CBDC

A new report released by the BIS indicates that it supports Central Bank Digital Currencies, terming CBDCs as a distinct representation of money for the digital market. Commonly known as the bank of central banks, BIS acknowledges that CBDCs introduce several solutions ranging from transparency, settlement finality, and liquidity. The commerce industry is gradually moving to the internet, making it necessary to implement CBDCs for global retail payments and the public good. Therefore, going to the report, approximately 56 central…

China is advancing deeper into its Digital Yuan use. Consequently, commercial banks have just erected over 3,000 automated teller machine(ATM) locations across Beijing that folks will use to convert digital yuan to cash. Digital Yuan in China The Industrial and Commercial Bank of China (ICBC) and the Agricultural Bank of China(ABC) are the two financial organizations that support the withdrawals and deposits of the two variants of the yuan. According to an article, the Chinese Industrial and Commercial Bank of…

El Salvador's President Nayib Bukele has announced plans for his country to adopt Bitcoin (BTC) as the legal tender. Furthermore, the President affirmed that he would send a bill to the Senate seeking to make BTC the country’s legal means of exchange.  Mr. Bukele’s party and allies hold a majority of 56 out of the total 84 seats in the Senate. Analysts, therefore, suggest that the bill will likely pass. BTC, El Salvador's Optimistic Future  Speaking at the Bitcoin 2021…

According to Reuters, the People’s Bank of China (PBOC) is set to issue 40 million renminbi ($6.2 million) to Beijing citizens in the latest trial for the digital yuan (e-CNY). The giveaway will take the form of a lottery, where the bank will hand out 200,000 virtual red envelopes, each containing 200 yuan ($31.30).  Residents of the Chinese capital wishing to participate in the trial must register in a lottery system integrated into a mobile app run by the Bank…

A former central bank official stated on Sunday that tracking the payments of citizens was never China's motivation for developing a sovereign digital currency. China is dominating the world in developing a national digital currency, a project it has been working on since 2014. The People's Bank of China (PBOC) has been cutting edge on the digital yuan, a so-called central bank digital currency (CBDC) that targets to replace some cash in circulation. According to data from Singapore bank DBS,…

Russian mobile operators are gearing up to introduce wallets for the digital rubles, according to reports. The European country is currently developing its digital currency to increase financial inclusion within its region.  Digital Wallets In Development  This development was revealed by local media outlet Izvestia in a report published on Tuesday, February 16. According to the report, mobile operators have expressed interest in introducing wallets for digital rubles on smart devices.  Two of the largest mobile operators Beeline and Megafon,…

In a recently released booklet titled "Payment and Settlement Systems in India: Journey in the Second Decade of the Millennium," by the Reserve Bank of India (RBI), the apex bank revealed it's considering the possibility of launching a central bank digital currency. Like most individuals and institutions who were once skeptical about joining but are now in the crypto community, the Indian regulators still doubt the digital currency system. They are hesitant about adopting the approach owning to the risks…

De Nederlandsche Bank (DNB), which is Netherlands' central bank, has shown interest in Ripple's payment protocol. The bank hailed Ripple's network as an excellent infrastructure that can boost the Dutch payment system's efficiency and speed. DNB referenced research conducted by the National Forum on innovative ways to improve the Dutch retail payment system. The study found that Ripple could offer financial institutions such as banks the infrastructure needed to facilitate real-time payments. As per the research, Ripple's fast blockchain technology…

 German real estate group Vonovia has revealed that it has issued a $24 million bond via the Stellar (XLM) blockchain. This initiative was also driven by the recent approval of a bill in the European country that authorizes digital securities' issuance. $24 Million Digital Bond on Stellar Network Vonovia revealed details of the digital debt bond via a press release on its website. According to the report, the $24 million worth of digital bonds will be issued on Stellar blockchain…