#central bank digital currency News

China debuts blockchain-powered salary payments with digital yuan in Xiong’an

China’s e-CNY White Paper Criticizes Bitcoin; Reveals CBDC Project Uses Smart Contract

July 16, 2021 by Anthonia Isichei at Regulation

The People’s Bank of China (PBOC), China’s central bank, has published a white paper on its upcoming central bank digital currency (CBDC), otherwise known as the digital yuan or e-CNY. Notably, the document revealed that the project utilizes smart contract features for programmability. PBOC White Paper Faults Crypto and Stablecoins ...

Vietnamese Government Planning to Conduct CBDC Pilot

July 12, 2021 by Anthonia Isichei at Regulation

Vietnam has become the latest country to explore central bank digital currency (CBDC), although the government has said that a sovereign digital currency would not replace the country's fiat. Vietnam's Proposed Digital Currency not a Cash Replacement According to Nikkei Asia on Monday (July 12, 2021), the decision by the...

China’s Digital Yuan Receives Lukewarm Response from Early Users

China Could Test Digital Yuan With Foreigners at 2022 Winter Olympics

April 20, 2021 by Anthonia Isichei at Regulation

A top executive of the People's Bank of China (PBOC) revealed that it was planning to test its proposed digital yuan with foreigners at the upcoming 2022 Winter Olympics in Beijing. International Trial for Digital Yuan According to CNBC on Sunday (April 18, 2021), Li Bo, deputy governor of the...

UK launches taskforce for potential Bank of England digital currency

Bank of England and HM Treasury Create Taskforce for Proposed CBDC Project

April 19, 2021 by Anthonia Isichei at Regulation

The Bank of England (BoE) and Her Majesty's Treasury (HM Treasury) have jointly created a task force for the UK's proposed central bank digital currency (CBDC) project. Taskforce to Explore Modalities for UK's CBDC In a press release published on Monday (April 19, 2021), the BoE and the HM Treasury...

China's e-yuan Digital Currency Part of Concerted 2020 Fintech Push

China’s CBDC to Provide Backup for Alipay and WeChat Pay

March 27, 2021 by Anthonia Isichei at Regulation

An official of the People's Bank of China (PBOC) stated that China's central bank digital currency (CBDC) would act as a backup for major players in the mobile payment sector like Alibaba's Alipay and Tencent's WeChat Pay. Digital Yuan to Ensure Financial Stability According to the South China Morning Post...

Japan’s Finance Minister Wants CBDC Talks at G7 Meeting

February 10, 2021 by Anthonia Isichei at Regulation

Taro Aso, Japan's Finance Minister, stated that a comprehensive discussion about central bank digital currencies (CBDCs) should be held at the upcoming G7 meeting. Japan Calls for In-Depth CBDC Policy Discussion According to the South China Morning Post on Tuesday (Feb. 9, 2021), Taro Aso said that it was important...

South Korea Central Bank Report States CBDCs Could Reduce the Role of Commercial Banks

South Korea: Central Bank Publishes Book on CBDC Legal Considerations

February 8, 2021 by Anthonia Isichei at Regulation

South Korea's plans for its experimental central bank digital currency (CBDC) project also includes efforts to contribute to the expanding body of knowledge dedicated to sovereign digital currencies. Meanwhile, with many CBDC pursuits cropping up across the globe, some commentators say cross-compatibility will determine which national digital currencies will succeed....

Sweden’s Central bank Partners Up With Accenture to Launch E-Krona

Swedish Bankers Express Concern Over Central Bank’s e-Krona Plans

January 7, 2021 by Anthonia Isichei at Regulation

While Sweden’s central bank is exploring the possibilities of creating its proposed central bank digital currency (CBDC) known as the e-krona, bankers in the country do not seem thrilled about the idea, as they are worried that a CBDC could affect the banking system. Riksbank’s Proposed e-Krona Could Affect Commercial...

Central Bank of Norway to Develop Digital Currency Following Decline in Cash Usage

Norway: No Urgent Need to Create a CBDC Despite Current Global Hype

November 9, 2020 by Anthonia Isichei at Regulation

A top official of Norway’s central bank stated that while the country is investigating a possible central bank digital currency (CBDC), there was no “acute need” for a digital krone. Cash Usage Decline Prompts CBDC research Speaking at Norway’s Payment Conference, Ida Wolden Bache, the deputy governor of the Norges...

Japan: Central Bank Says CBDC Trials will Commence in Q2 2021

October 13, 2020 by Anthonia Isichei at Regulation

The Governor of the Bank of Japan (BOJ) revealed plans by the central bank to begin testing its proposed central bank digital currency (CBDC) in the Spring of 2021. Japan Eyes CBDC Tests in 2021 According to a Reuters report on Monday (October 12, 2020), the BOJ Chief Haruhiko Kuroda...

South Korea Nears Final Stage of CBDC Pilot Test Program

October 8, 2020 by Anthonia Isichei at News

South Korea’s central bank is preparing to enter the final phase of its central bank digital currency (CBDC) pilot program, as it hopes to start the distribution and testing of the digital won in 2021. South Korea to Begin CBDC Trial in 2021 According to the Korea Times on Wednesday...

Hong Kong Financial Authority Taps ConsenSys for Cross-border CBDC Pilot Study

September 26, 2020 by Anthonia Isichei at Regulation

ConsenSys will be collaborating with the Hong Kong Monetary Authority (HKMA) to a cross-border payment network for HKMA’s central bank digital currency (CBDC) project Ethereum Developer ConsenSys Joins the Hong Kong and Singapore CBDC Pilot The U.S. Ethereum blockchain development company announced the news via a press release on Friday...

China: CBDC Trial Focused on Retail Transactions

August 24, 2020 by Anthonia Isichei at Regulation

China’s central bank has stated that the trial of its developing central bank digital currency (CBDC) is currently limited to retail transactions, as against claims stating that the digital yuan was used for large transactions. Digital Yuan Test for Small Transactions In a report by Global Times on Monday (August...

China: State Commercial Banks Trial Digital Wallet for CBDC

August 6, 2020 by Anthonia Isichei at Regulation

China’s central bank digital currency could be inching closer to its official launch, as some top state-run commercial banks in the country are reportedly trialing a digital wallet for the national digital currency. Digital Wallet App Used for Payments and Transfer According to Reuters on Thursday (August 6, 2020), the...

Chinese Transportation Giant Didi Chuxing to Trial DCEP

China’s CBDC to Target Private Sector Dominance

August 4, 2020 by Anthonia Isichei at Regulation

With China’s central bank digital currency (CBDC) project still in progress, there are speculations that the digital yuan could be used to water down the dominance enjoyed by major players like Alibaba and Tencent. China’s CBDC Looking to Even Out Competition According to a report by the Financial Times, some...

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