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
In an effort to test the viability of a CBDC, the Hong Kong Monetary Authority (HKMA), the Bank for International Settlements (BIS) Hong Kong Centre, and the Bank of Israel (BOI), have collaborated. Project Sela is an effort to build a robust, decentralized, reliable CBDC (rCBDC) ecosystem that puts privacy
Yes Bank recently stated that the Reserve Bank of India’s (RBI), the digital rupee, will have improved usage. This will be made possible by the bank’s integration of digital rupee with UPI. Customers of Yes Bank may now use their smartphones to pay for goods and services using the digital
Jio Financial Services (JFS), a subsidiary of Reliance Industries Ltd, is taking a technologically-driven approach in expanding its product offerings by exploring blockchain-based platforms and CBDC. Mukesh Ambani, Chairman and MD of RIL, highlighted JFS’s strategic orientation during the company’s annual general meeting. Ambani said JFS wants to become a
Australia’s central bank has completed the pilot of the Central Bank Digital Currency (CBDC), researching the use cases for a potential digital dollar. The report revealed that Australia would not make any decisions on CBDCs for some years due to some unresolved issues that came up at the end of
The crypto market has experienced massive growth and significant development over the last few years. Recently, cryptocurrencies have taken over the headlines as U.S. presidential candidates have continuously shown their interest in them. Several candidates have made strong statements against CBDCs. Adding to that, presidential candidate Vivek Ramasamy stated that
On Monday, Brazil’s central bank unveiled its imminent central bank digital currency (CBDC), named “DREX,” which is set to launch next year. The purpose behind this initiative is to enhance the country’s financial services through the utilization of this digital currency. The central bank of Brazil revealed the new CBDC
The Bank of Russia (BoR) has unveiled the official logo for the CBDC initiative it has been developing in Russia. Commission fee rates have also been released by the central bank, and they are expected to rise above zero in 2025. The Bank of Russia (BoR) unveiled the official identity
The legislation governing the digital ruble has been approved and will go into effect on August 1, 2023, with the exception of one restriction. Article 3 is scheduled to go into effect in Russia in August 2024. Moreover, it amends various federal laws, notably those pertaining to bankruptcy and inheritance.
