Project Mariana: Final Report Confirms Successful Cross-Border Trading Of Wholesale Central Bank Digital Currencies (wCBDC)
The Bank for International Settlements (BIS) in collaboration with the central banks of France, Singapore, and Switzerland has successfully trialed cross-border transactions using wholesale central bank digital currencies (wCBDC). This was revealed in a report released on Thursday. You can download it here. Under the banner of Project Mariana, a prototype was developed using simulated […]
Project mBridge Set for Major Expansion, says Hong Kong Monetary Authority (HKMA) CEO
Eddie Yue, CEO of the Hong Kong Monetary Authority (HKMA), has highlighted upcoming plans to expand the mBridge project, a central bank digital currency (CBDC) initiative, during a recent address in Shanghai. Yue emphasised that mBridge has demonstrated its capacity for more efficient, cost-effective, and transparent cross-border transactions. The project came to life in 2021, […]
Travellers in China Can Now Top-Up Digital Yuan Wallets with Visa and Mastercard
China has enhanced its digital renminbi services to further elevate its digital currency’s stature and simplify transactions for foreign visitors. Given the prevalence of mobile payments in China, these advancements are set to provide foreign users with a more seamless experience during their stay, experts suggest. They anticipate additional initiatives to push forward the digital […]
CBDCs: A New Chapter in Global Banking
Source: Ripple The emergence of blockchain technology, coupled with real-world use cases and the dramatic free fall in global cash usage have led to a surge in CBDC research and development today. Nine out of ten central banks are actively exploring CBDCs, and Juniper Research predicts CBDC payments will reach $213 billion by 2030. This boom is […]
Digital Tenge: NBK’s Latest Updates on Kazakhstan’s CBDC Project | September 2023
Since 2021, the National Bank of the Republic of Kazakhstan (NBK) has been spearheading the “Digital Tenge” (DT) initiative. After collaborating closely with various stakeholders including financial market entities, expert groups, and international financial institutions, the NBK wrapped up a crucial study in 2022 to assess the necessity of introducing DT. Following the release of […]
The Evolution of Finance: The Role of Digital Settlement Assets in Transforming Financial Markets
In this webinar, our panellists discuss the role of wholesale settlement assets in the financial services ecosystem, looking at questions such as: Panellists include:
Project Sela: Israel and Hong Kong Finalise Retail CBDC Test Focusing on Privacy and Inclusivity
Israel and Hong Kong have recently finalised their retail Central Bank Digital Currency (CBDC) pilot project, Project Sela, highlighting the significant emphasis placed on privacy and inclusivity. During the pilot project, both nations collaborated to explore the practical implications of a CBDC in the retail sector. They utilised Distributed Ledger Technology (DLT) to investigate various […]
Swift Advances in Interconnecting Central Bank Digital Currencies with Latest Testing Phase
Swift, the global financial messaging service, is steering ahead in its mission to bolster the interoperability of Central Bank Digital Currencies (CBDCs) by launching a groundbreaking beta solution, currently under evaluation by three central banks. Additionally, over 30 financial entities have engaged in exploring the extensive applications of this solution through a newly introduced sandbox. […]
Future Bank of England Deputy Governor: Crypto Not Gambling, Should Be Treated as a Financial Activity
Sarah Breeden, who assumes the role of deputy governor of financial stability at the Bank of England on November 1, has drawn attention to the potential risks associated with cryptocurrencies while also highlighting the advantages of the underlying technology. She made these remarks during a session with Parliament’s Treasury Committee. In her new position, Breeden, […]
BIS: Stablecoins vs. Tokenized Deposits – Implications for the Uniqueness of Currency
The modern monetary system rests upon a fundamental concept known as the “uniqueness of currency.” This principle ensures that monetary transactions are not subject to fluctuating exchange rates between various forms of money, whether they are privately issued (e.g., deposits) or publicly issued (e.g., cash). The uniqueness of currency establishes an unequivocal unit of account […]
