The Bank of Japan is reportedly conducting research on a digital yen as it aims to keep up pace with neighboring China.
Patrick Thompson takes a look at some of the revolutionary developments in banking and finance that took place in 2020 involving blockchain technology and digital currency.
Banque du France is seeking to determine how a central bank digital currency can improve the fluidity and efficiency of payment and settlement systems.
China had learned a lesson from the hostile reception Libra, now Diem, has received globally, according to the former governor of the People’s Bank of China.
Chinese residents in the city of Suzhou made close to 20,000 transactions in a digital yuan trial on e-commerce giant JD.com.
While they are being touted as the future, it’s time to rethink and reevaluate the role that CBDCs will play in the future of finance.
Hong Kong’s central bank has been working with China’s digital currency institute to trial the use of the digital yuan on cross-border payments.
Central bank officials have indicated progress has been made on launching a digital currency, citing the pressures of the COVID-19 pandemic as a catalyst.
While the trial demonstrated the feasibility of a wholesale CBDC, the bank claimed that distributed ledger technology has not yet proven its ability to handle the European country’s payments system.
The Chinese model for its digital yuan is a better template for Russia in exploring a central bank digital currency, central bank officials said.
Two of the largest economies in the Middle East have described a central bank digital currency as an improvement over the centralized payment systems.