Japan should issue digital yen ‘without delay,’ expert panel recommends
The panel under the Finance Ministry says the digital yen must co-exist alongside—not replace—cash and be easily usable "by anyone, anytime and anywhere.”
The panel under the Finance Ministry says the digital yen must co-exist alongside—not replace—cash and be easily usable "by anyone, anytime and anywhere.”
The digital tenge pilot launched a month ago and, in that time, it has been used to make retail payments through debit cards and for cross-border transfers.
Reserve Bank of Australia Governor Michele Bullock favors wholesale CBDC for interbank settlements, citing success in recent case studies as the central bank monitors global retail CBDC developments.
South Korea's Financial Services Commission mandates digital exchanges to offer interest on deposits from July 2024, excluding NFTs and CBDCs, with stringent rules for asset custody.
Taiwan is exploring a digital New Dollar with a completed central bank digital currency proof-of-concept, aiming to streamline payments, enhance security, while eyeing public input for a gradual rollout.
The Monetary Authority of Singapore and People's Bank of China have signed the MOU to allow Chinese and Singaporean tourists to utilize cross-border payments with digital currencies in both countries.
More Canadians still prefer cash over a central bank digital currency, citing the latter's risks when it comes to privacy, accessibility, and financial stability, according to findings of a public consultation.
The central banks of Italy and South Korea have signed a memorandum of understanding for a central bank digital currency cooperation and to also strengthen their partnership on ICT and payment systems.
The future of CBDC transactions is on the horizon as more banks onboard China's digital yuan pilot, exploring various use cases that aim to improve the payments industry and cross-border transactions.
BIS's Project Tourbillon explores privacy-focused CBDCs, delving into eCash designs, security, scalability, and quantum-safe cryptography, addressing global central bank digital currency concerns.
British officials believe CBDC would be a great boost in the United Kingdom, but its Treasury Committee calls for a deeper study to ensure that the cons of the digital pound may not outweigh its benefits.
While they pledged support for a digital pound for promoting choice and sustaining access to central bank money, the MPs warned about the risks it poses.