The Monetary Authority of Singapore and DBS Bank are running a trial of tokenized Singapore dollars that can be programmed for specific uses and allow merchants to be paid immediately. The experiment with “purpose bound money” (PBM) or programmable money is being carried out under the...
The Reserve Bank of India (RBI) has announced that the first of its pilot launches of a digital rupee will begin Tuesday (Nov. 1) with a “Digital Rupee — Wholesale segment.” Nine banks will participate in this pilot project and the use case will be...
The Bank for International Settlements (BIS) on Wednesday (Oct. 26) published a report on Project mBridge, a four-nation collaborative pilot for cross-border central bank digital currencies (CBDCs). The Hong Kong Monetary Authority, the Bank of Thailand, the Digital Currency Institute of the People’s Bank of...
If there’s one lesson to take away from the first anniversary of Nigeria’s struggling eNaira central bank digital currency (CBDC), it’s that China has shown wisdom with its extremely slow rollout of its digital yuan. A Tuesday (Oct. 25) ceremony by the Central Bank of...
The Bank for International Settlements (BIS) and Hong Kong Monetary Authority said they’ve conducted an experiment showing central bank digital currencies (CBDCs) can work in tandem with private stablecoins. The study — dubbed Project Aurum, or “gold” in Latin — shows how the two digital...
A new study from the European Central Bank (ECB) has found that retail central bank digital currencies (rCBDCs), which could be used to allow for every-day retail transactions, will likely face an uphill climb in terms of being accepted. The paper says there will be...
In an announcement last month, the European Central Bank (ECB) revealed the five companies that have been selected to partake in a “prototyping exercise” as part of the two-year investigation phase of the digital euro project. Amazon, Caixabank, the European Payments Initiative (EPI), Nexi and...
Financial messaging system SWIFT said that it has solved one of the thorniest problems central bank digital currency (CBDC) developers have been wrestling with: How to use them for cross-border transactions. Making CBDCs interoperable is difficult. Few of the roughly 100 countries building, studying or...
A group of Republican lawmakers is asking the U.S. Department of Justice (DOJ) to weigh in on the Federal Reserve’s proposed creation of a central bank digital currency (CBDC). In a letter dated Wednesday (Oct. 5), 11 GOP members of the House Committee on Financial...
