Participants will be restricted to using the CBDC only for payment, without an option to store, exchange or send it to other users. The Bank of Korea (BOK) — South Korea’s central bank — has said it will invite 100,000 Korean citizens to purchase goods with deposit tokens as part of its central bank digital…
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Source: Pixabay / Hans The Governor of Spain’s central bank, Pablo Hernandez de Coz says there is no urgent desire among users in the jurisdiction for a Central Bank Digital Currency (CBDC), explains the digital euro’s roadmap. In a recent speech at the Annual Convention of the Associacion de Mercados Financieros, Madrid, the central bank…
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Anton Siluanov, the finance minister of Russia, has announced that the Central Bank of Russia will expand the pilot phase of the digital ruble next year to include the execution of still undefined targeted budget expenditures. Digital Ruble to Be Leveraged for Budget Expenditures The digital ruble, Russia’s central bank digital currency (CBDC), is now…
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The Monetary Authority of Singapore’s managing director has outlined the central bank’s plan to ensure seamless financial transactions across digital asset networks. “Currently, there is a proliferation of digital asset networks,” the head of Singapore’s central bank said. “We cannot wish these dynamics away and force consolidation of all financial transactions onto a single network.…
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The CBDC-like bakong provides digital payment services in riel and the U.S. dollar. It has been steadily extending its regional scope. The bakong, a digital currency operated by the National Bank of Cambodia (NBC), will provide users with access to the Alipay merchant network and enable cross-border transactions on Alipay+ using QR codes under a…
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Source: Alex Zarubi/Unsplash Russian lawmakers want the country’s Central Bank to ditch its current retail model digital ruble in favor of a wholesale alternative. Per Interfax, three State Duma committees submitted a joint response to the Central Bank’s monetary policy report for 2024-2026. The committees said they want the Central Bank to “return to considering” …
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Wallis clarifies that financial inclusion aims to extend financial services to individuals worldwide, especially those with low incomes and no ties to financial institutions. James Wallis, Ripple’s vice president for central bank engagements and central bank digital currencies (CBDCs), has highlighted the role of CBDCs in advancing global financial inclusion in a brief video. Wallis…
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International Monetary Fund (IMF) Managing Director Kristalina Georgieva says central bank digital currencies (CBDCs) can replace cash. She has urged the public sector to “keep preparing to deploy CBDCs and related payment platforms,” emphasizing that these platforms “should be designed from the start to facilitate cross-border payments, including with CBDCs.” IMF Chief Encourages CBDC Adoption…
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The People’s Bank of China (PBOC) and the Hong Kong Monetary Authority (HKMA) are in the second phase of the integration tests of the digital yuan for payments and cross-border transactions in Hong Kong. This new phase includes more banks and the ability to use the Fast Payment System to top up digital yuan wallets.…
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European Union lawmakers anticipate the arrival of the digital euro, but German politician Joana Cotar is pushing back against the currency and fighting in favor of Bitcoin. The European Union has been actively preparing for what it envisions as the future of money. In the past year, it finalized its landmark comprehensive crypto legislation, the…
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