Insights from Ripple’s 2023 Trends in Regional Payments Report
Source: Ripple The global payments industry is evolving at an unprecedented pace. The race is on to stay ahead of dramatic shifts in consumer preferences, regulatory changes, and technological innovations. A consistent theme across these advances is the use of modern payment solutions, including blockchain-enabled payments, to realize faster, more inclusive, and transparent customer experiences. […]
Project mBridge Enters MVP Phase and Welcomes New Member: Central Bank of Saudi Arabia
The mBridge cross-border central bank digital currency (CBDC) project has advanced to the minimum viable product (MVP) stage, the initial production phase. This initiative, a collaboration between the Bank for International Settlements (BIS) Innovation Hub and the central banks of China, Hong Kong, Thailand, and the UAE, recently welcomed the Central Bank of Saudi Arabia […]
Qatar Central Bank Ready for Digital Currency Trials
The Qatar Central Bank (QCB) announced on Sunday the successful completion of the infrastructure development for its Central Bank Digital Currency (CBDC) Project. This strategic move positions Qatar to keep pace with the rapid global advancements in digital currencies. Following an extensive study in the field, QCB confirmed that it will advance to the next […]
Bank of Israel Launches Digital Shekel CBDC Challenge
The Bank of Israel has launched its Digital Shekel Challenge, following the recent announcement of a central bank digital currency (CBDC) sandbox. This initiative invites participants from both Israel and abroad to develop innovative use cases for the digital shekel. Drawing inspiration from the BIS and Bank of England’s Project Rosalind, the Challenge aims to […]
IMF Paper Addresses Cross-Border Payments Benefits and Challenges Using CBDCs
As central banks worldwide continue to contemplate the issuance of central bank digital currencies (CBDC), a recent paper from the International Monetary Fund (IMF), written by André Reslow, Gabriel Soderberg, and Natsuki Tsuda, explores the potential benefits and challenges of implementing retail CBDCs for cross-border payments. The paper emphasises the importance of factoring in cross-border […]
Functional needs for personal data within a payments system
1. Purpose of this paper This paper is intended to provide a high-level framework of personal data types and functional uses of personal data within the ecosystem of a payments system. Its objective is to facilitate discussions on privacy in the context of a digital Pound by enabling consistent terminology. Some functional elements described in […]
An Accelerated Shift to Instant Payments Across Europe
Source: Ripple (This post was originally published in 2022 and has been updated as of May 2024) Instant payments continue the forward march as the transaction method of choice for consumers and businesses across the European Union and the United Kingdom. Entities like the European Commission (EC) are behind the progress, working to build more […]
Banco Central do Brasil Postpones DREX CBDC Initiative for Further Privacy Research
Last week, the Banco Central do Brasil officially announced a delay in its DREX central bank digital currency (CBDC) project, citing the need to further explore privacy solutions. In the interim, the bank plans to commence phase two, which will broaden the range of use cases. A call for suggestions is expected in the third […]
Exploring the Potential of Central Bank Digital Currencies in Africa
Source: Ripple (This post was originally published in 2022 and has been updated as of May 2024) A few reasons for the aforementioned financial exclusion include cost barriers to opening an account, high remittance fees, a lack of identifying documentation, limited access to physical bank branches, and an economy that still largely operates on cash. […]
World Bank Partners with SNB and SDX to Issue First Digital Bond using Swiss CBDC
The World Bank has successfully issued the first digital bond in Swiss Francs (CHF) by an international entity, with a total value of CHF 200 million. This seven-year bond, the largest CHF issuance by the World Bank since 2009, utilises Distributed Ledger Technology (DLT) and will settle using the Swiss National Bank’s (SNB) wholesale Central […]
