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Russia intends to use its digital ruble, to be introduced early next year, for payments with its key ally, China. Authorities in Moscow hope other nations will be willing to adopt the Russian digital currency in trade, which will allow the country to circumvent sanctions imposed over the Ukraine war. Russian Federation Eyes Digital Ruble … Read more
Reserve Bank of Australia is researching the potential benefits of launching a central bank digital currency. The monetary authority released a white paper outlining its goals and invited interested parties to participate with proposals and suggest pilot projects. Central Bank of Australia to Pilot CBDC Until Middle of 2023 The Reserve Bank of Australia (RBA) … Read more
Over $12 million in value was issued in the pilot with commercial and central banks in Hong Kong, Thailand, the UAE and China taking part. Go to Source Powered by WPeMatico
Russia is currently in the pilot phase of its CBDC development and is expected to complete the development by early next year. Go to Source Powered by WPeMatico
Executive board member Fabio Panetta says it would undermine financial stability if the ECB were unprepared to use distributed ledge technology, but that’s the best he can say for it. Go to Source Powered by WPeMatico
The key objectives of the project are to identify and understand innovative business models, use cases, benefits, risks, and operational models for a CBDC in Australia. Go to Source Powered by WPeMatico
China’s special administrative region of Hong Kong is going to trial а digital version of its dollar as early as this year, in preparation for eventual roll-out. The territory is trying to catch up with those that are already launching central bank digital currencies, including the People’s Republic with its digital yuan project. Trials of … Read more
The crypto rial has been in preparation for years; its introduction comes on the heels of the country’s introduction of cryptocurrency for foreign trade. Go to Source Powered by WPeMatico
The monetary authority is developing a wholesale CBDC separately and earlier; it is looking at prospective retail use cases despite the lack of an “imminent role” for the currency. Go to Source Powered by WPeMatico
China’s central bank intends to enlarge the area covered by trials of its digital yuan currency in four regions of the country. A top representative of the monetary authority announced the move while highlighting that the People’s Bank has been stepping up digitalization efforts this year. Government to Increase Digital Yuan Coverage in 4 Provinces … Read more