India in ‘No Hurry’ for CBDC As Digital Rupee Pilot Onboards 50k Users
India’s recently launched CBDC pilot has amassed 50,000 users, and 5,000 merchants since the Reserve Bank of India (RBI) launched the digital rupee pilot last year, local news agency The Economic Times reported on Feb. 8.
Britcoin CBDC Touted As Replacement to Cash by Bank of England
The UK plans to impose a cap of between £10,000 to £20,000 ($12,017 to $24,033) for initial digital wallet holdings as it pushes forward with plans to introduce a Central Bank Digital Currency (CBDC), according to a Bank of England (BOE) official.
India’s CBDC “e-Rupee” To Launch In These Cities Next?
The Reserve Bank of India (RBI) has recently announced the expansion of the Central Bank Digital Currency (CBDC) pilot program–more often referred to as the e-Rupee–to nine new cities. Five additional banks will also participate in the program, bringing the total number of banks involved to eight. The central bank began testing the e-rupee on retail clients in December of 2022.
BIS to Launch Stablecoin Monitoring Project and up Focus on CBDC Experiments
The Bank for International Settlements (BIS) will heighten focus on experimenting with Central Bank Digital Currencies (CBDCs) this year via its research and development arm and will also launch a new project to monitor stablecoins. On Feb. 7, the Switzerland-based so-called “bank for central banks” announced its Innovation Hub will "increase its focus" on CBDCs in 2023 to improve payment systems. The bank added its work schedule for the year ahead also includes “Project Pyxtrial,” which it described as a new experiment being launched by the London branch of the BIS Innovation Hub to enable the “systemic monitoring of stablecoins.” (Cointelegraph)
Bank of England Thinks Digital Pound Can Co-exist with Private Stablecoins
The United Kingdom is a step closer to launching a Central Bank Digital Currency (CBDC) after releasing a consultation paper explaining the proposed digital pound, which the public has nicknamed “Britcoin.” The 116-page consultation paper was jointly released on Feb. 7 by the Bank of England (BoE) and His Majesty’s Treasury. A technology working paper was also released delving into the technical and economic design considerations. Despite the rise of privately-issued stablecoins in recent years, the paper said CBDCs such as the digital pound can co-exist in what they expect to be a “mixed payments economy.” (Cointelegraph)
Unpacking India's CBDC Pilots as Country Prepares for Digital Rupee
India wants to launch its central bank digital currency at a national level by the end of 2023, but early into its pilot, the Reserve Bank of India has identified challenges, several people familiar with the matter said. India launched two CBDC pilots last year. The first, a wholesale CBDC effort (CBDC-W), began on Nov. 1 with the participation of nine banks. The other, a retail CBDC (CBDC-R) pilot, launched on Dec. 1 in four cities – Mumbai, New Delhi, Bengaluru and Bhubaneswar. Initially, four banks, including the State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank participated. It has "now been extended to 15 cities with Chandigarh as the newest addition," a senior official told CoinDesk. "More than 50,000 customers and 10,000 small and big merchants have been onboarded now," including Reliance Retail, the nation's largest retail chain. (Coindesk)
Laotian CBDC Proof of Concept Project To Launch Using System Pioneered in Cambodia
Japanese financial software firm Soramitsu has announced the signing of a memorandum of understanding with the Bank of the Lao People’s Democratic Republic Payment Systems Department on the launch of a proof-of-concept project for a Laotian central bank digital currency (CBDC). Under the agreement, a digital form of the Lao kip, called the DLak, would launch Feb. 7.
Chinese Cities Introduce Digital Yuan Payments During the Spring Festival
According to recent coverage, the local government started digital yuan activities worth more than 180 million yuan ($26.5 million) in several cities to encourage usage during the Spring Festival (a seven-day long holiday that marks the start of “the Year of the Rabbit”).
China Doles out Millions in Digital Yuan in Bid to Boost Adoption: Report
Millions of dollars worth of China’s Central Bank Digital Currency (CBDC) has been handed out across the country over the Lunar New Year period in a bid to boost its takeup. According to a Feb. 6 report in the Global Times, an English-language outlet of the state-ran People’s Daily newspaper, around 200 “activities” for the e-CNY were launched across the country during the holiday period. These "activities" were made to “promote consumption” — the first of such since the government recently relaxed COVID-19 restrictions. (Cointelegraph)
Visa’s Crypto Strategy Targets Stablecoin Settlements
Payment company Visa is seeking to build a "muscle memory" to settlements, aiming to allow customers to convert digital assets to fiat currencies on its platform, according to the company's head of crypto division Cuy Sheffield at the StarkWare Sessions 2023.
