CBDC

Hong Kong to expand pilots for cross-border use of digital yuan

The Digital Currency Institute of the People’s Bank of China and the Hong Kong Monetary Authority are quickly moving forward with their joint testing of the use of the digital yuan for cross-border payments. According to Bloomberg, this week, the HKMA staff confirmed that the first phase of testing for the currency’s cross-border use had …

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Bank of Israel Drafts Model of a Digital Shekel

<div class=”featured_image_container”> </div> <strong>The central bank of Israel has offered a glance at what a digitalized version of the national fiat currency may look like. According to a released “draft model” of the coin, Israelis should be able to use the digital shekel in payments, even offline, and convert it to cash at any moment. …

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The challenges with designing a CBDC, explained

An identity-based, meta-blockchain can achieve all three design goals of identity, privacy and programmability. While blockchain systems can be structurally decentralized, the operation itself can be very much centralized and sequential. The problem lies in how transactions cannot be processed in parallel &mdash; and multiple smart contracts cannot be operated simultaneously. A meta-blockchain that can …

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Israel’s central bank floats possible digital shekel with new action plan

The Bank of Israel is accelerating its research for the potential issuance of a central bank digital currency. In a statement from the central bank today, the Bank of Israel said it was preparing an action plan to explore the benefits of a digital shekel on the economy. Though the bank said it had not …

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Kazakhstan Is Preparing the Launch of a CBDC Pilot With Private Financial Companies

<div class=”featured_image_container”> </div> <strong>Central bank digital currencies (CBDCs) are steadily becoming a serious discussion among governments globally, with Kazakhstan as the latest country unveiling its plans. The National Bank of Kazakhstan is making preparations to launch a CBDC pilot program soon.</strong> The National Bank Released a Public Consultation Paper According to the announcement published on …

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Electronic Transactions Association Proposes 7 Guiding Principles for a Digital Dollar

<div class=”featured_image_container”> </div> <strong>The Electronic Transactions Association (ETA) has put forward a set of guiding principles to be considered in the creation of a U.S. central bank digital currency (CBDC), also referred to as digital dollar. The organization, which unites hundreds of companies in the payments industry, confirms its commitment to ensuring access to financial …

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Fintechs Invited to Work on Georgia’s Central Bank Digital Currency

<div class=”featured_image_container”> </div> <strong>National Bank of Georgia (NBG) has issued a call for companies in the fintech sector, financial institutions and technology firms to support its efforts to create a digital currency. Georgia’s central bank wants to employ new technologies to raise the efficiency of the country’s payment system and promote financial inclusion. </strong> Georgia’s …

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Georgia’s central bank is exploring ‘Digital Gel’ CBDC

The National Bank of Georgia said that it is considering launching a central bank digital currency. In an announcement today, the central bank hinted at the issuance of a central bank digital currency, or CBDC, in an effort “to enhance efficiencies of the domestic payment system and financial inclusion.” The National Bank of Georgia, or …

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Accenture and Digital Dollar Foundation to trial United States CBDC this year

Fortune 500 company Accenture has teamed up with Digital Dollar Foundation to conduct Central Bank Digital Currency, or CBDC, trials in the United States. Announced on Monday, May 3, the newly formed Digital Dollar Project will carry out five CBDC pilot programs over the next 12 months. The project’s objective is to generate data to …

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Rolling up the sleeves: China’s tech giants drive digital yuan adoption

While key central bank figures in the West like Jerome Powell and Christine Lagarde appear to be procrastinating on the subject of central bank digital currencies, China continues to make significant progress. China’s digital currency electronic payment project, or DCEP, helmed by the country’s central bank, continues to draw significant private sector participation. From tech …

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