cbdc

Bank of Spain Partners with Adhara and Cecabank-Abanca Consortium for Wholesale CBDC Trials
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Bank of Spain Partners with Adhara and Cecabank-Abanca Consortium for Wholesale CBDC Trials

The Bank of Spain is taking a step in exploring the potential of a wholesale central bank digital currency (CBDC) by partnering with Adhara, a treasury and transactions payment platform, and a consortium formed by two private banks, Cecabank and Abanca. This initiative marks a distinct phase in the bank’s exploration of digital currency technology,...

Bank of England Braces for Widespread Use of Tokenization
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Bank of England Braces for Widespread Use of Tokenization

The Bank of England (BoE) is preparing for groundbreaking innovations in finance, spearheaded by the rise of stablecoin, central bank digital currencies (CBDCs), and tokenized bank deposits. BoE Deputy Governor Sir John Cunliffe shared the central bank’s position at the Innovative Finance Global Summit on Monday during his keynote address. Cunliffe said the central bank...

UAE Central Bank Launches Digital Dirham
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UAE Central Bank Launches Digital Dirham

The Central Bank of the United Arab Emirates (CBUAE) has launched a strategy to introduce the digital dirham, a new form of national currency (Central Bank Digital Currency, CBDC). The project is part of the state Financial Infrastructure Transformation Program (FIT program), aimed at accelerating the digitalization of the financial services sector. To implement the...

Nigeria CBDC Adoption Spikes as Fiat Currency Shortage Grip the Nation
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Nigeria CBDC Adoption Spikes as Fiat Currency Shortage Grip the Nation

Nearly 18 months after launching its in-house central bank digital currency (CBDC), the eNaira, Nigeria is seeing increased adoption in the CBDC as national fiat reserves face severe shortages. The acute cash shortage in Nigeria was due to the central bank’s decision to replace older bank notes with bigger denominations amid rising inflation. While developing...

US Senator Ted Cruz Tries Again to Block CBDC
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US Senator Ted Cruz Tries Again to Block CBDC

Republican Senator Ted Cruz has introduced a bill to block the United States Federal Reserve from launching a “direct-to-consumer” central bank digital currency. In a March 21 statement, Cruz said he introduced the bill to prevent the Fed from developing a retail CBDC, “which could be used as a financial surveillance tool by the federal...

Japanese Banks Will Test Issuing Stablecoins
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Japanese Banks Will Test Issuing Stablecoins

Japanese banks will test issuance and operations with stablecoins. This was announced by G.U. Technologies is the developer of the Japan Open Chain blockchain, on the basis of which the experiment will be conducted. Japan Open Chain is an Ethereum compatible network that G.U. Technologies was developed jointly with advertising holding Dentsu, digital bank Minna...