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Cryptonews Tags CBDC

# CBDC (Page 3)

CBDC stands for central bank digital currency, also widely referred to as digital fiat currency, or digital base money. Unlike virtual currency and cryptocurrency, CBDCs are a digital form of fiat money like USD, GBP, or EUR, and its money status is ensured by government regulation, law, and dedicated monetary authority. It is expected that public digital currencies could claim legal tender status by governments in the future, thus challenging the status quo of commercial bank deposits and contemporary payments and banking systems. Potential benefits of CBDC include technological efficiency, tax collection, monitoring and preventing illicit activities, and more financial safety. Potential drawbacks include totalitarian surveillance, financial exclusion, and bank runs on commercial banks.
Morocco Drafts Law to Lift Crypto Ban With New Regulatory Framework
Morocco is preparing a new law to regulate cryptocurrencies, signaling a potential end to the ban that has been in place since 2017. https://twitter.com/matthew_sigel/status/1861386653140496885 According to a Reuters report on Tuesday, Abdellatif Jouahri, governor of Morocco's central...
, by Hongji Feng
‘China’s Digital Yuan Has Failed, and Has Weakened Xi’ – Report
A media outlet has claimed that China’s digital yuan project has “failed,” calling this “a sign” of President Xi Jinping’s “weakening power.” The report was published in the Epoch Times, a US-based Chinese-language newspaper affiliated with the Falun Gong movement. The media outlet is...
, by Tim Alper
India Explores CBDCs and Cross-Border Mobile Payments
India is intensifying its efforts to enhance cross-border mobile payment systems and integrate central bank digital currencies (CBDCs) into its financial ecosystem. According to a Bloomberg report, Reserve Bank of India (RBI) Deputy Governor T Rabi Sankar announced ongoing collaborations with...
, by Hassan Shittu
ECB Pushes for Digital Euro Launch to Keep Pace with Global CBDC Race
ECB urges rapid action on the digital euro project to avoid falling behind with global competitors in the race for central bank digital currencies (CBDCs).
, by Jimmy Aki
India’s Central Bank Not in Hurry to Roll Out CBDC: Report
RBI takes a measured approach to the e-rupee, focusing on gradual adoption while monitoring global CBDC trends.
, by Jimmy Aki
Trump To Tap Crypto-Friendly Howard Lutnick As Commerce Secretary
President-elect Donald Trump will reportedly tap Cantor Fitzgerald CEO Howard Lutnick to be his Commerce secretary, according to multiple Tuesday reports. Trump Reportedly Taps Cantor Fitzgerald CEO Howard Lutnick According to reports, Trump favors choosing Lutnick to help lead the nation’s...
, by Julia Smith
Norwegian Task Force Urges Caution on CBDC Rollout: Report
A Norwegian committee proposes delaying CBDC adoption while urging regulatory updates to adapt to declining cash trends and ensure payment security.
, by Hongji Feng
South Korea Authorizes CBDC Pilot Test with Seven Banks
South Korea’s CBDC pilot takes off with seven banks, seeking to make public services more accessible through digital tokens.
, by Jimmy Aki
Major South Korean Banks, Retailers Join CBDC ‘Real-world’ Pilots
Several leading South Korean banks and retail giants have joined the central bank’s fast-expanding CBDC pilot. According to Chosun Ilbo, the Bank of Korea (BOK) and the regulatory Financial Services Commission say that seven banks will join the pilot. South Korean Banks: CBDC-keen? The...
, by Tim Alper
Pakistan Government Proposes Changes to SBP Act to Legalize Crypto
According to a local source, the Pakistani government is preparing to make substantial amendments to the State Bank of Pakistan (SBP) Act. The amendments aim to legalize digital currencies like Crypto and allow the central bank to oversee both physical and digital financial assets. Alongside...
, by Hassan Shittu
Huawei Integrates Digital Yuan in HarmonyOS NEXT, Reaching Up to 1 Billion Users
Huawei is incorporating China's digital yuan, a central bank digital currency (CBDC), into its HarmonyOS NEXT operating system.
, by Ruholamin Haqshanas
Can CBDCs Break US Dollar ‘Hegemony’? BRICS Hopes So
CBDCs could help end the US dollar dominance in global trade, but that is still a long way off due to complex legal and governance issues.
, by Jeffrey Gogo
Canadians Reluctant to Adopt Digital Dollar: Bank of Canada Reports
Survey shows Canadians are skeptical of digital dollar as they prefer cash, expressing concerns about privacy and government control of the CBDC.
, by Jimmy Aki
Hong Kong’s Financial Secretary Highlights Focus on CBDCs and Virtual Asset Trading
Hong Kong’s Financial Secretary Christopher Hui highlights the role of CBDCs and virtual asset trading at the FinTech Innovation Lab Asia-Pacific 2024 Demo Day, co-hosted by Accenture and Hong Kong Cyberport.
, by Hongji Feng
Norway’s Central Bank Prepares to Unveil CBDC Proposal Next Year
Norway’s central bank is moving forward with plans to decide on whether to introduce a central bank digital currency (CBDC) for the country with a population of about 5.5m people by next year. In a recent Bloomberg interview, Deputy Central Bank Governor Pal Longva said that Norway isn't...
, by Shalini Nagarajan
Central Bank of Brazil Invites Applications for CBDC Pilot
The Central Bank of Brazil opened applications on October 14 for companies to participate in the second phase of its digital currency (CBDC) pilot, Drex. From October 14 to November 29, firms can submit proposals to contribute to the project to enhance Brazil’s financial system through...
, by Hassan Shittu
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