After years of experimenting with the controversial Petro digital currency, Venezuela is now set to launch the digital bolivar, the country’s version of a central bank digital currency.
The pilot is to take part over two stages, with the initial basic testing phase set to conclude by December 2021, while the second phase is set to take place over the period to June 2022.
Eesti Pank announced it had discovered a “novel blockchain-based solution could in theory support almost unlimited numbers of payments being processed at the same time.”
U.K. Treasury insiders have confirmed that a task force has been established to explore how the CBDC, which some are dubbing ‘Britcoin,’ might work.
The central bank has been working on Project GIANT since 2017, conducting research on the opportunities and risks it poses to the Nigerian economy, which is the largest in Africa.
Rabi Sankar, deputy governor at the Reserve Bank of India, noted the need for India to keep pace with other major economies in financial innovation, especially with 86% of central banks researching CBDCs.
The country’s financial services regulator has reportedly established a new unit that will oversee the industry, even as the Finance Ministry increases its headcount to better police the rapidly growing industry.
The ECB is one of the most powerful central banks globally, setting monetary policy for the Euro area. With this latest announcement, we now have official confirmation that one of the biggest of them all is doing a lot more than just looking at them.
Subsidiaries of Naver and Kakao are reported to have submitted proposals to run the 10-month blockchain pilot program, which will aim to test the feasibility of a central bank digital currency in a simulation.
In its 2023-2026 roadmap, the Central Bank of the UAE has identified seven areas that it will focus on as it seeks to join the U.S., China, Japan and Germany at the upper echelons of global finance.
The founder of Zurich’s MoneyMuseum, Dr. Jürg Conzett discusses the history and evolution of money on this episode of CoinGeek Conversations.