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Search Results for: CBDC

UAE Central Bank Takes First Steps Towards CBDC Development

First steps toward a central bank digital currency (CBDC) strategy are being developed by the Central Bank of the United Arab Emirates (CBUAE). Both retail and wholesale applications of CBDC are being considered. On March 23, the CBUAE and R3 and G42 Cloud, a division of the UAE-based AI holding

March 26, 2024 1 min read

Philippines Unveils Wholesale CBDC Plans, Excludes Blockchain

Eli Remolona, governor of the Bangko Sentral ng Pilipinas (BSP), has announced that the BSP plans to launch a central bank digital currency (CBDC) for wholesale use in the coming years. In 2020, the central bank of the Philippines began investigating CBDCs. November saw the Bank for International Settlements (BIS),

February 12, 2024 1 min read

UK Proceeds Cautiously with CBDC Development Amid Rising Concerns

Known popularly as Digital Pound and Britcoin, the digital currency of the United Kingdom’s central bank is now in active development. In order to keep up with the rapidly developing technology of digital currency, the UK thinks these steps are crucial. A Central Bank Digital Currency (CBDC), more popularly known

January 25, 2024 2 mins read

“Cryptocurrencies Are Big NO To CBDC”, Says RBI Governor

In a recent candid interview with a popular media platform, the Reserve Bank of India (RBI) Governor, Shaktikanta Das made it clear that cryptocurrencies are a firm “no” for the central bank. However, he didn’t shy away from acknowledging the merits of blockchain technology, particularly in the RBI’s Central Bank

January 23, 2024 2 mins read

Donald Trump Opposes CBDC in Latest Campaign Address

There has been some talk about digital currency deployment among central banks throughout the globe, as people move away from using physical cash and toward online and electronic payment methods. In these continuing discussions on the development of payment mechanisms, the U.S has been keen on introducing a CBDC. Trump

January 18, 2024 2 mins read

Spain’s Central Bank Initiates Wholesale CBDC Pilot Initiative

Banco de Espana, the central bank of Spain, has selected its partners for the central bank digital currency (CBDC) trials, which were announced a year ago. A resolution announcing the collaboration with Cecabank, Abanca, and Adhara Blockchain was released on January 3rd by the central bank. The following six months

January 5, 2024 1 min read

Italy and South Korea’s Central Banks Collaborate on CBDC Exploration

Italian central bank Banca d’Italia and South Korean central bank Bank of Korea have entered into a memorandum of understanding (MoU) pertaining to information technology (IT) and payment systems via official channels on December 5. The Italian central bank has said that the MOU has provisions for the “mutual sharing

December 5, 2023 1 min read

Retail CBDCs Can Be Private: BIS Innovation Hub

Central banks have collaboratively unveiled a pioneering project named “Tourbillon,” shedding light on the possibility of preserving privacy in transactions involving national digital currencies. The project was spearheaded by the Bank for International Settlements (BIS) Innovation Hub in Switzerland and scouted into the realm of payer anonymity within the context

November 29, 2023 1 min read

Ripple Executive Advocates for CBDCs to Enhance Financial Inclusion

In a recent video, Ripple’s vice president of central bank engagements and CBDCs, James Wallis, discussed the importance of CBDCs in expanding access to financial services throughout the world. Wallis explains that the goal of financial integration is to make banking services available to all people, particularly those who are

November 19, 2023 2 mins read

Mastercard’s Blockchain and Digital Asset Head Deems CBDCs Unnecessary

The head of Mastercard’s blockchain and digital assets for the APAC region told CNBC that CBDCs are unnecessary since consumers are already comfortable with fiat currency. Ashok Venkateshwaran, speaking on the fringes of the Singapore FinTech festival on Wednesday, said that adoption is the most challenging aspect of the industry.

November 17, 2023 2 mins read