Iran launches retail CBDC pilot on Kish Island ‘free zone’
The CBDC trial will take place on the island of Kish, where the ‘digital rial’ will be available to banking customers and tourists.
The CBDC trial will take place on the island of Kish, where the ‘digital rial’ will be available to banking customers and tourists.
The Bank for International Settlements has slashed its expectation of retail CBDC launches by 2029 to 6 from 11, but it noted that wholesale CBDC pilots have spiked in the past two years.
The CBDC Anti-Surveillance State Act will now progress to a Senate vote; With the Senate majority favoring the Democrats and an election looming in, the scheduling of the vote may be crucial.
Building on two previous digital bond issuances, the World Bank says the next logical step is to issue one that’s settled with a central bank digital currency.
The Philippine central bank said it would not develop a retail central bank digital currency, and the wholesale CBDC will be deployed on a custom-built infrastructure independent of blockchain technology.
Initial experiments with e-HKD have shown promise, but they are still conducting trials to explore a handful of use cases, according to Hong Kong Monetary Authority CEO Eddie Yue.
The Bank for International Settlements has announced a successful CBDC proof of concept—Project Sela—prioritizing inclusivity and privacy, poised to revolutionize CBDC services.
Unlike wholesale CBDCs, which can be put in place without significant disruptions, retail CBDCs are more risky and could threaten the world's financial stability, according to IMF's Kristalina Georgieva.
Launching a CBDC would open a pathway for Jordan to improve its domestic payment systems, but the IMF warned that the country should tread carefully to avoid potential financial repercussions.
The Bank for International Settlements’ "Project Icebreaker" project delved into the benefits and risks of launching retail central bank digital currencies with cross-border functionalities.
Retail CBDCs could solve cross-border friction, but Yaron admitted that several challenges remain, including enforcing AML rules and possibly pushing private operators out of business.
The Bank of Spain joins nations exploring CBDCs, with plans to utilize the digital version of its currency, focusing on its pros and cons and analyzing asset liquidation, among others.