Central banks worldwide are increasingly embracing the concept of central bank digital currencies (CBDCs), according to a survey report published by the Bank for International Settlements (BIS) on July 10, 2023. The report revealed that 93% of central banks are already engaged in CBDC research, marking a significant shift in ...
China is aggressively pushing forward with its digital currency adoption efforts as various cities and institutions in the country embark on initiatives to promote the use of the central bank digital currency (CBDC) and build a cashless economy. Recently, Jinan, the capital city of Shandong Province, took a significant step ...
On June 28, 2023, the lower House of North Carolina's legislature successfully passed a bill that directs the State's Treasurer to conduct a comprehensive study on the potential advantages and viability of holding Bitcoin and gold bullion as part of the North Carolina administration's portfolio. The bill sets aside $50,000 ...
Tom Mutton, the director of FinTech at the Bank of England (BoE), has disclosed why the central bank might explore alternatives to blockchain as the underlying technology of its CBDC program. In an interview with Bloomberg UK, Mutton noted that a significant debate arose regarding the choice of ledger for ...
During a payments-focused conference in Texas on June 13, 2023, Graham Steele, the US Treasury Department's Assistant Secretary for Financial Institutions, addressed the Federal Reserve's contentious FedNow system and the potential implementation of central bank digital currencies (CBDCs) in the United States. Steele highlighted a crucial challenge in developing a ...
The Reserve Bank of India (RBI) has unveiled its plans to expand the Central Bank Digital Currency (CBDC) pilot program in the fiscal year 2023-2024. The Indian Central Bank stated in its annual report for the fiscal year 2022-2023 that it aims to enhance the CBDC by incorporating a wider ...
Banco Central do Brasil is set to expand its Digital Real Pilot Program in mid-June 2023 to include additional participants. In an update on May 24, 2023, the Brazillian central bank revealed the final list of participants selected for the CBDC pilot program. A total of 14 participants were chosen ...
The Monetary Authority of Singapore (MAS) and the New York Innovation Center (NYIC) of the Federal Reserve Bank of New York has published the findings of their collaborative project, "Cedar x Ubin+," which focused on cross-border Central Bank Digital Currency (CBDC) payments. The research addressed challenges related to network autonomy, ...
The G7 Finance Ministers and Central Bank Governors convened in Niigata, Japan, on May 13, 2023, ahead of the G7 Summit in Hiroshima City, to discuss digital currencies and their potential impact on the global monetary and financial system. Representatives from esteemed organizations, including the International Monetary Fund (IMF), World ...
On May 15, 2023, Samsung Electronics and the Bank of Korea (BOK) signed a memorandum of understanding (MOU) to form a strategic partnership to conduct extensive research on offline capabilities of the central bank digital currency (CBDC) for payments. According to a report from local media, Samsung's involvement will be ...
