In the European Union, the initial stage of a digital euro and potential use cases for a central bank digital currency (CBDC) will target personal use over business processes and Web3 advancement. “We have singled out, for the first release of the digital euro, three...
The U.S. Digital Dollar Project (DDP) has announced plans to create a technical sandbox where members and financial services providers can experiment with a U.S. central bank digital currency (CBDC) that its organizers hope the government will eventually issue. While more than 100 countries are...
The Digital Dollar Project (DDP) will start a technical sandbox program starting in October to explore the technical aspects of implementing a U.S. central bank digital currency (CBDC), initially focusing on cross-border payments. Serving as a collaborative space for DDP participants and financial service providers,...
Federal Reserve Board of Governors member Michelle Bowman said two weeks ago that the imminent launch of the FedNow real-time payments system makes a digital dollar unnecessary. It doesn’t matter. Central bank digital currencies (CBDCs) have reached a critical mass, and enough major economies are...
Financial services technology provider FIS recently announced the launch of a CBDC Virtual Lab that will give central banks, commercial banks and other financial participants the ability “to experiment with — and pilot — core concepts of issuance, transfer, redemption, offline payments, programmable payments, retail, wholesale...
It’s been over a year since the Central Bank of Nigeria (CBN) issued a circular prohibiting banks and other financial institutions from facilitating cryptocurrency transactions and processing payments for crypto exchanges, lest they risk “severe regulatory sanctions.” In a statement, the bank said the directive,...
In its August monetary policy statement, the Central Bank of Zimbabwe (CBZ) announced that it has developed a “roadmap for adoption of CBDC [central bank digital currency] in Zimbabwe,” embarking on the next stage of its journey toward the issuance of a government-backed digital currency....
The latest news about China’s digital yuan is that it can now be used to pay for bus rides in Guangzhou, joining subway systems in at least 10 cities, including Chengdu and Beijing, that accept the central bank digital currency. That’s on top of news...
Aiming to make transactions easier for consumers and to put an end to tax evasion, Colombia is reportedly considering introducing a central bank digital currency (CBDC). The information was shared by Luis Carlos Reyes, head of the Colombian Tax and Customs Office, according to a...
