India’s Banks Set to Launch Wholesale CBDC by January Next Year
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In a significant move towards embracing digital currency, Indian banks are gearing up to launch a wholesale Central Bank Digital Currency (CBDC) by January next year. This initiative aims to cautiously test the infrastructure required for digital currency transactions, specifically targeting small and medium enterprises (SMEs) in its initial phase. A senior bank official explained […]
IDEMIA, Airtel, and Nokia Collaborate for Offline CBDC Payments on Feature Phones
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IDEMIA, in partnership with Airtel Payments Bank and Nokia’s parent company, HMD Global, has unveiled an initiative to introduce an offline Central Bank Digital Currency (CBDC) payment application for feature phones in India. This collaboration aims to enhance the reach of offline CBDC payments, making it more accessible and convenient for users across the country. […]
India Plans For Wholesale CBDC Expansion into Call Money Markets and Retail CBDC to Reach 1 Billion Transactions Per Day
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In an ambitious expansion of the Digital Rupee pilot studies, the Reserve Bank of India (RBI) is set to broaden the reach of its Central Bank Digital Currency (CBDC) initiatives. Notably, the wholesale CBDC is poised for integration into the interbank and call money market. Concurrently, the RBI harbors hopes of achieving a remarkable milestone […]
Axis Bank Empowers Users with UPI Integration in Digital Rupee App
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Axis Bank, a leading private sector bank in India, has revealed a significant enhancement to its CBDC app, ‘Axis Mobile Digital Rupee’, by introducing UPI interoperability capabilities. This notable feature aims to empower customers to effortlessly utilise the Digital Rupee for settling payments through established UPI QR codes of various merchants. What’s more, this advancement […]
Japanese Startup Soramitsu Harnesses CBDCs and Stablecoins for Cross-Border Payments
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Japanese Blockchain startup, Soramitsu, is embarking on a venture that involves harnessing stablecoins and central bank digital currencies (CBDCs) to forge connections among various Asian nations. Soramitsu’s initiative revolves around a cross-border payment system tailored for Asian countries. The company plans to integrate Cambodia’s CBDC and fiat-pegged stablecoins into its payment network, with a specific […]
Challenges and Prospects for BRICS Common Currency: Insights from Bank of Russia’s Governor
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Unraveling BRICS Common Currency Challenges & Prospects: Bank of Russia’s Insights. Explore economic comparisons & complexities in this financial landscape.
India Targeting One Million CBDC Users in Three Months, Prioritizing Offline Transfers: Sources
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Source: Coindesk India’s retail central bank digital currency (CBDC-R) architects are aiming to scale the user base of the digital rupee to one million users, and have prioritized solving the challenge of creating an offline version, two people familiar with the matter told CoinDesk. Although RBI officials publicly stated in March they were aiming for 500,000 […]
Snapshot: Which countries have made the most progress on CBDCs so far in 2023
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Source: Atlantic Council 2023 is already shaping up to be a major year in central bank digital currency (CBDC) exploration. As of March 1, sixty-five countries are in the advanced stage of development, and over twenty central banks have launched their pilots, including Brazil, Japan, and Russia. To dive deeper into these countries, follow our CBDC […]
India, UAE central banks collaborate on CBDCs with cross-border features
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Source: Coingeek The Reserve Bank of India (RBI) and the Central Bank of the UAE (CBUAE) have announced that both entities will exchange ideas on the best ways to launch a central bank digital currency (CBDC). The plans were contained in a memorandum of understanding (MoU) signed by both parties that will see both banking regulators conduct joint proof-of-concept […]
India explores offline functionality of CBDCs — RBI executive director
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Source: Cointelegraph India’s recently launched in-house central bank digital currency (CBDC) — the digital rupee — is now being tested for offline functionality, revealed Ajay Kumar Choudhary, executive director of the Reserve Bank of India (RBI). The RBI — India’s central bank and regulatory body — launched the wholesale segment pilot for the digital rupee on Nov. 1, 2022, onboarding 50,000 users and 5,000 […]