BIS joins France and Switzerland’s central banks on cross-border CBDC project
The central bank digital currency project will test cross-border settlement between French and Swiss fiat currencies. Go to Source Powered by WPeMatico
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Elizabeth Warren compares ‘bogus’ crypto to ‘legitimate’ CBDCs in senate hearing
“The threats posed by crypto show that congress and federal regulators can’t continue to hide out, hoping crypto will go away,” said the Massachusetts senator. Go to Source Powered by WPeMatico
Hong Kong to Connect Digital Yuan With Domestic Payments System in Cross-Border Trials
Financial authorities in Hong Kong have announced a second phase of trials for mainland China’s digital currency. As part of the upcoming tests, the city will link the Chinese digital yuan to its domestic payments system to evaluate the CBDC’s usability in cross-border scenarios. Hong Kong Residents to Load E-CNY Wallets via Mobile Phones China … Read more
Members of East Africa Community Explore Potential Use of CBDC for Alternative Regional Payment System
Six East African states are reportedly set to explore the possibility of using central bank digital currencies (CBDC) as an alternative to their shared payment system. The six countries, which are all members of the East Africa Community (EAC) trading bloc, are hoping this alternative will create a pathway that leads to the attainment of … Read more
Hong Kong includes central bank digital currency in fintech strategy
Research into central bank digital currencies will play a significant role in Hong Kong’s fintech development efforts. Go to Source Powered by WPeMatico
BoE tackles ‘difficult and pertinent’ questions about digital money
The Bank of England has published a new discussion paper that tries to gauge the systemic implications of both private stablecoins and a central bank digital currency. Go to Source Powered by WPeMatico
Shanghai to Hand Out $3 Million in Digital Yuan Lottery
As part of government efforts to get the digital yuan going, authorities in Shanghai will distribute $3 million worth of the central bank-issued currency among residents of Shanghai. The digital money will be dispersed through a lottery, a method that has already been implemented elsewhere in China. Lottery Winners to Get 350,000 Digital Red Envelopes … Read more
Kalashnikov Eyes Digital Ruble Settlements as Russia Aims to Replace ‘Dirty Money’
Kalashnikov Group, the Russian firearms manufacturer, is ready to transition to settlements in digital currency. The announcement came from the international economic forum in Saint Petersburg where the central bank of Russia reaffirmed its intention to replace “dirty” and “infectious” paper cash with the digital ruble that’s currently under development. Russia’s Kalashnikov Concern Looks Forward … Read more
Ghana gearing for central bank digital currency pilot
Ghana is striving to become the first African nation to float a central bank digital currency. Go to Source Powered by WPeMatico
ECB: Digital Euro to Boost Global Appeal of European Money, Fight ‘Artificial Currencies’
The digitization of traditional currencies like the euro has the potential to increase their international appeal, the European Central Bank says in a new report. A failure to offer a digital currency would endanger financial stability, ECB warns. The regulator is concerned about the prospect of tech giants dominating payments through their “artificial currencies.” Eurozone’s … Read more
