Ripple has launched a Central Bank Digital Currency (CBDC) platform on the XRP Ledger, and already over 8 countries, including Russia, Japan, and the UAE, are building CBDCs on the platform, with more than 15% of global nations in talks with Ripple to adopt its technology.
Ripple's Vice President of Central Bank Engagements and CBDCs, James Wallis, is set to speak at the 2023 Palau Blockchain Summit and Istanbul CBDC Conference, where he will discuss Ripple's CBDC initiatives and stablecoin ventures.
The growing support for central bank digital currencies (CBDCs) is driven by efforts to shorten financial settlement cycles, with 87% of survey respondents seeing CBDCs as a viable option for faster settlements by 2026, according to a report by Citi.
The Digital Dollar Project collaborated with Western Union on a pilot project exploring the use of central bank digital currencies (CBDCs) for cross-border remittances, revealing several benefits such as reduced counterparty risk and increased accessibility for the unbanked.
Brazil's central bank aims to address privacy concerns and increase understanding of blockchain technology before launching its central bank digital currency (CBDC), named DREX, in May 2024.
China's central bank digital currency (CBDC), the digital yuan, is undergoing upgrades and wallet providers should enable payment options in all retail scenarios through the integration of CBDC QR codes.
The Reserve Bank of India is set to introduce its central bank digital currency (CBDC) in the call money market as tokens for call money settlement.
Proponents of a digital euro face political opposition, with some critics portraying it as a tool for state control and surveillance, which makes defending the central bank digital currency (CBDC) challenging for central bankers who are more accustomed to technical and economic arguments; however, officials are attempting to address concerns by emphasizing privacy features and maintaining a continuous dialogue to gain people's trust.
The USA is unlikely to launch a Central Bank Digital Currency (CBDC) anytime soon, according to Michael Barr, the Federal Reserve's Vice Chair for Supervision, as it could pose risks to financial stability and the US payments system.
SWIFT's bank messaging network has increased its processing speed and is now exploring technology to connect central bank digital currencies (CBDCs), with three central banks joining the beta phase of its CBDC interoperability project.
A key Democrat has introduced a bill for a digital dollar pilot, while Republican lawmakers are pushing for bills to ban central bank digital currencies (CBDCs) in the US, showing a divide on the issue.
A bill has been approved by the House Financial Services Committee in the United States to prevent the creation of a U.S. central bank digital currency (CBDC), with Republicans accused of hindering innovation, while its prospects in the Senate remain uncertain.
Ethereum co-creator Vitalik Buterin says that central bank digital currencies (CBDCs) have become "front ends" for the traditional banking system instead of being blockchain-friendly with transparency and privacy features, making them even less private and breaking down barriers against corporations and the government. He believes that Ethereum may be more resistant to government interference with its proof-of-stake consensus mechanism.
Cryptocurrency faces regulatory challenges that could shape its future, but despite these challenges, the industry holds promise with developments such as increased institutional adoption, central bank digital currencies (CBDCs), DeFi innovation, interoperability, and expected regulatory clarity.
The National Bank of Georgia (NBG) has announced a limited-access live pilot environment for its digital lari central bank digital currency (CBDC), with nine companies, including Ripple Labs, participating in the project.
Author Robert Kiyosaki believes that Bitcoin and other assets will become "priceless" as the Federal Reserve introduces a central bank digital currency (CBDC), leading to a loss of privacy and increased government control.
The House Financial Services Committee's hearing on the oversight of the Securities and Exchange Commission (SEC) revealed ongoing debates over the regulatory status of Bitcoin and Ether, with SEC Chair Gary Gensler providing ambiguous answers and raising questions about the need for congressional action for establishing regulatory clarity in the digital asset market.
Eurozone central banks are planning to introduce a wholesale central bank digital currency (CBDC) to facilitate faster settlement of securities and forex transactions, while plans for a digital euro for regular citizens are facing concerns over privacy and the impact on commercial banks. The central banks aim to explore new technologies and protocols, including blockchain, and trials with real transactions will be conducted next year.
South Korea's central bank, the Bank of Korea (BOK), will launch a pilot project to explore the technical infrastructure for a central bank digital currency (CBDC), in collaboration with private banks, public institutions, and expert support from the Bank for International Settlements (BIS).
