BIS Outlines Six New Projects Focussed on Tokenization, AI and Big Data, Privacy and Security, and Environmental Sustainability
The Bank for International Settlements (BIS) has outlined its 2024 work programme, introducing six new projects focusing on digital financial technologies. These projects aim to address various challenges in the financial sector, including security and environmental sustainability. The upcoming projects in the 2024 agenda include: Cecilia Skingsley, Head of the BIS Innovation Hub, commented on […]
Navigating the Trilemma: Central Banks, Digital Currencies, and the Risk of Bank Runs
The European Central Bank (ECB) has published an economics paper exploring the potential risks associated with the implementation of a Central Bank Digital Currency (CBDC), particularly focusing on the possibility of a ‘bank run’ scenario. Central banks, according to the paper, face a unique trilemma, different from the blockchain trilemma of security, scalability, and decentralization. […]
UDPN Partners with Digital Pound Foundation to Support Development of Digital Currencies
The Universal Digital Payments Network (UDPN), a payment infrastructure that makes international payments possible for digital currencies of tomorrow, including regulated stablecoins and Central Bank Digital Currencies (CBDCs), has joined the Digital Pound Foundation (DPF) as a strategic partner. The Digital Pound Foundation is a member-led forum supporting the introduction of a well-designed digital Pound. […]
Project Promissa: A New Collaboration Between World Bank, Swiss National Bank and the BIS Innovation Hub to Test Financial Instrument Tokenization
Project Promissa, a new collaboration announced between the BIS Innovation Hub Swiss Centre, the Swiss National Bank, and the World Bank, is spearheading an experiment to revolutionise the way financial instruments, particularly promissory notes, are managed. These notes, traditionally paper-based, are crucial in funding international financial institutions, including multilateral development banks. As part of a […]
Turkey Advances to Second Phase Testing of Digital Lira CBDC
The Central Bank of the Republic of Turkey (CBRT) has made significant strides in its exploration of a central bank digital currency (CBDC), completing the first phase of its pilot program. A report released on New Year’s Eve detailed this progress and outlined plans for a second phase of testing, after which a decision on […]
The Bank of Spain Advances CBDC Testing with Selected Partners
A year after issuing a call for collaboration on central bank digital currency (CBDC) tests, Spain’s Banco de España has now selected its partners. The announcement, made on January 3, identified Cecabank, Abanca, and Adhara Blockchain as the chosen collaborators among 24 applicants. Over the next six months, a pilot will be conducted focusing on […]
European Central Bank’s Digital Euro Initiative: A €1.1 Billion Opportunity for Vendors
The European Central Bank (ECB) recently announced a call for vendors to provide services and components for the prospective digital euro, with potential contracts totaling over €1 billion. This initiative follows the ECB’s transition from the investigation to the preparation phase of the digital euro project, which began in October. However, a final decision on […]
Norway’s Central Bank Explores Future of Finance with Fifth Round of CBDC Trials
Norges Bank, the banking regulator of Norway, recently announced the completion of its fourth round of central bank digital currency (CBDC) studies. However, the findings have somewhat cooled the enthusiasm for introducing a retail CBDC. In their detailed 20-page report, Norges Bank indicated that the well-developed local payment ecosystem might increase the chances of conducting […]
Exploring the Evolution of Digital Money – what’s on the Horizon for 2024?
Date: Wednesday 31 January 2024Location: London, UK To mark our 2nd anniversary, on 31 January, the Digital Pound Foundation held an in-person event examining developments in new forms of digital money, looking back at the key highlights of 2023, as well as ahead to 2024, with a particular focus on policy development globally. The event opened with […]
The Digital Evolution of Money, a New Whitepaper from Ripple
The financial world stands on the brink of a historic transformation, as Central Bank Digital Currencies (CBDCs) are rapidly evolving. Ripple, a member of the Digital Pound Foundation, has this week published a brand new whitepaper entitled “The Digital Evolution of Money” and is a must-read for policymakers, financial experts, and anyone interested in the […]
