Digital Pound to Focus on Privacy with Possible Non-Blockchain Technology, Says BoE CBDC Chief
June 27 (Cointime) - The Bank of England (BoE) has made significant developments in its central bank digital currency (CBDC) program. Tom Mutton, director of fintech at the BoE, recently shared insights on the privacy aspect of the CBDC and why the central bank might look for other options beyond blockchain as the underpinning technology.
Swiss National Bank to Issue Central Bank Digital Currency for Wholesale Payments on SIX Digital Exchange
June 26 (Cointime) - The Swiss National Bank plans to issue a central bank digital currency (CBDC) for wholesale payments on the SIX Digital Exchange. The CBDC will be part of a pilot program and is designed for use by financial institutions. It will be equivalent to bank reserves and the objective is to test real transactions with market participants.
Slovakia Codifies Right to Use Cash Amid Concerns Over Digital Euro
June 20 (Cointime) - Slovakia has passed a vote to amend its constitution and codify the right to use cash as a method of payment. The move was reportedly made as a precautionary measure against the proposed digital euro and to protect Slovakia's financial sovereignty. The legislation also includes an amendment to protect shopkeepers' rights to refuse cash payments and exclude shops offering card-only vending machines from existing cash-acceptance laws. The European Union has been exploring the development of a central bank digital currency, which has raised concerns about privacy and competition.
European Union Delays Legislation for Digital Euro Following Draft Bill Leak and Finance Ministers’ Questions
June 19 (Cointime) - The publication of European Union legislation required for a digital euro has been delayed after a draft bill was leaked. The bill covers privacy and technical issues for the central bank digital currency (CBDC) and was intended to be published ahead of a European Central Bank decision on whether to issue the currency in digital form.
Bank of England Moves Closer to Launching "Britcoin" CBDC Following Successful Project Rosalind Trial
June 19 (Cointime) - The Bank of England (BoE) has made progress towards launching its central bank digital currency (CBDC) known as "Britcoin" after completing a trial study called Project Rosalind.
Bank of England Completes Project Rosalind, Finds CBDC Could Facilitate New Monetary Applications
June 16 (Cointime) - The Bank of England (BOE) has completed a yearlong project called Rosalind, in collaboration with the Bank for International Settlements (BIS), which found that a central bank digital currency (CBDC) could offer a "diverse range" of benefits, including faster and simpler person-to-person payments, innovative financial products, and reduced fraud. The report from the first phase of the experiment also revealed that a CBDC could introduce the concept of "programmability" to money. The BOE's interest in launching its own CBDC, informally known as "Britcoin," has been strengthened by these findings, but the decision still requires the support of the UK Treasury. The project also addressed concerns about privacy, with the conclusion that privacy could be maintained.
Draft Law for Proposed Digital Euro Requires Offline Usability for Privacy Safeguarding
The draft text states that the digital euro needs to be usable offline from the start to ensure privacy. The digital euro should be available for online and offline transactions from its first release. The level of privacy used offline should be comparable to withdrawing banknotes at an ATM.
Human Rights Foundation Launches CBDC Tracker to Monitor Progress and Risks of Central Bank Digital Currencies
June 15 (Cointime) - The Human Rights Foundation (HRF) has unveiled a new central bank digital currency (CBDC) tracker, which will provide information on the progress of CBDCs worldwide, particularly in authoritarian countries. The online resource will also highlight the potential human rights concerns and risks associated with CBDC adoption.
European Union to Unveil Plans for Digital Euro with Limits on Use
June 15 (Cointime) - The European Union is set to reveal plans for a digital euro that would require the European Central Bank to establish limits on its use in order to ensure financial stability. A draft proposal obtained by Bloomberg states that the ECB would need to determine the necessary instruments to guarantee financial stability.
US Senator Bill Hagerty Warns Against SEC Actions in Favor of CBDC
US Senator Bill Hagerty has accused the Securities and Exchange Commission (SEC) of attempting to eliminate competition for a potential federal government-issued central bank digital currency (CBDC) by targeting cryptocurrency platforms like Coinbase and Binance with lawsuits.
