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. […]
Five associations form industry alliance to guide the UK’s digital currency future
Source: UK Finance Five associations have come together to form a new alliance – the UK Forum for Digital Currencies (UK FDC) – which will celebrate innovation and collaboration across the payments industry Members include the City of London Corporation, Digital Pound Foundation, The Payments Association, TheCityUK and UK Finance. The aim of the alliance is to develop better policies, practice and regulation […]
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 […]
BoE engages external experts for CBDC projects
Source: Global Government Fintech The Bank of England (BoE) is advancing its research into the technical possibilities of a potential central bank digital currency (CBDC) by engaging a consultancy, Consult Hyperion, on a pair of assignments each carrying a value of more than £100,000 (about $122,000), Global Government Fintech can reveal. A decision has yet to be […]
Russia to begin work on CBDC settlement system as sanctions endure
Source: Cointelegraph Russia’s central bank is reportedly set to begin developing a cross-border settlement system using a central bank digital currency (CBDC) amid ongoing sanctions in response to its invasion of Ukraine. The plans to move forward with Russia’s digital ruble are expected to come in the first quarter of 2023 and will see Russia’s […]
Bank of England publishes list of questions asked by suitors for its CBDC wallet
Source: City A.M. The Bank of England has revealed the details of more than 70 questions asked by applicants keen to win the contract to create a wallet for its CBDC experiment. A total of 20 companies submitted applications for the £200,000 five-month project, with almost all handing in a series of questions before Christmas. […]
Turkey to use blockchain-based digital identity for online public services
Source: Cointelegraph Turkey plans to use blockchain technology during the login process for online public services. E-Devlet, Turkey’s digital government portal used to access a wide range of public services, will use a blockchain-based digital identity to verify Turkish citizens during login. Fuat Oktay, the vice president of Turkey, announced during the Digital Turkey 2023 […]
Call for expressions of interest in participation in the digital euro scheme Rulebook Development Group
Source: ECB The ECB/Eurosystem is inviting experienced experts in the field of payments/finance to express their interest in contributing to the drafting of a rulebook for a digital euro scheme. Following the decision of the ECB’s Governing Council to launch the investigation phase of the digital euro project, the Eurosystem has explored various options for […]
Bill on Digital Ruble Submitted to Russian Parliament
Source: Bitcoin.com A group of Russian lawmakers, led by the Chairman of the Financial Market Committee Anatoly Aksakov, have submitted draft legislation on the digital ruble, the central bank digital currency (CBDC) minted by Russia’s monetary authority. The document suggests legislative changes meant to create the conditions for its introduction. According to the explanatory notes […]
Despite crypto crash, financial institutions are cautiously wading into digital assets
Source: OMFIF This year will be remembered as one of reckoning for digital assets. After years of slushy and speculative asset price growth and the spread of numerous junk cryptocurrencies, with at best dubious value, the rapid collapse of the crypto world is something many economists had expected for a long time. Yet, amid such dynamics is […]
