CBDC Financial News

Pakistan Banks’ Association (PBA) — a group of 31 traditional banks operating in Pakistan — signed off on the development of a blockchain-based platform for Know Your Customer (KYC) initiatives. 

India’s recently launched in-house central bank digital currency (CBDC) — the digital rupee — is now being tested for offline functionality, revealed Ajay Kumar Choudhary, executive director of the Reserve Bank of India (RBI).

The United States Treasury Department is continuing to consider design decisions relating to the introduction of a central bank digital currency. Under Secretary for Domestic Finance Nellie Liang gave an audience at the Atlantic Council a rundown on March 1 of technical and policy issues the Treasury-led CBDC Working Group is looking at.

Legislation has been introduced in the American state of South Dakota to amend the Uniform Commercial Code (UCC) to limit the definition of money to exclude cryptocurrencies. Central bank digital currencies (CBDCs) would still be considered money under the proposed new definition. 

The US is actively evaluating whether a digital version of the dollar is in the national interest, the US Treasury Department's undersecretary for domestic finance, Nellie Liang has said.

The Chinese government’s beloved project of central bank digital currency (CBDC) has not sparked much enthusiasm in the citizens of Hong Kong. In the first four days since the “digital yuan” (also known as “e-CNY”) hard wallets became accessible to the islanders, only 625 Hongkongers had actually obtained them. 

Shenzhen, China started offering physical cards and discounts to Hong Kong tourists in order to drive the cross-border use of its digital yuan - but the first few days seem to have been a bit slow. 

Australia's central bank is set to launch a "live pilot" of a Central Bank Digital Currency (CBDC) "in the coming months," according to a joint statement from the Reserve Bank of Australia (RBA) and Digital Finance CRC (DFCRC), an Australian financial research institute.

The creation of a United States digital dollar would “crowd out” the cryptocurrency ecosystem and protect the national security of the U.S. according to a former top advisor in president Joe Biden’s administration.

The Brazilian Central Bank says that its central bank digital currency (CBDC) – the digital real – is being designed to help now domestic businesses grow. The bank is also looking to tighten the regulations surrounding cryptoassets.

The United Kingdom is not ready to issue a central bank digital currency (CBDC) just yet as the Bank of England (BoE) doesn’t have enough expertise at the moment, according to a deputy governor.

Last week was relatively calm regarding enforcement news but brought some peculiar local developments in regulation. United States Representative Tom Emmer introduced legislation in the U.S. House of Representatives that could prevent the Federal Reserve from issuing a central bank digital currency (CBDC). According to the Minnesota lawmaker, the bill could prohibit the Fed from issuing a digital dollar “directly to anyone,” bar the central bank from implementing monetary policy based on a CBDC, and require transparency for projects related to a digital dollar.

China’s digital yuan adoption drive is now focusing on transport networks. And drivers have been green-lighted to use the token to pay tolls on some of the nation’s busiest highways.

RBI's CBDC, also known as the digital rupee, is a new way to utilise the money that isn't much different from the banknotes that are now in circulation. The only difference is that the digital rupee is anticipated to be used more frequently and traded digitally. The CDBC is promoted as being more secure than private cryptocurrencies because it is an electronic version of sovereign cash. Any currency that is only offered in electronic form is considered digital currency. Many countries' financial systems already heavily rely on electronic forms of currency. However, digital currency can only be exchanged virtually and never leaves a computer network. As more and more of our daily activities are undertaken online and as the international economy becomes more digital, digital assets have grown in significance. The following points highlight the importance of digital assets: In comparison to traditional asset classes, digital assets may be easily stored, transferred, and sold on digital platforms, which can speed up operations and save costs.

United States Treasury Secretary Janet Yellen stressed the importance of implementing a strong regulatory framework for cryptocurrencies during a G20 meeting on Feb. 25. 

The Central Bank of Jordan is closer to its next step toward a retail central bank digital currency (rCBDC) with the completion of an International Monetary Fund (IMF) technical report on the country’s markets. The IMF conducted a three-month mission last year to assist the bank with preparations for a CBDC feasibility report. The IMF released its report Feb. 23.

Central bank digital currencies (CBDCs) are digital versions of fiat currencies that are backed and issued by central banks. Here are five ways in which CBDCs could impact the global financial system.

US Republican House Majority Whip Tom Emmer has introduced a bill on Wednesday to prevent the Federal Reserve from issuing a central bank digital currency (CBDC) or using it to control monetary policy.

General manager of the Bank for International Settlements Agustín Carstens spoke at the Singapore FinTech Festival on Feb. 22 and described the digital financial infrastructure he believes would best suit central bankers’ needs. He called that infrastructure a “unified ledger.”

Minnesota Representative Tom Emmer has introduced legislation in the United States House of Representatives that could limit the Federal Reserve from issuing a central bank digital currency, or CBDC.

The Central Bank of Nigeria (CBN) continues with its attempts to create its central bank digital currency (CBDC), the eNaira, but this time it’s calling in for backup.