Providing a cash-like digital means of payment, increasing private digital payment services, supporting financial inclusion and achieving greater payment system efficiency are among the key motivations driving initiatives to develop central bank digital currencies (CBDCs) in emerging market economies around the world, according to a Bank for International Settlements (BIS) report... More
Sweden’s central bank The Riksbank has completed the second phase of its e-krona central bank digital currency (CBDC) pilot and demonstrated that the blockchain-based technical solution it is testing can be integrated into existing banking and payments infrastructure... More
Residents of Jamaica can now open a digital wallet that supports the country’s Jam-Dex central bank digital currency (CBDC) as the Bank of Jamaica (BOJ) prepares to launch the CBDC during the April to June quarter... More
The Bangko Sentral ng Pilipinas (BSP) is to launch a central bank digital currency (CBDC) pilot project “in the near term” and the Qatar Central Bank (QCB) is also exploring the possible development of a CBDC in line with its wider payment digitisation plans... More
The Bank of Ghana (BOG) is to pilot a two-tier token-based retail central bank digital currency (CBDC) that can be used with either a digital wallet app managed by a financial institution or a physical hardware wallet such as a contactless smart card that can be used offline and by unbanked consumers... More
US President Joe Biden has signed an executive order (EO) “outlining the first ever, whole-of-government approach to addressing the risks and harnessing the potential benefits of digital assets and their underlying policy” including the possible issuance of a US central bank digital currency (CBDC), the White House says... More
The Banco Central do Brasil (BCB) has named the partner organisations that will support the next phase of its central bank digital currency (CBDC) project... More
Customers purchasing food and beverages from Shake Shack outlets in the US using the Cash App payments platform can opt to receive a 15% cashback reward in bitcoin... More
China is to launch trials of its central bank digital currency (CBDC) in more cities and regions across the country after rolling out a pilot version of the digital yuan wallet app in January and trialling the CBDC during the Beijing Winter Olympics... More
The Central Bank of Taiwan (CBT) has accelerated its research into the development of a Taiwanese central bank digital currency (CBDC) and expects to complete the second phase of its pilot programme by September this year... More
Around 100 countries are now exploring the potential development and issuance of a central bank digital currency (CBDC), and the challenges and opportunities identified by these research projects reveal a need for “increased international information-sharing of insights learned”, according to an International Monetary Fund (IMF) report... More
The European Commission is to launch a consultation prior to proposing legislation that will lay out the legal framework for the ongoing development and potential issuance of a digital euro by the European Central Bank (ECB)... More
One in two in-person transactions authorised, cleared and settled through Mastercard’s payment processing services worldwide during Q4 2021 were contactless, up from “approximately” one in three in the period prior to the Covid-19 pandemic, according to figures revealed at the card network’s Q4 earnings call... More
The 12 Russian banks taking part in the first phase of the Central Bank of Russia’s digital ruble pilot scheme have started or are ready to start trialling the central bank digital currency (CBDC) across a range of payment types... More
Google is seeking to focus on developing Google Pay into a multipurpose digital wallet by extending the range of cards, passes and tickets that the service supports and is working with cryptocurrency providers to introduce digital cards that will enable users to store crypto assets but still make payments in conventional currencies... More
The US Federal Reserve has published a study examining the potential benefits and risks of issuing an American central bank digital currency (CBDC) as the first step in a public consultation on the possible future issuance of a digital dollar... More
A consortium of more than 70 leading banks, financial services providers and other businesses in Japan is to conduct a series of proof of concept (PoC) trials of a digital currency supported by commercial banks across a range of specific use cases with the aim of rolling the currency out by the end of the 2022 fiscal year... More
Consumers in the Berkshires region of western Massachusetts in the US will soon be able to make in-store and online purchases and carry out person-to-person transactions using a digital version of the BerkShares local currency... More
The Hong Kong Monetary Authority (HKMA) has published a white paper that explores potential technical and design options for issuing and distributing retail central bank digital currencies (CBDCs) and proposes a two-tier system as “one possible design” for a digital HK dollar or e-HKD... More
More than 488,000 consumers in Nigeria have downloaded an eNaira digital wallet and conducted transactions worth a total of 62m naira (US$151,000) in the country’s central bank digital currency (CBDC) since its launch in October, according to a Central Bank of Nigeria (CBN) spokesman... More