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),
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
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
Following a month-long trial experiment, the digital tenge, the CBDC of Kazakhstan, has been deemed a success. In 2024, it is scheduled to get a slew of upgrades in the areas of business, regulations, and technology. Almaty pupils were given free meals during the experimental run of the digital tenge
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
