Samsung and BOK team up for offline CBDC tech
Samsung and the Bank of Korea are working together to develop offline CBDC technology that can enable secure and reliable transactions using digital currency on Samsung devices with NFC. In a strategic pivot toward the future of finance, South Korean technology giant Samsung has partnered with the Bank of Korea (BOK) to enter the field […]
North Carolina Bill Bans Payments to the State using CBDC
The North Carolina House of Representatives has unanimously approved legislation prohibiting payments to the state using central bank digital currency (CBDC) and limiting the Federal Reserve from using the state as a potential testing ground for its CBDC pilot. On May 3, 118 members of the state legislature voted to approve House Bill 690, with […]
China Expands Digital Yuan Usage for Cross-border Trade
China is increasing the use cases for its CBDC, known as digital yuan or e-CNY for its Belt and Road program and cross-border trading. One of the initial CBDCs that was created and extensively tested was the digital yuan, often known as the digital RMB. Despite the lack of a formal launch, the government has […]
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 […]