The Boston Fed is hiring senior software engineers focused on CBDC
According to a LinkedIn post, the Federal Reserve Bank of Boston in the United States is looking to hire a senior software engineer who specializes in developing digital currencies. This position will "support the research and development plan of the central bank's digital currency (CBDC) of the Federal Reserve," and the engineer will lead a team focused on CBDC research and "prototype design." This means that the Boston branch of the US central bank is exploring how to implement CBDC and what is needed to launch CBDC. However, the Federal Reserve has not yet committed to establishing CBDC.
Central Banks of Italy and South Korea to Cooperate on CBDC
According to reports, the central banks of Italy and South Korea have announced a memorandum of understanding to share technical knowledge in support of real-time gross settlement (RTGS) systems and central bank digital currencies (CBDCs).<br>In terms of CBDCs, the paths of the two central banks are quite different. While the Bank of Korea has conducted retail CBDC trials, the current focus is on issuing wholesale CBDCs to support tokenized bank deposits. The initial tokenized deposit trial will be used for programmable payments, including voucher-based testing. <br>
Solomon Islands Launches Central Bank Digital Currency Pilot Project with Soramitsu Support
The Central Bank of Solomon Islands has launched a proof-of-concept for a central bank digital currency called Bokolo Cash, with support from Japanese blockchain Soramitsu. Bokolo Cash will be worth one Solomon Islands dollar and can be used in retail settings and for person-to-person transfers in the capital city Honiara. The project will also test wholesale transfers between commercial banks and simulated cross-border payments and remittances. Users will undergo “two-tier” Know Your Customer verification, and the currency will operate on a tailor-made blockchain based on Hyperledger’s Iroha with connectivity to Soramitsu’s public Sora blockchain.
Canadians generally have negative sentiment towards CBDC
Public consultation on the Bank of Canada's digital currency (CBDC) plan shows that Canadians overall have a negative sentiment, confirming the central bank's concerns about its adoption nationwide. In a survey of 89,423 respondents, nearly 95% had heard of or were familiar with the concept of a digital Canadian dollar. While awareness is a key factor in widespread adoption, this metric does not apply to Canada. 93% of respondents primarily use paper cash for daily transactions, but also use credit and debit cards as well as other online payment methods. In addition, only 15% of respondents hold Bitcoin and other cryptocurrencies. Most respondents suggest that the Bank of Canada should stop researching and developing the ability to issue a digital Canadian dollar. However, the public believes that the CBDC initiative will not consider their feedback.
Central Banker Says Crypto 'Miserably' Failed Test of Money, Will Make Way for CBDCs and TradFi Products: Report
Ravi Menon, the managing director of the Monetary Authority of Singapore (MAS), has stated that cryptocurrencies have failed as a medium of exchange or store of value and will eventually leave the scene. Menon believes that the future monetary system will consist of central bank digital currencies (CBDCs), tokenized bank liabilities, and regulated stablecoins. MAS has invested in the development of a regulatory framework for stablecoins, but the legislative amendments for the stablecoin regulatory framework will not be ready for at least a year.
BIS official: Central bank not interested in personal data
Cecilia Skingsley, head of the Innovation Center at the Bank for International Settlements (BIS), stated that central banks around the world are not interested in personal data. This statement seems to be aimed at alleviating privacy concerns surrounding CBDCs, as the central bank group has been pushing governments around the world to continue their work on CBDCs in preparation for the future of payments. However, major jurisdictions such as the United States and the European Union are facing increasing criticism over their plans to issue CBDCs, with a major issue being whether and how citizens' privacy will be protected. Skingsley urged the public to remain open to technological innovation, and she believes that wholesale CBDCs are another form of currency used only between banks, which could become a "game changer" for cross-border payments, citing BIS Innovation Center projects such as Jura, Dunbar, and mBridge as examples.
Singapore’s central bank governor: The future monetary system will consist of CBDC, tokenized bank liabilities and “well-regulated” stablecoins
According to a report from Jinse Finance, Ravi Menon, the Managing Director of the Monetary Authority of Singapore (MAS), also known as the Singapore Central Bank, stated at the "Future of Monetary Systems" panel discussion at the Hong Kong Monetary Authority-International Bank for Settlements event that the future monetary system will consist of three key components: central bank digital currencies, tokenized bank liabilities, and "well-regulated" stablecoins. Private digital currencies "fail the currency test because they are not a store of value". No one puts their life savings into these things. People buy and sell these things to make a quick buck. Private cryptocurrencies, as native digital tokens, do not pass this test, so I think they will eventually exit the stage.
Colombian Finance Minister: Government working group is working on a bill to launch and regulate CBDC
Ricardo Bonilla, the finance minister of Colombia, stated that a government working group is developing a bill to launch and regulate CBDC. However, the digital currency will still be controlled by the central bank.
President of the Bank for International Settlements: The application of tokenization in CBDC will help the development of the current financial system
At the CBDC and Future Currency System Seminar held in Seoul, Agustín Carstens, the head of the Bank for International Settlements (BIS), mentioned the importance of tokenization as a key technology for building an interconnected financial system using CBDC. Carstens explained how tokenization will modernize the current isolated financial system: "Tokenization is a method of recording currency and assets in digital form on a programmable ledger. In fact, this means that users can transfer assets directly through programming commands, rather than through intermediaries such as customer managers who act on behalf of users." For Carstens, the tokenization of currency and other assets and their integration on a "unified ledger" will help develop the current financial system, allowing for the implementation of a two-tiered monetary system consisting of wholesale tokenized CBDC and tokenized deposits in several countries. (Bitcoin.com)
Russian bailiffs will have the power to seize CBDC and cryptocurrencies
Moscow will give Russian law enforcement more new powers to seize digital rubles (CBDC) and cryptocurrency assets in bankruptcy cases. The plan was proposed by the Ministry of Justice and the Federal Bailiff Service (FSSP) of the Russian Federation. A spokesperson for the Ministry of Justice stated that law enforcement will be able to exercise "redemption rights" against holders of digital rubles, digital currencies, and digital financial assets.
