Project Agila: Philippines Central Bank Chooses Hyperledger Fabric Blockchain for Wholesale CBDC Trial
The Bangko Sentral ng Pilipinas (BSP) has announced its choice of the Hyperledger Fabric blockchain for Project Agila, its inaugural wholesale central bank digital currency (CBDC) trial. This selection came after consultations with key entities such as the International Monetary Fund (IMF), the BIS Innovation Hub, and other financial institutions. Wholesale CBDCs are typically built […]
UK Regulated Liability Network to experiment with digital pound as tokenized deposits
Source: Ledger Insights Earlier this year, the Regulated Liability Network (RLN) made a big splash in the United States with trials involving several banks, Mastercard and the New York Federal Reserve. Now the UK Regulated Liability Network plans to experiment with a retail digital pound backed by commercial bank money or tokenized deposits. The RLN is a blockchain network […]
Honduras Initiates Consultation for Central Bank Digital Currency (CBDC) to Drive Financial Inclusion
The Central Bank of Honduras has embarked on a comprehensive two-month consultation period to explore the potential implementation of a retail-oriented Central Bank Digital Currency (CBDC). The primary focus of this initiative is to enhance financial inclusion, with a particular emphasis on facilitating cross-border transactions, specifically remittances. In collaboration with the International Monetary Fund (IMF), […]
Challenges and Prospects for BRICS Common Currency: Insights from Bank of Russia’s Governor
Unraveling BRICS Common Currency Challenges & Prospects: Bank of Russia’s Insights. Explore economic comparisons & complexities in this financial landscape.
eNaira: Central Bank of Nigeria Introduces NFC Technology and Programmability for Enhanced User Adoption
According to Ledger Insights, the Central Bank of Nigeria recently unveiled new enhancements for its central bank digital currency (CBDC), the eNaira, aiming to stimulate its service offerings and promote wider adoption among users. To begin with, the eNaira will now support NFC (Near Field Communication) technology, the same technology employed by popular platforms like […]
Bank of England Governor urges banks to progress tokenized bank deposits
Source: Ledger Insights On Monday, the Governor of the Bank of England (BoE), Andrew Bailey, delivered a speech on the future prospects for money, diving into the potential of new forms of digital currency. Mr. Bailey wants to preserve the status quo between financial institutions and the central bank, but he also wants to encourage banks to spur greater […]
Central Bank of Nigeria approves CBDC use for remittances
Source: Ledger Insights Last week, the Central Bank of Nigeria announced the introduction of the eNaira as a payment option for inbound remittances in an effort to help increase the adoption of the central bank digital currency (CBDC). The move comes after the ousting of the central bank’s Governor earlier this month, which cast doubts over the future of the CBDC […]
IMF promotes XC platform for tokenized cross border payments
Source: Ledger Insights Yesterday, the IMF published a paper building on last year’s proposal for XC, a platform to create a global centralized ledger for cross-border payments. The platform would allow commercial banks and other payment providers to participate alongside central banks and likely forgo the need for multiple wholesale central bank digital currency (CBDC) projects. Although a […]
Most Americans still skeptical about CBDC, says Cato/YouGov survey
Source: Ledger Insights A recent poll by YouGov and the Cato Institute found that 34% of Americans oppose the issuance of a central bank digital currency (CBDC), compared to 16% who favor it. Fears of government control, elimination of cash, and cyberattacks continue to weigh on people’s views of a digital dollar, especially among U.S. Republicans. Trust in the […]
Bank of Japan CBDC results highlight token-based CBDCs
Source: Ledger Insights In April, the Bank of Japan entered the pilot phase of its central bank digital currency (CBDC) work. Today it published the results of its second phase of the digital yen proof of concept work that ended in March. The central bank’s experiments targeted a wide range of topics. Two of the most interesting aspects of its work are the […]