In Zhejiang province, China, a criminal gang exploited digital yuan accounts to illegally cash out over 200,000 yuan ($27,566) within four days. The digital yuan, or e-CNY, is the People’s Bank of China’s (PBOC) central bank digital currency (CBDC), which has experienced substantial growth in usage. Adoption has reached 260 million wallets across 25 cities, […]
Chinese Gang Arrested for Exploiting Digital Yuan Read More »
The latest Bank for International Settlements (BIS) survey reveals that 94% of central banks are exploring central bank digital currencies (CBDCs). There has been a notable increase in wholesale CBDC experiments, especially in advanced economies. Central banks are examining various factors for retail CBDCs, including holding limits and offline functionality. 94% of Surveyed Central Banks
BIS Survey: 94% of Central Banks Exploring Digital Currency Read More »
The Ghanaian central bank recently collaborated with the Monetary Authority of Singapore (MAS) to demonstrate the use of digital credentials in international trade. The second phase of Project DESFT culminated in the execution of cross-border trade between the West African nation and Singapore in April 2024. Ghana’s CBDC to Streamline Cross-Border Trade The Bank of
Project Mbridge, the cross-border central bank digital currency (CBDC) project that seeks to integrate several currencies into a global network, has reached its minimum viable product stage. This means that each one of the participant central banks has deployed a validating node in the network, that is ready to perform real-value transactions CBDC Project Mbridge
Cross Border CBDC Project Mbridge Enters MVP Stage Read More »
The Central Bank of Qatar recently announced the completion of the infrastructure development supporting an in-house-built CBDC. The bank estimates that the project will enter its experimental stages this year in October, allowing several national and international banks to test the functionality of this pilot by facilitating large payments among them. Qatar Announces CBDC Experimental
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The digital yuan app, which services users of the Chinese CBDC, has dropped the ‘pilot’ label from its name without any announcement, prompting speculation about an upcoming move to production stages. While local Chinese news outlets explained that this change had to do with app requirements, some expect this might be a step before its
Digital Yuan App Drops ‘Pilot’ Description, Hints at Change to Production Ready Status Read More »
The platform developed for the digital ruble will be able to operate with different state-issued digital currencies, the Bank of Russia said. Mechanisms for interaction with digital coins minted by the central banks of other countries are already under development, the monetary authority unveiled. Digital Ruble Platform to Support Integration With Other CBDCs, Bank of
Russia to Work With Digital Currencies of Other Nations Read More »
Economist Paul Krugman questioned why Republican Florida governor Ron DeSantis opposes a central bank digital currency (CBDC) in a recent opinion editorial. Krugman suggested that DeSantis may be motivated by “general paranoia.” He speculated that DeSantis may be influenced by individuals who fear a digital currency could hinder “un-woke activities such as tax evasion and
Within the next decade, the U.S. dollar will play a much less dominant role than it is today, according to Jeffrey Sachs. The renowned economist listed a few factors for the diminishing status of the greenback such as its use as a political weapon by Washington, the introduction of currencies like the digital yuan, and
Two Republican lawmakers from Texas, senator Bryan Hughes and representative Mark Dorazio, have introduced legislation to create a gold-backed digital currency that could be enacted by the state legislature. The policymakers believe that this currency could greatly benefit the Lone Star State and, as an alternative digital currency, it could provide Texas residents with the
Texas Lawmakers Introduce Bill Proposing to Establish a Gold-Backed Digital Currency Read More »
