
Japan’s Soramitsu to conduct CBDC feasibility study for the Philippines and Vietnam
According to Nikkei, the two countries are revamping their CBDCs efforts in response to the growing popularity of Chinese payments apps like Alipay and WeChat Pay.
According to Nikkei, the two countries are revamping their CBDCs efforts in response to the growing popularity of Chinese payments apps like Alipay and WeChat Pay.
A management team has been put to take on the initiative, with Deputy Gov. Mamerto Tangonan as project lead, Edna Villa as the payments advisor, and Lilia Guillermo as the technology advisor.
Bank of Israel partnered with the Hong Kong Monetary Authority and the Bank for International Settlements to test the feasibility of a digital shekel for retail use.
Fabio Panetta says that this would limit the risk of disintermediation of the banking system should the majority of people decide to save with the central bank.
The central bank believes that making the eNaira available to feature phone users will boost uptake, although some are skeptical about security and privacy.
Minister of Finance AHM Mustafa Kamal revealed that the primary purpose of the CBDC will be to facilitate virtual transactions and encourage startups and e-commerce businesses.
T. Rabi Sankar's statement echoes the RBI's revelation in its annual report released earlier this month, where it said it would follow a "graded approach" to introduce the digital rupee.
Speaking at a webinar series organized by the IMF, RBI Deputy Governor T. Rabi Sankar stated that the Indian central bank believes CBDCs could kill private digital currencies.
In its annual report published recently, the Reserve Bank of India proposed a three-stage "graded approach" to introduce a central bank digital currency, including proof-of-concept, pilot, and launch.
Christine Lagarde remarked that digital currencies are highly speculative and very risky assets, but backed that the central bank will be behind the digital euro.
The BCC says it needs to gather more information and would be conducting a series of "seminars, presentations, and meetings with different counterparts."
Bahamas' central bank digital currency currently makes up about 0.1% of the country's money supply, prompting the IMF to recommend that the Caribbean country accelerate its CBDC education campaign and expand its capacity.