105 countries are exploring CBDC: gradual trials and temporary shelving coexist

In June, the Atlantic Council’s Geoeconomic Center released a major update on its tracking of central bank digital currencies (CBDCs). According to the tracking data, 10 countries accounting for more than 95% of global GDP are exploring CBDC, and 50 countries are in the advanced stage of exploration (development, pilot or launch), a new high.

Additionally, a report published by Ripple states that major players in the financial sector are considering the future of central bank digital currencies (CBDCs) as fiat currencies. More than 70% of respondents from five global regions believe that CBDCs have greater potential to drive important social change in the next five years.

The IMF reports that some central banks are considering offering CDBC on physical cards, which will help mass adoption. According to the group, energy consumption is critical in determining the future of money, especially for payment systems that use distributed registry technology.

With the advancement of more countries, since 2022, there have been different views and progress in the exploration of CBDC.

ECB report: CBDC is more suitable for cross-border payments than Bitcoin and stablecoins

In August, the European Central Bank (ECB) said in a study released on Monday that a central bank digital currency (CBDC) could be the “holy grail” for cross-border payments, potentially surpassing any other option on the market — including bitcoin and stablecoins . With stablecoins occupying an intermediary position, Bitcoin is the worst choice for improving the efficiency of cross-border payments. The study said that the central bank’s digital currency and domestic instant payment systems have the greatest potential in reducing cross-border transaction costs and instant transactions, adding that Bitcoin cannot solve the challenge of cross-border payments, which is caused by its inefficient proof-of-work consensus mechanism, Features such as high volatility and use by criminals. On the other hand, as far as stablecoins are concerned, in addition to concerns about their illicit use, regulators are concerned that it poses risks to monetary sovereignty and financial stability, according to the study. The study also noted that central banks developing CBDCs should discuss interoperability issues at an early stage to ensure the efficiency of cross-border transactions.

Bank of Japan: At present, it is technically infeasible for the government to issue a central bank digital currency

In August, the Bank of Japan (BoJ) argued that it is currently technically infeasible for the government to issue a central bank digital currency (CBDC). The bank revealed that most Japanese citizens don’t care about CBDCs because they already have widespread access to many low-cost, efficient internet banking services and digital payment tools. In addition, Japan has a high level of cash issuance, accounting for about 20% of the country’s nominal GDP. Despite the rise of digital payment methods, the use of cash still dominates, especially among Japan’s elderly population, where about a third of the country’s population is 65 or older. It is reported that the Bank of Japan began discussing the idea of ​​a yen-backed CBDC in 2021, with the second phase of testing of the project starting in April. The central bank of Japan had previously abandoned its CBDC plans due to a lack of public interest.

South Korea: Jointly launch a central bank digital currency (CBDC) linkage test with financial institutions

In August, the Bank of Korea announced that it will jointly launch a central bank digital currency (CBDC) linkage test with financial institutions from the second half of this year. The Bank of Korea stated in the report of the National Assembly Planning and Finance Committee that day that we will further expand simulation research to lay a sound technical foundation for the stable operation of the CBDC system. In the second half of this year, we will expand external exchanges by publishing a comprehensive report (tentative title) summarizing the research results, while closely consulting with relevant domestic institutions. The bank also added that it plans to share research results from international institutions such as the BIS and the IMF and overseas central banks to enhance mutual cooperation.

Turkey’s Central Bank Governor: “Good News” for Digital Currency Will Be Announced Soon

In July, the governor of Turkey’s central bank said that “good news” for digital currencies would be announced soon.

Central Bank of Nigeria: Traditional Banks Are Blocking Adoption of Central Bank Digital Currency eNaira

In July, Nigeria’s central bank governor, Godwin Emefiele, said Nigeria’s banks were blocking the adoption of the country’s central bank digital currency because they feared the low-cost eNaira would lead to a loss of revenue from traditional banking services. Meanwhile, the Nigerian central bank said earlier this year that only about 700,000 users have created wallets since the eNaira wallet was launched in October last year, while the country currently has about 55 million bank accounts. In addition, the Central Bank of Nigeria plans to cooperate with MTN Nigeria to improve the use of eNaira. Note, Nigeria officially launched its central bank digital currency eNaira in October 2020.

Indian Finance Minister: RBI will start to gradually roll out digital currency

In July, India’s finance minister said that the RBI would start rolling out a digital currency gradually.

RBA Governor: Regulated Tokens May Be Better Than CBDCs

In July, RBA Governor Phillip Lowe said at a G20 event that regulated tokens could be better than CBDCs. Phillip Lowe explained that privately issued tokens must be backed by the state, and deposits from issuers like Circle must be regulated like bank deposits, and as long as regulations can keep up, regulated tokens may be better than CBDCs because of these areas Better at developing Token functions, and building a CBDC would be a costly job for the central bank.

ECB: Digital euro is a more efficient means of payment than cryptocurrencies

In July, senior officials at the European Central Bank argued in a new article that unsecured cryptocurrencies are not an efficient method of payment and that stablecoins are vulnerable to runs. Executives have made clear the main goal of the project, which should provide Europeans with “easy access to central bank money” in the digital age. The trend towards digital currencies poses risks, and maintaining access to central bank funding is critical to financial stability as payments become increasingly digital, senior ECB officials have warned. According to European Central Bank (ECB) President Christine Lagarde and Executive Council member Fabio Panetta, a digital euro could achieve this.

Bank Indonesia Governor: Discussing Macro-Financial Implications of Central Bank Digital Currency

In July, the governor of Indonesia’s central bank said it was discussing the macro-financial implications of a central bank digital currency.

Director of the Monetary Policy Department of the People’s Bank of China: Steadily and steadily advancing the pilot test of the digital renminbi

In July, Zou Lan, director of the Monetary Policy Department of the People’s Bank of China, said at a press conference held by the State Council Information Office that in the first half of this year, the People’s Bank of China will continue to work with various participating research institutions to steadily and steadily advance the pilot test of the digital renminbi. First, the scene pilot of the Beijing Winter Olympics has been successfully completed, so that the digital renminbi has made a wonderful appearance at the Beijing Winter Olympics and Winter Paralympics as a technology business card. The second is to steadily expand the scope of pilot testing. With the approval of the State Council, the digital renminbi pilot has been expanded from the original “10+1” pilot area to 23 areas in 15 provinces and cities, and the whitelist restrictions have been lifted in 4 places in Shenzhen, Suzhou, Xiong’an New District, and Chengdu. Absorb Industrial Bank as the new designated operating institution. The third is to continue to innovate characteristic application scenarios and extend the reach of digital RMB services. Focusing on the overall situation of stabilizing the economic market, through smart contracts and other special functions, it will play an active role in safeguarding people’s livelihood, promoting consumption, expanding domestic demand, and stabilizing growth. The fourth is to actively participate in international exchanges and cooperation, and expand the “circle of friends” of the digital renminbi. As of May 31 this year, the cumulative number of digital renminbi transactions in the pilot areas of 15 provinces and cities was about 264 million, with an amount of about 83 billion yuan, and the number of merchant stores supporting digital renminbi payment reached 4.567 million. Zou Lan introduced that in the next step, the People’s Bank of China will expand the scope of pilot projects in a steady and orderly manner, strengthen scenario construction and application innovation, conduct research on major issues, and deepen international exchanges and cooperation.

Bank of France accelerates its retail CBDC plans

In July, France’s central bank was accelerating its CBDC retail plans, with the central bank hoping to use the central bank’s currency as a settlement asset as early as 2023. Over the past year, the Bank of France has collaborated with the private sector on nine experiments that help demonstrate how CBDCs can be used for wholesale payments, including cross-border and cross-currency payments and securities settlement. The bank has built its own DLT technology, as well as an automated market maker platform inspired by the DeFi market, which could serve as the basis for a multi-CBDC platform where different central banks come together for fast, automated and transparent cross-currency settlement. Now, new experiments are underway, said François Villeroy de Galhau, president of the Banque de France. “We want to get closer to a working prototype, with practice testing with more private actors and more foreign central banks in the second half of 2022 and 2023.

Riksbank Official: Governments May Restrict Foreigners’ Access to Its CBDC

In June, Cecilia Skingsley, first deputy governor of Sweden’s central bank Sveriges Riksbank, said a central bank digital currency (CBDC) would not be a “magic bullet” for all cross-border payments problems. Countries don’t necessarily “play well” with each other, which complicates and layers interoperability or the way a CBDC interacts with other payment systems. We have to think about different levels of interoperability, and it’s going to be very difficult for everyone who wants to be involved to agree on things like governance and oversight. It would be a more efficient and open system if foreign payment service providers had access to CBDCs around the world. But some countries may find it “too risky” to do so. I think countries will also have different options and different levels of barriers, so there won’t be one model of access that will work for everyone.

Fed Chair Powell: We need an enabling legislation to create a central bank digital currency

In June, Fed Chairman Jerome Powell said the Fed would not raise its inflation target and that the balance sheet would end up being roughly $2.5 to $3 trillion smaller than it is now. Additionally, we need an enabling legislation to establish a central bank digital currency.

Qatar Central Bank is in the foundational stage of issuing a CBDC

In June, the Qatar Central Bank (QCB) was in the foundational stage of issuing a CBDC, and a growing number of countries around the world are considering launching their own CBDCs against the backdrop of massive digital transformation in the financial sector. At the Qatar Economic Forum’s inflation testing session, QCB Governor HE Sheikh Bandar bin Mohammed bin Saoud Al Thani said the bank is working hard to find the right technology and platform to issue Qatar’s CBDC. The QCB governor said that many central banks are now considering issuing CBDCs, and we are no exception. But we are still in the foundation stage and are currently evaluating the pros and cons of issuing a CBDC and finding the right technology and platform to issue our CBDC. Speaking of encryption, he added: Currently, crypto is a technological innovation. It could lead us into a new era of fast, cheap and easier access to financial services. However, those cryptoassets that are not affirmed by monetary authorities may be less credible.

Bangladesh central bank to study feasibility of introducing CBDC

In June, Bangladesh’s finance minister, AHM Mustafa Kamal, said that Bangladesh’s central bank plans to conduct a feasibility study on the possibility of introducing a central bank digital currency (CBDC) as part of the country’s budget for the 2022-2023 fiscal year. Kamal said that many countries around the world are looking into CBDCs as a viable alternative to risky private digital currencies. He noted that with the growth of Internet coverage and e-commerce industry in Bangladesh, it is necessary to consider this alternative, adding that the main purpose of a CBDC is to facilitate virtual transactions and encourage startups and e-commerce businesses.

The Bank of Israel is jointly testing the feasibility of a retail CBDC with the Hong Kong Monetary Authority and the Bank for International Settlements

In June, the Bank of Israel said it was working with the Hong Kong Monetary Authority and the Bank for International Settlements (BIS) Innovation Lab to test the feasibility of a central bank digital currency (CBDC) for retail use. The Sela project, led by the Hong Kong center of the BIS Innovation Hub, is scheduled to start in the third quarter of this year, and the results of the study will be announced by the end of this year. The Bank of Israel said the test would be carried out under the umbrella of cybersecurity, and that in the proposed model, intermediaries would not be exposed to financial risk by customers holding or transferring CBDC, reducing risk and costs. It is reported that the Bank of Israel first considered issuing a CBDC at the end of 2017. Following news in May, the bank said that while it had received public support, it had not yet made a final decision on issuing the digital shekel.

Deputy Governor of Nigeria’s Central Bank: Central Bank Digital Currency Helps Enhance Financial Inclusion and Reduce Payment Costs

In June, OBIORA, Deputy Governor of the Central Bank of Nigeria: Cryptocurrencies are not stable enough to be used as a form of payment, and their volatility will create instability. The Nigerian central bank’s digital currency “e Naira” helps to enhance financial inclusion and reduce payment costs.

Kenyan central bank governor: Kenya may introduce digital currency to reduce transaction, remittance costs

In June, the governor of Kenya’s central bank said that Kenya may introduce digital currency to reduce transaction and remittance costs. Cryptocurrencies can be regulated as wealth management products, and Bitcoin transactions have slowed.

Jamaica’s Senate passes new legislation authorizing the country’s central bank to issue a CBDC and give it fiat currency status

In June, Jamaica became the first country to offer a CBDC as legal tender, a move aimed at providing an alternative to the cash-intensive economy and providing financial support to the unbanked. The Jamaica Senate passed an amendment authorizing the country’s central bank to issue its CBDC, the Jamaica Digital Exchange (Jam-Dex). The new legislation expands the definition of legal tender to include virtual tokens, as well as physical banknotes and coins. Jamaica’s central bank governor Richard Byles said Jam-Dex, which has been piloting since 2021, will be officially launched and used in the country later this month. Byles said Jam-Dex is safer and more convenient than physical banknotes and coins, and doesn’t require a bank account to use. Earlier news, Jamaican company JMMB Group said that the company is currently in the exploratory stage of the country’s central bank digital currency (CBDC) project, which is currently being rolled out nationwide.

Bank of Thailand governor: No rush to deploy CBDC

In May, the Bank of Thailand (BoT) suspended its plans for a central bank digital currency (CBDC) due to the abundance of viable online payment alternatives. Bank of Thailand Governor Sethaput Suthiwartnarueput said in an interview at the 2022 World Economic Forum that he does not see the need to launch a CBDC as urgent. As such, the Bank of Thailand stated that the Bank of Thailand will continue to conduct retail CBDC public trials in the fourth quarter of 2022. However, this will be on a small scale and financial institutions will test deposits, withdrawals and transfers. Suthiwartnarueput expressed satisfaction with existing online payment methods such as Promptpay and other QR code payments. He also claimed that using blockchain technology could lead to “unintended consequences” and design issues due to smart contracts.

Norges Bank Selects Ethereum Expansion Solution Nahmii to Collaborate on CBDC Sandbox Project

According to official sources, Nahmii, the Ethereum scaling program, announced that it has been selected to work with Norges Bank on an upcoming experimental CBDC sandbox project. Nahmii will build a sandbox environment for Norges Bank, which will use the platform as part of a broader investigation into CBDCs. Norges Bank will consider a number of available technologies in experimental tests, including the Layer-2 blockchain protocol.

Central Bank of Chile delays its CBDC plan

In May, Chile’s central bank delayed plans for its central bank digital currency (CBDC), saying issuing a digital Chilean peso would require a more in-depth analysis of its advantages and risks, and promised to release a new report by the end of 2022. A report released by the bank on May 11 includes an initial assessment of Chile’s CBDC and explores the country’s current payment system and the benefits, risks and principles of issuing a digital peso. The bank said that while the current payment system works well and is well positioned to adapt to recent challenges, “CBDC will help to achieve a competitive, innovative and integrated payment system that is inclusive, resilient And protect people’s information. As previously reported, the governor of Chile’s central bank said that the Chilean digital peso (CBDC) needs to be able to be paid offline, and no final decision has been made on whether to issue the Chilean peso in digital form.

Israel’s central bank has yet to make a final decision on whether to issue a CBDC, but the plan has gained public support

In May, the Bank of Israel said recently that its plan to potentially issue a digital shekel has gained public support. It will support innovation in payment systems, reduce the amount of cash, and support the fintech industry to help the economy. It is understood that after first considering issuing a central bank digital currency at the end of 2017, the Bank of Israel intensified its research and preparations for issuing a digital shekel in November last year to create a more efficient payment system. In March, the bank said the digital shekel was unlikely to seriously erode the banking system’s business performance. The central bank called for public participation and said it had received 33 responses from various industries, half of them from abroad. There were about 17 responses from the fintech industry. But the bank also said, “Israel’s central bank has not yet made a final decision on whether to issue a digital shekel. But all responses to the public consultation indicate that people support the payment market, financial and monetary stability, legal and technical issues. Various effects continue to be studied.”

Nigerian CBDC wallet app to be updated

An update to the Nigerian Central Bank Digital Currency (CBDC) wallet app will allow users to pay for utilities such as pay TV and recharge airtime, an official from the Central Bank of Nigeria said. Adding Unstructured Supplementary Service Data (USSD) functionality to the wallet app, which means the unbanked will also be able to make payments using CBDC.

Chilean central bank chief: Chilean digital peso (CBDC) needs to be able to pay offline

In May, the governor of Chile’s central bank said at an event that the Chilean central bank’s digital currency (CBDC) needs to accept offline payments. Gov. Rosanna Costa promised to issue a policy paper on the topic later this week, but added that no final decision had been made on whether to issue the Chilean peso in digital form.

Tanzania is introducing a CBDC in response to the country’s growing popularity of cryptocurrencies

Tanzania is about to launch a central bank digital currency (CBDC) to help counter the growing popularity of cryptocurrencies in the country. “It is very important for us to offer a CBDC as a safe alternative, as many people are affected by cryptocurrency speculators,” Bank of Tanzania Governor Florens Luoga said in an interview. He said banks cannot ignore the currency’s Technological development. Luoga said Tanzania has sent officials to countries with experience in CBDCs, such as Nigeria, to study. He declined to say when Tanzania’s plans would come out. “We cannot ignore central bank digital currencies. Almost globally, central bankers are currently being trained and having discussions on how to achieve this.”

Philippine central bank to pilot digital currency in fourth quarter

In May, the governor of the Philippine central bank said in an interview that the central bank was in talks with several banks and financial institutions about a pilot trial of a central bank digital currency (CBDC) in the fourth quarter. CBDC is the equivalent of Philippine banknotes and is also guaranteed by the government as a digital form of the national currency. Unlike general-purpose or retail CBDCs that face the public, wholesale CBDCs are primarily used by banks and other financial institutions. The central bank explained that wholesale CBDC sales may help solve large-scale cross-border foreign exchange transfer frictions and reduce the risk exposure of using commercial bank funds to settle. The central bank is exploring the application of wholesale CBDC to areas that bring value-added benefits to payment systems.

Central Bank of Russia: Digital ruble is urgently needed, will not delay CBDC tests

Russian central bank official Olga Skorobogatova said the digital ruble is urgently needed and the regulator will not delay upcoming tests of a prototype currency platform. “If we move quickly to testing and legislative changes, we can implement it in the next few years,” Skorobogatova said, acknowledging that not all participating banks are now technically ready to join the test. However, she insisted that this should not affect the timing of the project to issue Russia’s Central Bank Digital Currency (CBDC). It is reported that the central bank of Russia began trialling the digital ruble in January this year and announced the first successful transaction between personal wallets in mid-February. At least a dozen Russian financial institutions are participating in the experiment, which is expected to run until 2022.

Iran’s central bank unveils its CBDC regulatory framework CBDC minted and distributed by the country’s central bank

In April, Iran had announced plans to launch its central bank digital currency (CBDC). The Central Bank of Iran (CBI) said it has issued a report to domestic banks and credit institutions on the regulatory framework for the Central Bank of Iran’s digital currency (Crypto Rial). In a recent report, Iran’s central bank said the crypto rial will be minted by the central bank, which will determine the currency’s maximum supply. The country’s CBDC project employs smart contracts and is used in a similar way to paper money and coins, and the process will be entirely digital, the report said. Earlier in January, the governor of Iran’s central bank announced the approval of the Monetary and Credit Commission’s plan to launch the pilot phase of the country’s cryptocurrency.

Brazil’s central bank governor confirms CBDC pilot will start in 2022

In April, Brazil’s central bank governor, Roberto Campos Neto, confirmed the central bank’s digital currency at an event, noting that a CBDC pilot project could go live in the second half of this year.

Central Bank of Namibia plans to launch CBDC

With the rise and increasing adoption of cryptocurrencies around the world, the Central Bank of Namibia recently released its fintech regulatory framework and announced its intention to launch its central bank digital currency (CBDC). The Bank of Namibia (BoN) said, “We cannot ignore CBDC, it is a reality. To this end, the Bank of Namibia has already started to study CBDC and they will have consultations soon.” The bank added that a consultation paper is nearing completion, to solicit feedback from stakeholders. Johannes Gawaxab, Governor of the Bank of Namibia, said on Wednesday, “The explosion in the volume and value of cryptocurrencies has increased the possibility of the financial world operating outside the control of governments and central banks. Therefore, it is necessary for central banks to develop a clear digital currency agenda to strengthen central bank control over currency and maintain control over the payment system.” The proposed digital agenda should be developed in consultation with governments, commercial banks and the public. He added that the potential goals put forward by these stakeholders will be varied but not necessarily compatible, and the design of digital currencies will need to be between privacy and identity-based services, and between centralized and distributed control. balance between. Gawaxab said that CBDC does have an impact on financial stability through the disintermediation of commercial banks and could pose a threat to monetary sovereignty. “As policymakers, we need to make sure these are addressed, but we have a stable and sound financial system that encourages innovation and fosters competition and trust.”

UK Regulators: Working with Other Agencies to Develop Guidelines and Regulations on Crypto Assets, Stablecoins and CBDCs

The UK’s Payment Systems Regulator (PSR) has taken action against the credit card scheme as it investigates their fees and how it can help merchants get better deals, including promoting an alternative to account-to-account payments. In setting its plans for 2022/23, the PSR has again raised concerns about the “high card fees” merchants pay Visa and Mastercard, noting they have risen “significantly” in recent years. The regulator said it had sent a request for information on the level and structure of these fees and would act on the information it had gathered. Elsewhere, the regulator said it will work with other agencies to ensure people have access to cash and to develop guidelines and regulations on cryptoassets, stablecoins and CBDCs. It’s also grappling with the rising threat of app fraud.

Bank of Canada partners with MIT on CBDC research

In March, the Bank of Canada and the Massachusetts Institute of Technology (MIT) had agreed to collaborate on central bank digital currency (CBDC) research. The two parties will conduct a joint study on CBDC over the next 12 months, and upon the conclusion of the collaboration, the Bank of Canada said it will provide an update on the findings and findings of the research project.

The Central Bank of Uganda has started researching the feasibility of issuing a CBDC for use by households and businesses

The Central Bank of Uganda (BOU) has started researching the feasibility of issuing a CBDC for use by households and businesses. Additionally, the BOU plans to revise the country’s financial laws, a move that would allow the BOU to formally adopt a CBDC. According to a report, the central bank’s decision was backed by CBDC proponents, who insist the digital currency will enable Ugandans to move money cheaply and faster. But the bank’s executive director of operations, Charles Abuka, warned in a recent interview that the BOU needs to clarify why a CBDC is being launched in the first place. First of all, Abuka said, to get right to what the rationale is, why we have to have it, and what problems it will help us solve. Abuka also believes that issuing a CBDC could have “technical implications.” There are costs to the technical architecture of this digital currency, and central banks need to understand the impact of those costs. He also stressed that digital currencies could be vulnerable to cyberattacks.

Riksbank exits second phase of CBDC technology testing

Riksbank has extended its contract with Accenture as the supplier for its CBDC pilot project for another year after completing the second phase of the technology trial. In the phase 2 technical test, Riksbank examined issues such as offline functionality, performance and the integration of external actors (including Handelsbanken and TietoEvry) with the e-krona network. Mithra Sundberg, head of the e-krona division, said that in Phase 3, if a decision is made to issue an e-krona, we will begin to develop the basis for the e-krona requirements. All the tests, analyses and investigations conducted will set the stage for this work. We will also draw on the experience of the rapid international development currently taking place in the field. Additionally, the project will engage in dialogue with technology vendors and will hear from payment market parties and the general public. We’ll also continue to run some technical tests on a limited scale to learn more. Therefore, we are extending our agreement with Accenture as a technology supplier for another year from February 2022.

Central Bank of Zimbabwe explores CBDC, reiterates opposition to cryptocurrencies

The Reserve Bank of Zimbabwe (RBZ), the central bank of Zimbabwe, reiterated in its latest monetary policy statement that it prefers central bank digital currencies (CBDCs) to cryptocurrencies. It added that it is now “actively exploring the feasibility of adopting a Zimbabwe CBDC, including specific design considerations. According to a statement released by the bank’s governor, John Mangudya, the RBZ is already developing a roadmap for its CBDC. Mangudya said that in In this context, the Bank is developing a clear roadmap for the adoption of CBDC, including the feasibility and assessment phase currently underway, and the policy design phase based on the results of the feasibility study and implementation. The RBZ added that it will regularly publish information on CBDC Updates on program progress.

The Bank of England and the UK Treasury are actively pursuing the case for a CBDC

A new initiative in the UK is looking to advance the case for retail central bank digital currencies (CBDCs), publishing a green paper and preparing a set of pilots. The Bank of England and the U.K. Treasury have been actively pursuing the case for a central bank digital currency, known as Britcoin, as the use of cash dwindles and private digital currencies pose a threat to monetary sovereignty. However, the idea has met with considerable resistance, most recently from an aristocratic committee in the House of Lords, which concluded last month that there is no compelling case for a digital pound. The new project, an initiative led by the Payments Association, paywith.glass and other private industry stakeholders and supported by The Boston Consulting Group, hopes to drive dialogue through the Green Paper, which will be followed by real-world pilots, Study design issues and how to reduce risk. The project is forming a private consortium to pilot using dSterling, a CBDC-like digital settlement asset. The focus will be on test cases including retail payments, cross-border transactions Tokenisation-as-a-Service, and how to serve payment institutions and e-money issuers.

Boston Fed: CBDC research does not mean the Fed will start a CBDC project

In February, the Boston Fed stated that research on central bank digital currency (CBDC) does not mean that the Fed will embark on a CBDC project. The Fed will not do this without explicit support from the White House and Congress.

Central Bank of Jordan unveils plans for CBDC

In February, the governor of the Central Bank of Jordan (CBJ), Adel Al Sharkas, said his agency was looking into options for creating a legal digital currency (CBDC). He also predicted that cryptocurrency trading could eventually be allowed in Jordan once the proper legislation is in place.

Northeast Australia launches its own CBDC

The Itingi Sovereign Government (SYG) in northeastern Australia has launched a central bank digital currency (CBDC) and digital ID system on blockchain wallet network MetaMUI. SYG Foreign Affairs and Trade Minister Murrumu Walubara told Forkast that SYG and the Australian government, including the Prime Minister, are currently discussing a formal treaty between the two governments. To date, the sovereign idingji dollars issued by the region’s central banks have only been issued through stamps in the region. SYG joins a growing list of countries and jurisdictions that have issued CBDCs, including the Bahamas and Nigeria.

Bank of America: U.S. CBDC will keep the U.S. dollar as the world’s reserve currency

U.S. central bank analyst Alkesh Shah said CBDC is the inevitable evolution of today’s electronic money. The U.S. central bank digital currency (CBDC) will be different from the digital currency currently available to the public because it is a liability of the Federal Reserve rather than commercial banks, so there is no credit or liquidity risk. Bank of America said that key considerations before issuing a CBDC are the need for privacy, intermediary, transferability and authentication. As payment methods increase, especially cross-border remittances, as they are faster and cheaper than using fiat currencies, the report said.

Jamaican Prime Minister: 70% of our country’s population will adopt CBDC within 5 years

In early January, the Central Bank of Jamaica successfully completed its first CBDC pilot test. Following the test, the country’s Prime Minister Andrew Holness spoke confidently about the application of CBDC in the country. Holness predicts that most Jamaicans will soon adopt the digital currency, with more than 70% using a CBDC within five years. In an interview with Bloomberg, Holness highlighted the reduced banking costs and inclusivity of a CBDC, adding that a digital currency would ensure greater government accountability due to easier tracking of public resources. While the government plans to roll out a CBDC across the country in the first quarter of 2022, Holness also acknowledged the initial challenges facing the plan, adding that the government must “figure out how to get people to digital devices and the internet.”

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