Russia Delays Digital Ruble Launch Testing Due to Lawmaking Process
The Bank of Russia has delayed the rollout of its central bank digital currency (CBDC) pilot for an indefinite period, as certain legislation has only passed through the first reading in the Russian Parliament. The number of private banks participating in the pilot has also changed from 15 to 13, and the pilot will involve limited-scale real operations and consumers, with the banks entering the pilot with chosen customers. The CBDC pilot was initially scheduled for 2024 but was moved to an earlier date as the Bank of Russia was looking for an alternative to the SWIFT payments system amid Western economic sanctions against Russia.
Ripple CBDC Product Manager Contributes to New Digital Euro Association Paper
The Digital Euro Association (DEA) has released a whitepaper exploring privacy controls for central bank digital currencies (CBDCs), with contributions from Ripple's Director of CBDC Product Management, Anthony Ralphs. The paper highlights privacy as a primary concern for citizens when considering CBDCs, and suggests the creation of minimum global standards to address these concerns. The DEA's paper concludes that each central bank would have a different view on privacy. Ripple continues positioning itself as a solution provider in the CBDC race, with Senior Vice President Brook Entwistle disclosing that the company is working with 20 countries on CBDC solutions.
Digital Yuan Adoption Drives Now Focusing on Cross-border Pay
A growing number of Chinese government city authorities, banks, and firms are looking to adopt the digital yuan as a payment tool – as the central bank digital currency (CBDC) rollout continues to intensify.
UAE Unveils CBDC Strategy, First Phase to Be Completed By Mid-2024
The United Arab Emirates expects to complete the first phase of its central bank digital currency strategy around mid-2024, its central bank announced on Thursday. This includes proof-of-concept work for a wholesale and retail CBDC.
Stablecoins' Market Capitalization Falls to Lowest Since September 2021, Says CryptoCompare Report
TUSD's market capitalisation increased 82.6% to $2.04bn due to Binance's resumption of TUSD trading pairs and conversion of $1bn from BUSD to TUSD and USDT.
CBDC Adoption Could Destabilize Banks: U.S. Treasury Study
A study released by the Office of Financial Research (OFR) on 22 March claimed that fully integrating a stablecoin or central bank digital currency (CBDC) into the economy would destabilize banks while improving household welfare.
Nigeria's eNaira Wallet Use, Transactions Climb Amid Cash Shortages: Bloomberg
Nigerians have been turning to the country's central bank digital currency (CBDC) amid cash shortages, Bloomberg reported on Tuesday.
Nigeria CBDC Adoption Spikes As Fiat Currency Shortage Grip the Nation
Nearly 18 months after launching its in-house central bank digital currency (CBDC), eNaira, Nigeria witnessed its massive adoption as national fiat reverses face severe shortages.
Florida CBDC Ban: Governor Cites ‘Reckless Adoption’ of Digital Dollar
Florida Governor Ron DeSantis, a potential presidential candidate in 2024, has called for a state-wide ban on central bank digital currency (CBDC). He opined that the Biden administration’s CBDC push is about surveillance and control.
India and UAE To Collaborate on CBDC Development
India and the United Arab Emirates (UAE) will collaborate on central bank digital currencies (CBDCs) by jointly conducting pilot(s), according to an announcement on Wednesday.
