The State of Global CBDC Adoption with Darrell Duffie

The State of Global CBDC Adoption with Darrell Duffie

Source: Ripple Each quarter we’ll be going under the hood with professors from Ripple’s University Blockchain Research Initiative (UBRI) to gain a deeper understanding of trending topics in crypto and blockchain, and highlight their insights and key takeaways.  There seem to be almost as many opinions about the viability and best use of Central Bank Digital Currencies […]

China’s digital yuan gets smart contract functionality alongside new use cases

China’s digital yuan gets smart contract functionality alongside new use cases

Source: Cointelegraph China’s central bank digital currency (CBDC) — the digital yuan, or eCNY — has received upgrades giving it smart contract functionality alongside a series of newly unveiled use cases. The smart contract function was launched on the Meituan app, a Chinese app offering retail and food delivery services, according to a Jan. 17 report by local […]

Universal Digital Payments Network launched at Davos

Universal Digital Payments Network launched at Davos

Source: Finextra A Universal Digital Payments Network (UDPN) for stablecoins and Central Bank Digital Currencies (CBDCs) was launched at the World Economic Forum (WEF) in Davos. The network aims to provide interoperability between these digital currencies. UDPN has been in development for the last two years with contributions from GFT, Red Date Technology, TOKO, and […]

UK Forum for Digital Currencies Joint Policy Statement

Five associations have come together to form a new alliance – the UK Forum for Digital Currencies (UK FDC) – which aims to develop better policies, practice and regulation around digital and currencies. Members include the City of London Corporation, Digital Pound Foundation, The Payments Association, TheCityUK and UK Finance. Digital currencies have been gaining […]

Bank of America Says CBDCs Are the Future of Money and Payments

Bank of America Says CBDCs Are the Future of Money and Payments

Source: Coindesk Digital currencies, such as central bank digital currencies (CBDCs) and stablecoins, are the natural evolution of money and payments, Bank of America said in a research report on Tuesday. “CBDCs do not change the definition of money, but will likely change how and when value is transferred over the next 15 years,” analysts […]

Iran and Russia want to issue new stablecoin backed by gold

Iran and Russia want to issue new stablecoin backed by gold

Source: Cointelegraph The Central Bank of Iran is reportedly cooperating with the Russian government to jointly issue a new cryptocurrency backed by gold. According to the Russian news agency Vedomosti, Iran is working with Russia to create a “token of the Persian Gulf region” that would serve as a payment method in foreign trade. The token […]

UK Treasury minister says wholesale stablecoin will precede CBDC

UK Treasury minister says wholesale stablecoin will precede CBDC

Source: Ledger Insights The UK’s Treasury envisages a private wholesale stablecoin launching before a central bank digital currency (CBDC). Enabling legislation, the Financial Services and Markets Bill (FSM), covers stablecoins and is expected to pass around April. If the Bank of England launches a CBDC, the first use case is likely to be interbank settlements using a wholesale CBDC. […]

China’s central bank includes digital yuan in report on currency circulation

China’s central bank includes digital yuan in report on currency circulation

Source: Cointelegraph The People’s Bank of China, or PBoC, has begun including the country’s central bank digital currency, the e-CNY, in reports measuring the amount of currency in circulation. According to a 2022 financial statistics report released on Jan. 10, the PBoC said there was 13.61 billion digital yuan — worth roughly $2 billion at the time […]

Nigeria to create legal framework for stablecoins and ICOs

Nigeria to create legal framework for stablecoins and ICOs

Source: Cointelegraph As one of the world’s pioneers in adopting its own central bank digital currency (CBDC), Nigeria also declares its readiness to accept the existence of private stablecoins. The necessity to create a legal framework for stablecoins is noted in the latest central bank strategy paper.  Published under the headline “Nigeria Payments System Vision […]

The Geopolitics of CBDCs

The Geopolitics of CBDCs

Written by Jannah Patchay, Policy Lead for the Digital Pound Foundation Central bank digital currencies (CBDCs) – a digital form of central bank-issued fiat currency – have seen explosive growth in interest over the past four years. At the start of 2023, 114 countries, representing 95% of global GDP, are currently exploring CBDC, of which 60 […]