Central banks must revise business model, embrace CBDCs — ECB member
Bundesbank’s president Joachim Nagel urged central banks to revamp their business models and adopt digital currencies during the BIS Innovation Summit. Go to Source
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Nigeria restricts fintech onboarding to stop KYC-evading crypto investors
Nigerian fintech firms OPay, Kuda Bank, Moniepoint and PalmPay were directed to pause the creation of new accounts amid an ongoing audit of their KYC processes. Go to Source
Chinese ‘Crypto Dad’ faces government investigation
Yao Qian, the first director of CBDC development at China’s central bank, is reportedly under investigation for suspected law violations. Go to Source
Jerome Powell Clarifies: US Far From Introducing a Central Bank Digital Currency
Federal 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 … Read more
Philippines to Develop Blockchainless Wholesale CBDC in Two Years
The Central Bank of the Philippines will develop a central bank digital currency (CBDC) in the next two years, according to Governor Eli Remolona Jr. The still unnamed CBDC will focus on the wholesale market and won’t use blockchain tech, instead relying on the Philippine Payment and Settlement System, owned and operated by the central … Read more
Taiwan central bank completes wholesale CBDC study, plans next steps
A central bank official spoke about ongoing CBDC research and other payment modernization Taiwan is exploring. Go to Source
Bitcoin is up 170% since the ECB called its ‘last gasp’ at $16.4K
Bitcoin does the complete opposite of what the EU’s central bank warned about in late 2022. Go to Source
Italy and South Korea central banks agree on CBDC cooperation
The central banks of Italy and South Korea announced a memorandum of understanding in the development and deployment of their respective CBDCs. Go to Source
Solomon Islands, Soramitsu team up for Bokolo Cash CBDC proof-of-concept
The Solomons join tiny island nations worldwide at the forefront of CBDC development. Soc A new CBDC joins the very large crowd. Go to Source
BIS advises central banks to plan in advance for CBDC security
From legal issues to hackers, launching a CBDC is fraught with risks, and BIS has a big list of them to consider. Go to Source