World’s Oldest Central Bank Extends Digital Currency Test Till 2022
Sweden's Riksbank said it would continue work with Accenture on a potential e-krona digital currency until next year.
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As China is actively testing its digital yuan, Russia is now planning to build and test a central bank digital currency, the digital ruble. Meanwhile, the Bank of Russia has proposed limiting the amount of bitcoin retail investors can buy. Russia’s Central Bank Plans Digital Ruble The central bank of Russia has outlined its plans to conduct an experiment using the digital ruble with a limited number of participants after public consultations, Izvestia publication reported last week. The Bank of Russia announced the development of the digital ruble and public consultations on its....
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this new test will include a fixed supply of the mentioned token, and detailed this pilot will be executed during the last six months of this year.
Central Bank of Brazil Advances CBDC Project
The Central Bank of Brazil has offered details about the advancements it has made regarding its CBDC project, the digital real. Its president,....
China wants to allow foreign athletes and visitors to use the county’s digital currency during the Beijing Winter Olympics in 2022. China’s central bank is looking to enable foreign athletes and visitors to use the country’s digital currency during the Beijing Winter Olympics in 2022, according to a top central bank official.Li Bo, deputy governor of the People’s Bank of China, said that the upcoming Winter Olympics could potentially become the first test of China’s central bank digital currency, or CBDC, by foreign users.“For the upcoming Beijing Winter Olympics, we were trying to make....
The Bank of Thailand has issued the world’s first blockchain-based government savings bond platform. The Bank of Thailand launched the world’s first blockchain-based government savings bond issuance platform using IBM’s blockchain technology.Within two weeks of the launch, the central bank sold more than $1.6 billion worth of savings bonds, as per IBM’s official announcement on Oct. 5, 2020.The use of blockchain technology is said to have reduced the bond issuance time from 15 days to just two days. The increased efficiency of the process has also reduced operational cost and redundant....
Sweden’s central bank is reportedly considering the issuance of its own digital currency, ekrona, in an effort to address the significant decline of the use of cash in the country. First revealed in a Financial Times report, Sweden’s Riksbank could introduce and issue its own digital currency before the turn of the decade. As the report reveals, Sweden has seen a rapid decline of the use of physical cash – both coins and notes – in recent times. Circulation has dropped by 40% since 2009, leaving Riksbank little choice but to come up with an alternative solution. A large number of Swedes....