Geopolitical Analyst Nick Giambruno called Nigeria’s eNaira project a “massive failure” while saying the outcome has not been “what the elites hoped for.” The eNaira launched on Oct. 25, 2021, with President Muhammadu Buhari saying Africa’s first Central Bank Digital Currency (CBDC) would “increase remittances, foster cross-border trade, improve financial inclusion and enable the government…
The Innovation Hub of the Bank for International Settlements (BIS) is leading a project to explore the use of Defi protocols to automate foreign exchange markets and settlement, CBDC payments via automated market makers (AMMs), according to a Nov. 2 blog post. Named Project Mariana, its participants include the Bank of France, the Swiss National…
Binance‘s CEO Changpeng Zhao announced that Kazakhstan would start testing its Central Bank Digital Currency (CBDC) Digital Tenge on the BNB Chain (BNB). Looking forward to NBK preparing CBDC use cases to see how they could be integrated into #BNB Chain to bridge the gap between traditional banking and the crypto ecosystem. (4/4) — CZ…
Hong Kong Monetary Authority (HKMA) published a report to announce the success of and key findings from its central bank digital currency (CBDC) project, mBridge, on Oct. 26. The Bank of International Settlements Innovation Hub (BISIH) Hong Kong Center, the Bank of Thailand, the People’s Bank of China, and the Central Bank of United Arab…
Twitter user @ODELL called out newly appointed U.K. Prime Minister (PM) Rishi Sunak as “no friend of Bitcoin,” adding that reports of his pro-crypto rhetoric are “misleading.” The basis for @ODELL’s comments came from a video of Sunak talking about Central Bank Digital Currencies (CBDCs,) which are generally viewed by the community as philosophically opposed…
Japan Credit Bureau (JCB) said will Oct. 24 that it will commence the JCBDC pilot project to test credit-card-based settlement solutions for central bank digital currencies (CBDC) using its existing credit card infrastructure. JCB has been Japan’s only international credit card payment brand since 1981, with 146.1 million card members as of March 2022. The…
China-backed researchers have called for establishing a pan-Asian digital currency to end the dominance of the U.S. dollar in the region, South China Morning Post reported on Oct. 13. According to the report, the economic conditions for creating a regional digital currency are now in place in East Asia. “More than 20 years of deepened…
The Reserve Bank of India (RBI) is finalizing plans to kickstart the pilot phase leading to the issuance of its central bank digital currency-“digital rupee”. The RBI released a concept paper on Oct. 7, which outlined its motivation, design choices, and technological considerations for the pilot phase of the CBDC project. The RBI said the…
Global financial messaging provider SWIFT has developed an infrastructure to facilitate the integration of different central bank digital currencies (CBDCs) and tokenized assets into the global financial system. SWIFT is a financial messaging platform that connects about 11,500 financial institutions across 200 countries to execute instant, frictionless, and interoperable cross-border transactions. With the advent of…
A pilot project involving four Asian central bank digital currencies (CBDC) involving real-value transactions was completed on Sept. 23, according to a LinkedIn post by Bank for International Settlements (BIS) advisor Daniel Eidan. The pilot project, titled mBridge project (also known as Multiple CBDC or mCBDC), facilitated $22 million worth of real-value cross-border transactions between…