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“# Bank of Russia forms first digital ruble testing group ” The central bank of Russia is setting up a group of banking institutions to test its central bank digital currency (CBDC) next year. On Tuesday, the Bank of Russia officially announced the establishment of the first pilot group for testing the digital ruble, bringing together…
“# Spanish Socialist Workers’ Party pens public digital currency initiative ” The Spanish Socialist Workers’ Party (PSOE), the governing political body in Spain, is backing a new national digital currency initiative. PSOE, Spain’s oldest active party and the leading force in the Congress of Deputies, has introduced a non-law proposition to launch a national digital…
“# New York Fed president says crypto poses challenging questions for central banks ” New York Federal Reserve Bank President John Williams believes the emergence of cryptocurrencies poses a significant challenge to existing regulations, highlighting the ongoing discussions policymakers are having about blockchain technology and central bank digital currencies, or CBDCs. Before central banks like…
“# Singapore’s central bank offers cash prizes for digital currency ideas ” The Monetary Authority of Singapore, the country’s central bank and a major financial regulator, is challenging fintech companies to pitch solutions for a central bank digital currency, or CBDC. On Monday, the central bank officially announced a global challenge that seeks new retail CBDC…
“# Demand for digital euro not yet clear, says BBVA exec ” An executive at major Spanish bank Banco Bilbao Vizcaya Argentaria (BBVA) has raised concerns about the digital euro and questioned what customer demand it would meet. Pablo Urbiola of BBVA’s digital regulation team has called on European financial authorities to carefully explore the…
“# Blockchain not suitable for CBDC, says Swiss national bank economist ” Blockchain, the underlying technology of cryptocurrencies like Bitcoin (BTC), is not the right solution for a central bank digital currency, according to an economist at Switzerland’s central bank. Carlos Lenz, chief economist at the Swiss National Bank, argued that blockchain-based decentralization features are…
“# Tanzania central bank may rescind crypto ban after presidential endorsement ” The Bank of Tanzania is reportedly working to overturn its ban on crypto amid favorable cryptocurrency comments made by the country’s president. According to Reuters, Tanzania’s central bank has begun working on directives from the country’s federal government that could see a reversal…
“# Palestine monetary authority mulls digital currency as ‘political signal‘ ” Palestinian Monetary Authority (PMA) Governor Feras Milhem has revealed that the proto-central bank — which does not issue a domestic currency and operates under highly restrictive political and economic conditions — is exploring the idea of issuing a Palestinian digital currency. Raja Khalidi, director…
“# BIS optimistic about central bank digital currencies ” The Bank for International Settlements (BIS) has reaffirmed its support for central bank digital currencies (CBDCs). In a report titled “CBDCs: an opportunity for the monetary system,” BIS researchers argued that sovereign digital currencies offered “the unique advantages of central bank money.” According to the report,…
“# Bank of Israel steps up CBDC efforts with reported tests on Ethereum ” Israel’s central bank has allegedly completed a pilot — under the radar — for a central bank digital currency (CBDC) using Ethereum’s technology. The claim was made by the Israeli financial news site Globes and later reported by BNN Bloomberg. Globes’…