The Reserve Bank of India (RBI) has launched a pilot program to explore the use of central bank digital currency (CBDC) in the call money market. This initiative aims to facilitate interbank transactions for short-term lending and borrowing. Nine major banks, including State Bank of India and HDFC Bank, are participating in the pilot. The […]
Payments processing giant Mastercard and the Reserve Bank of Australia (RBA) have successfully tested the interoperability of a central bank digital asset (CBDC) and the ability to restrict its use to authorized parties. Mastercard’s solution allowed the holder of a pilot CBDC to purchase a non-fungible token (NFT) listed on Ethereum. The RBA’s pilot CBDC […]
At the recent Future Innovation Summit event in Dubai, a panel discussion titled “Stablecoins, Central Bank Digital Currencies and Cross-Border Payments” explored the possibility of coexistence between CBDCs and stablecoins. The panel consisted of industry experts including Jorge Carrasco, Nikita Sachdev, Jagadeshwaran Kothandapani, and Eetu Kuneinen.Kuneinen argued that CBDCs, although built on a blockchain, would […]
The French Central Bank’s regulatory body, the Autorité de Contrôle Prudentiel et de Résolution (ACPR), has published a summary of its public consultation on decentralized finance (DeFi). The consultation, which took place from April to May 2023, revealed surprising findings about the persistence of centralization in DeFi. The ACPR suggests that the term “disintermediated” finance […]
The Bank for International Settlement (BIS) has launched a new crypto surveillance program called “Project Atlas” in collaboration with several European banks. The project aims to gather data for comprehensive transaction surveillance of international crypto asset flows. Project Atlas is currently in the pilot phase and involves the BIS, Eurosystem, De Nederlandsche Bank, and the […]
Mastercard has successfully completed a trial involving central bank digital currencies (CBDCs) on different blockchains, similar to wrapped Bitcoin and wrapped Ether. The trial was conducted with the Reserve Bank of Australia (RBA) and the country’s Digital Finance Cooperative Research Centre CBDC, along with participation from Cuscal and Mintable. The solution allowed a CBDC owner […]
The Federal Open Market Committee (FOMC) has reaffirmed its commitment to higher interest rates, signaling the possibility of another rate increase in the near future. Despite a complex economic environment characterized by elevated inflation and slowing job gains, the FOMC remains optimistic about the strength of the labor market and the pace of real GDP […]
The XRP community has been buzzing with speculation about the Swiss central bank potentially using XRP as a settlement token. This speculation arose after Switzerland announced at a conference that live transactions with a Central Bank Digital Currency (CBDC) would take place by the end of the year. However, it has been revealed that this […]
The International Monetary Fund (IMF) has raised concerns about high inflation rates and has urged central banks worldwide to maintain tight monetary policies until inflation is reduced. The IMF has revised its global inflation forecast for 2024 to 5.8%, higher than the previous estimate of 5.2%. The fund predicts that inflation will continue to surpass […]
The Central Bank of Nigeria (CBN) has addressed concerns that its central bank digital currency (CBDC), the eNaira, poses a threat to the country’s financial stability. The CBN released a press statement in response to media reports suggesting that the eNaira could have negative implications. These reports referenced a CBN report called “Economics of Digital […]
