Zimbabwe Bets on Gold-backed Digital Currency to Beat Inflation
The Reserve Bank of Zimbabwe plans to launch a digital currency backed by the country’s gold reserves and used as legal tender. The move aims to stabilize the Zim dollar, which has been losing value against the U.S. dollar. RBZ hopes people can exchange their Zim dollars for gold-backed tokens to protect their savings from […]
Chinese Civil Servants to Receive Salaries in Digital RMB
As CBDC adoption grows, all civil servants in the Chinese city of Changshu will be paid their complete salaries in digital RMB or digital yuan from May 2023, according to an announcement issued by the city’s governing authorities. According to the notice issued by local Chinese authorities, the Changshu Local Financial Supervision Bureau and the […]
BIS, BoE conclude Project Meridian Pilot Test
The Bank of England (BoE) and the Bank for International Settlements (BIS) have concluded pilot testing for a system for inter-institutional settlements driven by distributed ledger technology known as Project Meridian. A report on the joint experiment Meridian pilot experiment with the Bank of England was released by BIS on April 19. The 44-page report […]
Lawmaking process delays digital ruble testing in Russia
Bank of Russia’s central bank digital currency (CBDC), testing has faced some delays due to the lawmaking process, however participating banks in the testing have expressed their readiness to proceed with the CBDC pilot. As reported by the state-owned TASS on March 28, the CBDC pilot program will not begin on April 1, as previously […]
Bank Of Japan gets ready for digital yen pilot program
The Bank of Japan has said that it is prepared to investigate the issuance of a CBDC through a pilot program that will begin in April. In order to offer the general public a safe digital payment system, the Bank of Japan has declared its aim to get ready for any prospective issuing of a […]