CBDC Financial News

The Central Bank of the UAE (CBUAE) is inching closer to fully launching its central bank digital currency (CBDC), the 'Digital Dirham', for domestic and cross-border payments.

Fully integrating a stablecoin or central bank digital currency (CBDC) into the economy would destabilize banks but improve household welfare, a study released by a United States Treasury division has claimed. The harm to banking caused by the digital currencies could be “significant” in times of stress, it found.

The digital asset industry has been slammed in a new report published by the White House, with many now fearing that even stricter regulations will be introduced in the US.

A growing number of Chinese employees and firms can now use the nation’s Central Bank Digital Currency (CBDC) – the digital yuan – to pay their social insurance premiums and taxes.

Republican Senator Ted Cruz has introduced a bill to block the United States Federal Reserve from launching a “direct-to-consumer” central bank digital currency (CBDC).

Central bank digital currencies (CBDCs) will not be coming to Florida any time soon, if Governor Ron DeSantis gets his way.

A central bank digital currency (CBDC) can impact monetary policy by increasing money velocity, disintermediation, volatility of bank reserves, currency substitution and altered capital flows, even when it is not designed to do so, according to a study published by the International Monetary Fund. The unintended impact of a CBDC may be felt particularly acute in the Islamic banking system.

Ron DeSantis, the Governor of Florida expected by many to throw his hat into the ring for the 2024 United States presidential race, has called for a ban on a digital dollar.

Residents and firms based in China’s Fujian Province have reportedly processed almost $22 billion worth of digital yuan transactions to date – as the nation’s central bank digital currency (CBDC) continues to gather pace.

The Reserve Bank of India (RBI) and Central Bank of the United Arab Emirates (UAE) announced on March 15 that they had signed a memorandum of understanding on collaboration and innovation in financial services.

European lawmakers are moving forward with the introduction of a European Union-wide digital wallet by passing a plenary vote on moving the initiative to interinstitutional negotiations.

The United States Federal Reserve has confirmed a July launch date for its long-awaited instant payments system, seen by some as an alternative to central bank digital currencies (CBDCs) and stablecoins.

The United States should lead the development of Central Bank Digital Currencies (CBDCs) away from being “surveillance coins” and towards being "freedom coins,” says the former chair of the Commodity Futures Trading Commission (CFTC).

Web 3.0 and crypto services can play in India and how we must prepare for this.Timely regulations will build a vibrant and transparent ecosystemThe crypto asset class has potential to give disproportionate returns to investors over time in a democratic way. This has not been the case with any other technology-based asset in the past. For example, a US citizen had earlier access to global IT stocks in 2000s before Indians did. It is now up to the Indian government to encourage this ecosystem in a compliant manner. The government has taken great strides already. Be it a TDS on sales or the recent anti-money laundering (AML) provisions under PMLA, the messaging from the government has been consistent: invest fairly and declare the profits. However, India-based exchanges, which have been the most compliant, have experienced a significant drop in volumes since July 2022 as investors migrated to using non-compliant global exchanges for their trades. This must be addressed quickly.

The international payment system Swift has reported positive results from a pilot test of transfers between different central bank digital currencies (CBDCs), saying they see “clear potential and value” in it.

Nigerian President-elect Bola Tinubu has recently released a manifesto that, if enacted, would enable the use of blockchain technology and cryptocurrencies in the nation's banking and finance sector. 

If the development of blockchain technology was a financial revolution, central bank digital currencies (CBDCs) are the counter-revolution. Their development has intensified in 2023 across the globe, and it’s now more important than ever for the world to know what could lay behind the acronym.

The Bank for International Settlements (BIS) has completed a pilot study of the use of central bank digital currencies (CBDCs) for cross-border payments in collaboration with central banks in Norway, Sweden, and Israel.

WeChat, China’s leading social networking and payment app, has added the country’s central bank digital currency (CBDC), to its payment services, according to reports in local media. The move aims to help broaden the appeal of the digital yuan.

The Bank for International Settlements, or BIS, has reported it has concluded a project exploring international retail and remittance payments use cases for central bank digital currencies, or CBDCs, with the central banks of Israel, Norway and Sweden.

Iran is moving forward with its central bank digital currency (CBDC) plans, completing preliminary research for the launch of a potential digital rial.