China and the United Arab Emirates (UAE) have acknowledged the crucial role of central bank digital currency (CBDC) in facilitating cross-border trade and investment. In a joint statement, the two countries expressed their commitment to deepening bilateral and multilateral cooperation with respect to their CBDCs. China also expressed appreciation for the UAE’s recent direct cross-border…
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The Bank of Israel has announced the Digital Shekel Challenge, inviting various entities — private companies, public sector organizations, and academic institutions — to participate in the digital shekel’s experimental environment. The initiative aims to foster the development of innovative payment solutions using the digital shekel, leveraging its Application Programming Interfaces (APIs). Participants are expected…
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The Central Bank of Brazil announced the postponement of the completion of the drex pilot, the Brazilian CBDC, due to the inefficiency of the privacy solutions presented for the project so far. The pilot will have a new phase, finalized in 2025, and will also feature the implementation of smart contracts to nurture use cases…
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The House of Representatives has passed Congressman Tom Emmer’s CBDC Anti-Surveillance State Act, which prohibits the Federal Reserve from issuing a surveillance-oriented central bank digital currency (CBDC). The lawmaker emphasized that the bill protects American values of privacy and individual sovereignty, countering potential governmental overreach. CBDC Anti-Surveillance Act Clears House Following the passage of the…
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The World Bank has announced that it will issue its first CHF digital bond on June 11. This 7-year, CHF 200 million ($219 million) bond is the largest CHF issuance by the World Bank since 2009. It utilizes distributed ledger technology and settles using Swiss Franc wholesale central bank digital currency (CBDC) from the Swiss…
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The Hong Kong Monetary Authority (HKMA) and the People’s Bank of China (PBOC) have advanced the digital yuan (e-CNY) pilot for payments, aiming to increase e-CNY wallet usage in Hong Kong. Residents can now set up and top up wallets via the Faster Payment System (FPS), marking the first global linkage of a faster payment…
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The Society for Worldwide Interbank Financial Telecommunication (SWIFT) China President recently shared insights on the challenges and solutions for cross-border central bank digital currency (CBDC) interoperability. In an interview with 21st Century Business Herald, Wen Yang addressed the fragmentation in CBDC systems due to varying technological paths and standards among different economies, highlighting the organization’s…
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Adopting a potential digital euro won’t displace the Swedish krona, Sweden’s central bank said. In a staff memo published Tuesday, the Sveriges Riksbank indicated it sees potential benefits for Sweden in the digital euro. It highlighted the possibility of a more robust and competitive payment system. The bank added that there may be a small…
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Onchain bitcoin analyst Willy Woo predicts that the leading cryptocurrency will reach the $1 million milestone within the next decade. During what he describes as “a time to be alive,” Woo anticipates witnessing a purge of central bank corruption. However, one of Woo’s followers envisions a Central Bank Digital Currency (CBDC), not bitcoin, replacing the…
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The Bank of Thailand (BOT) has released a report on its Retail Central Bank Digital Currency (CBDC) pilot project, conducted using Giesecke+Devrient’s (G+D) technology solution. The project tested the digital version of the Baht and its potential for financial innovation, delivering key lessons on the capabilities of a CBDC in supporting multiple online and offline…
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