Elon Musk downplays CBDC conspiracy chatter

Elon Musk brushed aside talk of a conspiracy involving Central Bank Digital Currencies (CBDCs), alluding to market forces controlling the outcome. Specifically, when asked if he had concerns about plans to move to a CBDC, the Twitter and Tesla CEO said, “I don’t think they know what they are talking about.” CBDC skepticism The Atlantic…

Digital Euro will be free to use, but privacy is up to legislators

The Digital Euro will be free to use and accessible to all, but it would be the lawmakers who will decide what personal information the bank will have access to, the European Central Bank said in a Jan. 23 statement. Member of the ECB’s Executive Board, Fabio Panetta, said: It will then be up to…

Spanish central bank approves digital Euro token EURM

El Banco de España (Central Bank of Spain) has authorized testing of a digital Euro token EURM. The token will be issued by Spanish fintech Monei and was developed within the central bank’s digital ‘sandbox’ program. Spanish news site Cinco Dias reported that the project would be limited to a small group of testing applicants…

Digital euro can’t be programmable: Eurogroup

The European Council’s Eurogroup said on Jan. 16 that any eventual digital euro cannot be programmable and must be automatically convertible to traditional assets. Digital euro must not be programmable The Eurogroup said that the digital euro “cannot be a programmable money.” Though the digital euro must be automatically convertible to the traditional euro at…

Mexico CBDC likely delayed beyond 2024

Mexico’s central bank digital currency (CBDC) will probably not be ready by 2024 as previously projected, according to local media on Jan. 2. News company El Sol de Mexico contacted the Bank of Mexico with a transparency request on the status of the CBDC. The central bank responded: The result of this initial phase entails…

G7 economies move into development stage of CBDCs

As of December 2022, all G7 economies had moved into the development stage of a central bank digital currency, according to the Atlantic Council (AC). The AC found that — despite slow development progression — “11 countries have fully launched a digital currency.” China’s CBDC pilot is set to expand to most of the country…

Indonesia to set up cryptocurrency exchange to reform crypto regulation

Indonesia plans to launch a national cryptocurrency exchange in 2023 as part of its regulatory reform adopted by the Indonesian House of Representatives on December 15, according to a report from Bloomberg. This reform involved shifting regulatory oversight over the industry in the country. Before the reform, Bappebti, a commodities-focused agency, had jurisdictional power over…

Turkey completes first digital lira transactions

Turkey’s national bank announced in a Dec. 29 press release that it has successfully carried out the first transactions involving its digital lira. The Central Bank of the Republic of Turkey (CBRT) said that it will continue to run “limited, closed-circuit pilot tests” for the digital lira throughout the first quarter of 2023. The results…