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.
Russia's Central Bank plans to increase support for the ruble by selling a larger volume of foreign currency each day, in response to an upcoming payment of foreign currency bonds and to reduce market volatility caused by Western sanctions.
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.
Russia's central bank has raised interest rates to 13% in an effort to combat inflation and support the struggling ruble, which is trading near a 16-month low against the dollar.
