UAE Central Bank Launches First Digital Dirham Transfer on mBridge Platform
The Central Bank of the United Arab Emirates (UAE) has successfully executed its inaugural cross-border transaction using the digital dirham. This transaction, amounting to 50 million dirhams (approximately $13.6 million), was facilitated through the mBridge central bank digital currency (CBDC) platform, transferring the funds to China. This significant financial move was reported by Gulf News […]
Bank of England Museum to Debut King Charles III Bank Notes and Showcase ‘The Future of Money’
The Bank of England Museum’s upcoming exhibition, set to open on 28th February, will showcase the newly minted banknotes featuring King Charles III. This display marks the public’s first glimpse of the notes before they are circulated later in the year. Beyond the new banknotes, the exhibition, aptly titled ‘The Future of Money,’ will delve […]
Bank of England Publishes Response on Digital Pound, Committing to User Privacy and Control Over Funds
In a significant development regarding the UK’s monetary system, the Bank of England and His Majesty’s Treasury have been engaging in a comprehensive consultation on the introduction of a ‘digital Pound’. This proposed Central Bank Digital Currency (CBDC) is envisioned as a new form of digital money, intended for everyday transactions by households and businesses. […]
BIS Outlines Six New Projects Focussed on Tokenization, AI and Big Data, Privacy and Security, and Environmental Sustainability
The Bank for International Settlements (BIS) has outlined its 2024 work programme, introducing six new projects focusing on digital financial technologies. These projects aim to address various challenges in the financial sector, including security and environmental sustainability. The upcoming projects in the 2024 agenda include: Cecilia Skingsley, Head of the BIS Innovation Hub, commented on […]
Egypt Sets Sight on 2030 for Launching E-Pound CBDC, Aiming for Complete Financial Inclusion
Egypt is reportedly on track to introduce its own central bank digital currency (CBDC), known as the e-pound, by 2030. This initiative, led by the Central Bank of Egypt (CBE), is aimed at enhancing the competitiveness of the country’s national currency and improving the effectiveness of its monetary policy. A report detailing Egypt’s strategic economic […]
Navigating the Trilemma: Central Banks, Digital Currencies, and the Risk of Bank Runs
The European Central Bank (ECB) has published an economics paper exploring the potential risks associated with the implementation of a Central Bank Digital Currency (CBDC), particularly focusing on the possibility of a ‘bank run’ scenario. Central banks, according to the paper, face a unique trilemma, different from the blockchain trilemma of security, scalability, and decentralization. […]
UDPN Partners with Digital Pound Foundation to Support Development of Digital Currencies
The Universal Digital Payments Network (UDPN), a payment infrastructure that makes international payments possible for digital currencies of tomorrow, including regulated stablecoins and Central Bank Digital Currencies (CBDCs), has joined the Digital Pound Foundation (DPF) as a strategic partner. The Digital Pound Foundation is a member-led forum supporting the introduction of a well-designed digital Pound. […]
Blockchain in 2024: The year of institutional adoption
The following article was written by Gilbert Verdian, Founder and CEO of Quant – a member of the Digital Pound Foundation. This article first appeared on their website. In this article, Gilbert Verdian identifies and interprets some of the most significant blockchain trends for 2024 (CBDC, programmable payments, regulation, interoperability) and explores the profound impact […]
Project Promissa: A New Collaboration Between World Bank, Swiss National Bank and the BIS Innovation Hub to Test Financial Instrument Tokenization
Project Promissa, a new collaboration announced between the BIS Innovation Hub Swiss Centre, the Swiss National Bank, and the World Bank, is spearheading an experiment to revolutionise the way financial instruments, particularly promissory notes, are managed. These notes, traditionally paper-based, are crucial in funding international financial institutions, including multilateral development banks. As part of a […]
Turkey Advances to Second Phase Testing of Digital Lira CBDC
The Central Bank of the Republic of Turkey (CBRT) has made significant strides in its exploration of a central bank digital currency (CBDC), completing the first phase of its pilot program. A report released on New Year’s Eve detailed this progress and outlined plans for a second phase of testing, after which a decision on […]
