Category: CBDC

Central Bank of Turkey Expands Research, Prepares to Test Digital Lira on New Platform

Central Bank of Turkey Expands Research, Prepares to Test Digital Lira on New Platform

The Turkish central bank has established a new platform together with technology stakeholders to further the development of a digitalized version of the national fiat currency. The new collaboration will allow Turkey to focus on expanding research and conducting tests of the prospective digital lira. Turkey Sets Up Digital Lira Collaboration Platform The Central Bank […]

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Digital Ruble to Help Curb Use of ‘Money Surrogates,’ Russia Says in Financial Strategy Document

Digital Ruble to Help Curb Use of ‘Money Surrogates,’ Russia Says in Financial Strategy Document

The launch of a digital ruble will be among Russia’s key priorities of digitalization this decade, the country’s financial market development strategy has confirmed. The document claims the issuance of a digital national fiat will help the central bank to prevent Russians from using “money surrogates” as officials have previously called cryptocurrencies. Bank of Russia […]

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Nigeria’s CBDC ‘a Safer Option’ Than Privately Issued Cryptocurrencies: Central Bank Official

Nigeria’s CBDC ‘a Safer Option’ Than Privately Issued Cryptocurrencies: Central Bank Official

As part of the Central Bank of Nigeria (CBN)’s digital currency charm offensive, Folashodun Shonubi, the institution’s deputy governor, has claimed that the country’s upcoming central bank digital currency (CBDC) will be a “safer option from privately issued cryptocurrency.” Payment System Stability In addition, the CBN’s digital currency — also known as the e-naira — […]

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BIS Asks Central Banks to Urgently Develop CBDCs to Compete With Crypto Assets

BIS Asks Central Banks to Urgently Develop CBDCs to Compete With Crypto Assets

The head of the Bank of International Settlements (BIS) Innovation Hub, Benoît Cœuré, has urged central banks to act now on central bank digital currencies (CBDCs) to compete with initiatives in the private sector, including cryptocurrencies. “CBDCs will take years to be rolled out, while … crypto assets are already here,” he said. BIS Says […]

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Crypto Mining Should Be Registered and Taxed in Russia, Financial Market Committee Chair Says

Crypto Mining Should Be Registered and Taxed in Russia, Financial Market Committee Chair Says

Cryptocurrency mining should be registered as entrepreneurial activity and taxed as such, according to Anatoly Aksakov, chairman of Russia’s parliamentary Financial Market Committee. The lawmaker also thinks Russian digital currency regulations need refinement. Amendments Likely to Affect Mining, Taxation, Definition of Digital Currency Discussing upcoming changes in the legislation regarding digital currencies in Russia, head […]

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Roxe Taps Former IMF Economist to Leads its Bitcoin Hashrate Powered CBDC Drive

Global payment network Roxe is advancing its Central Bank Digital Currency (CBDC) product suite with the appointment of an experienced economist from the International Monetary Fund (IMF). Andreas Jobst will notably be leading the organization’s approach to design and develop CBDC solutions based on the Bitcoin hashrate. Roxe’s CBDC initiative is targeted at helping countries […]

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Australia, Singapore, Malaysia, and South Africa to Conduct a Mutual CBDC Project: Report

The central banks of Australia, Singapore, Malaysia, and South Africa will reportedly launch a trial program to test cross-border payments employing different CBDCs. Their mission: to determine whether the move would enable more accessible transactions. The Multinational Partnership Central bank digital currencies appear to be an attractive financial instrument for numerous countries across the globe […]

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Four Major Central Banks Conducting Cross-Border CBDC Payment Trials

In the latest report on Thursday, September 2, Reuters noted that four major central banks will be conducting cross-border CBDC payment trials. This includes the central banks of Australia, Singapore, Malaysia, and South Africa. The pilot projects from these four central banks will determine whether if CBDC transaction settlements are easier and cheaper. Governments and […]

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Australia, Malaysia, Singapore and South Africa will test cross-border CBDCs

Australia, Malaysia, Singapore and South Africa will test cross-border CBDCs

As part of the Bank for International Settlements’ new Project Dunbar, the central banks of Australia, Malaysia, Singapore and South Africa are working to build prototype platforms for cross-border central bank digital currencies (CBDCs).  The news comes from a Bank for International Settlements announcement on September 2. The announcement describes the prototypes as such: “These […]

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