CBDC is the acronym for Central Bank Digital Currency — which refers to state-backed projects to create digital currencies that can be controlled directly by central banks similar to fiat currencies. As of March 2022, 87 countries are exploring CBDCs on some level and some have announced official plans to issue their own digital currency.
Bank of England’s vision for the digital pound differs from China’s model
The BoE proposes involving the use of retail banks and private payment providers as the "interface" for the digital pound.
Taiwan joins growing list of countries developing CBDCs
Plans are in place to roll out a Taiwanese Central Bank Digital Currency, but concerns over privacy and abuse of power remain.
Singapore’s changed stance on crypto
Last year, Singapore was gearing up to be a global crypto hub. Now the regulators are hardening their approach.
Proposed Gillibrand-Lummis crypto Bill uploaded to GitHub for recommendations
Senator Lummis has opined that the bill is seeking comments from industry stakeholders so that it can properly reflect the innovations in the crypto space.
U.S. Fed says recent strain highlights ‘structural fragilities’ in stablecoin sector
The Fed states that vulnerabilities in stablecoins may be further heightened by the absence of transparency about the riskiness and liquidity of assets backing them.
BIS General Manager calls on people to trust central banks, CBDCs
Agustin Carsten said the "soul of money" belongs to trust, and only central banks can be trusted.
Israel, Hong Kong enter partnership to test new CBDC against cyber risks
The exposure-free retail CBDC the Bank of Israel and the Hong Kong Monetary Authority plan to test is assumed to carry less financial risk for consumers, Bloomberg News reported.
The fear and favoring of digital currencies
A Crypto.com survey of 3,000 people and 150 institutional investors showed that the road towards a cashless society will inevitably lead to digital currencies.
China to gift citizens 90M digital yuan via lottery to restart economy
Shenzhen, Guangzhou, and Xiong'an New Area are reportedly gifting citizens roughly 90 million digital yuan in red packets to citizens in a bid to restart the economy following Covid-19.
New U.S. bill to block Google and Apple from hosting apps that accept eCNY
Senators Marco Rubio, Tom Cotton and Mike Braun sponsored a bill to prohibit companies to host software that supports payments in China's new CBDC, the eCNY
US Federal Reserve Vice Chair sees need for a digital dollar
Fed Vice Chair Lael Brainard said that the U.S. needs a CBDC to ensure the country's competitiveness in the global digital financial landscape of the future.
44 nations converged to discuss bitcoin in El Salvador: The Davos of crypto?
The current traditional financial system has failed many countries leaving them subservient to the US Dollar, the meeting from 44 countries in El Salvador shows nations want change and see Bitcoin as a opportunity to do so.
G7 says crypto regulation must be swift and comprehensive
The G7 is advocating for swift and comprehensive regulation to the same standard as the traditional financial system
South African central bank mulls digital rand to streamline cross-border payments
South African central bank's Deputy Governor Kuben Naidoo said a digital rand could reduce the cost of cross-border payments for banks.
EU regulators criticize stablecoins to promote Euro CBDC
EU regulators are using the attack on UST and USDT stumbling as proof that Europe needs a CBDC
Record amounts of crypto were stolen in DeFi hacks last quarter
Over $1.26 billion worth of crypto was stolen from DeFi protocols in the first three months of 2022 — and it's about to get worse.
Israeli central bank yet to make decision on pursuing CBDC despite public support
A research by the Bank of International Settlements (BIS) shows that nine out of ten central banks are working on a CBDC project presently.