Hong Kong to Connect Digital Yuan With Domestic Payments System in Cross-Border Trials

Financial authorities in Hong Kong have announced a second phase of trials for mainland China’s digital currency. As part of the upcoming tests, the city will link the Chinese digital yuan to its domestic payments system to evaluate the CBDC’s usability in cross-border scenarios.

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Beijing to Disperse $6 Million in Digital Yuan in a Red Envelope Lottery

China’s central bank digital currency (CBDC) continues to gain further ground as the Beijing Local Financial Supervision and Administration Bureau revealed 40 million worth of the country’s digital yuan ($6.

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Russia’s Central Bank Governor: CBDC Is Future for Country’s Financial System

Russia’s central bank governor, Elvira Nabiullina, believes that digital currencies will be the future of financial systems as the country’s economy moves more online. The post Russia’s Central Bank Governor: CBDC Is Future for Country’s Financial System appeared first on BeInCrypto.

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Russia’s Central Bank Chief Says CBDCs Are Necessary For Financial Systems

Russia’s Central Bank Chief Elvira Nabiullina said her country's decision to create a central bank digital currencies (CBDC) is due to its perceived benefits. Digital Ruble Prototype Would Be Launched This Year Speaking in a CNBC interview, the apex bank governor said Russia aims to roll out its Digital Ruble prototype by the end of […] The post Russia’s Central Bank Chief Says CBDCs Are Necessary For Financial Systems first appeared on BitcoinExchangeGuide.

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How Ethereum Could Power A CBDC, According To A Chinese Goverment Official

Yao Qian, a member of The China Securities Regulatory Commission, presented a case where a possible Digital U. S. dollar and the Digital Yuan run on top of Ethereum’s network. The government official spoke on The International Financial Forum (IFF) 2021 in Beijing on May 30th.

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Federal Reserve Is Moving Forward with its Digital Dollar Plan; Starting with Publishing a Paper on CBDC

Talking about stablecoins' potential to enhance the payments system, Chairman Jerome Powell said they also “carry potential risks” to its users and the broader financial system. The post Federal Reserve Is Moving Forward with its Digital Dollar Plan; Starting with Publishing a Paper on CBDC first appeared on BitcoinExchangeGuide.

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Fitch Ratings: CBDCs May Disrupt Financial Systems if Risks Not Managed

Credit rating agency Fitch Ratings said that central bank digital currencies (CBDC) could disrupt financial systems as a result of disintermediation and cybersecurity threats. The post Fitch Ratings: CBDCs May Disrupt Financial Systems if Risks Not Managed appeared first on BeInCrypto.

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Georgia’s Apex Bank Considers CBDC, Calls For Partnerships

Central bank digital currencies (CBDCs) have become the rave of the moment following the global outcry for a more efficient and inclusive financial system. With the economic impact of the pandemic, the need for a digital form of value transmission has never been higher than now.

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100M euro digital bond was a CBDC test, says Banque de France

European financial institutions are using pilots to make a case for the digital euro.

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Bank Of England And HM Treasury Launch CBDC Task Force to Evaluate Opportunities & Risks

The booming cryptocurrency industry is forcing national banks to look towards fiat-backed digital currencies as a way of regaining back control of the financial system. Even as the outcry for central bank digital currencies (CBDCs) is becoming more and more pronounced, many world governments are gradually launching their own independent programs to meet this growing […] The post Bank Of England And HM Treasury Launch CBDC Task Force to Evaluate Opportunities & Risks first appeared on BitcoinExchangeGuide.

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Can a digital pound CBDC retake London’s financial hub status post-Brexit?

Could a digital pound accelerate Britain’s growth post-Brexit and retake London’s status as the European financial hub?

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China Sets the Stage for Central Bank Digital Currencies, Proposing Global Rules for Nations

China recently proposed a set of global guidelines on central bank digital currencies (CBDC) earlier this Thursday, discussing potential uses and implications of a sovereign digital currency. With the coronavirus pandemic exposing inefficiencies in traditional payment systems, there has been a growing need to digitize legacy financial infrastructure.

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U.S. CBDC Program Draws Flak From Wall Street

Wall Street firms are not thrilled about the US’ rumored upcoming CBDC, a Bloomberg report has revealed. Financial institutions and fintech firms are concerned regarding the implications a central bank-issued token could have on their bottom line.

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Bank of Japan Preparing to Experiment with CBDC

These remarks came in the closing statements of speech Kuroda gave about integrating information and financial systems. Central Banking as a Service Officially, the bank has not changed its stance, Kuroda said.

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Bank of Russia to Launch Digital Ruble Pilot in 2021

Local reports from Russia indicate the country plans to complete its prototype for a digital ruble before the end of 2021. According to Prime, a financial news outlet, the central bank will launch pilot programs to test the CBDC in 2022 once the prototype is complete.

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BIS And Swiss National Bank Announce Findings of CBDC Pilot Program

Revealed on Dec 3, the BIS claims the results demonstrate the operational feasibility and legal workability of a digital franc used only for interbank settlement on a blockchain testnet. Project Helvetia Background In the works since 2019, the collaboration brought together the BIS, SNB, and financial market infrastructure provider SIX Group.

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Ruble or Rubble? Russian Institutions Have Concerns About Proposed CBDC

Russian banks and financial brokers are worried the digital ruble will be a burden for them.

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China’s digital yuan is ‘a long way’ from beating USD says financial firm exec

Sounds like its CBDC is unlikely to dethrone the United States dollar as the world’s reserve currency anytime soon.

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Australia’s Reserve Bank, ConsenSys, Others Launch CBDC Proof of Concept

Reserve Bank of Australia (RBA) has joined forces with other financial institutions and ConsenSys Software to launch a research project on wholesale central bank digital currency. The initiative aims to find out the use cases, benefits, as well as implications of the wholesale form of CBDCs, according to a press release on November 2, 2020.

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ConsenSys to work with SocGen-Forge on CBDC pilot project

Blockchain technology firm ConsenSys has announced today that it is working with French multinational investment bank and financial services company Societe Generale or SocGen-Forge on central bank diThe post ConsenSys to work with SocGen-Forge on CBDC pilot project appeared first on AMBCrypto.

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Bank of Canada to hire an economist familiar with crypto

The Bank of Canada is making the next in a series of moves that will eventually lead to the creation of its own CBDC — or at least, that is what the crypto industry is assuming right now. Such assumptions came from recent information, revealing that the bank is looking for an economist with experience in financial technology and deep knowledge of crypto.

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G20 to establish CBDC regulatory standards

Global financial organisations and 20 of the world’s leading economies will work together to...

The post G20 to establish CBDC regulatory standards appeared first on Coin Journal.

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Japan Must Reform Central Bank Laws to Accelerate CBDC Issuance

Coinspeaker Japan Must Reform Central Bank Laws to Accelerate CBDC IssuanceThe Bank of Japan stated that it would start conducting research in the following financial year on how to develop and operate its CBCD.

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Bahamas Central Bank Confirms CBDC ‘Sand Dollar’ to Launch In Less Than 30 Days

The Bahamas Central Bank has confirmed that its pipeline CBDC ‘Sand dollar’ will roll out next month as anticipated. This will mark the first retail-oriented CBDC to be integrated with fundamental financial market pillars as the world gradually shifts to digital payments.

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Most Americans are against a digital dollar CBDC, survey reveals

U.S. citizens appear to be opposed to a digital dollar despite expressing concerns over the existing financial system.

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Interoperability Will Determine CBDC Winners and Losers

As Congress debates the potential of a second coronavirus stimulus bill, 9 million Americans are still waiting for their first $1,200 payment check to arrive in the mail. The inability of our existing financial infrastructure to respond quickly and effectively to an emergency like COVID-19 has prompted fresh debate about how innovations like digital currencies … Continued The post Interoperability Will Determine CBDC Winners and Losers appeared first on Ripple.

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Visa to help banks integrate CBDC payments

A recent report from the US-based multinational financial services corporation has shown that it...

The post Visa to help banks integrate CBDC payments appeared first on Coin Journal.

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Власти Китая обяжут местные компании принимать цифровой юань

Фань Ифэй, заместитель главы Центрального банка Китая, в интервью изданию Financial News заявил, что компании и частные лица страны будут обязаны принимать цифровой юань (CBDC) после его запуска. По словам представителя ЦБ, в Китае CBDC классифицируется как часть денежной массы, что включает в себя обязательное принятие виртуального юаня в качестве средства платежа. В апреле власти Китая […]

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Mastercard launches CBDC testing platform for central banks to explore use cases

Global financial services company, Mastercard launched a Central Bank Digital Currencies (CBDCs) virtual and custom ‘testing’ platform, for central banks to evaluate use cases of national digital The post Mastercard launches CBDC testing platform for central banks to explore use cases appeared first on AMBCrypto.

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Brazil Fast Tracks CBDC Launch; Central Bank President Calls for Roll Out In Next Two Years

Speaking at a Bloomberg-sponsored event, Roberto Campos Neto, president of the Banco Central, praised digital currency payment systems as the future of financial systems claiming the country is in the pipeline of launching their CBDC in the coming two years.

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CBDC Less Than Two Years Away Says Brazilian Central Bank President

Although Brazil is a recent entrant to studying digital currencies, its central bank’s president says the country could launch one as soon as 2022. Per local news outlet Correio Brazilienese, president Roberto Campos Neto has indicated that digital currencies will be “the future of the financial system.

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Brazil Working on Launching Central Bank Digital Currency (CBDC) by 2022

Coinspeaker Brazil Working on Launching Central Bank Digital Currency (CBDC) by 2022The Central Bank Digital Currency (CBDC) is the digital form of fiat. According to the president of Brazil's Central Bank, Central Bank Digital Currency (CBDC) may be integrated into the financial system by 2022.

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Brazil’s Central Bank Says Nation Might Be Ready for a Digital Currency by 2022

Brazil's fast-digitizing financial infrastructure could set the stage for CBDC in the next two years, said Campos Neto.

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The role of cryptocurrency in the pending CBDC rivalry

The last several years have brought major changes to the crypto industry, but also to the traditional financial industry. Due to the crypto bull run of 2017, the world learned of the crypto industry, its potential, risks, and crypto became a hot topic.

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Japan: FSA Chief Says No Plans to Deregulate Bitcoin Trading, Focus on CBDC Development

Ryozo Himino, the new chief of the Japanese financial regulator – the Financial Services Agency (FSA) – told Reuters there is no need to promote non-fiat pegged cryptocurrencies such as bitcoin (BTC).

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Financial Times: Цифровая валюта Китая направлена против Alipay и WeChat Pay

Народный банк Китая планирует запустить свою цифровую валюту (CBDC) в качестве альтернативы сервисам компаний Alibaba и Tencent, которые сегодня доминируют на рынке цифровых платежей, пишет Financial Times.

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Bank of Japan (BoJ) Appoints its Top Economist as the New Head to Oversee Digital Yen

The top economist of the Bank of Japan (BoJ) has been appointed as head of department overseeing research on central bank digital currencies (CBDC), as the central bank steps its efforts to join the race to embrace financial innovation.

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Top IMF Official Says Private Sector Could Play Pivotal Role in CBDC Development; Contrary to The Fed’s Take

A top executive at the IMF believes that the private sector could play a pivotal role in the development and integration of CBDC’s with existing financial ecosystems. Tobias Adrian, a Monetary and Capital Markets director & financial counselor at the IMF, shared these sentiments during the R3 sponsored “Building CBDC: A Race To Reality” conference […]

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Bank of France Taps 8 Financial Institutions for CBDC Test

France is once again front-running the EU in digital currency matters as the Bank of France gets ready to run central bank digital currency (CBDC) experiments. With China’s accelerated CBDC development, stakeholders in other major economies are calling for their respective central banks to begin developing sovereign CBDCs asap.

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Japan’s Govt. Is Strongly Considering Launching A CBDC In Cooperation With The US and Europe

Japan is increasing its efforts in developing a central bank digital currency (CBDC), reported the largest financial paper in Japan, Nikkei on Wednesday. The post further confirms that the Japanese government plans to add the development of a digital yen into its policy framework this year.

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Central Bank Digital Currency Touted as Solution to US Economic Overhaul

Talk of a US central bank digital currency (CBDC) dominated proceedings, as the US Senate Committee on Banking, Housing, and Urban Affairs conducted a virtual meeting yesterday. The near two-hour-long hearing titled “The Digitization of Money and Payments” discussed competing with China’s CBDC offering, financial inclusion, and modernizing the current US economic model. Taking the […]

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Bank of Thailand (BoT) to Develop A Prototype Payments System For Business Using CBDC

Thailand's Central Bank (BoT) has announced that it will roll out a prototype for digital currency payments within the country's business ecosystems. The initiative will be based on an ongoing CBDC project dubbed ‘Inthanon, ‘ which kicked off two years ago in collaboration with Thai's leading financial institutions.

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Saudi Arabian Central Bank Deploys Blockchain Techhnology to Interact With Local Banks

A central bank digital currency, or CBDC, is the most widespread use-case for financial authorities in terms of blockchain, but not the only one

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In-Depth CBDC Report Published by Federal Reserve Bank of Philadelphia

Researchers at the Federal Reserve Bank of Philadelphia recently published a paper exploring the potential impact of a Central Bank Digital Currency on our financial system. The report noted that in addition to eliminating the need for cash, a CBDC should prevent future bank runs by giving the US Federal Reserve a monopoly on deposits.

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Swiss Financial Regulator, FINMA, Licenses Local Bank To Carry Out The Crypto Transactions

Switzerland’s top financial regulator, Financial Market Supervisory Authority (FINMA) grants local banks, InCore, the first license to transact digital currencies. This adds to the accelerated efforts from the Swiss government in the blockchain field so far in 2020 with the government looking to implement a central bank digital currency (CBDC). InCore, first Swiss bank licensed […]

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Digital Dollar Project Calls for 2-Tiered Distribution System in First White Paper for US CBDC

The Digital Dollar Project's first white paper describes how a two-tiered system underpinning a tokenized dollar could modernize the U.S. financial system.

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European Central Bank caught up with DLT; will it be used for CBDCs?

A central bank digital currency [CBDC] has been thought of as an important tool to smoothen technological and financial systems the world over. Central banks like the European Central Bank [ECB] have The post European Central Bank caught up with DLT; will it be used for CBDCs? appeared first on AMBCrypto.

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Will COVID-19 Accelerate the Demise of Cash? It Puts CBDC’s into Sharper Focus: BIS Head

The outbreak of coronavirus pandemic has brought the whole world to a standstill and it has added to the misery of the financial institutions as well as governments to manage their deficits in these troubled times.

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China's DCEP might be a tiered system with financial intermediaries

The Central Bank Digital Currency has been introduced by many nations across the world. China's CBDC, also known as Digital Currency/Electronic Payment [DCEP], was announced to be launched in 2020 andThe post China's DCEP might be a tiered system with financial intermediaries appeared first on AMBCrypto.

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