Central Bank Digital Currency
China’s CBDC wallet resorts to ages-old tradition to boost adoption
China’s wallet app for its digital yuan central bank digital currency (CBDC) introduced a feature for users to send money in an electronic version of traditional “red packets” to try to attract new users. The new feature was released over the weekend, around one month ahead of the Chinese New Year on Jan. 22, as reported by the South China Morning Post on Dec. 26. The “red packets,” called hongbao in China, are traditionally used for gifting money around the Chinese New Year and other celebrations as a gesture of good luck. The rising use of digital payments has seen virtual red envelopes offered by popular local services such as WeChat Pay and Alipay. Reportedly, the e-CNY app allows a red packet to be sent to only one person, or a “lucky draw” can be set up for a group of people who will...
BIS marks CBDC pilot as ‘successful’ with $22M transacted
A multi-jurisdictional central bank digital currency (CBDC) pilot has been marked “successful” by the Bank for International Settlements (BIS) after a month-long test phase that facilitated $22 million worth of real-value cross-border transactions. The central banks of Hong Kong, Thailand, China and the United Arab Emirates took part in the pilot program along with 20 commercial banks from those regions. More than $12 million worth of value was issued onto the test platform, which facilitated 164 foreign exchange transactions and cross-border payments between the participating firms totaling over $22 million worth of value, according to a Tuesday LinkedIn post from the BIS. Graphic from the BIS on the CBDC pilot. Source: LinkedIn Daniel Eidan, an adviser and solution architect at the BIS,&...
‘Brutal and unrelentingly hard’: Singapore regulator’s clampdown on crypto
Singapore’s financial regulator and central bank has pledged to be “brutal and unrelentingly hard” on any “bad behavior” from the cryptocurrency industry. The comments come from Monetary Authority of Singapore (MAS)’s chief fintech officer Sopnendu Mohanty, explaining in an interview that “if somebody has done a bad thing, we are brutal and unrelentingly hard.” He also hit back at the rhetoric of certain crypto market participants who have criticized the regulator for not being friendly enough to crypto, and instead questioned the legitimacy of the market, saying: “We have been called out by many cryptocurrencies for not being friendly, my response has been: Friendly for what? Friendly for a real economy or friendly for some unreal economy?” The fintech chief believes the world is “lost in...
More than three-quarters of central banks considering a CBDC: research
More than 80% of central banks are interested in launching a Central Bank Digital Currency (CBDC) or have already done so according to research conducted by accounting firm PwC. The second annual Global CBDC Index report released on Monday, April 4, measures a central bank’s level of maturity in deploying its own digital currency. The report also included an overview of stablecoins for the first time. Haydn Jones, Blockchain and Crypto Specialist at PwC U.K. stated in the report that “over 80% of central banks are considering launching a CBDC or have already done so.” The report ranks both retail CBDCs, ones that are issued for use by the general public, and wholesale CBDCs for use by financial institutions holding with the central bank, out of 100. Retail CBDCs have reached a greate...
Nigeria’s eNaira Launches But Why Are Banks Suddenly Getting Cold Feet?
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