One of the reasons the RBI explores the possibilities of a CBDC is its potential to improve cross-border payments while still promoting financial inclusion and protecting the “common man.”
The Bank of Canada argues the need to consider a central bank digital currency design that combines aspects of multiple archetypes to ensure a common framework across different platforms.
SWIFT's two experiments conducted in recent months proved that it was possible to move CBDCs on existing financial infrastructure.
Benjamin Diokno, who previously headed the central bank, believes that payment systems in the Philippines such as PesoNet are working just fine as it is.
House Republicans noted that only Congress has the power to coin money and regulate the value thereof, despite Biden’s order to DOJ seeking its CBDC assessment.
In a recent interview, the head of fintech at the Bank of Ghana backed state bank-backed digital currencies, saying that data generated by CBDC transactions optimizes credit opportunities.
Eddie Yue, head of the HKMA, noted that the trials would involve commercial banks and are scheduled to begin sometime in the fourth quarter.
As the U.S. fortifies its grip on the global financial system, Russia targets to give sanctions-hit countries an opportunity to carry out international business easily—by using CBDCs.
A month-long CBDC pilot program involving Hong Kong, Thailand, China, and the United Arab Emirates ends with millions in cross-border and foreign exchange transactions made, signaling a new track for economic growth.
Apart from considering the benefits of wholesale CBDCs, Villeroy de Galhau notes that the central bank is also looking to improve CBDCs' liquidity management in DeFi using automated market makers.
Preparations are up for Australia's CBDC pilot initiative, with the release of a white paper rallying the industry to explore use-cases of digital fiat and how it can transform the finance sector.
In the CBDC playbook of nChain, the risks of CBDCs were discussed, especially "loss of privacy," and the BSV blockchain is a handy tool to enhance privacy at scale.
