The Bank of Ghana (BoG) has introduced a central bank digital currency (CBDC) experiment. It has been reported that Ernest Addison, the governor of the country’s central bank revealed that the BoG was in the advanced stages of creating a CBDC. As part of his address, Addison said that the planned e-cedi will pass through developmental and evaluation phases before a decision will be made on a national rollout. However, he said that the final stage will involve a pilot study to

The National Bank of Kazakhstan (NBRK), Kazakhstan’s central bank, has planned to examine the potential benefits and risks of adopting a state-backed digital currency (CBDC). It has been reported that the bank has published a report last Wednesday on a digital tenge pilot project and opened a public consultation on the potential central bank digital currency. However, according to the report, the digital tenge would be a new form of money issued by the NBRK to enable the “fur

Bahamas and Thailand are on the leading edge of CBDC development, offering an important glimpse in the race to issue government-backed cryptocurrencies. It has been reported that in its 2021 “CBDC global index,” consulting firm PwC surveyed the level of central-bank maturity in deploying cryptocurrencies based on two factors: retail applications and interbank applications. However, retail applications refer to CBDCs that can be held and transacted directly by individuals and

Report said that the United Kingdom is the latest country to begin exploring the possibility of creating a central bank digital currency (CBDC). It has been reported that the Bank of England (BoE ) has begun preliminary central bank digital currency studies that could result in the creation of a national digital currency. In a document published by HM Treasury, the exchequer announced the creation of a CBDC task force in collaboration with the United Kingdom’s central bank. S

Report said that several major Asian banks have joined forces to construct a cross-border central bank digital currency (CBDC). It has been reported that the project named “Multiple Central Bank Digital Currency Bridge” (m-CBDC) sees the Hong Kong Monetary Authority, the Bank of Thailand, the Central Bank of the United Arab Emirates, and the Digital Currency Institute of the People’s Bank of China combine to create a CBDC prototype using distributed ledger technology (DLT). H

Taro Aso, the Japanese Finance Minister, has revealed the Group of Seven’s (G7) financial leaders will discuss central bank digital currencies (CBDCs) on February 12, as the G7 is an intergovernmental organization consisting of the United States, Canada, France, Germany, Italy, Japan, and the United Kingdom. It has been reported that the meeting will be chaired by Britain, with representatives from the world’s largest economies set to discuss strategies for navigating their w

Report said that CBDC research has been announced as a top priority for the Bank for International Settlements’ Innovation Hub (BISIH) in 2021. It has been reported that BISIH plans to “explore the feasibility of faster and cheaper cross-border payments” using central bank digital currencies. BISIH also stated it will explore prototypes of “tiered retail CBDC distribution architectures” and distributed ledgers to issue “tokenized green bonds to retail investors.” However, the

The people of the Chinese city of Shenzhen will have a chance to participate in an upcoming lottery event to encourage the adoption of the country’s new central bank digital currency (CBDC), known as the DC/EP, digital renminbi, or digital yuan. It has been reported that the lottery is scheduled for January 26, when lots will be drawn to select the 100,000 winners who will each receive a festive “red envelope” packet containing 200 yuan ($31) in DC/EP. However, the total curr

Stephen Harper, the former Prime Minister of Canada, who ruled the country for nine years (from 2006 until 2015), said that there may be a place for Bitcoin and central bank digital currencies (CBDCs) as part of a basket of reserve currencies to replace the dollar. It has been reported that Harper said that the possibility of the US dollar being replaced could only come from a large currency like the Euro or Chinese yuan. However, he expressed his doubts either of them would

Blockchain Service Network (BSN), the Chinese national blockchain project, has planned to pilot integration with global central bank digital currencies (CBDCs). It has been reported in a blog post that the BSN is looking to build a universal digital payment network (UDPN), based on CBDCs of various countries as part of its 2021 roadmap. However, at the design stage, the beta version of UDPN is expected to launch in the second half of 2021, as the BSN plans to complete the UDP

The Stellar Development Foundation has signed an agreement with the Ukrainian government to facilitate the creation of a digital asset ecosystem, including a framework for a central bank digital currency (CBDC). It has been reported that Ukraine’s Ministry of Digital Transformation announced that it has entered into a memorandum of understanding with the Stellar Development Foundation. However, the MOU outlines Ukraine’s strategy for developing digital assets and CBDC infrast

The central banks from the two powerful economies in the Middle East released a report on a yearlong joint central bank digital currency (CBDC) project and spoke of blockchain technology. It has been reported that Project Aber was a joint effort between the United Arab Emirates and Saudi Arabia to establish a “proof of concept” designed to “contribute in the body of knowledge in CBDC and DLT technologies.” However, the combined effort of two central banks in such a study is a

Ripple (XRP) is looking for an expert specializing in central bank digital currencies (CBDCs). It has been reported according to a recent job posting by Ripple that the firm is seeking a senior director of central bank engagements focusing on supporting CBDC initiatives with Ripple’s real-time gross settlement system, XRP Ledger. However, with the new position, Ripple is looking to define its CBDC strategy with central banks, build relationships and projects, as well as educa

The Treasury Department of the United Kingdom has revealed that it is drafting proposals to regulate private stablecoins while researching central bank digital currencies (CBDCs) as an alternative to cash. It has been reported that Rishi Sunak, the Chancellor of Treasury, noted the upcoming regulatory proposals alongside other goals for the country’s financial services industry, including a review of the UK’s listings regime and support for green finance. He added: “New techn

Cambodia officially launched a blockchain-based platform for digital money transactions named “Bakong” amidst a global race toward central bank digital currencies (CBDCs). On October 28, it has been reported by Dap-News that Bakong is a payment and money transfer service through banks or microfinance institutions that were established under the initiative of the National Bank of Cambodia. However, the Asian country’s central bank collaborated with a number of entities on the

Line, a Tokyo-based messaging giant, is building a platform for developing central bank digital currencies (CBDCs). It has been reported by the South Korean news agency the Chosun Ilbo that Line aims to support the development of a so-called “customized CBDC.” However, the messaging company is discussing the application of its blockchain-based CBDC platform with several central banks in major Asian countries. Japanese messaging company @Line_Global is reportedly working on a

The Central Bank of the Bahamas has announced to officially launch a central bank digital currency (CBDC) “Sand Dollar,” a state-backed virtual currency, is now available nationwide. It has been reported that the CBDC became available to all 393,000 residents of The Bahamas from around 10:00 PM UTC, as this makes The Bahamas the first country in the world to officially roll out a CBDC. However, China is currently testing a pilot program for its digital yuan with a $1.5 millio

The Central Bank of The Bahamas (CBOB) is planning to make its central bank digital currency (CBDC) project interoperable on an international level. On October 15, it has been reported by local news agency the Nassau Guardian that Bobby Chen, the Assistant Manager of Electronic Solutions at the CBOB, claimed that The Bahamas’ digital currency, named the “Sand Dollar” should eventually be interoperable with other global currencies. However, Chen said: “At the moment, it is cur

The Bank of Japan (BoJ) has released a document outlining its own specific approach to CBDCs from a Japan-centric perspective. It has been reported that the Bank for International Settlements (BIS), in collaboration with a group of seven central banks, published its first joint report into central bank digital currencies, focusing on the foundational principles and core features of CBDCs. However, according to the BoJ report, it will begin the first of several testing phases

The central bank of the Philippines, Bangko Sentral ng Pilipinas (BSP) recognises digital tokens as a means to reduce the use of fiat money and improve the delivery of financial services in the country, even as the country is still studying its own digital currency. It has been reported by Bloomberg that Benjamin Diokno, the governor of the bank, said digital tokens “expand reach and lessen costs of financial services” as well as reduce the use of fiat money. However, Diokno