The Bank of Thailand (BoT) has published the results of a new study into how to manage the implications of issuing a retail central bank digital currency (CDBC) for the country’s financial sector. As distinct from a wholesale CBDC, which is limited to use by financial institutions and intermediaries, a retail CBDC is widely available for use by the general public. The Bank of Thailand, like many other central banks worldwide, has been engaged in CBDC research and development and now plans to begin testing a CBDC next year. Unlike the BoT, not all these central banks have committed to …

Mikhail Fedorov, Ukraine’s Deputy Prime Minister and the head of the country’s Ministry of Digital Transformation, has revealed a possible early use case for the nation’s planned central bank digital currency (CBDC). In a recent interview published by Ukrainian media outlet TSN, the minister revealed considerations within the ministry to test out the CBDC by using the electronic currency in staff salary payments: “Frankly as one of the first pilots, we have on the table the question of paying salaries to employees of the Ministry of Digital Transformation in electronic hryvnia.” Fedorov made these comments while arguing the case for …

A new stablecoin pegged to the value of the Chilean Peso is now live on the open-source Stellar payments network — but is yet to prove popular with users. Chile-based firm CLPX Inc launched what it describes as the first-ever Chilean Peso-pegged stablecoin dubbed the “CLPX” token. According to the public ledger on Stellar Expert, since the launch on Monday, the stablecoin has seen limited volume of just $12,689 from a total of 12,902 trades. CLPX was designed to provide a cheaper alternative to traditional Peso-based remittances, with the firm utilizing the Stellar Network, as it incurs “substantially” lower fees …

The Bank of Ghana (BoG) is making another step towards the development of a central bank digital currency (CBDC) by partnering with a German currency technology provider. The BoG officially announced Wednesday that it signed an agreement with German banknote and securities printing company Giesecke+Devrient (G+D) to pilot a retail CBDC in Ghana, West Africa. As part of the agreement, G+D will provide its proprietary CBDC solution known as Filia to pilot the issuance of a digital form of Ghana’s national currency, the cedi. The digital currency will be tested in a trial with local banks, merchants, payment service providers …

Jamaica is aggressively progressing with the country’s central bank digital currency (CBDC) as the Bank of Jamaica, or BOJ, has minted the country’s first batch of CBDC. The BOJ officially announced that its dedicated CBDC division demonstrated the process of minting digital currency at a financial ceremony on Monday. The issuing process for a digital version of the Jamaican dollar (JMD) was carried out with participation from Jamaica’s finance minister Nigel Clarke, BOJ governor Richard Byles and a group of senior BOJ executives, as well as a management team from Irish technology firm eCurrency Mint. According to the announcement, the …

We’re living in a time where digital assets are moving towards mainstream adoption. From retail customers to traditional banks and financial service providers, digital assets are on the rise. Many of these assets promised to disrupt financial markets and large incumbents, and while they have received widespread attention, they haven’t quite achieved their potential. That said, large institutions are taking notice — 86% of the world’s central banks are exploring digital currencies, according to a report by the Bank for International Settlements. They recognize that despite being in a golden age of innovation, payment systems remain somewhat archaic. And so, …

The National Bank of Cambodia (NBC) continues progressing with its central bank digital currency- (CBDC)-like initiative known as Bakong, disclosing several project milestones. NBC’s director general and the Bakong project lead Chea Serey said in a Wednesday interview with The Nikkei that Bakong’s electronic wallet reached 200,000 users in June, doubling from three months earlier. Based on blockchain technology, the Bakong payment and money transfer service was originally launched by the NBC in October 2020. The digital money project has amassed nearly six million users in the first half of 2021, including those reached indirectly through member bank mobile apps, …

The Central Bank of Venezuela will launch a central bank digital currency (CBDC) in October alongside a monetary redenomination that will cut six zeros from the currency due to raging inflation. As of Oct. 1, the digital Venezuelan bolivar will begin circulation in the economy. Its cash equivalent will get a new 1-bolivar coin, along with banknotes ranging from 5 bolivars to 100 bolivars as part of the six-zero readjustment of the currency. The Central Bank of Venezuela made the announcement on Friday. The CBDC will be accompanied by an SMS-based exchange system to facilitate payments and transfers among its …

Chris Waller, a member of the Board of Governors of the Federal Reserve System (Fed), seems to think it’s unnecessary for the United States government to develop a central bank digital currency, or CBDC. Speaking with Michael Strain of the American Enterprise Institute today, Waller said he was “highly skeptical” of a central bank digital currency, addressing issues in existing payment systems. He feels that the U.S. government should only intervene with a potential digital solution in the event of significant market failures. “I am not convinced as of yet that a CBDC would solve any existing problem that is …

The Ukrainian government is moving forward with its central bank digital currency (CBDC) plans, as the National Bank of Ukraine (NBU) is now officially authorized to issue a digital currency. Ukrainian President Volodymyr Zelenskyy has signed a law titled On Payment Services, officially enabling the country’s central bank to issue a CBDC, the digital hryvnia, according to a Thursday announcement. The new law authorizes the NBU to set up regulatory sandboxes for testing payment services and instruments based on emerging technologies. The new legislation also requires close collaboration between the Ukrainian central bank and local startups in the payment market, …

A new bill introduced by United States Representative Don Beyer of Virginia has proposed a far-reaching regulatory and legal framework for digital assets across the board. Entitled "The Digital Asset Market Structure and Investor Protection Act of 2021," the bill touches on virtually all the important gray areas that continue to exist regarding cryptocurrencies in the U.S. context. One of its primary goals is to establish statutory definitions for digital assets and digital asset securities, bringing the former under the purview of the Commodity Futures Trading Commission (CFTC) and the latter under that of the Securities and Exchange Commission (SEC). …

Traditional card networks are vying to ensure their services remain at the center of new developments in digital assets, whether they be central bank digital currencies (CBDCs) or private sector stablecoins. In an earnings call on Thursday, Mastercard CEO Michael Miebach discussed recent developments in crypto and CBDCs, making the pitch that the company was well-positioned to remain a linchpin of intra- and international value flows: "What we believe we do is bring a perspective to the market as a multi-rail payment provider. We have to be in this space because people are looking for answers." Mastercard has been highly …