This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
James Hurren explores what early CBDC deployments across Asia, the Caribbean, and Europe reveal about usage, adoption, and the future of cross-border digital money. Centralbank digital currencies (CBDCs) have rapidly evolved from theoretical concepts into live pilots and national deployments.
Indonesia has reached a significant milestone in its journey toward exploring the potential of CentralBank Digital Currencies (CBDCs) with the completion of the Proof of Concept (PoC) for the wholesale Digital Rupiah under the auspices of Bank Indonesias Project Garuda.
This PoC involved executing real-time cross-border test transactions between various CentralBank Digital Currency (CBDC) systems. The project tested the feasibility of conducting multilateral cross-currency transfers through the UDPN, involving both DistributedLedgerTechnology (DLT) and non-DLT-based CBDCtechnologies.
CentralBank Digital Currencies (CBDCs) have received attention in recent years as centralbanks worldwide explore the potential to evolve the way we conduct financial transactions. This article covers what CBDCs are, how they have evolved until 2024, their impact on payments, and the future they could shape.
The First Deputy Governor of the centralbank of France, Denis Beau, spoke in support of a blockchain-based settlement system that would allow for faster transfers of euros, as well as be more cost-efficient, according to a report by Yahoo! The ECB has been open to the idea, and could already be experimenting.
Cboe Clear Europe, the largest pan-European clearing house, has successfully participated in the Eurosystem’s recent exploratory work testing the use of new technologies for the settlement of wholesale transactions in centralbank money.
The experiments aim to examine a digital euro’s technical feasibility as well as its “programmability” as a coin separate from a centralbank digital currency, (CBDC) according to CoinDesk. The European CentralBank has been a vocal supporter of a digital euro, advocating for a CBDC.
In other news, the Reserve Bank of Australia (RBA) is exploring the potential of a centralbank digital currency (CBDC), in partnership with the National Australia Bank , Commonwealth Bank , Perpetual Limited and ConsenSys Software , the bank announced in a press release.
In 2019, the Bank of Thailand launched a regulatory sandbox initiative. The centralbank is also involved in the Inthanon Project , a joint initiative with the Hong Kong Monetary Authority in which it works alongside eight commercial banks to explore the potential of DistributedLedgerTechnology (DLT) in developing a wholesale CBDC.
“Today, authorities around the world are grappling with the rise of digital currencies and decentralized finance based on both emerging technologies — particularly various combinations of distributedledgertechnology (DLT) and blockchain and advances in traditional centralized systems underpinning finance,” according to the report.
Project mBridge , a collaborative initiative involving multiple centralbanks and the Bank for International Settlements’ (BIS), h as reached an important development milestone. The Saudi CentralBank (SAMA) has recently joined as a full participant, with over 26 other centralbanks observing.
A CentralBank Digital Currency is a country’s official currency, presented in a digital form. It operates on a blockchain network and is issued and backed by the centralbank of the respective country. Unlike cryptocurrencies, they’re issued by centralized authorities and can be used as legal tenders.
Other payment trends in Asia preceding 2024 including the rise of B2B buy now pay later (BNPL), growing prominence of centralbank digital currency (CBDC), and prevalence of composable, cloud-based ‘as-a-Service’ IT architecture models have helped shape much of what we anticipate for 2024.
Both sides also shared insights from their work on tokenisation and exchanged some reflections from their respective work on the UK’s Digital Securities Sandbox and the EU’s DistributedLedgerTechnology (DLT) Pilot Regime.
The shortlisted teams, comprising fintech firms and solution providers from regions including Australia, India, the United States, and Kenya, have presented proposals utilising technologies like Artificial Intelligence (AI) and DistributedLedgerTechnology (DLT) to enhance financial well-being and resilience in today’s evolving economic landscape.
Bank Indonesia has announced the successful completion of the Proof of Concept (PoC) for the wholesale Rupiah Digital under its Garuda Project. This marks a critical milestone in the exploration of a CentralBank Digital Currency (CBDC).
We organize all of the trending information in your field so you don't have to. Join 5,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content