China FX Regulator Supports CBDC Amid Monetary Policy
An official from China’s foreign exchange regulator expressed support for the digital yuan initiative of the CBDC. Some of the key characteristics of CBDC, according to Lu Lei, deputy administrator of the State Administration of Foreign Exchange (SAFE), might assist in improving the efficacy of monetary policy tools, she told the CNA agency. The source […]
Bank of Russia to Support CBDC Development
The digital ruble, the central bank’s digital currency (CBDC), is now subject to new rules, according to the Bank of Russia. To encourage international payments and financial inclusion, the central bank will let foreign institutions open digital ruble accounts as of January 1, 2025. The national currency will coexist with cash and non-cash rubles in […]
China Opens Industrial Park for Digital Yuan CBDC Development
In the Jiangsu province of Nanjing, China has opened its first industrial park devoted to creating and utilizing the digital yuan, or e-CNY. The park, which has a 10 square kilometer footprint, seeks to draw over 100 businesses and organizations involved in the blockchain, big data, artificial intelligence, cloud computing, and financial technology sectors. The […]
eNaira Poses no Threat to Financial Stability – CBN
The Central Bank of Nigeria (CBN) had publicly asserted that the eNaira, central bank digital currencies (CBDC) initiative, does not threaten the nation’s financial stability. The CBN issued a press release on October 9 in response to “news articles on some media platforms” suggesting the eNaira threatens Nigeria’s financial stability. Some news articles, such as […]
Bank Exec Says CBDC is Foundation for Global Monetary System
The First Deputy Governor at Banque de France supports Central Bank digital currency (CBDC), promoting it as a foundation of the new international monetary system. In a 3 October speech, Denis Beau, First Deputy Governor of the Banque de France, referred to the CBDC as the “catalyst for enhancing cross-border payments by facilitating the development […]