
Bank of Canada says digital dollar ‘beyond trial phase’
The project had moved beyond proof-of-concept and was approaching being ready for a wider rollout, according to the central bank head.
The project had moved beyond proof-of-concept and was approaching being ready for a wider rollout, according to the central bank head.
Peoples Bank of China governor Yi Gang gave several announcements regarding the DC/EP at Hong Kong Fintech week–Yi Gang's reports indicate progress.
Reserve Bank of Australia has announced plans for a CBDC proof-of-concept; the bank says the project will be finished by the end of the year.
Rainer Olt, head of Payments and Settlement Systems Department, said Eesti Pank wants to “address and overcome the bottlenecks of DLTs for bearer CBDC.
The digital yuan is not a digital currency like Bitcoin, but a virtual fiat currency issued and controlled by the People's Bank of China.
The trial will also allow the banks to see how the technology syncs with existing payment systems, as well as providing more effective routes to monitoring compliance.
In a new draft law, the bank proposed banning any yuan-pegged digital tokens, effectively killing off any competitor to its central bank digital currency.
The Central Bank of the Bahamas has developed the Sand Dollar to be transferrable via mobile phones, making it easy to use for the residents.
The Hong Kong government is reportedly exploring working with Chinese authorities to incorporate the digital yuan in wholesale and cross-border settlement.
The Central Bank of Kenya is in discussions with other central banks globally regarding the introduction of a central bank digital currency.
Equivalent to around $1.3 million in spend, Shenzhen residents reportedly turn to the as-yet-unreleased digital currency for payments in a variety of everyday settings.
There are currently no imminent plans to launch a central bank digital currency in New Zealand, according to a Reserve Bank of New Zealand senior executive.