China's central bank lays regulatory foundation for CBDC
The new draft law legitimizes digital yuan and may criminalize the issuance of yuan-backed stablecoins by third parties China’s central bank, the People’s Bank of China (PBOC), published a draft law this Friday that aims to provide regulatory framework and legitimacy for a forthcoming central bank digital currency (CBDC), the digital yuan. The draft law states that the yuan is the official currency of the People's Republic of China whether in physical or digital form.The draft law also appears to take aim at third-party efforts at yuan-backed digital currencies, stating that individuals....
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The Ministry of Digital Transformation of Ukraine has picked the Stellar Development Foundation (SDF) to develop its central bank digital currency project (CBDC). Ukraine Picks Stellar Foundation to Develop Its Central Bank Digital Currency and National Virtual Asset Strategy According to the official announcement, both parties signed a “Memorandum of Understanding” to deploy Ukraine’s crypto strategy. The National Bank of Ukraine has been exploring CBDC’s for some time, there are reports on the matter since 2016. The agreement will also strengthen the....
Zimbabwe’s central bank, which has expressed its opposition to cryptocurrencies in the past, announced yesterday it is presently exploring the feasibility of rolling out its own central bank digital currency (CBDC). The bank also said its regulatory sandbox continues to garner interest.
CBDC Roadmap
The Zimbabwean central bank, the Reserve Bank of Zimbabwe (RBZ), has reiterated that it prefers a central bank digital currency (CBDC) to cryptocurrencies, in its latest monetary policy statement. It adds it is now “actively exploring the feasibility of adopting a....
The United States is embarking on a campaign toward the introduction of a CBDC, or central bank digital currency. As part of the White House’s first-ever comprehensive framework, the Treasury Department is now suggesting the creation of a national stablecoin or CBDC. To counter China’s advancements on the CBDC, five panelists at a hearing for the […]
The Bank of Russia has started conducting trials for its own CBDC. The announcement coincides with the central bank’s plans to launch the CBDC project’s pilot phase in early 2022. Despite President Vladimir Putin’s request that his government and central bank work out an uniform regulatory framework for crypto assets rather than a complete prohibition, […]
One of cryptocurrency’s most notable use cases is enabling instant cross-border payments. That’s why the Central Bank Digital Currency (CBDC) program has attracted hundreds of jurisdictions worldwide, and some countries like China have already linked the technology with their central bank. Similarly, Europe Central Bank (ECB) is currently in the investigation phase of CBDC and […]