Browsing:CBDC

Interbank messaging company SWIFT
1 year 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
1 year 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
1 year 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
1 year 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
1 year 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
1 year 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

Reliance Retail
1 year ago 1 min read

Reliance Retail Adopts CBDC Payments in Stores: Report

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 aligns with Reliance Retail’s goal of offering customers “the power of choice” and providing alternative payment options in their stores. The Reserve Bank of India (RBI) outlined plans for the

The transaction volume of China's CBDC or digital yuan
1 year ago 1 min read

Online Retailers Report Boost in Digital Yuan Sales

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, Meituan, saw a five-fold increase in digital yuan transactions. The majority of digital yuan transactions came from piloting cities such as Guangzhou, Shenzhen, Beijing, Suzhou, Chengdu and Shanghai. The digital

The Saudi Central Bank (SAMA) is conducting research into CBDC
1 year ago 1 min read

Saudi Arabia’s central bank studying CBDC

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 launch a CBDC in the country. SAMA is researching various aspects of a state-issued digital currency, including its economic impact, market readiness, and the potential applications of a CBDC-based payment

The ECB and digital Euro or CBDC
1 year ago 2 mins read

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

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 objectives of a public nature.” The executive mentioned the importance of achieving public objectives, such as the fight against money laundering, the financing of terrorism, and tax evasion or compliance

1 year ago 2 mins read

CBDCs: The Future of Global Financial Systems?

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 required to deposit in corresponding banks in order to remove settlement risk. This is an inefficient capital allocation that could otherwise be generating yield elsewhere. Furthermore, less capitalized banks and

Chinese central bank digital currency (CBDC) in the securities market.
1 year ago 1 min read

China’s Digital Currency Makes its Debut in Securities Trading

Soochow Securities is the first financial institution to use the central bank digital currency (CBDC) in the securities market. Through the firm’s mobile app, investors can now purchase wealth management products with the digital yuan. This marks an important milestone in the adoption of the e-CNY and its use in the financial sector. The People’s Bank of China (PBOC) has been piloting the e-CNY in several cities since 2020. Last year, the amount of e-CNY in circulation across these cities reached 13.61 billion yuan (US$2 billion). This amount accounted for 0.13% of the M0 supply — the total currency in

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