The US is actively evaluating whether a digital version of the dollar is in the national interest, the US Treasury Department’s undersecretary for domestic finance, Nellie Liang has said. The work to assess the viability of a digital dollar – a form of central bank digital currency (CBDC) – is now being advanced by an…
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On March 1, 2023, Nellie Liang, undersecretary for domestic finance at the U.S. Treasury, delivered a speech to the Atlantic Council in Washington concerning the subject of central bank digital currencies (CBDCs). Liang detailed during her speech that a CBDC is one of several options for “upgrading the legacy capabilities of central bank money,” and…
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Shenzhen, China has initiated a scheme to promote the usage of its digital yuan among Hong Kong tourists by providing them with physical cards and discounts. However, the initial response during the first few days appears to have been lackluster. Per Shenzhen News, the country’s first digital yuan hard wallet self-service card issuing machine was…
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The use cases for the CBDC ranged from offline payments to “trusted Web3 commerce” and financial industry participants were invited to undertake a live pilot. Australia’s central bank is set to launch a “live pilot” of a central bank digital currency “in the coming months,” according to a joint statement from the Reserve Bank of…
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The Brazilian Central Bank says that its central bank digital currency (CBDC) – the digital real – is being designed to help now domestic businesses grow. The bank is also looking to tighten the regulations surrounding cryptoassets. The newspaper O Globo reported that Roberto Campos Neto, the bank’s governor, confirmed that the digital real is…
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United States Representative Tom Emmer introduced legislation in the U.S. House of Representatives that could prevent the Federal Reserve from issuing a central bank digital currency. Last week was relatively calm regarding enforcement news but brought some peculiar local developments in regulation. United States Representative Tom Emmer introduced legislation in the U.S. House of Representatives…
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China’s digital yuan adoption drive is now focusing on transport networks. And drivers have been green-lighted to use the token to pay tolls on some of the nation’s busiest highways. Per Shenzhen Securities Times and Sina Finance, Jiangsu Province’s Department of Transport has announced that toll booths on sections of Nanjing’s various expressway routes have…
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A tokenized version of the digital real, the Brazilian central bank digital currency (CBDC), has passed a public blockchain pilot test successfully. The test, which was carried out by Mercado Bitcoin, a local exchange, using the Stellar network, shows that the digital real token can be used in public blockchains following all compliance rules set…
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On the sidelines of the G20 meeting, U.S. Treasury Secretary Janet Yellen said the country is not pushing for an outright banning of crypto activities. United States Treasury Secretary Janet Yellen stressed the importance of implementing a strong regulatory framework for cryptocurrencies during a G20 meeting on Feb. 25. Speaking to Reuters, Yellen said that…
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The IMF mission spent three months studying conditions in the country, which is preparing to produce a feasibility report. The Central Bank of Jordan is closer to its next step toward a retail central bank digital currency (rCBDC) with the completion of an International Monetary Fund technical report on the country’s markets. The IMF conducted…
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