India in ‘no hurry’ for CBDC as digital rupee pilot onboards 50k users
The central bank of India wants to proceed with CBDC testing in the smoothest way possible, deputy governor Rabi Sankar said. Go to Source Powered by WPeMatico
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Russia’s Gazprombank recommends slow CBDC rollout fearing loss of income
Gazprombank, a subsidiary of a state-owned energy corporation, which participates in Russia’s CBDC initiative, fears losing a part of its income as the digital ruble replaces traditional fiat currency. Go to Source Powered by WPeMatico
Nouriel ‘Dr. Doom’ Roubini Warns About Demise of US Dollar
Nouriel Roubini, an economist known as “Dr. Doom,” has warned about the demise of the U.S. dollar and the rise of a “bipolar” world. Roubini believes that the Chinese renminbi might be a substitute for the dollar, as new technologies like central bank digital currencies (CBDCs) and corporate payment rails contribute to a new landscape. … Read more
BIS to launch stablecoin monitoring project and up focus on CBDC experiments
The bank for central banks is expanding its CBDC research while developing a platform to monitor stablecoin balance sheets. Go to Source Powered by WPeMatico
Laotian CBDC proof of concept project to launch using system pioneered in Cambodia
The Laotian central bank and the Soramitsu firm signed an MOU to launch the project to expand financial inclusivity and provide sellers with faster settlement. Go to Source Powered by WPeMatico
UK’s digital pound would modernize payments but won’t replace cash: Minister
Finance minister Jeremy Hunt says the digital pound, or “Britcoin” would be issued and backed by the Bank of England, but won’t negate the use of cash. Go to Source Powered by WPeMatico
China doles out millions in digital yuan in bid to boost adoption: Report
Multiple Chinese city governments have given away millions worth of e-CNY to try to promote consumption around the holiday season. Go to Source Powered by WPeMatico
UK is ‘likely’ to need digital currency, says BoE and Treasury: Report
The digital pound roadmap is reportedly set to be introduced next week, along with a joint public consultation. Go to Source Powered by WPeMatico
Kazakhstan’s digital currency in pilot stage, per Binance, National Bank joint report
The Central Asian country’s CBDC project is right on time, according to a 2020 roadmap, as consumers and merchants use the currency in a controlled environment. Go to Source Powered by WPeMatico
Banks in Russia to Lose $700 Million a Year Due to Digital Ruble, Experts Say
Russian banks may be the main losers from the introduction of a digital ruble while retailers will save on acquiring fees, analysts have predicted. The benefits for consumers using the new digital currency are not that obvious as they may not be paid any interest or cashback. Launch of Russia’s Digital Ruble Said to Result … Read more