Browsing:CBDC

The Reserve Bank of New Zealand has started a new stage in investigating the implementation of a CBDC
6 days ago 1 min read

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

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 Bank places a strong emphasis on privacy and security, assuring that it would not engage in monitoring individual expenditure. The central bank digital currency (CBDC) seeks to serve as a

SWIFT completes pivotal CBDC test
4 weeks ago 1 min read

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

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 use cases in digital commerce, securities, and international trade. The demonstration showcased the use of typical financial applications, including trade payments, foreign currency, and liquidity-saving methods. The introduction of atomic

Donald Trump says he will stop a government-controlled digital currency (CBDCs)
3 months ago 1 min read

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

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 power over monetary matters. He expressed concern that such a scenario could result in unprecedented levels of government influence, including unauthorized access to citizens’ funds. Trump’s stance reflects his commitment

Congressman Tom Emmer
4 months ago 1 min read

Congressman Tom Emmer proposes a bill to reduce surveillance through CBDC

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 on protecting individual privacy rights. The bill addresses concerns about government surveillance of transactions, especially with the introduction of digital currencies. The proposed measures aim to strike a balance between

Philippines Explores Blockchain and CBDC for Government Bond Sales
5 months ago 1 min read

Philippines Explores Blockchain and CBDC for Government Bond Sales

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 major financial transactions. In this investigation, Distributed Ledger Technology (DLT) is crucial, as Deputy Treasurer Erwin Sta. Ana noted, saying, “We’re testing the DLT. With the BSP’s CBDC initiative, we

Kazakhstan has officially introduced its central bank digital currency (CBDC)
5 months ago 1 min read

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

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 for 2024, including interoperability with global payment systems like Visa and Mastercard, the digital tenge is positioned to be accessible worldwide through digital wallets such as Apple Pay and Samsung

A recent revelation by a blockchain developer has sparked controversy surrounding Brazil's pilot central bank digital currency (CBDC).
10 months ago 1 min read

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

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 or burning digital real from specific addresses. These functions could be utilized by Brazil’s central bank for secured loans and financial operations based on decentralized finance (DeFi) protocols. What are

A reputable Manhattan-based financial publication has shed light on Ripple's endeavors in the development of CBDCs and stablecoins.
11 months ago 2 mins read

Ripple Continues to Lead CBDC Development Efforts

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 secure and seamless manner. The platform, launched on May 18, 2023, builds upon Ripple’s original Private Ledger launched in 2021 and offers enhanced capabilities for managing fiat-based CBDCs, including minting

Ripple CBDC-X Platform Aims to Help Central Banks Build Secure, Scalable Digital Currencies
11 months ago 1 min read

Ripple Launches CBDC Platform to Help Central Banks Issue Digital Currencies

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 are designed to meet the specific needs of central banks, such as compliance with regulatory requirements and the ability to support multiple currencies. Ripple is not the only company that

Jiangsu Province
11 months ago 1 min read

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

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 part of China’s broader efforts to promote the use of digital currency. The Chinese government sees the digital yuan as a way to modernize the country’s payment system and reduce

Samsung has announced that it will be collaborating with the country’s central bank to research the use of CBDC
11 months ago 1 min read

Samsung to Research South Korea’s CBDC for Offline Payments

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 conducted by Samsung’s research and development (R&D) arm, Samsung Research. The company has been working on CBDC technology for several years, and it has already developed a prototype that can

Christine Lagarde
1 year ago 1 min read

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

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 acknowledged the need for control and stated that a “limited amount of control” would be exercised through the digital euro. However, Lagarde also acknowledged the danger of completely anonymous, small

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