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Bank of China Completes First Precious Metal Digital Yuan Settlement
22.12.2023
The Shanghai branch of the Bank of China has completed the first settlement of precious metals using the digital yuan. The transaction, finalized on December 19, allowed the Shanghai Gold Exchange to close a $14 million precious metal trade after receiving the funds overseas, according to local...
Vladimir Putin's Signature Brings Digital Ruble Into Russia's Tax Code
21.12.2023
Russia's digital ruble has been integrated into the nation's tax code after its President Vladimir Putin signed the move into law
Chinese Bank Seals First-ever Cross-border CBDC-powered Precious Metals Deal
21.12.2023
Source: pla2na/Adobe The Bank of China has completed the world’s first cross-border CBDC-powered precious metals deal – a gold transaction worth some $14.1 million. Per the Shanghai Securities News and the China Securities Network, the deal involved the Shanghai Branch of the Bank of China,...
Putin Green-lights Russian Digital Ruble Tax Law
21.12.2023
Source: chase4concept/Adobe Russian President Vladimir Putin has signed off on a law that will see the digital ruble incorporated into the nation’s tax code. Per Telesputnik, the new law sees terms like “digital ruble” and “digital ruble wallet” added to the code. The law also allows bailiffs...
Banks Flock to Chinese Digital Yuan Pilot – 60 Now Offer CBDC Wallets
20.12.2023
Source: Sean K/Adobe Nine more banks have joined China’s digital yuan pilot, bolstering the number of banks offering CBDC wallets to 60. Per Beijing Business Today (via Sohu), the latest batch of commercial banks to join the pilot include three big city-based banks and six rural banks. City-based...
Bitcoin Struggles for Direction in Run-Up to Christmas + More News
19.12.2023
Get your daily, bite-sized digest of crypto and blockchain-related news – investigating the stories flying under the radar of today’s news. In this edition: Bitcoin Struggles for Direction in Run-Up to Christmas Hong Kong’s AIA Carnival to Accept Cryptocurrency Payments in Partnership with...
Report: Bank of Korea Chief Says Growing Use of Stablecoins Threatens Central Bank Operations
19.12.2023
The Bank of Korea governor Rhee Chang-yong recently stated that the growing stablecoin use threatens the operations of central banks. The possible involvement of global networks like Visa and Mastercard in the stablecoin business will likely undermine the monetary independence of countries like...
Palau Moves Ahead With Second Phase of Stablecoin Pilot
18.12.2023
The Republic of Palau has announced the launch of the second phase of its stablecoin project. Jay Hunter Anson, a member of the board of directors of Palau’s Ministry of Finance (MOF), declared that the new phase will focus on building a robust ecosystem, expanding accessibility and user...
Ex-Central Bank Chief Says China ‘Must Lead World’ in CBDC Adoption
18.12.2023
Source: Eagle/Adobe The former Governor of China’s central bank, Dai Xianglong, has insisted that China needs to “lead the world’ in CBDC adoption, as the nation’s digital yuan pilot continues. Per a Weibo post from the media outlet Finance iFeng, former People’s Bank of China (PBoC) chief Dai said...
Bank Of China Completes First Cross-Border Digital Yuan Commodities Trade
16.12.2023
The Bank of China Hong Kong, the second largest bank in the region, has completed its first cross-border digital yuan-based trade. The transaction, finalized with its sibling bank, the Bank of China, served to receive the payment for an imported iron ore commodity bulk trade, establishing...
TVL on Real-World Assets Spikes Up 700% as Stablecoin and CBDC Popularity Grows in 2023
15.12.2023
Source: Adobe / Luisa Total value locked on real-world assets recorded a 700% surge year-to-date (YTD) alongside overall decentralized finance (DeFi) figures in 2023 as the market’s bullish sentiment continues. A recent market report by CCData shows overall strength in the market after several...
Ripple Releases Framework on the Future of CBDCs Highlights Benefits and Challenges
15.12.2023
Source: AdobeStock / photo_gonzo Blockchain payment firm Ripple has rolled out a whitepaper on the state of Central Bank Digital Currencies (CBDCs), their utility in cross-border payments as well as challenges towards adoption in several jurisdictions. The framework published on Dec 14 explains...
Bank of Korea Governor Sees CBDC Introduction as Case for 'Urgency:' Report
15.12.2023
Stablecoins' widespread usage and frequent instability could lower the effectiveness of central bank monetary policies, Rhee Chang-yong said
Bank of Korea Governor Calls for Action on CBDCs
15.12.2023
Source: AdobeStock South Korea’s central bank governor Lee Chang-yong is calling for action around central bank digital currencies (CBDC) which he says have become imperative and there is an urgency that can no longer be postponed. The Bank of Korea has not yet decided whether or not to issue...
Russia-China CBDC Payments May Debut in 2024 – Moscow
15.12.2023
Source:Iliya Mitskavets/Adobe A top Russian politician says that Moscow and Beijing could begin using their CBDCs – the digital ruble and digital yuan – to make payments as early as 2024. Per the news agency Tass, the comments came from Anatoly Aksakov, the head of the State Duma Committee on...
Hong Kong Firms Make First Cross-border Digital Yuan Commodity Payments
15.12.2023
Source: leungc/Adobe Hong Kong-based firms have made the first “cross-border” commodity payments with the Mainland Chinese digital yuan, as the CBDC takes its first international steps. Per Hong Kong Today, several Hong Kong firms took part in the Bank of China (Hong Kong)’s “Enterprise Digital...
Russians Turn their Backs on Cash, Study Shows – Good News for CBDC & Crypto Adoption?
13.12.2023
Source: hodim/Adobe More Russians are rejecting cash in favor of “non-cash” payments, a study has found – as crypto adoption increases and the nation prepares for a CBDC launch. Glavportal reported that “the share of non-cash turnover in Russia reached 64.2% in the third quarter of 2023,” per...
City of Basel Settles Tokenized Bonds Using Wholesale CBDC
12.12.2023
The Swiss city of Basel recently settled a series of tokenized bonds using a wholesale central bank digital currency (WCBDC) as part of Helvetia III, a WCBDC pilot program. The system is designed to prioritize efficiency, as having on-chain funds bypasses the need for reconciling transactions with...
Russian Central Bank Tempers Talk of 2024 Digital Ruble Rollout
12.12.2023
Source: I/Adobe The Russian Central Bank is playing down talk of a 2024 rollout for its digital ruble – insisting that the coin will not be ready for nationwide use before 2025. Per Tass, the bank’s press service said that while it was ready to go ahead with an “expansion” of its existing 13-bank...
Taiwan Completes Wholesale CBDC Technical Study, Central Bank Official Says
11.12.2023
The central bank is now gathering feedback and improving a platform design, according to Deputy Governor Chu Mei-lie