Privacy, market maturity hurdles facing Brazil's CBDC rollout -cenbank official

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.

reuters.com

Relevant topic timeline:

8/21/2023

Ripple reveals 8 countries building CBDCs on XRP Ledger

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.

8/23/2023

CBDCs offer faster settlements: Citi survey of global securities firms

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.

8/23/2023

Digital Dollar Project and Western Union pilot CBDC for cross-border remittances

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.

9/5/2023

India cenbank plans to widen use of digital currency - source

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.

9/7/2023

House Panel to Hold Hearing on Digital Dollar and CBDC Implications

The United States House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion will hold a hearing on September 14 to discuss central bank digital currencies (CBDCs) and potential private sector alternatives, marking the first time in months lawmakers will address the issue.

9/11/2023

EU central bank digital currency faces uphill battle as privacy concerns fuel political attacks

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.

9/11/2023

Global Rush to Launch Digital Currencies Threatens U.S. Dollar Dominance as Fed Drags Feet on Digital Dollar

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.

9/12/2023

BIS Study Finds CBDCs Can Be Secure and Private with Proper Safeguards

The Bank for International Settlements (BIS) has successfully used novel intermediaries to reduce liquidity risk and enhance security for central bank digital currencies (CBDCs) in its Project Sela, which feeds into CBDC projects for the Israeli shekel and Hong Kong dollar. The project has demonstrated the feasibility of implementing secure and private CBDC systems on a central bank's ledger, protecting against hacks and ensuring privacy for users.

Topics

Posted 8/30/2023, 10:00:00 AM

Privacy, market maturity hurdles facing Brazil's CBDC rollout -cenbank official

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.

reuters.com

Relevant topic timeline:

8/21/2023

Ripple reveals 8 countries building CBDCs on XRP Ledger

8/23/2023

CBDCs offer faster settlements: Citi survey of global securities firms

8/23/2023

Digital Dollar Project and Western Union pilot CBDC for cross-border remittances

9/5/2023

India cenbank plans to widen use of digital currency - source

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.

9/7/2023

House Panel to Hold Hearing on Digital Dollar and CBDC Implications

9/11/2023

EU central bank digital currency faces uphill battle as privacy concerns fuel political attacks

9/11/2023

Global Rush to Launch Digital Currencies Threatens U.S. Dollar Dominance as Fed Drags Feet on Digital Dollar

9/12/2023

BIS Study Finds CBDCs Can Be Secure and Private with Proper Safeguards