The U.K.’s digital currency project will have real world benefits for the country’s businesses. That’s according to Ben Broadbent, deputy governor for monetary policy at the Bank of England, who said at a conference Monday (Feb. 27) that the country’s central bank’s “keenest attention” was...
The United Arab Emirates (UAE) is preparing to launch a central bank digital currency. The Gulf nation announced its digital currency plans Sunday (Feb. 12) as part of its Financial Infrastructure Transformation (FIT) Program. With the announcement, the UAE joins more than 100 other countries...
The way people pay for things is changing as the nature of money itself transforms. Fearing they may one day be left behind as digital, crypto and other currencies not backed by national governments continue encroaching on the use of physical, native fiat, the central...
The Bank of England and U.K. Treasury are exploring the feasibility of an official “Britcoin.” This, as a formal consultation launched Tuesday (Feb. 7) aims to develop guardrails around introducing a central bank digital currency (CBDC) for the U.K. that may one day sit alongside...
Indian banks and retailers have reportedly begun accepting contactless payments made with digital rupees. The move is part of the Reserve Bank of India’s retail central bank digital currency (CBDC) pilot project, TechCrunch reported. Reliance Retail is the first merchant to take part in the...
Programmability is one of the major draws of digital money. It is also one of the features of cryptocurrencies that is being seriously considered by central bank digital currency (CBDC) designers. But what exactly programmability means in the context of CBDCs is up for debate....
Leave it to the lofty inspirations of the World Economic Forum to come up with the Universal Digital Payments Network. This, as the new cross-border digital currency payments portal made its debut Thursday (Jan. 19) in the Swiss resort-turned-summit under the shortened “UDPN” moniker, with...
The People’s Bank of China has reportedly enabled Android users to make offline payments using digital yuan. With a new function added to the bank’s digital yuan app, users can make payments from their smartphone using the central bank digital currency (CBDC) even if the...
The Bahamas’ two-year-old digital currency project has gotten off to a slow start. The reasons are twofold, according to a Saturday (Jan. 14) Bloomberg News report: COVID-19, and FTX. Kimwood Mott, the project manager for digital currency implementation at the Central Bank of the Bahamas,...