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 […]
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 […]
Innovation in Money and Payments: The Digital Pound Foundation’s Response to the Bank of England
The Digital Pound Foundation has responded to the Bank of England’s July 2024 discussion paper on innovation in money and payments (download here), offering insights drawn from its members’ expertise in digital money and central bank digital currency (CBDC) projects. Our response emphasises the foundational role a digital Pound could play in securing the UK’s […]
Bank of England Governor Signals Potential Role for a Retail CBDC if Commercial Banks Lag on Innovation
In a significant address at the Group of Thirty’s 39th Annual International Banking Seminar in Washington, Bank of England Governor Andrew Bailey stressed the importance of modernising the UK’s payment infrastructure. Bailey highlighted the urgent need for reforms in cross-border and wholesale payment systems, where speed, cost-efficiency, transparency, and access remain pressing issues. He argued […]
Stripe Acquires Stablecoin Platform Bridge for $1.1 Billion, Signalling Major Step into Digital Assets
In a landmark acquisition, Stripe, the global payments processor, has acquired stablecoin platform Bridge for $1.1 billion. This acquisition, confirmed by Stripe and Bridge, marks Stripe’s largest acquisition to date and one of the most significant in the cryptocurrency sector. Bridge, founded by entrepreneurs Sean Yu and Zach Abrams, has emerged as a prominent software […]
Avalanche Expands Crypto Utility with Launch of Visa-Backed ‘Avalanche Card’
Avalanche has announced the launch of the Avalanche Card, a crypto-friendly payment solution designed to facilitate everyday spending of digital assets like WAVAX, USDC, and sAVAX. The card, powered by Rain Liquidity, allows users to make purchases anywhere Visa is accepted, with the convenience of both physical and virtual cards. Initially available to residents in […]
Paxos Launches Enterprise-Grade Stablecoin Payments Platform with Stripe Integration
Paxos, the blockchain company behind the Pax Dollar stablecoin, is making significant strides in expanding the use of stablecoins in the payments industry through its newly launched enterprise-grade infrastructure. On 15th October, Paxos revealed its new stablecoin payments platform, which is designed for payment service providers (PSPs) and fintech firms looking to integrate stablecoin payments […]
Ripple Prepares for RLUSD Stablecoin Rollout with Key Partnerships Announced at Swell 2024
Ripple has announced its exchange and market maker partners for the forthcoming launch of its dollar-pegged stablecoin, RLUSD, during the Ripple Swell 2024 conference in Miami. In addition, the firm has appointed former FDIC chair Sheila Bair and David Puth, ex-CEO of Centre, to its advisory board. Ripple’s latest venture into the stablecoin market underscores […]
China Reports Rapid Growth for Digital Yuan: 180 Million Wallets and 7 Trillion Yuan in CBDC Transactions
The People’s Bank of China (PBOC) has reported notable progress in the adoption of its central bank digital currency (CBDC), the digital yuan, with 180 million individual wallets opened as of 31 July, according to local media reports on 11 October. The CBDC has facilitated transactions amounting to over 7.3 trillion yuan (£1 trillion) across […]
