Chinese Healthcare and Energy Sectors Allow Payment with Digital Yuan
Chinese healthcare and energy providers have made breakthroughs in accepting digital yuan payments for medical treatment, deposits, medication, and hospitalization fees. The use of the central bank's digital yuan app has been praised for being safer, more convenient, and faster than traditional payment methods. Mental care facilities have also reported an improvement in the medical experience for patients. In addition, the CBDC has been used for inter-government payments, with the Jiangsu Province government settling their recent electricity bill for municipal street lamps using the digital yuan. The China Securities Regulatory Commission has also cleared the CBDC for use in the securities market.
Ripple Report: Payments Critical for Crypto Adoption, Tokenization Market Could Reach $16 Trillion by 2030, and Finance Leaders Bullish on DeFi Innovation
According to Ripple's latest report, finance leaders believe that payments are a crucial gateway to crypto adoption and are interested in using tokenization to drive innovation in various industries. The report also highlights the growing interest in decentralized finance (DeFi) among financial institutions, with 76% expressing interest in institutional DeFi for driving innovation in liquidity, risk management, and identity. Ripple's report predicts that the tokenization market could grow to $16 trillion by 2030, and also discusses topics such as central bank digital currencies (CBDCs) and payments. The report surveyed 1,700 leaders from financial institutions and enterprises and emphasizes the top use case for digital assets is for payments.
Central Bank of Brazil partners with private banks and MNCs for pilot testing of Digital Real CBDC
The central bank of Brazil has announced its partnership with 14 institutions, including private banks like Nubank and Bradesco, and MNCs like Microsoft and VISA, for the pilot testing of its central bank digital currency (CBDC) called Digital Real. The participants will be onboarded onto the Digital Real Pilot platform starting mid-June 2023, where simulated transactions will be conducted to evaluate instant settlements in government bond trading. The central bank aims to assess privacy measures, information exchange among participants, and the integration of programmability functions with interoperability. The Digital Real will be developed as a payment instrument running on Distributed Ledger Technology (DLT) and will facilitate retail financial services, allowing tokenized deposits to be settled within Brazil's financial and payment systems institutions.
Brazil's Central Bank Selects 14 Participants for CBDC Pilot
The Central Bank of Brazil has chosen 14 institutions to participate in the pilot of the digital real, the country's central bank digital currency (CBDC). The list includes major local private banks, the largest public Brazilian bank, and multinational companies such as Visa and Microsoft.
Russian Parliament Proposes Significant Amendments to Digital Ruble Regulations
The Russian parliament has proposed significant amendments to the regulations governing the digital ruble initiative in the country. The proposed modifications focus on the activities of the debt, services provided to non-residents, and the role of the central bank.
Nigeria's eNaira CBDC Test Run Fails Amidst Protests and Resistance
The Central Bank of Nigeria's (CBN) attempt to replace physical currency with eNaira has faced significant resistance and protests nationwide, resulting in a failed CBDC test run.
China's Financial Service Providers Allow Citizens to Pay for Wealth Products Using Digital Yuan
Financial service providers in China have been given approval to accept digital yuan payments for wealth products, marking a significant step forward for the country's central bank digital currency (CBDC). The China Securities Regulatory Commission (CSRC) has officially approved the first use case for the digital yuan in the securities market, allowing investors to purchase public funds and other financial products using the CBDC. While a full rollout date has not been announced, eligible users are expected to participate in a pilot before a wider rollout takes place. The CSRC has highlighted the advantages of using the digital yuan, including the ability to place orders 24/7 and fully traceable trades and investments. Additionally, a Chengdu science park has integrated a digital yuan solution that allows employees to use their wallets for access and payments, while some universities in the pilot zone are adopting the digital yuan for use in all aspects of students' campus lives.
Bitcoin and Ethereum Prices Remain Flat As SEC Holds Firm on Regulatory Stance, While Ripple Scores Small Courtroom Victory and Launches CBDC Platform
Bitcoin and Ethereum prices have remained stable for the third consecutive week as the SEC continues to assert its position as the industry's lead regulator. Ripple's XRP saw a notable increase of 9.4% after a small courtroom victory against the SEC in its ongoing lawsuit. Litecoin also experienced a significant increase of 13.2% due to the popularity of Ordinals Inscriptions.
China’s Guangxi Zhuang Pioneers Use of E-Yuan in Trade With Southeast Asia
China's push to establish itself as a leader in digital finance is being spearheaded by Guangxi Zhuang, a southeastern region that is pioneering the use of the country's Central Bank Digital Currency (CBDC), the e-yuan, in trade with Southeast Asian countries. This move highlights China's strategic drive to expand the reach of its CBDC on a global scale.
Australia Executes First FX Transaction Using Central Bank Digital Currency (CBDC)
Australia has successfully executed its first foreign exchange transaction using a central bank digital currency (CBDC), as blockchain start-up Canvas announced the successful use of the Australian CBDC to execute the transaction. The transaction was executed as part of a series of pilots by the Reserve Bank of Australia (RBA) and Digital Finance Cooperative Research Centre (DFCRC) to launch a CBDC – the eAUD. The trade was executed on Canvas’ Connect platform, which is built on the Ethereum network. The fintech company claims the platform will provide users with confidentiality, scalability, instantaneous completion time, and cheaper transaction costs.
