Russia’s Largest Bank Joins Digital Ruble Pilot Program Ahead of 2025 Launch: Report

December 31, 2024 The Daily Hodl

Blockchain

Russia’s largest bank has reportedly joined the country’s digital ruble pilot program ahead of a mid-2025 launch of the central bank digital currency (CBDC). The Russian news agency Interfax reports that Russia’s top financial institution, Sberbank, is now a participant in the program, which conducts transactions with digital rubles. The pilot will eventually involve 22 […]

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Pakistan moves to regulate cryptocurrency, CBDCs as legal tender

November 4, 2024 Coin Telegraph

central bank digital currency

The proposed amendments would allow for sweeping changes to the country’s financial sector.

The State Bank of Pakistan (SBP) announced a package of policy proposals on Nov. 4 that, if accepted, would legalize digital assets such as cryptocurrencies as legal tender throughout the country.

In a meeting chaired by SBP governor Jameel Ahmad, the Monetary Policy Committee (MPC) reportedly submitted amendments to its standing policy that would allow state banks to issue digital currency. The proposed amendments would also impose penalties on digital currency issuers operating without approval.

While the proposals would still require approval at the next stage of government, if they were to pass it could pave the way for both a central bank digital currency (CBDC) — ostensibly a government-issued digital rupee.

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Bank of Canada just says no to retail CBDC in reshuffling of priorities

September 20, 2024 Coin Telegraph

Bank of Canada

Regulating and speeding up payments without a CBDC are more important to the Canadian central bank.

The Bank of Canada is winding down its work on retail central bank digital currency (CBDC), according to an update to the central bank’s website. The announcement did not mention wholesale CBDC, but it emphasized that its research was continuing.

The Bank of Canada has done extensive research on CBDC and is now shifting its focus from CBDC research to other more pressing issues.

The Bank of Canada’s position on CBDC was that it needed a “contingency plan” in case it became necessary. The current shift in focus comes as the bank prepares for new responsibilities. The Bank of Canada said:

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North Carolina resists the CBDC tide with new payments ban

September 13, 2024 Coin Telegraph

CBDC

A new law in North Carolina seeks to ban CBDCs in the state, but there are questions about whether the new legislation is even legal.

Privacy and sovereignty concerns over central bank digital currencies (CBDCs) mean that a digital dollar won’t be coming to the US state of North Carolina anytime soon.

On Sept. 9, the state’s Senate overrode the governor’s veto and passed into law a bill that forbids the state from accepting CBDCs as a form of payment.

The bill also prohibits the United States Federal Reserve from conducting any “testing” of a digital dollar in North Carolina.

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RBI Report Highlights India’s Central Bank Digital Currency Development

August 21, 2024 Bitcoin.com

bitcoin.com

India’s central bank, the Reserve Bank of India (RBI), published its August bulletin on Monday. The report discusses several aspects of central bank digital currency (CBDC) and its implications. The RBI is actively involved in developing CBDC initiatives to enhance cross-border payments, improve financial inclusion, and mitigate risks posed by private digital instruments. The RBI’s […]

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India’s Digital Rupee Surpasses 5 Million Users, RBI Discloses

August 1, 2024 Bitcoin.com

bitcoin.com

India’s central bank, the Reserve Bank of India (RBI), has revealed that as of June, there were five million digital rupee users and 420,000 merchants participating in the retail central bank digital currency (CBDC) pilot. The RBI emphasized that the digital rupee is designed to complement cash and existing payment systems, serving both wholesale and […]

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US Senator Discusses Trump’s Bitcoin Plan and National BTC Stockpile

August 1, 2024 Bitcoin.com

Bitcoin

U.S. Senator Bill Hagerty has discussed former President Donald Trump’s bitcoin plan, which includes creating a national bitcoin stockpile. The lawmaker expects to see several legislative proposals beyond what Trump announced. He believes this move will establish credibility for the currency and demonstrate national support for it. Senator Hagerty Discusses Trump’s Bitcoin Strategy U.S. Senator […]

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Nigerian CBDC Adoption Lags, Makes Up Less Than 1% of Currency in Use

July 30, 2024 Bitcoin.com

Africa

Nigeria’s central bank digital currency, known as the eNaira, was the first of its kind in Africa. However, it currently represents only about 0.36% of the total currency in circulation. Nigerian experts attribute the slow adoption of the e-naira to its perceived lack of significant benefits compared to the traditional naira. E-Naira Adoption Lags Despite […]

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Philippines Plans to Introduce Wholesale CBDC by 2029

July 27, 2024 Bitcoin.com

bitcoin.com

Bangko Sentral ng Pilipinas (BSP) plans to introduce its wholesale central bank digital currency (CBDC) by 2029. The Philippine central bank’s CBDC initiative is near its proof-of-concept completion. “This is an innovative payment instrument,” said the BSP deputy governor. “This is an entirely new thing, and we have to make sure that we can offer […]

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Low-Cap Altcoin Surges by More Than 27% This Week Amid New Involvement in CBDC Project

July 27, 2024 The Daily Hodl

Altcoins

One low-cap altcoin surged by more than 27% this week amid its newly announced involvement in a central bank digital currency (CBDC) project. Coti (COTI) is a privacy-focused layer-2 network built on Ethereum (ETH). The project’s native asset is trading at $0.118 at time of writing, up from $0.0929 one week ago. Coti announced on […]

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