Bank of China Completes First Precious Metal Digital Yuan Settlement
The Shanghai branch of the Bank of China has completed the first settlement of precious metals using the digital yuan. The South China Morning Post claims that the Bank of China, a commercial bank based in Beijing, has completed the first cross-border settlement for trade in precious metals using digital yuan. This means that the […]
Kazakhstan Announces Success of its CBDC Pilot Test
Kazakhstan’s central bank digital currency (CBDC), the digital tenge, has achieved success following a month-long pilot project. After a month-long trial project, Kazakhstan’s central bank digital currency, or CBDC, known as the digital tenge, has been deemed successful. In 2024, many business, legislative, and technological advancements are planned for it. Using the Onay card (originally […]
BIS Unveils Technical Priorities for CBDCs in Americas
The major technical priorities for a possible CBDC architecture have been identified by the central banks in the Americas, with assistance from the BIS. For nations investigating or putting Central Bank Digital Currency (CBDC) ideas into practice, the Consultative Group on Innovation and the Digital Economy (CGIDE) study is a useful resource. Central banks are […]
Taiwan Central Bank Concludes Wholesale CBDC Study
The Central Bank of Taiwan has concluded a feasibility study regarding introducing wholesale central bank digital currency (CBDC) and is further deliberating on the matter. The central bank will continue to work on platform design while soliciting input from academicians and business professionals, Deputy Governor Mei-lie Chu stated on December 7. Chu described Banking 4.0, […]
South Korea to Test CBDC with 100K Citizens in 2024
The Central Bank of South Korea says the Central Bank Digital Currency (CBDC) pilot program will involve using deposit tokens to purchase products by 100,000 Korean citizens, The testing will start “around September to October” of 2024 and last for three months. Participants will only be able to use the CBDC for payment purposes, with […]