Almost a third of central banks worldwide have postponed their central bank digital currency (CBDC) initiatives due to regulatory uncertainties and shifting economic priorities. A February 11 report by the Official Monetary and Financial Institutions Forum (OMFIF) and security tech firm Giesecke+Devrient Currency Technology surveyed 34 central banks. While those ...
Central bank digital currencies (CBDCs) are facing challenges in adoption, even in countries where they have been officially launched. A GlobalData survey highlights that many consumers are reluctant to transition from traditional payment methods due to a lack of incentives, privacy issues, and technological difficulties. This perception of limited value ...
Kyrgyzstan is moving forward with its central bank digital currency (CBDC), the digital som, as Parliament has approved a draft law establishing its legal framework. The National Bank of Kyrgyzstan will oversee the project, with prototype testing set to begin in early 2025 and a decision on full implementation anticipated ...
The Bangko Sentral ng Pilipinas (BSP) has completed its pilot program for Project Agila, a wholesale central bank digital currency (CBDC) aimed at improving the efficiency of interbank payments. The central bank announced this update in a press release on Thursday, December 5. According to the press release, the initiative ...
The Russian Ministry of Industry has suggested a two-year transition period before mandating that payments be made using the digital ruble, the central bank's digital currency(CBDC), due to concerns over the readiness of the existing infrastructure, according to Russia's state-run media outlet Izvestia. The Russian Ministry of Industry has issued ...
The European Central Bank calls for quicker action on the digital euro, warning that ongoing legislative delays could jeopardize progress as global competition intensifies. In an interview with Euronews, Evelien Witlox, the ECB's project manager for the digital euro, emphasized the need for Europe to accelerate its development of a ...
South Korea's Financial Services Commission (FSC) has approved a pilot program involving seven local banks to explore the application of central bank digital currencies (CBDCs) and deposit tokens in digital financial services. In a press release published today, November 6, the FSC revealed that prominent local banks, including Kookmin, Shinhan, ...
Brazil is integrating DeFi principles into the creation of its own "synthetic" central bank digital currency (CBDC), Drex, formerly known as the Brazilian digital real. According to Roberto Campos Neto, president of Banco Central do Brasil (BCB), the South American country aims to design a CBDC that tackles the "trilemma" ...
Russia's largest bank, Sberbank, will start offering the country's central bank digital currency (CBDC), the digital ruble, to its customers by early 2025. Anatoly Popov, Deputy Chief Executive of Sberbank, reportedly confirmed the bank's involvement, alongside around 20 other financial institutions, in the second phase of the Bank of Russia ...
Bahamas is set to publish regulations that will require commercial banks to offer access to its central bank digital currency (CBDC) in a bid to spur increased adoption. According to Reuters, the Bahamas central bank governor, John Rolle, announced that the nation is making this move to solidify its position ...
