Iranian central bank to launch its crypto-rial CBDC
The Central Bank of Iran has notified commercial banks that it intends to launch the state bank-backed digital currency soon, issuing a series of regulations that pave the way for the currency.
The Central Bank of Iran has notified commercial banks that it intends to launch the state bank-backed digital currency soon, issuing a series of regulations that pave the way for the currency.
Project Khokha 2 involved the country’s top banks, which experimented on a wCBDC for interbank payments settlement, but SARB says results are still inconclusive.
The commission wants to hear from finance specialists on their needs and expectations for a digital euro, its role in the economy, privacy protection, and more.
China’s central bank plans to expand the pilot to Xiamen, Fuzhou, Tianjin, and cities in Zhejiang province, which will be hosting the Asian Games in September.
The PwC Global CBDC Index placed Nigeria and the Bahamas at the top of the retail CBDC developments, with Thailand and Hong Kong leading the wholesale sector.
The MP told parliament that “nothing is growing as fast as cryptocurrency” and the government must regulate them to make Kyrgyzstan a regional Bitcoin hub.
The CBK governor believes that central banks must address their financial challenges directly before launching a digital currency as it risks exacerbating them.
The BOJ completed the first phase, which started in April last year, in which it focused on the basic functions of a CBDC, such as issuing and distribution.
The BoE joins the U.S. Federal Reserve and the Bank of Canada, which has been working with MIT, but it insists that it’s just research and the two won’t develop a central bank digital currency.
The Bank for International Settlements also partnered with South African and Malaysian central banks to develop the prototypes for an international settlement platform using multiple digital currencies.
The central bank governor believes it may be wise to delay the possible rollout of a digital shilling as those without smartphones will be locked out.
Referencing two previous communiqués in 2020 and 2021, the bank stated that it does not “supervise or guarantee operations carried out with cryptocurrencies as means of payment in the national territory.