Swiss National Bank and BIS announce digital currency trial by 2020 end
The trial will also allow the banks to see how the technology syncs with existing payment systems, as well as providing more effective routes to monitoring compliance.
Latest Central Bank Digital Currency News
China’s new draft law seeks to legalize digital yuan but ban competitors
In a new draft law, the bank proposed banning any yuan-pegged digital tokens, effectively killing off any competitor to its central bank digital currency.
Bahamas launches Sand Dollar, the world’s first official CBDC
The Central Bank of the Bahamas has developed the Sand Dollar to be transferrable via mobile phones, making it easy to use for the residents.
Hong Kong finance chief open to collaboration on digital yuan
The Hong Kong government is reportedly exploring working with Chinese authorities to incorporate the digital yuan in wholesale and cross-border settlement.
Kenyan central bank exploring CBDCs, digital currency regulation
The Central Bank of Kenya is in discussions with other central banks globally regarding the introduction of a central bank digital currency.
Chinese consumers spend 8.8 million in digital yuan trial
Equivalent to around $1.3 million in spend, Shenzhen residents reportedly turn to the as-yet-unreleased digital currency for payments in a variety of everyday settings.
New Zealand central bank chief says ‘no plans’ for CBDC
There are currently no imminent plans to launch a central bank digital currency in New Zealand, according to a Reserve Bank of New Zealand senior executive.
Philippines central bank says no imminent digital currency
The Bangko Sentral ng Pilipinas said significantly more research was required before it would champion a digital peso.
IMF: CBDCs give more control, but don’t solve every problem
While the technology may deliver benefits for policymakers, there were many crises CBDCs could not fix, according to the International Monetary Fund.
Bank of Canada seeks new lead for CBDC initiative
The candidate’s duties will include monitoring developments on CBDCs, digital payments and financial technologies around the world, as well as researching the technology.
Bank of Japan says ‘no single CBDC to dominate global finance’
The Japanese central bank is closely monitoring regional and global counterparts in their progress on CBDCs, according to Kazushige Kamiyama.
Bahamas seeks international use of Sand Dollar digital currency
Officials at the Central Bank of the Bahamas are looking at integrating the Sand Dollar into the global financial system.