State-backed digital currencies can disrupt financial systems: Report
While CBDCs could help central banks address the decline in cash payments, some risk factors remain. Go to Source Powered by WPeMatico
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UK will likely need to issue a digital currency, says BoE deputy governor
The Bank of England’s deputy governor has argued that, with the possible rise of non-bank actors issuing currency, public money in digital form could serve as a crucial anchor for confidence in money as a social convention. Go to Source Powered by WPeMatico
Central Bank of Bahrain and JPMorgan to work on digital currency settlement pilot
The Central Bank of Bahrain expects that its digital currency collaboration with JPMorgan and Bank ABC could extend to a CBDC. Go to Source Powered by WPeMatico
Hong Kong to expand pilots for cross-border use of digital yuan
The first phase of tests for use of the digital yuan across borders has been successful, the Hong Kong Monetary Authority has said. Go to Source Powered by WPeMatico
Bank of Israel Drafts Model of a Digital Shekel
The central bank of Israel has offered a glance at what a digitalized version of the national fiat currency may look like. According to a released “draft model” of the coin, Israelis should be able to use the digital shekel in payments, even offline, and convert it to cash at any moment. The Israeli central … Read more
The challenges with designing a CBDC, explained
Central bank digital currencies face a tricky trilemma when it comes to ensuring they are well designed. What’s the answer? Go to Source Powered by WPeMatico
Digital Yuan Trial Hotspot Not Seeing Wide Acceptance, Claims Report
With digital yuan pilots underway in China, it seems the currency is not meeting government expectations. A recent report highlighted a series of interviews from people in the hotspot, reflecting a lackluster reception among the participants. Privacy Concerns Reported According to Bloomberg, residents in Shenzhen, the Chinese analog to Silicon Valley, have shown little interest … Read more
Israel’s central bank floats possible digital shekel with new action plan
The bank has been exploring the introduction of a CBDC since 2017. Go to Source Powered by WPeMatico
China’s Digital Yuan Smart Card to Feature Biometrics and Fingerprint Scanning
The People’s Bank of China’s upcoming digital yuan card will feature IDEX Biometrics and fingerprint scanning, according to regional reports. China’s “Digital Currency Electronic Payment” or DCEP is getting closer toward launch by the day. Last week, smart card manufacturer Chutian Dragon and IDEX Biometrics announced the companies are working on a digital yuan payments … Read more
Kazakhstan Is Preparing the Launch of a CBDC Pilot With Private Financial Companies
Central bank digital currencies (CBDCs) are steadily becoming a serious discussion among governments globally, with Kazakhstan as the latest country unveiling its plans. The National Bank of Kazakhstan is making preparations to launch a CBDC pilot program soon. The National Bank Released a Public Consultation Paper According to the announcement published on their website, the … Read more
