News
The Central Asian country’s CBDC project is right on time, according to a 2020 roadmap, as consumers and merchants use the currency in a controlled environment.
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CBDC News
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.
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Indonesia’s financial services regulator had hoped to set up the crypto exchange by the end of 2022, but this was delayed by a number of obstacles.
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CCP officials want to see the e-CNY surpass $300 billion in transactions in 2023 through promotional efforts.
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Reliance Retail has implemented support for the digital rupee in its gourmet store line Freshpik.
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According to a job posting, HSBC is looking for a candidate who knows of digital assets, especially asset tokenization and custody.
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Hainan’s market regulator wants to promote nonfungible tokens as part of the digital economy, but will actively work to weed out bad actors and speculative behavior.
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Montenegro’s prime minister announced a central bank “digital currency or stablecoin” project with Ripple; the Balkan country currently uses the euro instead of its own national currency.
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A new role, “head of CBDC,” will help the United Kingdom to “explore the case for a digital pound,” although U.K. Bitcoiners would argue that might not be necessary.
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Saudi Arabia’s central bank stressed that no decision has been made to launch a CBDC, but it will continue to research use cases.
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Visa began working on a blockchain interoperability project in September 2021 to support CBDC and stablecoin adoption but few updates have been made since.
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The team lead will determine the “strategic direction” for Treasury’s efforts to develop a digital pound in line with the U.K. government’s agenda.
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In recent months, four countries that had previously initiated major CBDC pilot programs have scrapped their adoption plans altogether.
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ECB board member Fabio Panetta affirms the ECB’s digital euro privacy policy and says the digital currency will never be programmable, but it may have an app.
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A SWIFT-style system for bank-issued and regulated digital currencies was launched by a firm involved in building China’s national blockchain project.
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At this point, the test network for the Norwegian CBDC uses not the public Ethereum ecosystem, but a private version of the enterprise blockchain Hyperledger Besu.
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