CBDC

New Zealand’s Reserve Bank launches consultation for a digital dollar, eyeing a 2030 release

April 18, 2024 1 min read

The Reserve Bank of New Zealand has started a new stage in investigating the implementation of a central bank digital currency (CBDC), with the objective of launching it by 2030. The implementation of the digital NZD would provide seamless exchanges between digital and physical currency as well as bank deposits. This system would be overseen by the Reserve Bank in collaboration with commercial banks and payment service providers. The Reserve

SWIFT completes pivotal CBDC test, paving the way for global digital currency integration

March 26, 2024 1 min read

SWIFT has successfully concluded its second testing phase for Central Bank Digital Currencies (CBDCs), with a specific emphasis on digital ledger technology (DLT) and smart contracts. The six-month trial demonstrated the capacity of the SWIFT connector to link together existing CBDC networks without the need to create a new digital currency. The connector leverages Distributed Ledger Technology (DLT) and smart contracts to guarantee precise and uniform transaction records, offering possible

Donald Trump says he will stop government-controlled digital currency (CBDCs)

January 18, 2024 1 min read

Former President Donald Trump has stated his intention to obstruct the development of a government-controlled digital currency. This announcement comes amid discussions between the Federal Reserve and many global banks about central bank digital currencies (CBDCs). During a recent speech in New Hampshire, Trump expressed his determination to prevent the establishment of a CBDC. His primary concern is that a government-controlled digital currency could give the authorities too much control

Congressman Tom Emmer proposes a bill to reduce surveillance through CBDC

January 3, 2024 1 min read

Congressman Tom Emmer’s proposed bill, aimed at reducing surveillance through a central bank digital currency (CBDC), has received widespread support, with 75 cosponsors signing on. The bill, which was first introduced in January 2022 and reintroduced in September 2023, emphasizes the importance of protecting Americans’ financial privacy in the digital currency landscape. In the context of a potential CBDC in the United States, Emmer’s legislative effort places a strong emphasis

Philippines Explores Blockchain and CBDC for Government Bond Sales

November 21, 2023 1 min read

The Philippines is planning to work with the central bank to investigate the possibilities of blockchain technology for the sale of government bonds. The Treasury is considering blockchain technology in light of its successful tokenized bond campaign to raise 15 billion pesos ($271 million). To better understand the benefits and drawbacks of central bank digital currency (CBDC), the Bangko Sentral ng Pilipinas (BSP) is now testing CBDC for use in

Kazakhstan introduces its central bank digital currency (CBDC), known as the ‘digital tenge

November 15, 2023 1 min read

Kazakhstan has officially introduced its central bank digital currency (CBDC), known as the ‘digital tenge.’ The first-ever transaction using this digital currency took place on November 15, orchestrated by Binur Zhalenov, the chairman of Kazakhstan’s National Payment Corporation. Zhalenov utilized a debit card linked to a CBDC account for this historic purchase in Almaty, marking the official entry of the digital tenge into the retail market. With significant developments planned

Controversy Surrounds Brazil’s CBDC Pilot Over Code Allowing Fund Control

July 12, 2023 1 min read

A recent revelation by a blockchain developer has sparked controversy surrounding Brazil’s pilot central bank digital currency (CBDC). The developer claims to have reverse-engineered the CBDC’s source code and discovered functions that would enable a central authority to freeze funds or reduce balances. What are the code functions and potential use cases? The code includes functions such as freezing and unfreezing accounts, adjusting balances, transferring currency between addresses, and creating

Ripple Continues to Lead CBDC Development Efforts

June 7, 2023 2 mins read

American Banker, a reputable Manhattan-based financial publication, has shed light on Ripple’s endeavors in the development of Central Bank Digital Currencies (CBDCs) and stablecoins. According to the publication, Ripple has been focused on ensuring the secure minting and distribution of these digital currencies. Ripple recently launched its CBDC platform, which aims to enable central banks, financial institutions, and governments to create and manage their digital currencies and stablecoins in a

Ripple Launches CBDC Platform to Help Central Banks Issue Digital Currencies

May 21, 2023 1 min read

Ripple, the company behind the XRP cryptocurrency, has unveiled a new platform that will help central banks issue digital currencies (CBDCs). The platform, called RippleNet CBDC, is designed to make it easier and more cost-effective for central banks to develop and deploy CBDCs. RippleNet CBDC is based on Ripple’s existing blockchain technology, which is known for its speed, scalability, and security. The platform also includes a number of features that

China’s Jiangsu Province to Expand Digital Yuan Adoption in Education Sector

May 15, 2023 1 min read

Jiangsu Province, one of China’s most populous provinces, is set to expand the use of the digital yuan in the education sector. The province has already piloted the use of the digital yuan in schools and universities, and the expansion will see the digital yuan used for a wider range of payments, including tuition fees, school meals, and textbooks. The expansion of the digital yuan in the education sector is

Samsung to Research South Korea’s CBDC for Offline Payments

May 15, 2023 1 min read

South Korean tech giant Samsung has announced that it will be collaborating with the country’s central bank to research the use of central bank digital currency (CBDC) for offline payments. The research will focus on developing a prototype CBDC that can be used to make payments without an internet connection. This is important for South Korea, as many rural areas do not have reliable internet access. The research is being

ECB Leader Proposes CBDCs as a Means of Crisis Management and Oversight

April 7, 2023 1 min read

In a recent viral video prank, the president of the European Central Bank (ECB), Christine Lagarde, hinted at using the upcoming digital euro, a central bank digital currency (CBDC), for limited control over payments made by individuals. In the video, Lagarde was interviewed by someone pretending to be Ukrainian President Volodymyr Zelensky, and the topic of discussion was the backlash in Europe over the introduction of the digital euro. Lagarde