Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva on Wednesday, November 15, said that central bank digital currency (CBDC) can replace cash, separately noting that it will take time to implement the corresponding scenario.
The European Central Bank (ECB) is currently as close as possible to launching a digital euro.
Mastercard has participated in the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre’s (DFCRC) central bank digital currency (CBDC) pilot project, showing positive results.
The new mobile top-up feature enables foreigners in China to use their overseas SIM cards to open an e-yuan wallet and recharge it with their bank cards or cash before making a payment.
Swift continues exploring CBDC interoperability, proceeding to the next testing phase with three central banks / monetary authorities and over 30 financial institutions involved
Representative Tom Emmer and 49 original co-sponsors reintroduced the “CBDC Anti-Surveillance State Act” in the United States House of Representatives
Project Sela leveraged the diverse experience of the central banks of Israel and Hong Kong to create a retail central bank digital currency (CBDC)
Last week, the central bank of Colombia released a report suggesting that limiting CBDC with a high degree of probability may be the right strategy for a financial institution.
The set of partners at launch of the Mastercard CBDC Partner Program includes Ripple, Consensys, Fluency, Idemia, Consult Hyperion, Giesecke+Devrient and Fireblocks.
Cambodia’s central bank digital currency (CBDC), Bakong, will become the foundation for an expanding international payment system for Asian countries
The Republic of Palau collaborates with Ripple to launch a government-backed stablecoin on XRP Ledger
The Nigerian central bank hopes that the addition of NFC technology will improve the adoption rates for the country’s CBDC – eNaira
The Bank for International Settlements (BIS) conducted a new study, according to the results of which the growth of the popularity of digital currencies of the central bank (CBDC) was recorded.
The central bank of Switzerland intends to issue a wholesale digital currency.
Besides the largest local crypto exchange Mercado Bitcoin, the pilot of the digital real CBDC in Brazil also involves Mastercard
China’s digital yuan central bank digital currency (CBDC) can be used for fare payments even if the passenger’s mobile phone has no signal or is out of battery
Central Bank Digital Currency (CBDC) has recently been a hot topic in the financial world. As a result, many central banks worldwide are exploring the possibility of introducing their digital currencies, which their respective governments would back.
China has been leading the way in developing a CBDC, with their digital currency electronic payment (DCEP) already in the testing phase. Other countries are following suit, with the European Central Bank announcing that they will begin a two-year investigation into the potential for a digital euro. The Bank of Japan is also conducting research into a CBDC.
Proponents of CBDCs argue that they could increase financial inclusion, reduce the costs of transactions, and improve payment systems. However, there are concerns about privacy and the potential for CBDCs to be used for illicit activities.
Overall, the development of CBDCs is an exciting and rapidly-evolving area in the financial world, with many potential benefits and challenges to consider.
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