The National Bank of Georgia (NBG) has shortlisted nine companies to compete as technology partners for the nation’s central bank digital currency (CBDC) project dubbed Digital GEL. The national bank of the Caucasian nation announced Thursday that it will introduce “a Limited Access Live Pilot Environment” to test its CBDC on the technology capabilities and…
Read more
Trying to make the digital yuan more attractive for foreigners, China has added a “recharge before use” feature to its digital currency system. The upgrade will allow visitors from abroad to replenish a digital yuan wallet through the global payment networks Visa and Mastercard among other methods. China Allows Foreign Users of Its Digital Yuan…
Read more
The Bank for International Settlements (BIS) and central banks of France, Singapore, and Switzerland have jointly announced a successful test of cross-border trading and settlement for wholesale central bank digital currencies (wCBDCs). This test incorporated innovative decentralized finance (DeFi) technology concepts and was executed on a public blockchain…. Read More: BIS and Central Banks of…
Read more
According to the Central Bank’s data, from January to August 2023, imports of crypto rose by 44.2%, compared to the same period last year. The governor of the Central Bank of Brazil, addressing the Finance and Taxation Commission of the country’s parliament, said the bank has noted a significant surge in crypto adoption in the…
Read more
BIS general manager Agustín Carstens stresses the importance of legal frameworks that protect CBDC users’ privacy and maintain monetary freedom. Legal frameworks that ensure that user privacy and the freedom to choose between central bank digital currencies and other forms of money will be key in driving CDBC adoption, according to the head of the…
Read more
Despite the role it has played in narrowing the financial inclusion gap, the e-naira central bank digital currency still poses a risk to financial stability. In addition to bolstering the financial inclusion rate, the central bank claimed that the CBDC would “widen the size and stability of banks’ deposit base.” Nigeria’s Financial Inclusion Rates According…
Read more
The U.S. House Financial Services Committee has passed the CBDC Anti-Surveillance State Act, the first anti-central bank digital currency legislative effort introduced in the United States. Congressman Tom Emmer detailed that the bill halts the efforts of the Biden administration “from issuing a financial surveillance tool that will undermine the American way of life.” CBDC…
Read more
Most citizens in Western Russia say they do not want to get paid in digital rubles, dealing a further blow to the Central Bank’s CBDC plans. Per the media outlet Lipetsk News, the recruitment agency HH conducted a digital ruble-themed survey of job seekers in the key Lipetsk Oblast in Western Russia. But it appears…
Read more
Despite approaching the issue from vastly different angles, the two sides were able to agree on a few basics as the bill passed out of committee. Debate in the United States House Financial Services Committee during the markup of the CBDC Anti-Surveillance State Act on Sept. 20 occasionally wandered beyond strictly financial and technical issues.…
Read more
The Institute of International Finance looked at seven areas where digital euro legislation, which is being developed alongside the technology, is lacking. The Institute of International Finance (IIF) has published an assessment of the European Commission’s proposed legislation on the digital euro. It gave the bill middling marks. The IIF is a financial industry global…
Read more
