India’s digital rupee has so far demonstrated little benefit, the nation’s bankers say. In a report from Reuters published Thursday (Dec. 1), seven bankers said that using the Reserve Bank of India’s (RBI) digital currency was very similar to the internet-based banking users were already...
India’s central bank will begin testing its proposed digital rupee for retail use this week. “The pilot will test the robustness of the entire process of digital rupee creation, distribution, and retail usage in real-time,” the Reserve Bank of India said in a news release Tuesday...
Ukraine’s central bank is considering a central bank digital currency to let users trade cryptocurrency. According to a Monday (Nov. 28) news release from the National Bank of Ukraine (NBU), the bank has discussed its plans for a digital version of the Ukrainian hryvnia with...
The Bank of Japan will reportedly join a host of other countries in testing a central bank digital currency (CBDC) next year in experiments with three of the country’s banks. According to a report by Nikkei Wednesday (Nov. 23), the bank will conduct the tests...
In a video address as part of a high-level conference on the digital euro earlier this month, the president of the European Central Bank (ECB), Christine Lagarde, announced that the central bank digital currency (CBDC) project had received “strong political backing,” a year after kicking...
Faster cross-border transactions could be one of the most significant benefits of a United States central bank digital currency (CBDC), a New York Fed official said. For example, such a CBDC could reduce the time required for settlement of foreign exchange (FX) spot transactions from...
The Monetary Authority of Singapore (MAS) has debuted Ubin+, a program to test the use of a wholesale central bank digital currency (CBDC) for cross-border foreign exchange settlement. According to a Thursday (Nov. 3) news release, Ubin+ will study “business models and governance structures for...
In a pilot project that is said to be the first of its kind, the central banks of France, Singapore and Switzerland are collaborating in a joint trial of their experimental central bank digital currencies (CBDCs) and decentralized finance (DeFi) protocols. During what is to...
A four-country test of a cross-border payments system using central bank digital currencies was a success, the Bank for International Settlements (BIS) declared last week, finding that creating international payments bridges “is a realistic and achievable goal.” Carried out under the auspices of the BIS’...
