A recent revelation by a blockchain developer has sparked controversy surrounding Brazil's pilot central bank digital currency (CBDC).
3 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.
4 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
4 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
5 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
5 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
6 months 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

Interbank messaging company SWIFT
7 months ago 1 min read

SWIFT to Launch Second Phase of CBDC Pilot Program After Successful First Phase

Interbank messaging company SWIFT has announced that its project to interconnect central bank digital currencies (CBDCs) has shown “clear potential and value.” The project, which involved several banks such as BNP Paribas, Intesa San Paolo, and Standard Chartered, as well as French and Singaporean central banks, will now proceed to a second phase. During the second phase, SWIFT will conduct beta testing and explore further applications such as conditional payments, trade finance, and securities settlement. The move comes amid a growing interest in CBDCs, with countries like The Bahamas and Nigeria already issuing digital versions of their national currency, while

Brazil Takes Steps Towards Digital Currency Adoption with Pilot Program, Public Use Expected in 2024
7 months ago 2 mins read

Brazil Launches Pilot Program for Digital Currency with Public Access Set for 2024

The Central Bank of Brazil has taken a significant step towards the development of its central bank digital currency (CBDC) by starting testing on its pilot project. This move is expected to foster an increased inclusion of individuals in the financial sector. According to Fabio Araujo, the coordinator of the CBDC project at the Brazilian central bank, the widespread use of the digital real is expected to happen in 2024 after the completion of the pilot. The testing phase will include individuals buying and selling federal bonds and subsequent evaluation. The Brazilian CBDC will be a blockchain-based payment that supports

Nigerian Citizens Protest
7 months ago 1 min read

Nigerian Citizens Protest Against Central Bank Digital Currency (CBDC)

Nigeria is no stranger to financial instability and cash shortages. The country has been pushing for a cashless economy to combat corruption and crime, but this has not gone over well with its citizens. In fact, Nigerians have taken to the streets to protest the government’s implementation of a central bank digital currency (CBDC) and the resulting cash shortage. Despite incentives offered by the government, including discounts for using the CBDC to pay for cabs, the adoption rate of the digital currency remains abysmal. Nicholas Anthony, a policy analyst in the Cato Institute’s Center for Monetary and Financial Alternatives, believes

Russian Bank Utilizes Blockchain for First-Ever Chinese Yuan Bank Guarantee
7 months ago 2 mins read

Russian Bank Breaks New Ground with First On-Chain Bank Guarantee in China’s Currency

Moscow Credit Bank (MCB) has made a significant breakthrough in the use of blockchain technology by issuing a bank guarantee denominated in Chinese currency, becoming the first bank in Russia to do so. The bank guarantee, which exceeds 100 million Chinese yuan or nearly $144,600 at the time of publication, was executed through the Masterchain blockchain platform, which is the Russian national blockchain network created to transfer digital assets between participants. According to the bank, one of the advantages of the transaction being conducted on-chain was that the beneficiary did not need to wait for the paper version and make

RBA is the latest central bank to jump on the CBDC
7 months ago 1 min read

Australia’s Central Bank Unveils CBDC Plans with Industry Leaders

Central Bank Digital Currencies (CBDCs) have been gaining traction globally, with central banks exploring the potential of issuing their own digital currencies. The Reserve Bank of Australia (RBA) is the latest central bank to jump on the CBDC bandwagon, with plans to launch a “live pilot” of its CBDC. A CBDC is a digital currency that is issued and backed by a central bank, designed to function as a digital equivalent of physical cash. CBDCs are seen as a potential solution to the challenges posed by traditional payment systems, such as slow transaction times and high transaction fees. The RBA’s

UAE aims to introduce CBDC
8 months ago 1 min read

UAE Moves to Facilitate Digital Payments with CBDC

UAE aims to introduce central bank digital currency (CBDC) and create a secure and transparent platform for domestic and cross-border payments, and it promises to drive financial inclusion, payment innovation, security, and efficiency. The project will also help the UAE to become a cashless society, offering a more efficient alternative to traditional payment methods. In addition, the UAE’s new licensing framework for crypto companies is a step toward more efficient and secure payments. The UAE’s CBDC project is the latest in a series of initiatives aimed at facilitating the digital transformation of the country and its financial infrastructure. With the