On The Web

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Domains

Hong Kong Looks to Expand Cross-Border Tests of Digital Yuan

May 13 2021

• in
• Central bank digital currencies (CBDC)
• Cross-border payments

“Hong Kong is in talks with China to expand cross-border testing of the digital yuan after the first phase proceeded smoothly, another step toward wider adoption of the currency. The Hong Kong Monetary Authority recently conducted tests with the Digital Currency Institute of the People’s Bank of China, involving a bank designated by the mainland […]

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Reports

Exploring Central Bank Digital Currencies: SWIFT and Accenture Publish Joint Paper

May 12 2021

• in
• Central bank digital currencies (CBDC)

“Indeed, today more than half the world’s central banks are actively exploring the use of CBDCs, a development that could lead to a profound change in the global payments ecosystem. Our new paper explores the practicalities of such a shift – from the ways in which CBDCs would move across jurisdictions to their integration into […]

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Systems

China’s Much-Hyped Digital Yuan Fails to Impress Early Users

May 11 2021

• in
• Central bank digital currencies (CBDC)

“In Shenzhen, the high-tech metropolis that just extended China’s largest digital yuan trial, participants interviewed by Bloomberg showed little interest in switching from mobile payment systems run by Ant Group Co. and Tencent Holdings Ltd. that have already replaced cash in much of the country. Some balked at the possibility a digital yuan might give […]

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Systems

Israel Central Bank Boosting Preparations for Digital Currency

May 11 2021

• in
• Central bank digital currencies (CBDC)

“Israel’s central bank said on Tuesday it was once again considering issuing a digital shekel that would create a more efficient payments system. The Bank of Israel began to consider the possibility of issuing a central bank digital currency (CBDC) in late 2017 but a year later a team established to study the matter recommended […]

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Systems

Alibaba’s Ant Group Will Let More Users Test China’s Digital Yuan

May 10 2021

• in
• Central bank digital currencies (CBDC)

“Ant Group, an affiliate of Alibaba, is becoming one of the first major privately run businesses to work with China’s digital currency trials. MYbank — an online-only bank in which Ant has a 30% stake — is allowing some users to link their accounts with China’s digital yuan app, state-backed China Securities Journal said Monday. […]

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Systems

Chinese Banks Unveil CBDC Hardware Prototypes for Multiple Use Cases

May 5 2021

• in
• Central bank digital currencies (CBDC)

“The People’s Bank of China (PBOC) and the Industrial and Commercial Bank of China (ICBC) have unveiled prototype hardware devices that support the use of the digital yuan central bank digital currency (CBDC) across a range of different use cases…During the two-day event, PBOC demonstrated a device for converting physical yuan and foreign currency into […]

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Systems

Unseen Digital Cash Will Stretch Your Money

May 5 2021

• in
• Central bank digital currencies (CBDC)

“Away from the cryptocurrency craze, important changes are taking place in how financial institutions move funds. Unlike the upcoming digital yuan or the keenly awaited Britcoin and FedCoin , a wholesale version of electronic cash might never show up in retail consumers’ wallets. But these invisible blockchain tokens could still turbocharge our everyday money: by making it move faster and stretching its worth.      Used […]

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Systems

Mastercard Seeks Role As Bridge for Digital Yuan’s Offshore Use

May 4 2021

• in
• Central bank digital currencies (CBDC)

“Central bank digital currencies such as that being piloted by Beijing could be circulated outside their home countries and converted into foreign currencies via a card clearing network acting as the conversion agent, according to Mastercard. The card payments giant is in talks with multiple central banks across the world, including the People’s Bank of […]

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Systems

Digital Dollar Project to Launch Five U.S. Central Bank Digital Currency Pilots

May 3 2021

• in
• Central bank digital currencies (CBDC)

“The U.S. nonprofit Digital Dollar Project said on Monday it will launch five pilot programs over the next 12 months to test the potential uses of a U.S. central bank digital currency, the first effort of its kind in the United States. The private-sector pilots initially will be funded by Accenture Plc and involve financial […]

On The Wires

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Systems

Central Bank of Bahrain, Bank ABC and J.P. Morgan Announce Digital Currency Settlement Collaboration | CBB

May 14 2021

• in
• Central bank digital currencies (CBDC)

“As part of the CBB’s vision to improve the customer experience for safe and efficient settlement solutions, CBB is collaborating with J P Morgan and Bank ABC in a pilot scheme to introduce instantaneous cross border payment solution leveraging state of the art technology and digital currency. Bank ABC along with J.P. Morgan will pilot […]