Singapore ready to launch wholesale CBDC, local exec says
CFO at Singapore's central bank told Cointelegraph about his plans to implement Singapore's wholesale CBDC. Singapore is ready to launch it's own central bank digital currency, or CBDC, said Sopnendu Mohanty, chief FinTech officer at Singapore’s central bank and financial regulator, Monetary Authority of Singapore. Speaking on the subject during an exclusive interview with Cointelegraph, Mohanty pointed out that in Singapore there is not much demand for a retail CBDC, given that payment system infrastructure in the country already allow fast and cheap payments among individuals. Instead,....
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The report by PwC shows that 80% of central banks are considering or have already launched a CBDC. More than 80% of central banks are interested in launching a Central Bank Digital Currency (CBDC) or have already done so according to research conducted by accounting firm PwC.The second annual Global CBDC Index report released on Monday, April 4, measures a central bank's level of maturity in deploying its own digital currency. The report also included an overview of stablecoins for the first time.Haydn Jones, Blockchain and Crypto Specialist at PwC U.K. stated in the report that “over 80%....
A joint effort is aimed at assessing the possible use of wholesale central bank digital currencies in cross-border transactions. The Federal Reserve Bank of New York’s New York Innovation Center (NYIC) and the Monetary Authority of Singapore (MAS) will launch a joint experiment with wholesale central bank digital currencies (wCBDCs). Regulators are keen to test the wCBDCs potential for cross-border wholesale payments. On Nov. 11, the MAS announced the launch of Project Cedar Phase II x Ubin+. In its framework, NYIC and MAS will leverage wCBDCs as a settlement asset in cross-border....
After failing to roll out its CBDC on October 1, the Central Bank of Nigeria (CBN) has released a document in which it reiterates its commitment to launching the e-naira. In fact, in this document titled The Design Paper for the E-naira, the CBN says it is now ready to launch Nigeria’s CBDC.
CBN Prioritizes Robust Ecosystems
However, in the same document, the central bank appears to downplay the implications of failing to launch as planned. Instead, the CBN attempts to highlight the importance of getting things right the first time and how this guarantees the digital....
The monetary authority is developing a wholesale CBDC separately and earlier; it is looking at prospective retail use cases despite the lack of an “imminent role” for the currency. The Hong Kong Monetary Authority (HKMA) published a paper outlining the state of research on its proposed retail central bank digital currency (rCBDC) and plans for its further development. This is the third paper the HKMA has published on the e-HKD, as the proposed CBDC is called. The proposed rCBDC would have a two-tier structure consisting of a wholesale interbank system and the retail user wallet system. No....
Before trying to apply blockchain to anything, think why. Retail central bank digital currencies, or CBDCs, do not require the use of blockchain technology, according to executives at major European central banks.Thomas Moser, an alternate member of the governing board at Swiss National Bank, and Deutsche Bundesbank’s Martin Diehl discussed the state of CBDCs at the European Blockchain Convention Virtual 2020 conference on Monday.During the online panel discussion, both Diehl and Moser seemed to agree that global retail CBDC projects do not need blockchain, citing a number of reasons.Moser....