Turkish Central Bank Runs First CBDC Tests
Source: Coindesk The Central Bank of Turkey (CBRT) has conducted the first tests of its Turkish digital lira. According to a statement released on Thursday, the CBRT successfully carried out the first payment transactions on its central bank digital currency (CBDC) network as part of an initial test phase. “In the first quarter of 2023, […]
UN pilots blockchain and USDC stablecoin for disbursements in Ukraine
Source: Global Government Fintech The United Nations (UN) agency that helps refugees is trialling blockchain technology and a well-known so-called ‘stablecoin’ pegged to the US dollar for digital cash distribution to internally displaced persons and other war-affected people in Ukraine. UNHCR is working with the US-headquartered Stellar Development Foundation on the pilot initiative, which is […]
Bank of England receives 20 applications to develop CBDC wallet prototype
Source: CityAM Twenty companies have submitted applications to create a digital wallet for the Bank of England’s CBDC project. The bank underlined its desire to pursue a central bank digital currency by putting a contract for a sample wallet out to tender only three weeks ago, setting a deadline to complete applications by December 23. […]
Adoption grows as more than $7T settled with stablecoins in 2022
Source: CryptoSlate The ongoing bear market did little to curb the rising use of stablecoins. On the contrary, dollar-pegged coins like USDT and USDC saw a parabolic growth in market cap this year, becoming a defacto settlement currency of the crypto industry. Following the collapse of Terra and its algorithmic stablecoin UST, the two stablecoin giants took over the majority of stablecoin […]
ECB publishes second progress report on the digital euro investigation phase
Source: ECB The ECB has published the second progress report on the investigation phase of a digital euro. It outlines the developments made since the first progress report, which was published in September 2022. The report details a second set of design and distribution options that were recently endorsed by the Governing Council and describes the roles of the […]
Kazakhstan to Press On With CBDC Development Until 2025
Source: Coindesk Kazakhstan will continue looking into a central bank digital currency (CBDC) until 2025 at least, the central bank said in a report published Thursday. In December 2021, the country said it was piloting a CBDC on R3’s Corda platform and would make a decision on whether to introduce one by the end of this year. In October, Binance CEO […]
Can Stablecoins Revolutionize Foreign Aid? The UN Thinks So.
Source: Blockworks If only stablecoins had been around in the late aughts. The likes of USDC and USDT would have provided a viable — and, potentially, game-changing — alternative for cash aid disbursements in Iraq and Afghanistan following the US’ invasion of both Middle Eastern countries, according to the chief investment officer of a crypto […]
Stablecoins: Policy and Regulatory Challenges | Poundcast Episode 4
In this episode, our host Jannah Patchay, policy lead and one of the originating members of the Digital Pound Foundation, interviews Teana Baker-Taylor, Vice President, Policy & Regulatory Strategy for UK/EU at Circle, on stablecoins and the policy and regulatory challenges they present, as well as how they relate to Central Bank Digital Currencies. How […]
Bank of England opens applications for ‘proof of concept’ CBDC wallet
Source: Cointelegraph The Bank of England (BOE) is seeking a “proof of concept” for a wallet that will be able to hold a central bank digital currency (CBDC). On Dec. 9, the BOE posted a request for applications on the United Kingdom government’s Digital Marketplace, a service where government organizations can solicit work for digital projects. Simple […]
Spain’s Central Bank Opens Call for Proposals for a Wholesale CBDC Project
Source: Coindesk The Bank of Spain plans to start a wholesale central bank digital currency (CBDC) project and on Monday opened a call for proposals from financial institutions and technology solution providers. The program seeks to simulate the funds movement operations of a wholesale CBDC, the bank said in an official statement, adding that it also […]
