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Bank of Canada Redirects Efforts Away From Retail CBDC

Bank of Canada Redirects Efforts Away From Retail CBDCThe Bank of Canada has announced a strategic shift away from developing a retail Central Bank Digital Currency (CBDC) to focus on broader payments system research and policy development. This decision follows a public consultation in 2023, which revealed significant privacy concerns among Canadians. While the central bank remains open to revisiting the idea of […]

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Hong Kong’s e-HKD project expands into tokenization, programmability

The Hong Kong Monetary Authority is looking at a potential CBDC from a wide perspective.

The Hong Kong Monetary Authority (HKMA) has launched the second phase of the digital Hong Kong dollar (e-HKD) pilot study with 21 financial institutions working on 11 use cases for the central bank digital currency and tokenized deposits. In light of the broadening scope of the project, the HKMA is renaming it Project e-HKD+.

The new phase of the project will have its own sandbox and last about a year.

Project e-HKD+ will focus on three themes: settlement of tokenized assets, programmability and offline payments. Many of the use cases are highly generalized and several of them do not reference the e-HKD at all. For example:

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Bank of Korea to Launch CBDC Payment Trial in Supermarkets

Bank of Korea to Launch CBDC Payment Trial in SupermarketsSouth Korea’s central bank, the Bank of Korea, will soon allow participants to use digital tokens for payments at supermarkets and convenience stores in a central bank digital currency (CBDC) trial. Starting in December, 100,000 participants will be part of this test. Retail partnerships and global initiatives like Project Agora highlight the broader impact of […]

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Australian Reserve Bank Has ‘Strategic Commitment’ To Develop CBDC System, According to Assistant Governor

Australian Reserve Bank Has ‘Strategic Commitment’ To Develop CBDC System, According to Assistant Governor

Australia’s central bank and banknote issuing authority is pursuing initiatives on central bank digital currency (CBDC) and digital money. According to Reserve Bank of Australia (RBA) assistant governor Brad Jones, the central bank’s work agenda on digital money will focus more on wholesale CBDC used by banks and other financial institutions than on retail CBDC […]

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Cardano founder to meet Argentina president Javier Milei

In a meeting planned with Argentina president Javier Milei, Charles Hoskinson wants to discuss how blockchain can rewrite global economic and political systems.

Cardano (ADA) founder Charles Hoskinson will meet with Argentina president Javier Milei in October to discuss the cryptocurrency economy.

Hoskinson is heading to the Tech Forum Argentina to discuss the future of blockchain in a conversation with the president planned for Oct. 19, the Cardano founder told Cointelegraph in an interview.

In the upcoming meeting, Hoskinson expects to discuss blockchain’s potential to transform global economic, political, and social systems.

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Global Surge in CBDC Development: 134 Countries Now Exploring Digital Currencies

Global Surge in CBDC Development: 134 Countries Now Exploring Digital CurrenciesNew data shows that 134 countries, representing 98% of global GDP, are now exploring central bank digital currencies (CBDCs), with 66 nations advancing to pilot or development stages. Every G20 nation is engaged in CBDC efforts, with notable leaders such as China and the European nations pushing forward. The U.S. remains lagging behind Europe and […]

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Australia’s central bank launches 3-year program for wholesale CBDC

RBA Assistant Governor Brad Jones said the potential benefits of a retail CBDC in Australia appear modest or uncertain at present.

The Reserve Bank of Australia (RBA) says it won’t be pursuing a retail CBDC anytime soon, but instead, it will focus its efforts on launching a wholesale CBDC. 

In a Sept. 18 speech at the Intersekt Fintech Conference in Melbourne, RBA Assistant Governor Brad Jones presented the Australian central bank’s three-year roadmap, which focuses largely on the development of a wholesale CBDC.

Jones said the RBA’s research had found a retail CBDC offered little in the way of genuine innovation for public use in Australia, whereas a wholesale CBDC would offer several key advantages to commercial and central banks.

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41 firms join BIS Project Agora to advance unified ledger applications

The large private companies will work with seven central banks on improving structural inefficiencies in international transfers.

The Bank for International Settlements’ (BIS’) Project Agora has progressed to the design stage with the onboarding of 41 private financial firms. The project, launched in April by the BIS and seven central banks, is looking at how tokenized commercial bank deposits can be integrated with tokenized wholesale central bank digital currencies (CBDCs) on a single platform.

The regulated private-sector participants include Visa and Mastercard, SWIFT, the Swiss SIX Digital Exchange, Japan’s Monex Group financial services firm, clearing companies and a host of large banks. The Institute of International Finance, a financial services trade group, was chosen to convene the private participants, which responded to a call for participation issued in May.

Project Agora is now the largest BIS project in terms of participants. The private-sector members join the Bank of France (representing the Eurosystem), Bank of Japan, Bank of Korea, Bank of Mexico, Swiss National Bank, Bank of England and the Federal Reserve Bank of New York.

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Bank of Russia to Launch Digital Ruble Payment Infrastructure by July 2025

Bank of Russia to Launch Digital Ruble Payment Infrastructure by July 2025The Bank of Russia aims to open the payment infrastructure for the Russian central bank digital currency (CBDC), the digital ruble, by July next year. Larger banks will offer digital ruble accounts and services by this deadline, with smaller institutions following later. The initiative seeks to enhance payment efficiency and reduce costs, with retailers also […]

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Swift Unveils Plan to Integrate Digital Assets and Currencies Into Global Payment Network

Swift Unveils Plan to Integrate Digital Assets and Currencies Into Global Payment NetworkSwift has unveiled a plan to enable the movement of digital assets and currencies on its global payment network. The initiative aims to integrate regulated digital currencies into Swift’s platform, building on past experiments. “We’re paving the way towards real-world solutions that will enable our members to access and transact with regulated digital assets and […]

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