In today’s digital era, money is evolving fast. From cash transactions to online payments, the way we handle money has drastically changed. As physical cash becomes less common, especially during the COVID-19 pandemic due to hygiene concerns and cash shortages, more people are turning to digital transactions. Since then, banks
The North Carolina General Assembly has passed a bill prohibiting the implementation of a Federal Reserve-issued central bank digital currency (CBDC) within the state, following a Senate override of Governor Roy Cooper’s veto. The Republican-majority Senate voted 27-17 in favor of House Bill 690, surpassing the 60% threshold required to
India is taking significant steps toward enhancing cross-border payment efficiency by proposing a plug-and-play system for Central Bank Digital Currencies (CBDCs). Shaktikanta Das, Reserve Bank of India (RBI) Governor, emphasized the importance of interoperability in cross-border payments. Recently, Das highlighted that interoperability should be a key design element to maximize
The Bahamian government has established a two-year deadline to incorporate the “Sand Dollar,” the country’s central bank digital currency (CBDC), into the activities of commercial banks in an effort to increase its acceptance. All commercial banks must allow their customers access to the CBDC, and Governor John Rolle of the
A MoU on bilateral cooperation on wholesale CBDC and tokenization was signed by the Hong Kong Monetary Authority (HKMA) and the Banque de France (BDF). Along with the many bigger initiatives in which the duo are involved, this effort is still ongoing. According to a statement from the HKMA, they
An extra two years have been added to the digital-franc pilot program by the Swiss National Bank (SNB). Switzerland is clearly dedicated to investigating the possibilities of CBDCs and how they may be integrated into the financial system, as shown by this action. The performance, security, and scalability of the
The CEO of Ripple (XRP), Brad Garlinghouse, has announced a significant partnership with ten separate nations to create their CBDCs. The specifics of these collaborations are still under wraps, but they all have one goal: to use Ripple’s blockchain technology to make the world’s financial institutions safer and more efficient.
According to a recent survey, some central banks are increasing their efforts to investigate digital currencies issued by the central bank. The foreign exchange firm BIS conducted a survey of central banks and found that in 2023, there was a “sharp uptick” in CBDC-related experiments among the banks that deal
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
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),
