The Bank of Canada has announced a strategic shift away from developing a retail Central Bank Digital Currency (CBDC) to focus on broader payments system research and policy development. This decision follows a public consultation in 2023, which revealed significant privacy concerns among Canadians. While the central bank remains open to revisiting the idea of […]
Bank of Canada Redirects Efforts Away From Retail CBDC Read More »
The Central Bank of Brazil disclosed a new set of use cases that will be part of the second phase of the ongoing pilot of its drex CBDC. Among the 13 instances selected from the 46 presented are platforms for tokenizing real estate, liquidity pools for trading public securities, and even automating automobile transactions. Central
HDFC Bank, a leading private sector bank in India, has introduced new features for Unified Payments Interface (UPI) and central bank digital currency (CBDC) to enhance digital banking for its customers. Announced at the Global Fintech Fest 2024 in Mumbai, India, these innovations, developed in partnership with fintech companies like Kreditpe, Tonetag, and Payu, aim
India’s HDFC Bank Launches New UPI and CBDC Features Read More »
Wyoming plans to launch a dollar-based stablecoin, the Wyoming Stable Token, in Q1 2025. The digital asset aims to provide faster and cheaper transactions for individuals and businesses in the state. Governor Mark Gordon emphasizes the importance of adopting this “dollar-dependent” stablecoin to stabilize the market and bring debt onshore. A Faster and Cheaper Way
Wyoming Aims to Launch ‘Dollar-Dependent’ Stablecoin in Q1 2025 Read More »
India’s central bank, the Reserve Bank of India (RBI), published its August bulletin on Monday. The report discusses several aspects of central bank digital currency (CBDC) and its implications. The RBI is actively involved in developing CBDC initiatives to enhance cross-border payments, improve financial inclusion, and mitigate risks posed by private digital instruments. The RBI’s
RBI Report Highlights India’s Central Bank Digital Currency Development Read More »
Pierre Poilievre, leader of Canada’s Conservative Party, backs a bill that seeks to ban central bank digital currency (CBDC) in Canada. He argues that a CBDC would give the government excessive control over finances, threatening privacy and economic freedom. “It’s time to put an end to creating a central bank digital currency in Canada,” he
Pierre Poilievre Backs Bill to Ban Central Bank Digital Currency in Canada Read More »
India’s central bank, the Reserve Bank of India (RBI), has revealed that as of June, there were five million digital rupee users and 420,000 merchants participating in the retail central bank digital currency (CBDC) pilot. The RBI emphasized that the digital rupee is designed to complement cash and existing payment systems, serving both wholesale and
India’s Digital Rupee Surpasses 5 Million Users, RBI Discloses Read More »
Nigeria’s central bank digital currency, known as the eNaira, was the first of its kind in Africa. However, it currently represents only about 0.36% of the total currency in circulation. Nigerian experts attribute the slow adoption of the e-naira to its perceived lack of significant benefits compared to the traditional naira. E-Naira Adoption Lags Despite
Nigerian CBDC Adoption Lags, Makes Up Less Than 1% of Currency in Use Read More »
Bangko Sentral ng Pilipinas (BSP) plans to introduce its wholesale central bank digital currency (CBDC) by 2029. The Philippine central bank’s CBDC initiative is near its proof-of-concept completion. “This is an innovative payment instrument,” said the BSP deputy governor. “This is an entirely new thing, and we have to make sure that we can offer
Philippines Plans to Introduce Wholesale CBDC by 2029 Read More »
The recently completed proof of concept by the Bank of Ghana and the Monetary Authority of Singapore demonstrated that the latter’s central bank digital currency enables cross-border payments, excluding many intermediaries and associated costs. Giesecke+Devrient (G+D) stated that the proof of concept (POC) demonstrated the effectiveness of utilizing digital credentials for international trade and cross-border
