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 […]
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. […]
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 […]
Societe Generale-FORGE Leverages Ethereum Blockchain and Wholesale CBDC for Repo Transaction
Societe Generale-FORGE (SG-FORGE) has announced the successful execution of a repurchase (repo) transaction involving a wholesale central bank digital currency (wCBDC) and a digital bond issued on a public blockchain. The bond, originally issued in 2020, was utilised in a repo trade that demonstrates the evolving role of distributed ledger technology (DLT) in financial markets. […]
China Enhances CBDC Offline Wallet with Touch, Visual, and Scan Capabilities
China has consistently prioritised inclusivity in its development of a central bank digital currency (CBDC). With the digital RMB, or eCNY, the country aims to make the currency accessible to those who may lack smartphones or experience unreliable internet connectivity. This inclusivity is particularly important for elderly users and tourists who might prefer not to […]
Australia to Trial Wholesale CBDC and Asset Tokenisation in 2025, Calls for Industry Participation
The Reserve Bank of Australia (RBA), in partnership with the Digital Finance Cooperative Research Centre (DFCRC), has opened a consultation to explore wholesale Central Bank Digital Currency (CBDC) and asset tokenisation, aiming to gather feedback by 11 December. The initiative, part of “Project Acacia,” invites industry stakeholders to participate in trials scheduled for 2025, with […]
China’s Digital Yuan CBDC Gains Momentum with Huawei and IATA Integrations
In a significant leap for China’s central bank digital currency (CBDC), the digital yuan is now finding integration across diverse sectors, from mobile operating systems to global aviation. Huawei has embedded the digital yuan directly into its Harmony OS, allowing seamless in-app payments with the CBDC, while the International Air Transport Association (IATA) has announced […]
BIS Departure from mBridge: A Strategic Exit or a Political Move?
Last week, the Bank for International Settlements (BIS) announced its exit from the mBridge cross-border payments project, a significant initiative in the field of central bank digital currencies (CBDCs). Agustín Carstens, BIS General Manager, confirmed the decision at the Santander International Banking Conference, attributing the move to the project’s progress rather than political pressures or […]
Tokenization and DLT Set to Reshape European Financial Systems
In a notable speech this week, European Central Bank (ECB) Director Piero Cipollone advocated for the creation of a European ledger to support tokenization in capital markets. This would serve as the EU’s equivalent of a Unified Ledger. Cipollone acknowledged the difficulties in establishing a traditional Capital Markets Union, particularly the need for greater legal […]
