as referred to by Russian Finance Minister Anton Siluanov, would address the fragmentation of the current payment system outside the West’s “unfriendly infrastructure.” Russia Hints at Using CBDC […]

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