Although several central banks worldwide are considering the possibility of introducing a Central Bank Digital Currency (CBDC). A recent poll found that most customers are not keen on utilizing such products. Therefore cash will likely remain in circulation for the foreseeable future. Around 4,850 people from the US, UK, and
Policymakers and financial institutions may find guidance on how to boost the use of central bank digital currencies (CBDCs) in a new guide issued by the International Monetary Fund (IMF). September 21 saw the release of a report titled “Central Bank Digital Currency Adoption Inclusive Strategies for Intermediaries and Users”
Updates on the Bank of Canada’s (BOC) website indicate that the central bank is halting development of CBDC for retail use. Although a wholesale CBDC was not mentioned in the statement, it was stressed that research was ongoing. Since the Bank of Canada has already spent a lot of time
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
The Moscow Exchange (MOEX), Russia’s largest exchange group, has chosen not to participate in a pilot cryptocurrency trading program. Even though the recent legislation allows digital currencies under the supervision of the Central Bank of Russia. This decision was confirmed by Nikolai Trunichkin, MOEX’s head of digital projects. While MOEX
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 Ministry of Revenue introduced the taxation bill. This new proposal is to implement the crypto-reporting framework created by the Organisation for Economic Cooperation and Development (OECD). This was introduced by Hon Simon Watts on 26 August 2024. The proposals will take effect from 1 April 2026, with the first
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
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
