Banking

Central Bank Of Bahamas First To Officially Launch CBDC

  • The Central Bank of The Bahamas has become the first financial institution to go beyond a CBDC pilot program with the official release of its "Sand Dollar".
  • The bank has stated that the transaction fees for the Sand Dollar will be "negligible", and that the digital currency is pegged to the Bahamian dollar.

Messaging Giant LINE Releases CBDC Development Platform

  • The firm aims to support the development of a "customized CBDC", which would be able to reflect each bank's requirements.
  • Some "major" Asian countries are reportedly in discussion with Line over the application of its CBDC platform.

China Successfully Completes CBDC Giveaway Trial, Some People Were Impressed, Others Not So Much

  • Out of the 2 million people that applied to participate in the digital yuan giveaway, only 47,573 were able to receive a 200 yuan "red envelope".
  • PBoC officials have claimed the project was so popular, that some winners topped their wallets for an additional 901,000 yuan.

Bank of China: 3 Million Transactions Conducted Using Digital Yuan So Far

  • The comment was made by the Deputy Governor of the People's Bank of China during his speech at the virtual SIBOS 2020 banking conference.
  • The central bank has already created 113,300 personal and 9,000 corporate digital wallets, which were used to conduct more than 3 million transactions with the digital yuan.

U.S. Federal Reserve Continues CBDC Research

  • Staff members from different branches have been contributing to the bank's continued CBDC research.
  • Although CBDC has been considered even before the pandemic, it is still unknown if the Federal Reserve will ever release such a currency.

Bank Of Korea Turns To Private Sector For CBDC Consulting

  • The bank has been accelerating the development of its CBDC this year, and is now looking to hire a private firm to help with the architecture of the project.
  • While the country remains skeptical about the need of a digital won, it is still planing to have a CBDC pilot up and running by late 2021.

China’s Digital Yuan To Undergo Tests In Hong Kong’s Greater Bay Area

  • Being a megapolis consisting of nine cities, the Hong Kong Greater Bay Area might prove the perfect testing ground.
  • It is expected that the Guangdong Province will play a big role in the cross-border adoption of China's Digital Crrency Electronic Payment project.

Italian Banks Adopt R3’s Corda Blockchain To Improve Interbank Data Transfers

  • According to the Italian Banking Association, a total of 55 banks have been onboarded on the Corda-based blockchain platform.
  • As the Interbank Agreement was updated last year, more lenders are expected to integrate the standard by October.

Bank Of Japan Forms New CBDC Research Team

  • The new team will take over from a previous research group, and will likely follow up on the bank's 2019 research into CBDCs.
  • Japan's central bank also stated that, although it has no plans to release a CBDC soon, that could change in the future.

Thailand Testing CBDC With Large Businesses

  • The Bank of Thailand has reportedly already used its CBDC for financial transactions with some businesses.
  • The country's central bank is also planing to roll out the CBDC for transactions with Hong Kong's central bank in September.