The IMF is stepping up its support for Central Bank Digital Currencies (CBDCs) being developed by countries throughout the globe. According to Reuters, the IMF is working on a worldwide platform to improve CBDC interoperability. IMF Managing Director Kristalina Georgieva said on Monday that the platform will facilitate transactions between
After a year-long examination, the Bank of England (BOE) has come to the conclusion that blockchain technology might enable a “diverse range” of new monetary applications, bringing the BOE one step closer to introducing its own digital currency. The BOE and the Bank for International Settlements (BIS) collaborated on a
The Colombian Central Bank, Banco de la Republica, and the blockchain payments startup Ripple Labs Inc have signed a strategic cooperation agreement to research the potential applications of blockchain technology in the realm of Central Bank Digital Currency (CBDC). Peersyst Technology, a specialist blockchain technology startup, and the Ministry of
This month, under a regulatory sandbox, the Bank of Thailand will start a pilot project to test a central bank digital currency (CBDC) for use in retail transactions. Local media have reported that three payment processors would take part. Up to 10,000 participants will be a part of this August-long
The Hong Kong Monetary Authority (HKMA) said on Friday (June 9) that it would begin building a central bank digital currency (CBDC) for use in retail transactions in the coming months. The Hong Kong Monetary Authority (HKMA) has reportedly been studying the feasibility of creating a digital Hong Kong dollar
Despite the potential advantages connected with central bank digital currencies (CBDCs), the UK government should carefully assess and endeavor to minimize any risks linked with the establishment and possible adoption of the so-called digital pound. This is especially important “in relation to financial stability, privacy, and security risks,” according to
While the BRICS continue to drive down the dollar value, the U.S. is making a lot of noise with the upcoming election. In light of the current economic unrest, Florida Governor Ron DeSantis has taken a position in favor of cryptocurrencies by promoting pro-crypto policies as part of his 2024
Significant revisions to the bill establishing the digital ruble have been submitted to the Russian parliament as the project moves forward. These amendments seek to alter the original legislation with respect to debt operations, services for non-residents, and the function of the central bank. The lower house of the Federal
In a recent development, Florida Governor Ron DeSantis signed a bill purportedly aimed at prohibiting Central Bank Digital Currencies (CBDCs) in the state. However, legal expert Professor Carla Reyes argues that the bill does not effectively prohibit the use of CBDCs in Florida. This discrepancy has sparked a debate surrounding
In a recent development, legal experts expressed worries over Florida’s move to outlaw central bank digital currency (CBDCs), questioning their usefulness and possible damage to the digital asset market. Despite Governor Ron DeSantis’s rhetoric that the restriction safeguards against government overreach and corporate surveillance, legal academics believe the bill fails
