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. […]
Australia’s CBDC partner sees advanced economies issuing wholesale CBDCs first
Source: Ledger Insights Digital Finance CRC (DFCRC), the research organization working with the Reserve bank of Australia on a central bank digital currency (CBDC) pilot, published a report on the state of CBDC globally. For advanced economies, it believes that wholesale CBDCs are likely to be issued before retail ones. And it raised a few areas where […]
Bank of Canada plans 2023 CBDC consultation as it moves to development
Source: Ledger Insights Bank of Canada Governor Tiff Macklem spoke yesterday about a potential Canadian central bank digital currency (CBDC). Next year the bank plans to consult the public on a potential CBDC. Particularly they want to find out what the public’s expectations of a digital currency and what features would be important to them. As […]
eCurrency extends CBDC deal with Bank of Jamaica for rollout
Source: Ledger Insights Yesterday eCurrency announced it has signed a long term partnership with the Bank of Jamaica for the national rollout of its central bank digital currency (CBDC) known as JAM-DEX. eCurrency originally partnered with the central bank for its five-month retail CBDC pilot, which started in August last year. Technically JAM-DEX went into production on April 1 this […]
IMF proposes DLT, DeFi-inspired alternative to cross border CBDC
Source: Ledger Insights Last week the IMF published a paper on X-C, a platform for cross border payments, co-authored by the IMF and members of MIT’s Digital Currency Initiative. The solution proposes a global centralized ledger for cross border payments in which central banks, banks and payment providers participate. An X-C platform would not just centralize payments and […]
Bank of Korea finds performance issues with CBDC blockchain tech
Source: Ledger Insights The Bank of Korea completed the second phase of its retail central bank digital currency (CBDC) simulations in late June and today shared the results. While it was happy with some aspects of its digital won simulations, such as using CBDC for offline payments and cross border remittances, the central bank highlighted performance issues with the […]
FIS is latest payments firm to launch CBDC Lab
Original Source: Ledger Insights Yesterday FIS, the banking sector solution provider, announced plans to help central banks to launch central bank digital currencies (CBDC) through its CBDC Virtual Lab, which is in collaboration with digital payments startup M10 Networks. The Lab will let central banks, commercial banks and payment firms experiment and pilot CBDC issuance, payments, programmable […]
Reserve Bank Australia says a live CBDC likely to be wholesale
Original Source: Ledger Insights During today’s payment systems board meeting, the Reserve Bank of Australia discussed central bank digital currency (CBDC). The synopsis states, “While most central banks are still investigating the potential merits, design and implications of CBDC, many see an increased likelihood of issuing some form of CBDC in the future, especially to support wholesale […]
Digital euro: new details emerge on how to limit CBDC holdings
Original Source: Ledger Insights The President of the Deutsche Bundesbank, Dr. Joachim Nagel, shared new details about plans for a digital euro during a July speech. While he covered the usual motivations and risks of a central bank digital currency (CBDC), he added some detail on how holdings of digital euros might be limited. In the past, there has […]
Brazil CBDC trials: farm lending explored by Digital Asset, Oliver Wyman, VERT
Original Source: Ledger Insights In March, Banco Central do Brasil unveiled nine participants in its Real Digital Lift Challenge, a central bank digital currency (CBDC) trial. One of the projects focuses on directed farm lending. Initially, the lending will be in tokenized commercial bank money, which could later switch to have the tokens backed by CBDC. […]