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Federal Reserve to Engage With Public Regarding Digital Dollar

  • Engaging the public is needed in order for the Fed to understand what a possible CBDC will be used for.
  • While the U.S. central bank is debating the need for a CBDC, other countries are getting closer to releasing their own national digital currencies.
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  • Engaging the public is needed in order for the Fed to understand what a possible CBDC will be used for.
  • While the U.S. central bank is debating the need for a CBDC, other countries are getting closer to releasing their own national digital currencies.
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2 Private Banks Join China’s CBDC Trials

  • The e-wallets of MYbank and WeBank will soon be added to the PBoC's digital yuan app, with the same functionality as those from the six state-owned banks.
  • MYbank is already helping with research and development on the central bank digital currency.
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Unibright Integrates Hedera Tokenization Service

  • Integrating HTS will enable Unibright users to issue tokens on a globally distributed network.
  • Developers will be able to configure, mint, and manage tokens on Hedera without deploying a smart contract.
Brooklyn Bridge in New York, New York, USA. Shutterstock

The Avalanche-Ethereum Bridge is Now Live

  • Upwards of $1 million was transferred from Ethereum to Avalanche in the first four hours of the bridge being live.
  • Ethereum is currently unstable, slow and expensive, with single transactions on DeFi products reaching upwards of $700.

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President of the People's Republic of China, Xi Jinping, during the G20 summit in Hangzhou, China on 5 September 2016. Shutterstock

China Reveals Digital Yuan Hardware Wallet

  • The new CBDC hardware wallet will reportedly support dual offline payments, without the need of internet connection.
  • The announcement came the same day the capital of China revealed it will be holding a 10 million digital yuan giveaway.
Sign with the name of the Bank for International Settlements in Basel, Switzerland on 8 December 2018. Shutterstock

BIS Working on Cross-Border CBDC Testing Platform

  • CBDC research and testing is high on the BIS Innovation Hub's agenda list for 2021, including a new platform for testing CBDCs.
  • The BIS also announced its new "innovation Network", which will see its 63 members share knowledge about CBDCs.
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Shenzhen Conducting a Third CBDC Lottery Trial

  • Residents of the Longhua District in Shenzhen have until 26 January to sign up for the event.
  • Unlike the previous lottery trials, China has decided to place some limitations on who can participate this time.
The historic first national bank building at Independence Hall National Park. Shutterstock

Timeline of Notable Central Bank Digital Currency Events in 2020

  • Although most countries are still not certain whether CBDC is necessary, research of the technology has escalated.
  • China and its digital yuan are leading the race in terms of testing, but The Bahamas were the first country to issue a CBDC (the "Sand Dollar") beyond a pilot program.
Low angle view of the wrought iron gate of the Bank of France building with the golden letters of the signboard lit by the sun in Besançon, France on 17 February 2008. Shutterstock

Banque de France Completes CBDC Pilot

  • The French central bank completed its CBDC pilot in collaboration with blockchain service provider SETL, who provided the private blockchain and CBDC stablecoin.
  • The pilot saw 2 million euros worth of simulated shares purchased and sold by investors using a CBDC.
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China Trials Digital Yuan ATMs in Shenzhen

  • Citizens of Shenzhen can now use the newly released CBDC ATMs to convert their cash and savings to and from the digital yuan.
  • The new CBDC trial comes shortly after the city of Shenzhen announced its second CBDC lottery, which distributed around $3 million worth of the digital currency to 100,000 citizens.
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HDBank First to Issue Blockchain Letters of Credit in Vietnam

  • HDBank is one of the few Vietnamese banks that can offer confirmation for L/Cs, and is the first to issue a L/C on the blockchain.
  • The bank joined the Contour open trade finance network, which focuses on digitizing the L/C process, back in May 2020.
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Telos Launches NFTs That Act Like U.S. Treasury Bonds

  • Blockchain platform Telos has announced the launch of T-Bond NFTs.
  • The product will allow projects to issue coins that are locked in NFTs until maturity.
Talent Park in Houhai District, Nanshan District, Shenzhen City, on 23 April 2019. Shutterstock

Shenzhen Conducting Digital Yuan Giveaway, Again

  • Winners in the lottery will have until 17 January to spend their digital yuan's at one of the 10,000 restaurants and supermarkets participating in the trial.
  • The last digital yuan giveaway, in December, saw the city of Suzhou distribute almost $3 million to 96,614 lottery winners.
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FICO Launches Risk Management & Monitoring Service for Crypto

  • FICO partnered with Bitfury Group's Crystal Blockchain to launch a new risk management service.
  • The platform will enable banks to asses and manage the risk of their clients' crypto business.