Led by Belgian financial services firm Euroclear, the latest French CBDC trial involved a system by tech giant IBM.
A central bank digital currency, or CBDC, is a digital version of a region’s fiat currency, put out by the region’s monetary authority. CBDCs gained a significant spotlight in 2020, with numerous countries expressing interest in their own versions of the asset type. Some countries pushed faster than others toward their own native digital currency. China, for example, moved quickly toward the prospect of its own CBDC, called the digital yuan.
The Bahamas burst on the central bank digital currency market in 2020 with the first CBDC. Called the Sand Dollar, the country’s CBDC is a national digital currency for the region, holding the same value as the Bahamian dollar. CBDCs differ from crypto-native stablecoins put out by crypto industry entities. Such stablecoins aim to track the value of underlying assets, such as the U.S. dollar, although the stablecoins themselves are not official regional currencies and are often overseen by companies.
Offline CBDC functionality will help bring financial services to Ghanaians who lack access to bank accounts or an internet connection.6242
As the crypto space gets all worked up by the impending launch of Bitcoin exchange-traded funds, industry leaders are taking it upon themselves to sketch out the designs of future regulatory regimes.1802
Governments in Asia are quickly researching or implementing CBDCs. What does this mean for the region’s overdependence on the U.S. dollar?3977
The Bank of Japan is keen to ensure the seamless integration of its central bank digital currency with the existing payment architecture.3745
The think tank wants to ensure the United Kingdom keeps pace with the developments in the emerging digital landscape.3806
Financial leaders from the G7 agree that CBDCs would complement cash and should not be detrimental to the monetary system.10426
Debt ceiling uncertainty erodes trust in the dollar, the DOJ announces the National Cryptocurrency Enforcement Team and the SEC investigates Circle.4679
Blockchain technology promises to be the foundational network layer for many systems underpinning successful smart cities.9862
Hedge fund manager Ken Griffin singled out crypto as a threat to the U.S. dollar and stated, “I wish all this passion and energy that went to crypto was directed towards making the United States stronger.”8024
Kristalina Georgieva said that stablecoins "fill the digital gap in privately issued money," but labeled Bitcoin and other cryptocurrencies as assets rather than a form of money.6069
As House Democrats grapple over the infrastructure bill, the Biden administration and Federal Reserve eye stablecoin regulation.2428
A new study from Hong Kong regulators is expected to present initial thoughts and findings on CBDCs during the summer of 2022.2683
In coexistence with mutual benefits, decentralized finance and central bank digital currencies will finally make money universally available worldwide.16725
eNaira will continue to circulate alongside its fiat counterpart, promising a faster, cheaper and more secure option for monetary transactions.13786