Central Bank

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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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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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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ECB Deepens Analysis of Digital Euro, Decision Expected by Mid-Year, VP Confirms

<div class=”featured_image_container”> </div> <strong>Faced with challenges on many fronts, the European Central Bank is now deepening the analysis of how to digitalize its currency. A decision on whether to issue a digital euro, which has the potential to become a major CBDC, is expected around mid-2021, a high-ranking official of the central bank has confirmed. …

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The Global Economy Comes Before Savers: ECB President Christine Lagarde Defends Negative Interest Rates

<div class=”featured_image_container”> </div> <strong>The European Central Bank President Christine Lagarde is keeping the central bank’s monetary easing policies unchanged according to her statements from a press conference last Thursday. Moreover, the central bank’s Twitter account recently shared a video of Lagarde defending negative interest rates, as the bank’s President stresses that they “support companies and …

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Iran Authorizes Banks and Currency Exchangers to Use Cryptocurrencies to Pay for Imports

<div class=”featured_image_container”> </div> <strong>The Central Bank of Iran has authorized banks and currency exchangers to use cryptocurrencies mined by licensed crypto miners in the country to pay for imports. Meanwhile, a bill is being drafted to provide regulatory clarity regarding crypto-related activities.</strong> Using Cryptocurrencies to Pay for Imports The Central Bank of Iran (CBI) has …

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Decentralization is the final frontier for CBDCs

As central bank digital currencies, or CBDCs, continue to garner mainstream traction across the global financial landscape in recent years, almost all central banks are actively researching the benefits and risks of offering a digital currency to the public. In its most basic sense, a CBDC is a digital form of fiat money, backed by …

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