Putin Backs Bitcoin as Russia Advances Digital Asset Taxes and Mining Growth
Russian President Vladimir Putin has signed a law classifying digital assets as property for taxation purposes, offering much-needed clarity to Russia’s burgeoning digital sector. This legislation, which amends Russia’s Tax Code, exempts profits in the sector from value-added tax while subjecting them to income tax. Individual earnings below 2.4 million roubles will be taxed at […]
Central Bank of the Philippines Completes Testing for Project Agila: Wholesale CBDC
The Bangko Sentral ng Pilipinas (BSP) has successfully concluded testing for Project Agila, a pioneering initiative aimed at enabling financial institutions (FIs) to conduct fund transfers seamlessly, even outside traditional business hours. This includes evenings, weekends, and holidays. The innovative project leverages open-source distributed ledger technology (DLT) through Oracle Cloud Infrastructure, setting the stage for […]
Central Bank Coalition Share Legal and System Design Considerations of Retail CBDCs
A coalition of seven central banks – the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve Board of Governors, Sveriges Riksbank, and the Swiss National Bank – in collaboration with the Bank for International Settlements (BIS), has been examining key aspects of central bank digital […]
European Central Bank Releases Key Updates on Digital Euro Preparatory Work
The European Central Bank (ECB) has released its second progress report on the digital euro preparation phase, which began on 1 November 2023. This phase aims to establish the foundations for a potential digital euro and has made significant strides since the initial report. One of the key developments has been the revision of the […]
Norway Backs EU Crypto Regulation, Weighs Potential CBDC for Financial Stability
Norges Bank, Norway’s central bank, has voiced its support for the European Union’s Markets in Crypto-Assets (MiCA) regulation while evaluating the potential for a central bank digital currency (CBDC) to enhance cross-border payments and bolster financial stability. As part of the European Economic Area (EEA), Norway aligns closely with EU regulations, including MiCA. Kjetil Watne, […]
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 […]
From Gen Z to the Elderly: Digital Pound Foundation Workshop Identifies Key Use Cases for a Digital Currency
On 23 September 2024, as part of Currency Research’s Digital Currency Conference, the Digital Pound Foundation (DPF) ran a “hands-on” workshop where participants looked to find the killer use case for a digital currency. Participants from central banks, the IMF, corporates and academia sat down to brainstorm why “Anthony’s granny”, the financially excluded/stretched, digitally native […]
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 […]
