CBDC

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

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

March 9, 2023 1 min read

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,

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

March 8, 2023 2 mins read

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

Nigerian Citizens Protest Against Central Bank Digital Currency (CBDC)

March 8, 2023 1 min read

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

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

March 3, 2023 2 mins read

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

Australia’s Central Bank Unveils CBDC Plans with Industry Leaders

March 3, 2023 1 min read

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

UAE Moves to Facilitate Digital Payments with CBDC

February 13, 2023 1 min read

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

Reliance Retail Adopts CBDC Payments in Stores: Report

February 3, 2023 1 min read

Reliance Retail, one of India’s largest retail chains, has started accepting the digital rupee at its Freshpik gourmet store line and plans to extend the rollout to all its businesses. The company partnered with ICICI Bank, Kotak Mahindra Bank, and Innoviti Technologies to implement the CBDC payment option. Consumers who choose to pay with the digital rupee will receive a QR code to complete the payment. The acceptance of CBDC

Online Retailers Report Boost in Digital Yuan Sales

February 1, 2023 1 min read

The transaction volume of China’s central bank digital currency (CBDC), the digital yuan (also known as e-CNY), during the Lunar New Year holiday saw a significant increase compared to the previous year. According to state-backed media outlets, JD.com, one of the largest e-commerce platforms in China, saw 12 times more transactions in digital yuan compared to last year’s amount, with total transactions reaching 1.5 billion yuan (US$220 million). Another platform,

Saudi Arabia’s central bank studying CBDC

January 25, 2023 1 min read

The Saudi Central Bank (SAMA) is conducting research into Central Bank Digital Currencies (CBDCs) but has not yet announced any plans to deploy such a currency. In a recent statement, the bank stated that it is currently in the midst of a project that focuses on domestic wholesale CBDC use cases in collaboration with local banks and fintechs. However, the bank confirmed that no final decision has been made to

Privacy Concerns Arise as Digital Euro is Set to be Free to Use

January 24, 2023 2 mins read

The European Central Bank (ECB) has announced that the Digital Euro will be free to use and accessible to all, but personal information privacy will be determined by legislators. In a statement on January 23rd, Fabio Panetta, a member of the ECB’s Executive Board, said: “It will then be up to you, the co-legislators, to establish the optimal balance between the protection of privacy and the achievement of other important

CBDCs: The Future of Global Financial Systems?

January 23, 2023 2 mins read

Central Bank Digital Currencies (CBDCs) are being explored by 114 central banks, representing 58% of countries and 95% of global GDP, according to a research report from Bank of America. The report highlights the potential benefits of CBDCs, such as real-time settlement, complete transparency, and lower costs. CBDCs could also improve the current financial system’s outdated infrastructure and inefficiencies, such as the estimated $4 trillion of capital that banks are