Retail CBDCs could solve cross-border friction, but Yaron admitted that several challenges remain, including enforcing AML rules and possibly pushing private operators out of business.
Policymakers in Davos for the World Economic Forum (WEF) seized the opportunity to launch a payment network designed to encourage interoperability between stablecoins and CBDCs.
The decision on where to set up the East African Monetary Institute will be made this year, as the region lays the foundation for a single regional currency.
Digital yuan's smart contract functionality was integrated into the food delivery app Meituan, allowing users of the digital yuan to automatically compete in a raffle draw.
After its second reading of the Financial Services and Markets Bill, members of the British House of Lords have voiced concerns that it does not go far enough and that a whole new regulatory approach will be required.
Soochow Securities has become the first Chinese firm to use the digital yuan in securities trading and providing technical and structural assistance to the PBoC.
Bank of Tanzania stated that while CBDCs offer myriad benefits, there are still major pitfalls that could adversely affect the local economy.
Nigeria published a new policy document, pledging to rethink its ICO stance to attract FDI as well as a blockchain-based CBDC amid slow eNaira uptake.
Bangko Sentral ng Pilipinas said it will not be exploring the retail version of its central bank digital currency but will focus its efforts on transactions between financial institutions.
Including digital yuan data in the final report is a clear statement of intent by the PBoC to move with a full-scale launch of the CBDC.
Bank of Mexico's Deputy Governor Jonathan Heath confirmed that the CBDC will be operational in early 2024, giving the central bank around 12 months to work with.
Efforts to launch the digital ruble are already in place, with testing client-to-business (C2B) operations by selected financial institutions scheduled in the coming months.
