Bank of England invites applications for CBDC wallet proof of concept
The Bank of England has previously revealed that it would outsource the CBDC wallet to a private company and it’s now pledging £200,000 to a CBDC wallet PoC.
The Bank of England has previously revealed that it would outsource the CBDC wallet to a private company and it’s now pledging £200,000 to a CBDC wallet PoC.
RBA's Brad Jones said while CBDCs present an array of use cases that could promote financial stability, they also exhibit risks in the monetary system, such as impeding the ability of central banks.
The Bank of Spain joins nations exploring CBDCs, with plans to utilize the digital version of its currency, focusing on its pros and cons and analyzing asset liquidation, among others.
Pakistan is set on launching its CBDC by 2025, releasing new guidelines—with help from World Bank—for non-bank entities to aid the national government in the developing and execution process.
Bank Indonesia is firm with its plan to explore and develop a CBDC, with Governor Perry Warjiyo saying their future deployment could improve economic and financial transactions.
Bank Indonesia will launch its digital rupiah under Project Garuda, which will be trialed in three phases, with wholesale CBDC a priority, as stated in the white paper.
Thirteen cities will be covered during the pilot, but at the start date, only Mumbai, New Delhi, Bengaluru, and Bhubaneswar will be supported, with the rest coming on board subsequently.
The digital hryvnia will effectively perform all the functions of money while “supplementing the cash and non-cash forms of the hryvnia,” according to the National Bank of Ukraine.
Intrasettle will be “a one-stop payment infrastructure that’s instant, highly secure, and cost-effective,” CEO Kumaraguru Ramanujamm says.
The central bank stated that the pilot would be conducted with a trio of mega banks and regional banks with a keen focus on the issuance and withdrawals of the state-backed digital currency.
Thirteen central banks met in Kenya recently to discuss the impact of CBDCs on cross-border payments while still ensuring AML and CFT standards are adhered to.
A number of commercial banks will participate in the project with RBI noting that each financial institution will test the CBDC with at least 10,000 to 50,000 of their customers, according to reports.