OMFIF Study Urges Central Banks to Move Forward with CBDCs
A new report from the Official Monetary and Financial Institutions Forum (OMFIF) calls for decisive action from central banks on the issuance of central bank digital currencies (CBDCs). Titled CBDCs: It’s Time for Action, the study argues that hesitancy over implementation risks delaying crucial innovations in financial inclusion, resilience, and monetary sovereignty. The findings underscore […]
Cred Launches e-Rupee Wallet, Marking a Milestone in India’s Digital Currency Initiative
Indian fintech giant Cred has become the first non-bank platform to roll out access to the e-Rupee, India’s central bank digital currency (CBDC). This development follows the Reserve Bank of India’s (RBI) decision to expand its CBDC pilot programme beyond banks, opening the door for private payment firms to participate. Cred, backed by investors including […]
Filipino Banks Collaborate on Launching PHPX Multi-Issuer Peso Stablecoin Using Hedera Blockchain
A group of Filipino banks is preparing to introduce PHPX, a peso-backed multi-issuer stablecoin, later this year, which will initially operate on the Hedera Distributed Ledger Technology (DLT) network. Among the banks participating are UnionBank of the Philippines, Rizal Commercial Banking, Cantilan Bank, and the Rural Bank of Guinobatan. While the Singapore-based Just Finance is […]
Guangzhou Unveils CBDC Action Plan to Boost Adoption and Innovation
The Office of the Financial Committee of the CPC Guangzhou Municipal Committee has issued a comprehensive action plan to further promote the use of the digital renminbi (RMB) in the city. The “Action Plan for Further Promoting Digital RMB Work in Guangzhou” aims to strengthen the digital currency’s role in enhancing the local economy and […]
Russia’s Largest Bank, Sberbank, Joins Digital Ruble CBDC Pilot Amid Tight Timeline for Launch
Russia’s largest bank, Sberbank, has officially joined the pilot programme for the digital ruble, alongside leading digital bank TBank (formerly Tinkoff) and Tochka Bank. This comes as a significant development, as Sberbank was notably absent from the initial group of banks participating in the Central Bank Digital Currency (CBDC) trials, which began in August 2023. […]
Forbes: How Stripe and Stablecoins Are Reshaping Remote Work for a Global Workforce
In the rapidly evolving landscape of remote work, innovative payment solutions are playing a pivotal role in reshaping how businesses operate globally. A recent Forbes article titled “How Stripe and Stablecoins Are Rewiring Remote Work” delves into this transformation, highlighting the convergence of fintech innovations and decentralized finance (DeFi) in streamlining cross-border transactions. The Rise […]
Shaktikanta Das Departs RBI, Stresses Potential of Digital Rupee for India’s Economy
On his final day as Governor of the Reserve Bank of India (RBI), Shaktikanta Das outlined his vision for India’s economic transformation through the adoption of the central bank digital currency (CBDC), the digital rupee. In his farewell address on 10th December, Das reflected on his six-year tenure, during which he championed technological innovation. Notable […]
Digital Rupiah: Bank Indonesia Evaluates R3’s Corda and Ethereum-Based Hyperledger Besu for CBDC Infrastructure
Bank Indonesia has released new findings as part of its three-phase plan to develop a central bank digital currency (CBDC) for the digital rupiah. The central bank’s latest work highlights a technical proof of concept (PoC) for wholesale CBDC (wCBDC), evaluating two blockchain technologies: R3’s Corda and the Ethereum-based Hyperledger Besu. While no definitive choice […]
Putin Backs Bitcoin as Russia Advances Digital Asset Taxes and Mining Growth
Russian President Vladimir Putin has signed a law classifying digital assets as property for taxation purposes, offering much-needed clarity to Russia’s burgeoning digital sector. This legislation, which amends Russia’s Tax Code, exempts profits in the sector from value-added tax while subjecting them to income tax. Individual earnings below 2.4 million roubles will be taxed at […]
Central Bank of the Philippines Completes Testing for Project Agila: Wholesale CBDC
The Bangko Sentral ng Pilipinas (BSP) has successfully concluded testing for Project Agila, a pioneering initiative aimed at enabling financial institutions (FIs) to conduct fund transfers seamlessly, even outside traditional business hours. This includes evenings, weekends, and holidays. The innovative project leverages open-source distributed ledger technology (DLT) through Oracle Cloud Infrastructure, setting the stage for […]
