Central Bank of Chile Studies Issuance of a Digital Currency
The Central Bank of Chile revealed it is studying how to issue a national digital currency, the digital peso. The bank issued a report titled “Issuance of a Central Bank Digital Currency in Chile,” where it explores the possibility of the creation of a central bank digital currency (CBDC) in the future, the mechanism it might use, and how it will consult all sectors of the economy on this issue. Central Bank of Chile Considers CBDC Issuance More banks in Latam are considering the issuance of their own central bank digital currencies (CBDCs) to take advantage of the....
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The South African Reserve Bank has begun exploratory studies on central bank digital currencies. South Africa is the latest country to begin exploring the possibility of creating its own sovereign digital currency.According to a release issued on Tuesday, the South African Reserve Bank has begun preliminary feasibility studies about the “desirability and appropriateness” of a retail central bank digital currency.As part of its announcement, the SARB defined a retail CBDC as a cash-complimentary sovereign digital currency issued by the central bank suitable for electronic payments.“The....
The move comes as the central bank continues to research how a central bank digital currency would work as well as the possible risks.
Chile’s planned start to its digital peso rollout in early 2022 has been held back while its central bank conducts more analysis to inform a new report by the end of the year. The Central Bank of Chile has delayed its plans for a central bank digital currency (CBDC) saying the issuance of a digital Chilean peso requires a deeper analysis of the benefits and risks, promising a new report towards the end of the year.A report from the bank published on May 11 included a preliminary evaluation of a Chilean CBDC and explored the country’s current payment system along with the benefits, risks,....
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....
The Rwandan central bank may not know whether it can issue a digital currency until December 2022, when it completes a study that looks at the benefits and risks that come with such a currency, the bank’s deputy governor has said. The Investigation Phase The deputy governor of the Rwandan central bank, Soraya Hakuziyaremye, recently suggested that Rwanda is likely to know the outcome of the bank’s investigation into central bank digital currencies (CBDC) by the end of the year. In her remarks published in The New Times, Hakuziyaremye revealed that the decision to issue or....