On The Web

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China’s Digital Yuan Puts Ant and Tencent in an Awkward Spot

July 26 2021

• in
• Central bank digital currencies (CBDC)

“The People’s Bank of China in recent months has accelerated the testing of its digital yuan, putting the operators of Alipay and WeChat Pay in a difficult spot: They have little choice but to take part, despite the risk of eroding the huge user bases they have grown over years. Most of China’s 1.4 billion […]

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India Considering Phased Roll Out of Central Bank Digital Currency

July 22 2021

• in
• Central bank digital currencies (CBDC)

“India’s central bank is considering launching a digital currency, according to a top executive, giving a clear indication of its intentions for the first time after previously stating that it was studying the idea. T Rabi Sankar, the deputy governor of Reserve Bank of India, said at a conference today that the central bank is […]

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Spanish Financial Sector Explores Design Concepts for Digital Euro

July 21 2021

• in
• Central bank digital currencies (CBDC)

“Iberpay in concert with 16 Spanish banks has successfully concluded proof-of-concept trials that tested different design options for a future digital euro. The Smart Money project compared and contrasted different approaches currently under investigation by the European Central Bank, such as token-based and account-based models, DLT technology, online digital money payments and the possibility of […]

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People’s Bank of China Issues Digital Yuan Trial Progress Report

July 20 2021

• in
• Central bank digital currencies (CBDC)

“Nearly 21m (20.87m) personal and 3.51m corporate digital yuan wallets have so far been issued during China’s ongoing trials of its central bank digital currency (CBDC), the People’s Bank of China (PBOC) has revealed.  To date, the digital currency — also known as e-CNY — has been used to make nearly 71m transactions with an […]

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China to Explore Cross-border Payments in Digital Yuan

July 16 2021

• in
• Central bank digital currencies (CBDC)

“China’s central bank said on Friday it will explore cross-border payments in digital yuan, and is willing to discuss setting global standards for digital fiat currency to jointly develop the international monetary system. The People’s Bank of China (PBOC) will strengthen data security and personal information protection as it forges ahead with domestic testing of […]

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Asia Is Fertile Ground for Central Bank Digital Currencies | KrASIA

July 15 2021

• in
• Central bank digital currencies (CBDC)

“The world’s first sovereign e-currency, the digital yuan has already been involved in transactions worth USD 300 million and can currently be traded for cash at more than 3,000 ATMs in Beijing. It has been in development since 2014 and is formally known as the Digital Currency Electronic Payment (DCEP) system. For now, the Chinese […]

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Powell Says a Fed Digital Currency Could Undercut Need for Cryptocurrencies

July 15 2021

• in
• Central bank digital currencies (CBDC)

“Federal Reserve Chair Jerome Powell on Wednesday said one of the stronger arguments for the U.S. central bank to set up a digital currency is that it could undercut the need for private alternatives such as cryptocurrencies and stablecoins. Asked during a congressional hearing if having a digital currency issued by the Fed would be […]

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Banks to Play ‘Very Important Role’ in Sweden’s Digital Currency Project

July 14 2021

• in
• Central bank digital currencies (CBDC)

“Commercial banks will play “a very important role” in Sweden’s project to create a central bank digital currency despite concerns that it could erode traditional lenders’ deposit bases, according to a payment executive at Svenska Handelsbanken AB (publ). Handelsbanken, Sweden’s largest bank by assets, has become the first commercial lender to join a project by […]

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ECB to Launch Digital Euro Project

July 14 2021

• in
• Central bank digital currencies (CBDC)

“The European Central Bank is set to give the green light on Wednesday to a multi-year project to create a digital version of the euro. An electronic equivalent of banknotes and coins, the digital euro will likely be a digital wallet that euro zone citizens can keep at the ECB. It is part of a […]

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China Gives Out $40 Million Of Digital Yuan In Red Envelopes To Boost Adoption | Bitcoinist.com

July 13 2021

• in
• Central bank digital currencies (CBDC)

“China, which has the world’s most advanced digital currency initiative, has distributed more than $40 million in red envelopes containing digital yuan thus far. The CBDC’s promotional effort is now focusing on five main cities, with regional development priorities in mind. The experimental implementation of the digital RMB, the central bank digital currency (CBDC) issued […]