On The Web

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Systems

China’s new digital currency takes aim at Alibaba and Tencent

August 4 2020

• in
• Central bank digital currencies (CBDC)

“The People’s Bank of China is hoping its new digital currency will reduce the dominance of Alibaba and Tencent in digital payments, according to several people familiar with the thinking of the central bank. The experimental digital currency is on trial in a number of Chinese cities and the PBoC intends to use it to […]

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Systems

Accenture, HSBC, SocGen in French Central Bank Digital Currency Test

July 21 2020

• in
• Central bank digital currencies (CBDC)

“A few months ago, the Banque de France issued a call for participants for a wholesale or institutional central bank digital currency trial, for to the clearing and settlement of tokenized digital assets. Today it announced the participants will be Accenture, Euroclear , HSBC , fund management platform Iznes, Liquidshare, ProsperUS, Seba Bank and Société […]

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Systems

Japan Puts Central Bank Digital Currencies on Policy Roadmap

July 17 2020

• in
• Central bank digital currencies (CBDC)

“Japan will look closer into whether to issue central bank digital currencies (CBDCs), the government said in its annual policy roadmap, a sign that Tokyo may be warming to the idea as the coronavirus heightens demand for cashless payments. In its first-ever reference to digital currency in the annual plan, the government urged the Bank […]

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Systems

Bank of England Debating Digital Currency Creation, Bailey Says

July 14 2020

• in
• Central bank digital currencies (CBDC)

“The Bank of England is reviewing whether it should create a central bank-backed digital currency, according to governor Andrew Bailey. The BOE is part of a group of major central banks teaming up to assess potentially developing their own digital currencies, acknowledging their role is being challenged by new technologies and private sector initiatives such as Facebook […]

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Global

China to Test Sovereign Digital Currency on Ride Hailing Giant Didi

July 8 2020

• in
• Central bank digital currencies (CBDC)
• China

“China’s central bank is partnering up with Didi Chuxing to test the use of its digital currency, which could make China’s dominant ride hailing platform one of the world’s first’s corporate users of a government-created virtual currency. The digital currency research unit of People’s Bank of China (PBOC) is working with Didi to apply digital […]

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Systems

Bank of Japan Research: Offline Payments for Central Bank Digital Currency

July 6 2020

• in
• Central bank digital currencies (CBDC)

“Yesterday the Bank of Japan (BoJ) published a research paper on central bank digital currency (CBDC). As with previous papers, the Bank explored a specific topic, in this case, the potential offline use of a digital yen. Although it’s a research paper, the Bank recognizes there will be a growing need for a digital currency […]

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Systems

Italian Banks Lend Support to Central Bank Digital Currency Initiatives

June 19 2020

• in
• Central bank digital currencies (CBDC)

“The Italian Banking Association (ABI) says its members are ready to participate in pilot projects for a European-level central bank digital currency (CBDC). The ABI last year established an Expert Group dedicated to exploring digital money and crypto assets.Asserting that monetary stability and a full respect of the European regulatory framework must be taken in […]

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Reports

Central Bank Digital Currency: Central Banking for All?

June 8 2020

• in
• Central bank digital currencies (CBDC)

“The introduction of a central bank digital currency (CBDC) allows the central bank to engage in large-scale intermediation by competing with private financial intermediaries for deposits. Yet, since a central bank is not an investment expert, it cannot invest in long-term projects itself, but relies on investment banks to do so. We derive an equivalence […]

On The Wires

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Reports

BIS Encourages Central Banks to Continue Adapting to the Challenge of Digital Payments

June 25 2020

• in
• Central bank digital currencies (CBDC)

“Central banks, as guardians of the safety and integrity of the payment system, must keep evolving to meet the challenge of rapidly accelerating digital innovation, the Bank for International Settlements (BIS) writes in its Annual Economic Report. In a special chapter on central banks and payments in the digital era , the BIS analyses the implications […]

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Global

The Bank of Thailand Announces the Prototype Development Project of Central Bank Digital Currency (CBDC)

June 18 2020

• in
• Central bank digital currencies (CBDC)
• Central Banks
• Thailand

“The Bank of Thailand (BOT) has announced the project to develop the prototype of the payment system for businesses using Central Bank Digital Currency (CBDC), which will build upon knowledge from Project Inthanon. The project scope will include conducting a feasibility study and developing a process to integrate CBDC with the business’ innovative platform. The […]