In China, cities start piloting e-CNY payment in public transport systems
China's CBDC adoption is moving ahead as planned, with several cities testing a new electronic payment method that lets users pay for their transport fares using digital yuan.
China's CBDC adoption is moving ahead as planned, with several cities testing a new electronic payment method that lets users pay for their transport fares using digital yuan.
The adoption of CBDCs in India will be conducted in phases on FY 2022-2023, beginning with wholesale businesses, as the Reserve Bank of India mulls the digital rupees' anonymity level.
The eNaira adoption has been lackluster, with the total transaction volume over the past year being just a fraction of the digital assets trading volume.
Australia is seeking to regulate its digital assets market through token mapping in a bid to protect consumers and reduce risks—a move planned to be overseen by the Treasury Department.
The United Kingdom will become a testbed for the adoption of the first privately-led digital sterling program, paving the way for the introduction of new payment rails for the global financial system.
Governor Michelle Bowman says that FedNow will address the issues that many Fedcoin fans have raised, reiterating her long-held anti-CBDC stance.
Despite disadvantages, consumers are willing to adopt CBDCs in exchange for small rewards, according to an ECB paper, which also noted digital currencies keep the monetary system in check.
The product is coming first to the city of Chengdu and will be developed by the Digital Research Institute, the Chengdu Longquanyi District Education Bureau and Tianfutong Financial Services.
Colombia is ramping up its fight against tax evasion with a plan to set up a digital bank currency. The move also seeks to ease consumer transactions and improve payment traceability.
The CBDC is one of the measures the central bank is looking to utilize in tightening monetary policy to "sustainably anchor inflation and exchange rate expectations."
The Reserve Bank of Australia said the project would essentially evaluate the economic benefits and risks of launching a central bank digital currency in the country.
Revati Nepal, chief of the currency management department at the NRB, said that the draft bill would be forwarded to parliament immediately after the central bank completes its internal discussions.