Brazil Central Bank advances CBDC pilot programme
The Paypers
SEPTEMBER 6, 2024
Brazil's central bank (BCB) announced the selection of 13 participants for the second phase of its central bank digital currency (CBDC) initiative.
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RAKBANK Completes International CBDC Transaction Using eCNY and Digital Dirham
The Fintech Times
SEPTEMBER 11, 2024
Central bank digital currencies (CBDCs) have a lot of potential to uproot the cross-border payments market. The latest move by the National Bank of Ras Al Khaimah (RAKBANK) highlights this. Project mBridge is an initiative aimed at addressing inefficiencies in cross-border payments.
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Will Central Bank Digital Currencies (CBDCs) Impact Cross-Border Payments in 2024?
The Fintech Times
FEBRUARY 26, 2024
As of December 2023, 130 countries, representing 98 per cent of global GDP, were exploring central bank digital currencies (CBDCs) according to the Atlantic Council ‘s CBDC tracker. Ninety-eight per cent of the global economy is reportedly already exploring digital versions of their currencies. .
Accenture Invests in EMTECH to Modernize Central Bank Operations
Fintech Finance
SEPTEMBER 10, 2024
Accenture (NYSE: ACN) announced that it has invested in EMTECH , a global financial technology company that provides software-as-a-service platforms to help central banks streamline, connect and modernize their processes and operations. Terms of the investment were not disclosed.
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Australia gives priority to wholesale CBDC over retail
Finextra
SEPTEMBER 18, 2024
The Reserve Bank of Australia is to prioritise the issuance of a wholesale central bank digital currency over a retail CBDC, arguing that a clear business case for the latter has yet to emerge.
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JCB to pilot softPOS technology for central bank digital currency transactions
NFCW
DECEMBER 14, 2023
The offline P2P trial forms phase two of JCB’s ongoing CBDC pilot — known as JCBDC — and will test a system for making peer-to-peer digital currency transfers either from one physical card to another via an intermediary NFC mobile device or directly between NFC smartphones.
Exploring Digital Currencies Across the Middle East and Africa in 2024
The Fintech Times
MAY 29, 2024
The idea that digital assets are exclusively some form of currency has been slowly dispelled, as new use cases emerge and are rapidly adopted across the globe. But digital currencies are far from irrelevant. CBDC overview across the MEA region in 2024 But why are so many countries adopting CBDC initiatives?
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Bank of China lets taxi drivers accept central bank digital currency payments on NFC mobile phones
NFCW
APRIL 11, 2024
The Bank of China is conducting a pilot in the city of Shenzhen of a new service that makes it possible for merchants to accept contactless digital currency payments on standard NFC mobile phones. “Getting and opening an e-yuan hardware wallet is easy and can be made anonymously. .
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Central bank digital currencies are diverse, but all should be open
Payments Source
AUGUST 20, 2020
A CBDC has the potential to be a real game changer for the payment industry if one condition is met: central bank digital currency has to be built as an open and shared infrastructure for the private sector to easily build on top of it, says ConsenSys' Matthieu Saint Olive.
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Bahamas Launches Digital Sand Dollar; Adds To Rise Of Central Bank Digital Currencies
PYMNTS
DECEMBER 18, 2020
But the race is still on for central banks to develop their own digital versions of fiat to take their place alongside bills and coins. To that end, the Bahamas may stand out as an epicenter of sorts for the rise of central bank digital currencies (CBDCs).
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HDFC Bank introduces new UPI and CBDC features
The Paypers
SEPTEMBER 3, 2024
HDFC Bank has introduced new features for the Unified Payments Interface (UPI) and Central Bank Digital Currency (CBDC), developed in collaboration with various fintech partners.
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JCB to begin Phase 2 trials of offline CBDC
Finextra
DECEMBER 13, 2023
Japanese card issuer JCB is moving to Phase 2 of a pilot to trial offline P2P payments for a central bank digital currency (CBDC).
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Saudi Central Bank joins mBridge for CBDC cross-border trade
The Paypers
JUNE 10, 2024
Saudi Central Bank has joined Project mBridge, collaborating with China, Thailand, Hong Kong, and UAE to test central bank digital currencies for cross-border trade and payments.
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Only 16% of Americans favour the government issuing central bank digital currency
The Paypers
JUNE 5, 2023
The possibility of adopting central bank digital currencies (CBDCs) is being explored by countries worldwide, including the US. However, according to the Cato Institute 2023 CBDC National Survey, a mere 16% of Americans support the adoption of a CBDC.
Bank of Thailand Concludes Retail CBDC Pilot Programme, Reveals Key Findings
Fintech News
MAY 8, 2024
As digital technologies continue to transform the financial landscape, central banks worldwide are exploring the potential of Central Bank Digital Currencies (CBDCs). The project evolved, incorporating enhanced functionalities, cross-border fund transfers, and a Corporate CBDC Pilot Program.
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France and Luxembourg central banks work together on a CBDC initiative
The Paypers
DECEMBER 2, 2022
Banque de France and the Banque centrale du Luxembourg worked together on an experimental Central Bank Digital Currency (CBDC) initiative.
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CBDC & RBI – Navigating the Central Bank Digital Currencies Landscape
The Payments Association
JANUARY 22, 2024
In the realm of finance, this sentiment rings especially true as we stand on the cusp of a digital revolution with the advent […] Read more The future depends on what you do today.
Mastercard Leads New Central Bank Digital Currency Test Platform
PYMNTS
SEPTEMBER 9, 2020
Mastercard has announced a new virtual testing platform for Central Bank Digital Currencies (CBDCs). The testing tool comes as the global economy embraces digital payments and central banks investigate how to support innovation while maintaining financial stability as they issue the currency.
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Central Bank of UAE launches CBDC implementation strategy
The Paypers
APRIL 5, 2023
The Central Bank of the UAE has launched its Central Bank Digital Currency (CBDC) Implementation Strategy in collaboration with R3 , G42 Cloud and Clifford Chance.
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Will The Pandemic Finally Get Central Banks Interested In Building Digital Currencies?
PYMNTS
MAY 21, 2020
The tipping point might be nigh for digital dollars and other central bank-issued currencies done through bits and bytes. Patent and Trademark Office that would create a digital currency underpinned by blockchain technology. A central entity may implement a monetary policy and issue currency.
Fed Chair Powell Urges Thorough Vetting Of Central Bank Digital Currencies
PYMNTS
OCTOBER 19, 2020
19) on the bank’s potential rollout of a digital currency. Powell warned of potential downsides to the launch of a digital currency that need to be considered, arguing that the first priority should be to “get it right than to be the first,” Reuters reported. The Fed chief, noting that the U.S.
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2024 Might be Full of Central Bank Digital Currency Launches, Know How
CoinRemitter
FEBRUARY 9, 2024
A Central Bank Digital Currency is a country’s official currency, presented in a digital form. It operates on a blockchain network and is issued and backed by the central bank of the respective country. If CBDCs go mainstream, they can dominate the world of digital payments.
Bank of Korea plans to launch central bank digital currency pilot
The Paypers
AUGUST 9, 2021
The Bank of Korea (BOK) has revealed plans to initiate its central bank digital currency (CBDC) pilot by the end of August 2021.
Sweden’s Central Bank Floats E-Krona As Digital Currency
PYMNTS
FEBRUARY 21, 2020
Sweden’s Riksbank is assessing e-krona, a new form of digital currency that hopes to take the country a step closer to the creation of the world’s first central bank digital currency (CBDC), according to reports on Thursday (Feb.
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The Central Bank of Brazil wants to launch its digital currency in 2024
The Paypers
DECEMBER 14, 2022
The Central Bank of Brazil has revealed its aim to launch a central bank digital currency (CBDC) in 2024 following a closed pilot programme.
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Congressional committee passes bill to thwart CBDC
Payments Dive
SEPTEMBER 25, 2023
The House Financial Services Committee advanced a bill last week that would block the creation of a central bank digital currency.
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Philippines announces non-blockchain CBDC plans
The Paypers
FEBRUARY 12, 2024
Bangko Sentral ng Pilipinas (BSP) has revealed the intention to launch a wholesale central bank digital currency (CBDC) by 2026.
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SC Ventures and G+D Complete Pilot on Different Types of CBDC Systems
Fintech News
DECEMBER 11, 2023
SC Ventures, the innovation, fintech investment, and ventures arm of Standard Chartered, and Giesecke+Devrient (G+D) successfully completed a proof-of-concept (PoC) on the Universal Digital Payments Network (UDPN). Meanwhile, the the direct model is where central banks manage wallets and settlements within a centralised CBDC system.
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Banks in Kazakhstan roll out CBDC card services
Finextra
MAY 16, 2024
In just 6 months after Kazakhstan launched the digital tenge, its Central Bank Digital Currency, over 10 innovative CBDC card services have become available to the country's population of 20 million.
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Fed Exploring ‘Hypothetical’ Digital Currency
PYMNTS
AUGUST 14, 2020
A week after details of the Federal Reserve’s instant payment initiative emerged, news came via Bloomberg that the central bank is working with the Massachusetts Institute of Technology (MIT) to explore the possibility of issuing digital currency. Legal issues include whether a CBDC would have status as legal tender.
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How OpenWay’s Way4 Enabled the First CBDC Card Transaction in Eurasia
Fintech News
MAY 27, 2024
Central bank digital currencies (CBDCs) have largely existed in the virtual realm, with transactions initiated primarily through web and mobile interfaces. The first CBDC card transaction in Eurasia was successfully made on 15 November 2023. The country stands out in this regard.
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France’s Central Bank Latest To Ponder A Digital Currency
PYMNTS
NOVEMBER 27, 2019
The First Deputy Governor of the central bank of France, Denis Beau, spoke in support of a blockchain-based settlement system that would allow for faster transfers of euros, as well as be more cost-efficient, according to a report by Yahoo! The ECB has been open to the idea, and could already be experimenting.
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The Lures – And Challenges – Of Central Bank Digital Currencies
PYMNTS
OCTOBER 9, 2020
In terms of collaboration, as noted in this space, the Federal Reserve is working in collaboration with seven other central banks and the Bank for International Settlements (BIS) to bring together a framework that would smooth the path to digital currency issuance. euros (at least at present).
Fed keeps up CBDC research
Payments Dive
APRIL 17, 2024
central bank digital currency, research staff at the central bank continue to study the possibility. Despite political opposition to a potential U.S.
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Banks push back against CBDC
Payments Dive
AUGUST 29, 2022
The nation’s biggest bank and bank trade groups stressed the risks of creating a central bank digital currency in comments to the Fed, and largely rejected the idea that a digital dollar would accomplish stated goals.
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ECB Supports Central Bank Digital Currencies
PYMNTS
MAY 29, 2019
A European Central Bank ( ECB ) official is throwing his support towards wholesale central bank digital currencies (CBDCs). While a retail CBDC would be available for the general public, wholesale would serve a limited circle, primarily banks. Vasiliauskas is contemplating both sides.
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Central Bank Of Russia: Electronic Money Could Render SWIFT Obsolete
PYMNTS
DECEMBER 28, 2020
Digital currencies could render the SWIFT global payments network unnecessary, RT.com reported, citing the Central Bank of Russia (CBR). Olga Skorobogatova, first deputy governor of the CBR, said 30 countries are working on their own national digital currencies, some of which could launch in five to seven years.
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Swift Works on Enabling Real-Time Exchange of Digital Assets and Payments
Fintech News
SEPTEMBER 11, 2024
Initially, these will use fiat currencies, but Swift plans to eventually integrate tokenised forms of money such as central bank digital currencies (CBDCs) and stablecoins. Swift is also addressing the growing fragmentation in the digital asset ecosystem.
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Cambodia Advances Tourism Sector with Blockchain-Based Digital Currency Payments
Fintech News
DECEMBER 11, 2023
Cambodia is implementing new initiatives to expand payment options for tourists by cementing blockchain-based central bank digital currency (CBDC) partnerships. The National Bank of Cambodia (NBC) has been instrumental in facilitating these digital currency evolutions.
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New BIS Project Explores Wholesale CBDC for Faster, Cheaper Cross Border Payments
Fintech News
JUNE 4, 2024
The Bank for International Settlements (BIS) has launched Project Rialto to test the potential for improving instant cross-border payments through a combination of a modular foreign exchange (FX) component and wholesale central bank digital currencies (wCBDC).
Swift hails results of CBDC connector testing
Finextra
MARCH 25, 2024
Swift says a new round of sandbox testing has found that its central bank digital currency interlinking technology can enable financial institutions to carry out a wide range of transactions using CBDCs and other forms of digital tokens, easily incorporating them into their business practices.
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Conclusion report from Bank of Thailand envisages innovation potential of a retail CBDC
Finextra
MAY 9, 2024
The Bank of Thailand (BOT) recently released the report of its Retail Central Bank Digital Currency (CBDC) pilot project which it conducted on Giesecke+Devrient´'s (G+D) technology solution.
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Swift’s Sandbox Connector Trial Shows Promise in CBDC Development
Fintech News
MARCH 25, 2024
Swift, the global financial messaging cooperative, revealed that the latest round of experiments conducted within a collaborative Central Bank Digital Currency (CBDC) sandbox has shown promising results for the application of CBDCs and digital tokens.
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Private/Public Partnerships A Boon For Central Bank Digital Currencies?
PYMNTS
MAY 27, 2020
The movement toward digital currencies may be a bit of an arms race of sorts, for now. But the question arises: Once they’ve been created and backed by central banks, what do you do with them once you have them? He pointed to the concept of synthetic central bank digital currencies ( CBDC ).
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