Bank of Japan to trial digital yen with three megabanks

Despite Japan’s uncertainty on whether to issue a central bank digital currency (CBDC), the Bank of Japan (BoJ) continues experimenting with a potential digital yen. The Japanese central bank has started a collaboration with three megabanks and regional banks to conduct a CBDC issuance pilot, the local news agency Nikkei reported on Nov. 23. The … Read more

Taiwan central bank governor considers interest-free CBDC design to prevent fiat deposit flight

As reported by local news outlet bnext.com on Wednesday, Chin-long Yang, governor of the Central Bank of the Republic of China (Taiwan), recommended a no-interest design for the country’s central bank digital currency, or CBDC, pilot. In explaining the decision, Yang said that a CBDC where interest is paid on digital asset deposits would likely … Read more

VTB sealed the first deal with digital financial assets in Russia

VTB Factoring, a subsidiary of Russia’s state-owned bank, reported the first major deal with digital finance assets. As part of the deal, the bank subsidiary acquired a tokenized debt pool of the engineering company Metrowagonmash, issued via the fintech platform Lighthouse. On Wednesday, June 29, VTB reported the deal on its webpage, claiming it to … Read more

Iran Aims to Roll Out Pilot Version of Crypto Rial Within 2 Months – Finance Bitcoin News

The government in Tehran is taking steps in preparation of the launch of Iran’s new digital currency, referred to as the crypto rial. The monetary authority of the Islamic Republic hopes to initiate the pilot phase of the project within the next two months. Crypto Rial to Be Different From Cryptocurrencies, Central Bank Says Iranian … Read more

CBDC Ensures Nigeria Remains Competitive in Increasingly Digital World — Central Bank Governor – Emerging Markets Bitcoin News

The governor of the Central Bank of Nigeria (CBN) has insisted the recently introduced e-naira digital currency can potentially boost trade and investment activities in the country. He added the digital currency “would be necessary in the future to ensure Nigeria is competitive as the world becomes increasingly digital.” CBDC Gateway to Digital Economy The … Read more

Bank of Russia Accelerates Schedule for Digital Ruble Project – Finance Bitcoin News

The Central Bank of Russia continues to step up efforts to test and issue the digital ruble, with a roadmap for the full implementation of the new form of the national fiat now expected by the end of 2023. Trials with real transactions and users are scheduled to begin next April, earlier than originally planned. … Read more

CBDC may threat stablecoins, not Bitcoin: ARK36 exec

Central bank digital currencies (CBDC) do not pose any direct threat to cryptocurrencies like Bitcoin (BTC) but are still associated with risks in relation to stablecoins, one industry executive believes. According to Mikkel Morch, executive director at the digital asset hedge fund ARK36, a state-backed digital currency like the U.S. dollar doesn’t necessarily have to … Read more

‘Brutal and unrelentingly hard’: Singapore regulator’s clampdown on crypto

Singapore’s financial regulator and central bank has pledged to be “brutal and unrelentingly hard” on any “bad behavior” from the cryptocurrency industry. The comments come from Monetary Authority of Singapore (MAS)’s chief fintech officer Sopnendu Mohanty, explaining in an interview that “if somebody has done a bad thing, we are brutal and unrelentingly hard.” He … Read more

Russia to Trial Digital Ruble Settlements for Real Estate Deals – Bitcoin News

The Central Bank of Russia and participating commercial banks want to test various types of payments with the digital ruble, the Russian press reported. The plan is to experiment with smart contracts and transactions related to real estate and crypto asset purchases. Bank of Russia to Launch Smart Contracts on Digital Ruble Platform Russia’s central … Read more

US lawmaker lays out case for a digital dollar

Connecticut House of Representatives member Jim Himes has released a proposal aiming to start a dialogue on the United States potentially launching a central bank digital currency, or CBDC. In a white paper released on Wednesday, Himes urged Congress to begin exploring the rollout of a digital dollar issued by the Federal Reserve to prevent … Read more