The Central Bank of Nigeria will start the pilot of its central bank digital currency, which runs on the Hyperledger Fabric blockchain, on Oct. 1.
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.
RBI is looking for ways to test a CBDC while causing little to no disruption for the bank’s status quo.1980
China's central bank digital currency can now be used on insurance policies that offer various levels of compensation for diagnosis of or death due to COVID-19.2443
China’s Foreign Ministry responded to U.S. senators’ claim regarding the digital yuan’s function as a tracking and tracing tool during the 2022 Beijing Winter Games.4010
The Bank of Canada suggested that a Canadian CBDC could provide a number of innovations, including the elimination of transaction fees from debit and credit cards.2479
ConsenSys, a major Ethereum software company, will also contribute its technology to South Korean CBDC simulations led by Ground X.5738
Three senators urged the Olympic committee to work with federal agencies "to protect the privacy of American athletes from the Chinese Communist Government."3568
Yale Professor Gary B. Gorton and Jeffery Zhang of the Board of Governors of the Federal Reserve System have co-authored a 49-page paper called, “Taming Wildcat Stablecoins.”8560
A working paper released in English by the People’s Bank of China cites cryptocurrencies as an important context for the digital yuan’s development and reveals that the digital currency will use smart contracts to allow for programmability.4106
The Chinese government’s ongoing crusade against cryptocurrencies might have dramatic consequences for both domestic and global crypto traders.5190
Powell stated that stablecoins need stricter regulations if they are to be part of the payment universe.3916
The Bank of Korea plans to select an operator to run a blockchain-based CBDC pilot next month that will test a digital won in various use cases.5549
"There is also no doubt in our mind that a major central bank will soon launch a digital currency and we expect this to happen within the next three years," said Guardtime.6226
A new report released by the triumvirate of global finance argues that central bank digital currencies will benefit worldwide development.5822
From being labeled impractical to nearing mainstream deployment, the digital yuan can transform the global economic landscape.23977