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
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
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
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
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
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
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.
Following the lead of other countries, South Korea has decided to launch a trial program of CBDC. Plans to investigate the CBDC’s technological foundation were recently announced by the Bank of Korea (BOK), the Financial Services Commission (FSC), and the Financial Supervisory Service (FSS). Notably, the FSC and the FSS
A measure to prevent efforts to establish a CBDC in the United States has been approved by a House committee. Concerns about impeding development and U.S. competitiveness in the international financial sector were at the forefront of the arguments that the contentious decision sparked on Capitol Hill. The committee, which
Swift, a global member-owned cooperative renowned for its secure financial messaging services, is making significant strides in its quest for Central Bank Digital Currency (CBDC) interoperability. In a notable development, Swift revealed on September 13 that three central banks are currently beta-testing its innovative CBDC connector solution. Simultaneously, 30 financial
