A recent research paper from the National Bank of Rwanda recommends a two-tier, universal, zero-interest central bank digital currency (CBDC) with partial pseudo-anonymity. Although the research paper identifies 15 opportunities for CBDC, only four are said to offer “high potential benefits and limited alternative choices to obtain similar advantages.” Research Paper Identifies 15 CBDC Opportunities…
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Joachim Nagel, President of the Deutsche Bundesbank and Member of the Governing Council of the European Central Bank (ECB), has raised concerns about central banks’ business model. “If part of your core product is loosening attractiveness then you have to think about another new core product,” he stressed. ‘We Need to Speed up on All…
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The Hong Kong Monetary Authority (HKMA) on Tuesday formed a working committee in order to set industry standards for wholesale CBDC interoperability. The group also aims to facilitate tokenized asset transactions and interbank settlement using wCBDC. “It will make recommendations on specific topics, initially focusing on setting up a mechanism to support seamless interbank settlement…
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India’s central bank, the Reserve Bank of India (RBI), is in the process of making its central bank digital currency (CBDC) available without relying on internet access. RBI Governor Shaktikanta Das has emphasized the importance of ensuring the digital rupee’s ease of use. RBI Governor Updates Digital Rupee Progress During an event hosted by the…
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The Swiss National Bank’s (SNB) chairman of the governing board, Thomas Jordan, noted that the bank is exploring best ways to tokenize financial assets. Speaking at an event in Basel on Monday, Jordan noted that the Swiss National Bank is investigating alternative options to its wholesale CBDC. Outlining pros and cons of wholesale CBDC, Jordan…
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Iran and Russia are working on CBDC and “digital financial asset” (DFA)-powered trade solutions, an Iranian official has confirmed. Speaking to the Russian media outlet Izvestia, Rahimi Mohsen, the trade attaché of the Iranian Embassy in Russia, said that “nations” were “exploring the use of DFAs and central bank digital currencies.” Mohsen claimed that CBDC-powered…
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The digital euro will likely not launch until 2028 or 2029, Germany’s central bank president, Dr. Joachim Nagel, said on Wednesday. “It may take another four or five years before it is actually implemented,” he said at the DZ Bank Capital Markets Conference 2024. The European Central Bank (ECB) initiated a two-year “preparation phase” for…
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The Central Bank of Mauritania (CBM) has partnered with Giesecke+Devrient (G+D) to develop and launch a digital version of the national currency. The Germany-based security technology firm is expected to assist the CBM in outlining the prerequisites for a national Central Bank Digital Currency (CBDC). Outlining Prerequisites for a Central Bank Digital Currency The Central…
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Chile is tentatively moving toward the launch of a CBDC, with the public seemingly firmly behind the central bank’s plans. Per the media outlet Criptonoticias, the Central Bank of Chile (BCCh) is yet to commit to a CBDC launch. However, a digital peso rollout is looking increasingly likely, with the BCCh announcing it is set…
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The e-CNY Research Institute has been inaugurated to support advancements of China’s central bank digital currency (CBDC). According to a recent report by MPayPass, institute was unveiled at the “2024 Second e-CNY Industry Sustainable Development Seminar” in Suzhou, where industry experts gathered to mark the occasion. The Seminar was co-hosted by the Suzhou City Digital…
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