CBDC Archives

No Result

View All Result

No Result

View All Result

No Result

View All Result

How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631097047293235200\n<\/div><\/figure>\n","post_title":"Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-in-talks-with-over-20-central-banks-for-cbdc-development-says-senior-vp","to_ping":"","pinged":"","post_modified":"2023-04-10 17:31:44","post_modified_gmt":"2023-04-10 07:31:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Ripple's dedication to CBDC development and tailored solutions is one aspect of its efforts to transform the cross-border payments space. With its global network RippleNet, the company aims to solve one of the last great financial puzzles in the world. As Ripple expands its policy team and continues to engage with regulators and central banks worldwide, the future of digital currencies and cross-border payments is sure to be shaped by the innovative solutions offered by Ripple.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631097047293235200\n<\/div><\/figure>\n","post_title":"Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-in-talks-with-over-20-central-banks-for-cbdc-development-says-senior-vp","to_ping":"","pinged":"","post_modified":"2023-04-10 17:31:44","post_modified_gmt":"2023-04-10 07:31:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Entwistle highlighted that every country and the central bank has unique needs, that \"there are 200-plus countries out there\"<\/em> and a \"lot of central banks\"<\/em> worldwide. According to him, Ripple is \"in dialogue with not ten, not twenty, but a bunch more central banks around the world.\"<\/em> The company has already announced<\/a> projects with Bhutan and Palau. He believes this highlights the growing interest in tailored CBDC solutions for different regions.<\/p>\n\n\n\n
Ripple's dedication to CBDC development and tailored solutions is one aspect of its efforts to transform the cross-border payments space. With its global network RippleNet, the company aims to solve one of the last great financial puzzles in the world. As Ripple expands its policy team and continues to engage with regulators and central banks worldwide, the future of digital currencies and cross-border payments is sure to be shaped by the innovative solutions offered by Ripple.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631097047293235200\n<\/div><\/figure>\n","post_title":"Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-in-talks-with-over-20-central-banks-for-cbdc-development-says-senior-vp","to_ping":"","pinged":"","post_modified":"2023-04-10 17:31:44","post_modified_gmt":"2023-04-10 07:31:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
See Related:<\/em><\/strong> Kazakhstan Plans CBDC Development Until 2025, Passes Bill Capping BTC Mining<\/a><\/p>\n\n\n\n
Entwistle highlighted that every country and the central bank has unique needs, that \"there are 200-plus countries out there\"<\/em> and a \"lot of central banks\"<\/em> worldwide. According to him, Ripple is \"in dialogue with not ten, not twenty, but a bunch more central banks around the world.\"<\/em> The company has already announced<\/a> projects with Bhutan and Palau. He believes this highlights the growing interest in tailored CBDC solutions for different regions.<\/p>\n\n\n\n
Ripple's dedication to CBDC development and tailored solutions is one aspect of its efforts to transform the cross-border payments space. With its global network RippleNet, the company aims to solve one of the last great financial puzzles in the world. As Ripple expands its policy team and continues to engage with regulators and central banks worldwide, the future of digital currencies and cross-border payments is sure to be shaped by the innovative solutions offered by Ripple.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631097047293235200\n<\/div><\/figure>\n","post_title":"Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-in-talks-with-over-20-central-banks-for-cbdc-development-says-senior-vp","to_ping":"","pinged":"","post_modified":"2023-04-10 17:31:44","post_modified_gmt":"2023-04-10 07:31:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Interaction with regulators is \"invaluable\"<\/em>, according to the executive. Ripple engages with regulators worldwide to design custom CBDC solutions for smaller countries. While larger countries like China and the U.S. develop their CBDCs through the public sector, countries like Singapore, Tokyo, Switzerland, and the U.K. are turning to Ripple for tailored solutions.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Kazakhstan Plans CBDC Development Until 2025, Passes Bill Capping BTC Mining<\/a><\/p>\n\n\n\n
Entwistle highlighted that every country and the central bank has unique needs, that \"there are 200-plus countries out there\"<\/em> and a \"lot of central banks\"<\/em> worldwide. According to him, Ripple is \"in dialogue with not ten, not twenty, but a bunch more central banks around the world.\"<\/em> The company has already announced<\/a> projects with Bhutan and Palau. He believes this highlights the growing interest in tailored CBDC solutions for different regions.<\/p>\n\n\n\n
Ripple's dedication to CBDC development and tailored solutions is one aspect of its efforts to transform the cross-border payments space. With its global network RippleNet, the company aims to solve one of the last great financial puzzles in the world. As Ripple expands its policy team and continues to engage with regulators and central banks worldwide, the future of digital currencies and cross-border payments is sure to be shaped by the innovative solutions offered by Ripple.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631097047293235200\n<\/div><\/figure>\n","post_title":"Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-in-talks-with-over-20-central-banks-for-cbdc-development-says-senior-vp","to_ping":"","pinged":"","post_modified":"2023-04-10 17:31:44","post_modified_gmt":"2023-04-10 07:31:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Brooks Entwistle, Managing Director of APAC and MENA and Senior Vice President of Customer Success at Ripple, disclosed in a recent interview <\/a>that Ripple is discussing with over 20 central banks regarding creating a Central Bank Digital Currency<\/a> (CBDC). This revelation highlights Ripple's dedication to CBDC development and its role in shaping the future of digital currencies.<\/p>\n\n\n\n
Interaction with regulators is \"invaluable\"<\/em>, according to the executive. Ripple engages with regulators worldwide to design custom CBDC solutions for smaller countries. While larger countries like China and the U.S. develop their CBDCs through the public sector, countries like Singapore, Tokyo, Switzerland, and the U.K. are turning to Ripple for tailored solutions.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Kazakhstan Plans CBDC Development Until 2025, Passes Bill Capping BTC Mining<\/a><\/p>\n\n\n\n
Entwistle highlighted that every country and the central bank has unique needs, that \"there are 200-plus countries out there\"<\/em> and a \"lot of central banks\"<\/em> worldwide. According to him, Ripple is \"in dialogue with not ten, not twenty, but a bunch more central banks around the world.\"<\/em> The company has already announced<\/a> projects with Bhutan and Palau. He believes this highlights the growing interest in tailored CBDC solutions for different regions.<\/p>\n\n\n\n
Ripple's dedication to CBDC development and tailored solutions is one aspect of its efforts to transform the cross-border payments space. With its global network RippleNet, the company aims to solve one of the last great financial puzzles in the world. As Ripple expands its policy team and continues to engage with regulators and central banks worldwide, the future of digital currencies and cross-border payments is sure to be shaped by the innovative solutions offered by Ripple.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631097047293235200\n<\/div><\/figure>\n","post_title":"Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-in-talks-with-over-20-central-banks-for-cbdc-development-says-senior-vp","to_ping":"","pinged":"","post_modified":"2023-04-10 17:31:44","post_modified_gmt":"2023-04-10 07:31:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
See Related: <\/em><\/strong>China Opens Blockchain Research Centre In Capital<\/a><\/p>\n","post_title":"Chinese Platform WeChat Accept Payments With The Digital Yuan CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinese-platform-wechat-accept-payments-with-the-digital-yuan-cbdc","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 17:21:15","post_modified_gmt":"2023-04-10 07:21:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10295","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10163,"post_author":"15","post_date":"2023-03-02 21:27:12","post_date_gmt":"2023-03-02 10:27:12","post_content":"\n
Brooks Entwistle, Managing Director of APAC and MENA and Senior Vice President of Customer Success at Ripple, disclosed in a recent interview <\/a>that Ripple is discussing with over 20 central banks regarding creating a Central Bank Digital Currency<\/a> (CBDC). This revelation highlights Ripple's dedication to CBDC development and its role in shaping the future of digital currencies.<\/p>\n\n\n\n
Interaction with regulators is \"invaluable\"<\/em>, according to the executive. Ripple engages with regulators worldwide to design custom CBDC solutions for smaller countries. While larger countries like China and the U.S. develop their CBDCs through the public sector, countries like Singapore, Tokyo, Switzerland, and the U.K. are turning to Ripple for tailored solutions.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Kazakhstan Plans CBDC Development Until 2025, Passes Bill Capping BTC Mining<\/a><\/p>\n\n\n\n
Entwistle highlighted that every country and the central bank has unique needs, that \"there are 200-plus countries out there\"<\/em> and a \"lot of central banks\"<\/em> worldwide. According to him, Ripple is \"in dialogue with not ten, not twenty, but a bunch more central banks around the world.\"<\/em> The company has already announced<\/a> projects with Bhutan and Palau. He believes this highlights the growing interest in tailored CBDC solutions for different regions.<\/p>\n\n\n\n
Ripple's dedication to CBDC development and tailored solutions is one aspect of its efforts to transform the cross-border payments space. With its global network RippleNet, the company aims to solve one of the last great financial puzzles in the world. As Ripple expands its policy team and continues to engage with regulators and central banks worldwide, the future of digital currencies and cross-border payments is sure to be shaped by the innovative solutions offered by Ripple.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631097047293235200\n<\/div><\/figure>\n","post_title":"Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-in-talks-with-over-20-central-banks-for-cbdc-development-says-senior-vp","to_ping":"","pinged":"","post_modified":"2023-04-10 17:31:44","post_modified_gmt":"2023-04-10 07:31:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
In terms of investment, WeChat has made a significant impact on the Chinese market. It can be seen that this is a good opportunity to proceed with building a new trading system that focuses on cryptocurrencies.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>China Opens Blockchain Research Centre In Capital<\/a><\/p>\n","post_title":"Chinese Platform WeChat Accept Payments With The Digital Yuan CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinese-platform-wechat-accept-payments-with-the-digital-yuan-cbdc","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 17:21:15","post_modified_gmt":"2023-04-10 07:21:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10295","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10163,"post_author":"15","post_date":"2023-03-02 21:27:12","post_date_gmt":"2023-03-02 10:27:12","post_content":"\n
Brooks Entwistle, Managing Director of APAC and MENA and Senior Vice President of Customer Success at Ripple, disclosed in a recent interview <\/a>that Ripple is discussing with over 20 central banks regarding creating a Central Bank Digital Currency<\/a> (CBDC). This revelation highlights Ripple's dedication to CBDC development and its role in shaping the future of digital currencies.<\/p>\n\n\n\n
Interaction with regulators is \"invaluable\"<\/em>, according to the executive. Ripple engages with regulators worldwide to design custom CBDC solutions for smaller countries. While larger countries like China and the U.S. develop their CBDCs through the public sector, countries like Singapore, Tokyo, Switzerland, and the U.K. are turning to Ripple for tailored solutions.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Kazakhstan Plans CBDC Development Until 2025, Passes Bill Capping BTC Mining<\/a><\/p>\n\n\n\n
Entwistle highlighted that every country and the central bank has unique needs, that \"there are 200-plus countries out there\"<\/em> and a \"lot of central banks\"<\/em> worldwide. According to him, Ripple is \"in dialogue with not ten, not twenty, but a bunch more central banks around the world.\"<\/em> The company has already announced<\/a> projects with Bhutan and Palau. He believes this highlights the growing interest in tailored CBDC solutions for different regions.<\/p>\n\n\n\n
Ripple's dedication to CBDC development and tailored solutions is one aspect of its efforts to transform the cross-border payments space. With its global network RippleNet, the company aims to solve one of the last great financial puzzles in the world. As Ripple expands its policy team and continues to engage with regulators and central banks worldwide, the future of digital currencies and cross-border payments is sure to be shaped by the innovative solutions offered by Ripple.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631097047293235200\n<\/div><\/figure>\n","post_title":"Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-in-talks-with-over-20-central-banks-for-cbdc-development-says-senior-vp","to_ping":"","pinged":"","post_modified":"2023-04-10 17:31:44","post_modified_gmt":"2023-04-10 07:31:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
The combination of WeChat and e-CNY makes adopting a CBDC<\/a> currency easier for consumers. On the other hand, it raises the awareness of the Chinese people about the potential and convenience of cryptocurrencies in the future.
<\/li>\n\n\n\n
In terms of investment, WeChat has made a significant impact on the Chinese market. It can be seen that this is a good opportunity to proceed with building a new trading system that focuses on cryptocurrencies.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>China Opens Blockchain Research Centre In Capital<\/a><\/p>\n","post_title":"Chinese Platform WeChat Accept Payments With The Digital Yuan CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinese-platform-wechat-accept-payments-with-the-digital-yuan-cbdc","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 17:21:15","post_modified_gmt":"2023-04-10 07:21:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10295","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10163,"post_author":"15","post_date":"2023-03-02 21:27:12","post_date_gmt":"2023-03-02 10:27:12","post_content":"\n
Brooks Entwistle, Managing Director of APAC and MENA and Senior Vice President of Customer Success at Ripple, disclosed in a recent interview <\/a>that Ripple is discussing with over 20 central banks regarding creating a Central Bank Digital Currency<\/a> (CBDC). This revelation highlights Ripple's dedication to CBDC development and its role in shaping the future of digital currencies.<\/p>\n\n\n\n
Interaction with regulators is \"invaluable\"<\/em>, according to the executive. Ripple engages with regulators worldwide to design custom CBDC solutions for smaller countries. While larger countries like China and the U.S. develop their CBDCs through the public sector, countries like Singapore, Tokyo, Switzerland, and the U.K. are turning to Ripple for tailored solutions.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Kazakhstan Plans CBDC Development Until 2025, Passes Bill Capping BTC Mining<\/a><\/p>\n\n\n\n
Entwistle highlighted that every country and the central bank has unique needs, that \"there are 200-plus countries out there\"<\/em> and a \"lot of central banks\"<\/em> worldwide. According to him, Ripple is \"in dialogue with not ten, not twenty, but a bunch more central banks around the world.\"<\/em> The company has already announced<\/a> projects with Bhutan and Palau. He believes this highlights the growing interest in tailored CBDC solutions for different regions.<\/p>\n\n\n\n
Ripple's dedication to CBDC development and tailored solutions is one aspect of its efforts to transform the cross-border payments space. With its global network RippleNet, the company aims to solve one of the last great financial puzzles in the world. As Ripple expands its policy team and continues to engage with regulators and central banks worldwide, the future of digital currencies and cross-border payments is sure to be shaped by the innovative solutions offered by Ripple.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631097047293235200\n<\/div><\/figure>\n","post_title":"Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-in-talks-with-over-20-central-banks-for-cbdc-development-says-senior-vp","to_ping":"","pinged":"","post_modified":"2023-04-10 17:31:44","post_modified_gmt":"2023-04-10 07:31:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
\n
The combination of WeChat and e-CNY makes adopting a CBDC<\/a> currency easier for consumers. On the other hand, it raises the awareness of the Chinese people about the potential and convenience of cryptocurrencies in the future.
<\/li>\n\n\n\n
In terms of investment, WeChat has made a significant impact on the Chinese market. It can be seen that this is a good opportunity to proceed with building a new trading system that focuses on cryptocurrencies.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>China Opens Blockchain Research Centre In Capital<\/a><\/p>\n","post_title":"Chinese Platform WeChat Accept Payments With The Digital Yuan CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinese-platform-wechat-accept-payments-with-the-digital-yuan-cbdc","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 17:21:15","post_modified_gmt":"2023-04-10 07:21:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10295","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10163,"post_author":"15","post_date":"2023-03-02 21:27:12","post_date_gmt":"2023-03-02 10:27:12","post_content":"\n
Brooks Entwistle, Managing Director of APAC and MENA and Senior Vice President of Customer Success at Ripple, disclosed in a recent interview <\/a>that Ripple is discussing with over 20 central banks regarding creating a Central Bank Digital Currency<\/a> (CBDC). This revelation highlights Ripple's dedication to CBDC development and its role in shaping the future of digital currencies.<\/p>\n\n\n\n
Interaction with regulators is \"invaluable\"<\/em>, according to the executive. Ripple engages with regulators worldwide to design custom CBDC solutions for smaller countries. While larger countries like China and the U.S. develop their CBDCs through the public sector, countries like Singapore, Tokyo, Switzerland, and the U.K. are turning to Ripple for tailored solutions.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Kazakhstan Plans CBDC Development Until 2025, Passes Bill Capping BTC Mining<\/a><\/p>\n\n\n\n
Entwistle highlighted that every country and the central bank has unique needs, that \"there are 200-plus countries out there\"<\/em> and a \"lot of central banks\"<\/em> worldwide. According to him, Ripple is \"in dialogue with not ten, not twenty, but a bunch more central banks around the world.\"<\/em> The company has already announced<\/a> projects with Bhutan and Palau. He believes this highlights the growing interest in tailored CBDC solutions for different regions.<\/p>\n\n\n\n
Ripple's dedication to CBDC development and tailored solutions is one aspect of its efforts to transform the cross-border payments space. With its global network RippleNet, the company aims to solve one of the last great financial puzzles in the world. As Ripple expands its policy team and continues to engage with regulators and central banks worldwide, the future of digital currencies and cross-border payments is sure to be shaped by the innovative solutions offered by Ripple.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631097047293235200\n<\/div><\/figure>\n","post_title":"Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-in-talks-with-over-20-central-banks-for-cbdc-development-says-senior-vp","to_ping":"","pinged":"","post_modified":"2023-04-10 17:31:44","post_modified_gmt":"2023-04-10 07:31:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
See Related: <\/em><\/strong>Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a><\/p>\n\n\n\n
\n
The combination of WeChat and e-CNY makes adopting a CBDC<\/a> currency easier for consumers. On the other hand, it raises the awareness of the Chinese people about the potential and convenience of cryptocurrencies in the future.
<\/li>\n\n\n\n
In terms of investment, WeChat has made a significant impact on the Chinese market. It can be seen that this is a good opportunity to proceed with building a new trading system that focuses on cryptocurrencies.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>China Opens Blockchain Research Centre In Capital<\/a><\/p>\n","post_title":"Chinese Platform WeChat Accept Payments With The Digital Yuan CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinese-platform-wechat-accept-payments-with-the-digital-yuan-cbdc","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 17:21:15","post_modified_gmt":"2023-04-10 07:21:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10295","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10163,"post_author":"15","post_date":"2023-03-02 21:27:12","post_date_gmt":"2023-03-02 10:27:12","post_content":"\n
Brooks Entwistle, Managing Director of APAC and MENA and Senior Vice President of Customer Success at Ripple, disclosed in a recent interview <\/a>that Ripple is discussing with over 20 central banks regarding creating a Central Bank Digital Currency<\/a> (CBDC). This revelation highlights Ripple's dedication to CBDC development and its role in shaping the future of digital currencies.<\/p>\n\n\n\n
Interaction with regulators is \"invaluable\"<\/em>, according to the executive. Ripple engages with regulators worldwide to design custom CBDC solutions for smaller countries. While larger countries like China and the U.S. develop their CBDCs through the public sector, countries like Singapore, Tokyo, Switzerland, and the U.K. are turning to Ripple for tailored solutions.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Kazakhstan Plans CBDC Development Until 2025, Passes Bill Capping BTC Mining<\/a><\/p>\n\n\n\n
Entwistle highlighted that every country and the central bank has unique needs, that \"there are 200-plus countries out there\"<\/em> and a \"lot of central banks\"<\/em> worldwide. According to him, Ripple is \"in dialogue with not ten, not twenty, but a bunch more central banks around the world.\"<\/em> The company has already announced<\/a> projects with Bhutan and Palau. He believes this highlights the growing interest in tailored CBDC solutions for different regions.<\/p>\n\n\n\n
Ripple's dedication to CBDC development and tailored solutions is one aspect of its efforts to transform the cross-border payments space. With its global network RippleNet, the company aims to solve one of the last great financial puzzles in the world. As Ripple expands its policy team and continues to engage with regulators and central banks worldwide, the future of digital currencies and cross-border payments is sure to be shaped by the innovative solutions offered by Ripple.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631097047293235200\n<\/div><\/figure>\n","post_title":"Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-in-talks-with-over-20-central-banks-for-cbdc-development-says-senior-vp","to_ping":"","pinged":"","post_modified":"2023-04-10 17:31:44","post_modified_gmt":"2023-04-10 07:31:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
WeChat Pay wallet has over 3 billion users per quarter and allows users to use e-CNY to make payments, such as ordering fast food or topping up some mobile games connected with this platform.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a><\/p>\n\n\n\n
\n
The combination of WeChat and e-CNY makes adopting a CBDC<\/a> currency easier for consumers. On the other hand, it raises the awareness of the Chinese people about the potential and convenience of cryptocurrencies in the future.
<\/li>\n\n\n\n
In terms of investment, WeChat has made a significant impact on the Chinese market. It can be seen that this is a good opportunity to proceed with building a new trading system that focuses on cryptocurrencies.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>China Opens Blockchain Research Centre In Capital<\/a><\/p>\n","post_title":"Chinese Platform WeChat Accept Payments With The Digital Yuan CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinese-platform-wechat-accept-payments-with-the-digital-yuan-cbdc","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 17:21:15","post_modified_gmt":"2023-04-10 07:21:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10295","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10163,"post_author":"15","post_date":"2023-03-02 21:27:12","post_date_gmt":"2023-03-02 10:27:12","post_content":"\n
Brooks Entwistle, Managing Director of APAC and MENA and Senior Vice President of Customer Success at Ripple, disclosed in a recent interview <\/a>that Ripple is discussing with over 20 central banks regarding creating a Central Bank Digital Currency<\/a> (CBDC). This revelation highlights Ripple's dedication to CBDC development and its role in shaping the future of digital currencies.<\/p>\n\n\n\n
Interaction with regulators is \"invaluable\"<\/em>, according to the executive. Ripple engages with regulators worldwide to design custom CBDC solutions for smaller countries. While larger countries like China and the U.S. develop their CBDCs through the public sector, countries like Singapore, Tokyo, Switzerland, and the U.K. are turning to Ripple for tailored solutions.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Kazakhstan Plans CBDC Development Until 2025, Passes Bill Capping BTC Mining<\/a><\/p>\n\n\n\n
Entwistle highlighted that every country and the central bank has unique needs, that \"there are 200-plus countries out there\"<\/em> and a \"lot of central banks\"<\/em> worldwide. According to him, Ripple is \"in dialogue with not ten, not twenty, but a bunch more central banks around the world.\"<\/em> The company has already announced<\/a> projects with Bhutan and Palau. He believes this highlights the growing interest in tailored CBDC solutions for different regions.<\/p>\n\n\n\n
Ripple's dedication to CBDC development and tailored solutions is one aspect of its efforts to transform the cross-border payments space. With its global network RippleNet, the company aims to solve one of the last great financial puzzles in the world. As Ripple expands its policy team and continues to engage with regulators and central banks worldwide, the future of digital currencies and cross-border payments is sure to be shaped by the innovative solutions offered by Ripple.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631097047293235200\n<\/div><\/figure>\n","post_title":"Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-in-talks-with-over-20-central-banks-for-cbdc-development-says-senior-vp","to_ping":"","pinged":"","post_modified":"2023-04-10 17:31:44","post_modified_gmt":"2023-04-10 07:31:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
WeChat is currently the largest social network in China and is expanding to more than 200 countries with 900 million individual users. With the strong development of WeChat today, this action of \"tycoon\" has brought the value of e-CNY to the world.
<\/li>\n\n\n\n
WeChat Pay wallet has over 3 billion users per quarter and allows users to use e-CNY to make payments, such as ordering fast food or topping up some mobile games connected with this platform.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a><\/p>\n\n\n\n
\n
The combination of WeChat and e-CNY makes adopting a CBDC<\/a> currency easier for consumers. On the other hand, it raises the awareness of the Chinese people about the potential and convenience of cryptocurrencies in the future.
<\/li>\n\n\n\n
In terms of investment, WeChat has made a significant impact on the Chinese market. It can be seen that this is a good opportunity to proceed with building a new trading system that focuses on cryptocurrencies.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>China Opens Blockchain Research Centre In Capital<\/a><\/p>\n","post_title":"Chinese Platform WeChat Accept Payments With The Digital Yuan CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinese-platform-wechat-accept-payments-with-the-digital-yuan-cbdc","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 17:21:15","post_modified_gmt":"2023-04-10 07:21:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10295","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10163,"post_author":"15","post_date":"2023-03-02 21:27:12","post_date_gmt":"2023-03-02 10:27:12","post_content":"\n
Brooks Entwistle, Managing Director of APAC and MENA and Senior Vice President of Customer Success at Ripple, disclosed in a recent interview <\/a>that Ripple is discussing with over 20 central banks regarding creating a Central Bank Digital Currency<\/a> (CBDC). This revelation highlights Ripple's dedication to CBDC development and its role in shaping the future of digital currencies.<\/p>\n\n\n\n
Interaction with regulators is \"invaluable\"<\/em>, according to the executive. Ripple engages with regulators worldwide to design custom CBDC solutions for smaller countries. While larger countries like China and the U.S. develop their CBDCs through the public sector, countries like Singapore, Tokyo, Switzerland, and the U.K. are turning to Ripple for tailored solutions.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Kazakhstan Plans CBDC Development Until 2025, Passes Bill Capping BTC Mining<\/a><\/p>\n\n\n\n
Entwistle highlighted that every country and the central bank has unique needs, that \"there are 200-plus countries out there\"<\/em> and a \"lot of central banks\"<\/em> worldwide. According to him, Ripple is \"in dialogue with not ten, not twenty, but a bunch more central banks around the world.\"<\/em> The company has already announced<\/a> projects with Bhutan and Palau. He believes this highlights the growing interest in tailored CBDC solutions for different regions.<\/p>\n\n\n\n
Ripple's dedication to CBDC development and tailored solutions is one aspect of its efforts to transform the cross-border payments space. With its global network RippleNet, the company aims to solve one of the last great financial puzzles in the world. As Ripple expands its policy team and continues to engage with regulators and central banks worldwide, the future of digital currencies and cross-border payments is sure to be shaped by the innovative solutions offered by Ripple.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631097047293235200\n<\/div><\/figure>\n","post_title":"Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-in-talks-with-over-20-central-banks-for-cbdc-development-says-senior-vp","to_ping":"","pinged":"","post_modified":"2023-04-10 17:31:44","post_modified_gmt":"2023-04-10 07:31:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
\n
WeChat is currently the largest social network in China and is expanding to more than 200 countries with 900 million individual users. With the strong development of WeChat today, this action of \"tycoon\" has brought the value of e-CNY to the world.
<\/li>\n\n\n\n
WeChat Pay wallet has over 3 billion users per quarter and allows users to use e-CNY to make payments, such as ordering fast food or topping up some mobile games connected with this platform.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a><\/p>\n\n\n\n
\n
The combination of WeChat and e-CNY makes adopting a CBDC<\/a> currency easier for consumers. On the other hand, it raises the awareness of the Chinese people about the potential and convenience of cryptocurrencies in the future.
<\/li>\n\n\n\n
In terms of investment, WeChat has made a significant impact on the Chinese market. It can be seen that this is a good opportunity to proceed with building a new trading system that focuses on cryptocurrencies.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>China Opens Blockchain Research Centre In Capital<\/a><\/p>\n","post_title":"Chinese Platform WeChat Accept Payments With The Digital Yuan CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinese-platform-wechat-accept-payments-with-the-digital-yuan-cbdc","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 17:21:15","post_modified_gmt":"2023-04-10 07:21:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10295","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10163,"post_author":"15","post_date":"2023-03-02 21:27:12","post_date_gmt":"2023-03-02 10:27:12","post_content":"\n
Brooks Entwistle, Managing Director of APAC and MENA and Senior Vice President of Customer Success at Ripple, disclosed in a recent interview <\/a>that Ripple is discussing with over 20 central banks regarding creating a Central Bank Digital Currency<\/a> (CBDC). This revelation highlights Ripple's dedication to CBDC development and its role in shaping the future of digital currencies.<\/p>\n\n\n\n
Interaction with regulators is \"invaluable\"<\/em>, according to the executive. Ripple engages with regulators worldwide to design custom CBDC solutions for smaller countries. While larger countries like China and the U.S. develop their CBDCs through the public sector, countries like Singapore, Tokyo, Switzerland, and the U.K. are turning to Ripple for tailored solutions.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Kazakhstan Plans CBDC Development Until 2025, Passes Bill Capping BTC Mining<\/a><\/p>\n\n\n\n
Entwistle highlighted that every country and the central bank has unique needs, that \"there are 200-plus countries out there\"<\/em> and a \"lot of central banks\"<\/em> worldwide. According to him, Ripple is \"in dialogue with not ten, not twenty, but a bunch more central banks around the world.\"<\/em> The company has already announced<\/a> projects with Bhutan and Palau. He believes this highlights the growing interest in tailored CBDC solutions for different regions.<\/p>\n\n\n\n
Ripple's dedication to CBDC development and tailored solutions is one aspect of its efforts to transform the cross-border payments space. With its global network RippleNet, the company aims to solve one of the last great financial puzzles in the world. As Ripple expands its policy team and continues to engage with regulators and central banks worldwide, the future of digital currencies and cross-border payments is sure to be shaped by the innovative solutions offered by Ripple.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631097047293235200\n<\/div><\/figure>\n","post_title":"Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-in-talks-with-over-20-central-banks-for-cbdc-development-says-senior-vp","to_ping":"","pinged":"","post_modified":"2023-04-10 17:31:44","post_modified_gmt":"2023-04-10 07:31:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
WeChat has moved to support the development of China's CBDC, adding a payment method using the digital yuan, e-CNY.<\/p>\n\n\n\n
\n
WeChat is currently the largest social network in China and is expanding to more than 200 countries with 900 million individual users. With the strong development of WeChat today, this action of \"tycoon\" has brought the value of e-CNY to the world.
<\/li>\n\n\n\n
WeChat Pay wallet has over 3 billion users per quarter and allows users to use e-CNY to make payments, such as ordering fast food or topping up some mobile games connected with this platform.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a><\/p>\n\n\n\n
\n
The combination of WeChat and e-CNY makes adopting a CBDC<\/a> currency easier for consumers. On the other hand, it raises the awareness of the Chinese people about the potential and convenience of cryptocurrencies in the future.
<\/li>\n\n\n\n
In terms of investment, WeChat has made a significant impact on the Chinese market. It can be seen that this is a good opportunity to proceed with building a new trading system that focuses on cryptocurrencies.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>China Opens Blockchain Research Centre In Capital<\/a><\/p>\n","post_title":"Chinese Platform WeChat Accept Payments With The Digital Yuan CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinese-platform-wechat-accept-payments-with-the-digital-yuan-cbdc","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 17:21:15","post_modified_gmt":"2023-04-10 07:21:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10295","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10163,"post_author":"15","post_date":"2023-03-02 21:27:12","post_date_gmt":"2023-03-02 10:27:12","post_content":"\n
Brooks Entwistle, Managing Director of APAC and MENA and Senior Vice President of Customer Success at Ripple, disclosed in a recent interview <\/a>that Ripple is discussing with over 20 central banks regarding creating a Central Bank Digital Currency<\/a> (CBDC). This revelation highlights Ripple's dedication to CBDC development and its role in shaping the future of digital currencies.<\/p>\n\n\n\n
Interaction with regulators is \"invaluable\"<\/em>, according to the executive. Ripple engages with regulators worldwide to design custom CBDC solutions for smaller countries. While larger countries like China and the U.S. develop their CBDCs through the public sector, countries like Singapore, Tokyo, Switzerland, and the U.K. are turning to Ripple for tailored solutions.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Kazakhstan Plans CBDC Development Until 2025, Passes Bill Capping BTC Mining<\/a><\/p>\n\n\n\n
Entwistle highlighted that every country and the central bank has unique needs, that \"there are 200-plus countries out there\"<\/em> and a \"lot of central banks\"<\/em> worldwide. According to him, Ripple is \"in dialogue with not ten, not twenty, but a bunch more central banks around the world.\"<\/em> The company has already announced<\/a> projects with Bhutan and Palau. He believes this highlights the growing interest in tailored CBDC solutions for different regions.<\/p>\n\n\n\n
Ripple's dedication to CBDC development and tailored solutions is one aspect of its efforts to transform the cross-border payments space. With its global network RippleNet, the company aims to solve one of the last great financial puzzles in the world. As Ripple expands its policy team and continues to engage with regulators and central banks worldwide, the future of digital currencies and cross-border payments is sure to be shaped by the innovative solutions offered by Ripple.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631097047293235200\n<\/div><\/figure>\n","post_title":"Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-in-talks-with-over-20-central-banks-for-cbdc-development-says-senior-vp","to_ping":"","pinged":"","post_modified":"2023-04-10 17:31:44","post_modified_gmt":"2023-04-10 07:31:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1633606373689942017\n<\/div><\/figure>\n","post_title":"U.S. Congressman Urges Fed To Consider CBDC Impact On Digital Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"u-s-congressman-urges-fed-to-consider-cbdc-impact-on-digital-assets","to_ping":"","pinged":"","post_modified":"2023-04-10 17:21:01","post_modified_gmt":"2023-04-10 07:21:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10348","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10295,"post_author":"16","post_date":"2023-03-09 12:14:53","post_date_gmt":"2023-03-09 01:14:53","post_content":"\n
WeChat has moved to support the development of China's CBDC, adding a payment method using the digital yuan, e-CNY.<\/p>\n\n\n\n
\n
WeChat is currently the largest social network in China and is expanding to more than 200 countries with 900 million individual users. With the strong development of WeChat today, this action of \"tycoon\" has brought the value of e-CNY to the world.
<\/li>\n\n\n\n
WeChat Pay wallet has over 3 billion users per quarter and allows users to use e-CNY to make payments, such as ordering fast food or topping up some mobile games connected with this platform.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a><\/p>\n\n\n\n
\n
The combination of WeChat and e-CNY makes adopting a CBDC<\/a> currency easier for consumers. On the other hand, it raises the awareness of the Chinese people about the potential and convenience of cryptocurrencies in the future.
<\/li>\n\n\n\n
In terms of investment, WeChat has made a significant impact on the Chinese market. It can be seen that this is a good opportunity to proceed with building a new trading system that focuses on cryptocurrencies.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>China Opens Blockchain Research Centre In Capital<\/a><\/p>\n","post_title":"Chinese Platform WeChat Accept Payments With The Digital Yuan CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinese-platform-wechat-accept-payments-with-the-digital-yuan-cbdc","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 17:21:15","post_modified_gmt":"2023-04-10 07:21:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10295","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10163,"post_author":"15","post_date":"2023-03-02 21:27:12","post_date_gmt":"2023-03-02 10:27:12","post_content":"\n
Brooks Entwistle, Managing Director of APAC and MENA and Senior Vice President of Customer Success at Ripple, disclosed in a recent interview <\/a>that Ripple is discussing with over 20 central banks regarding creating a Central Bank Digital Currency<\/a> (CBDC). This revelation highlights Ripple's dedication to CBDC development and its role in shaping the future of digital currencies.<\/p>\n\n\n\n
Interaction with regulators is \"invaluable\"<\/em>, according to the executive. Ripple engages with regulators worldwide to design custom CBDC solutions for smaller countries. While larger countries like China and the U.S. develop their CBDCs through the public sector, countries like Singapore, Tokyo, Switzerland, and the U.K. are turning to Ripple for tailored solutions.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Kazakhstan Plans CBDC Development Until 2025, Passes Bill Capping BTC Mining<\/a><\/p>\n\n\n\n
Entwistle highlighted that every country and the central bank has unique needs, that \"there are 200-plus countries out there\"<\/em> and a \"lot of central banks\"<\/em> worldwide. According to him, Ripple is \"in dialogue with not ten, not twenty, but a bunch more central banks around the world.\"<\/em> The company has already announced<\/a> projects with Bhutan and Palau. He believes this highlights the growing interest in tailored CBDC solutions for different regions.<\/p>\n\n\n\n
Ripple's dedication to CBDC development and tailored solutions is one aspect of its efforts to transform the cross-border payments space. With its global network RippleNet, the company aims to solve one of the last great financial puzzles in the world. As Ripple expands its policy team and continues to engage with regulators and central banks worldwide, the future of digital currencies and cross-border payments is sure to be shaped by the innovative solutions offered by Ripple.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631097047293235200\n<\/div><\/figure>\n","post_title":"Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-in-talks-with-over-20-central-banks-for-cbdc-development-says-senior-vp","to_ping":"","pinged":"","post_modified":"2023-04-10 17:31:44","post_modified_gmt":"2023-04-10 07:31:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
The US Federal Reserve has been quietly studying the potential of a Central Bank Digital Currency<\/a> (CBDC) for years. CBDCs are digital currencies that function like stablecoins, pegged to fiat currencies like the US dollar. Unlike stablecoins issued on decentralized networks, CBDCs are managed and issued by governments. Benefits include faster, cheaper transactions, greater financial inclusion, and reduced fraud.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1633606373689942017\n<\/div><\/figure>\n","post_title":"U.S. Congressman Urges Fed To Consider CBDC Impact On Digital Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"u-s-congressman-urges-fed-to-consider-cbdc-impact-on-digital-assets","to_ping":"","pinged":"","post_modified":"2023-04-10 17:21:01","post_modified_gmt":"2023-04-10 07:21:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10348","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10295,"post_author":"16","post_date":"2023-03-09 12:14:53","post_date_gmt":"2023-03-09 01:14:53","post_content":"\n
WeChat has moved to support the development of China's CBDC, adding a payment method using the digital yuan, e-CNY.<\/p>\n\n\n\n
\n
WeChat is currently the largest social network in China and is expanding to more than 200 countries with 900 million individual users. With the strong development of WeChat today, this action of \"tycoon\" has brought the value of e-CNY to the world.
<\/li>\n\n\n\n
WeChat Pay wallet has over 3 billion users per quarter and allows users to use e-CNY to make payments, such as ordering fast food or topping up some mobile games connected with this platform.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a><\/p>\n\n\n\n
\n
The combination of WeChat and e-CNY makes adopting a CBDC<\/a> currency easier for consumers. On the other hand, it raises the awareness of the Chinese people about the potential and convenience of cryptocurrencies in the future.
<\/li>\n\n\n\n
In terms of investment, WeChat has made a significant impact on the Chinese market. It can be seen that this is a good opportunity to proceed with building a new trading system that focuses on cryptocurrencies.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>China Opens Blockchain Research Centre In Capital<\/a><\/p>\n","post_title":"Chinese Platform WeChat Accept Payments With The Digital Yuan CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinese-platform-wechat-accept-payments-with-the-digital-yuan-cbdc","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 17:21:15","post_modified_gmt":"2023-04-10 07:21:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10295","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10163,"post_author":"15","post_date":"2023-03-02 21:27:12","post_date_gmt":"2023-03-02 10:27:12","post_content":"\n
Brooks Entwistle, Managing Director of APAC and MENA and Senior Vice President of Customer Success at Ripple, disclosed in a recent interview <\/a>that Ripple is discussing with over 20 central banks regarding creating a Central Bank Digital Currency<\/a> (CBDC). This revelation highlights Ripple's dedication to CBDC development and its role in shaping the future of digital currencies.<\/p>\n\n\n\n
Interaction with regulators is \"invaluable\"<\/em>, according to the executive. Ripple engages with regulators worldwide to design custom CBDC solutions for smaller countries. While larger countries like China and the U.S. develop their CBDCs through the public sector, countries like Singapore, Tokyo, Switzerland, and the U.K. are turning to Ripple for tailored solutions.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Kazakhstan Plans CBDC Development Until 2025, Passes Bill Capping BTC Mining<\/a><\/p>\n\n\n\n
Entwistle highlighted that every country and the central bank has unique needs, that \"there are 200-plus countries out there\"<\/em> and a \"lot of central banks\"<\/em> worldwide. According to him, Ripple is \"in dialogue with not ten, not twenty, but a bunch more central banks around the world.\"<\/em> The company has already announced<\/a> projects with Bhutan and Palau. He believes this highlights the growing interest in tailored CBDC solutions for different regions.<\/p>\n\n\n\n
Ripple's dedication to CBDC development and tailored solutions is one aspect of its efforts to transform the cross-border payments space. With its global network RippleNet, the company aims to solve one of the last great financial puzzles in the world. As Ripple expands its policy team and continues to engage with regulators and central banks worldwide, the future of digital currencies and cross-border payments is sure to be shaped by the innovative solutions offered by Ripple.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631097047293235200\n<\/div><\/figure>\n","post_title":"Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-in-talks-with-over-20-central-banks-for-cbdc-development-says-senior-vp","to_ping":"","pinged":"","post_modified":"2023-04-10 17:31:44","post_modified_gmt":"2023-04-10 07:31:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
See Related:<\/em><\/strong> Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a> <\/p>\n\n\n\n
The US Federal Reserve has been quietly studying the potential of a Central Bank Digital Currency<\/a> (CBDC) for years. CBDCs are digital currencies that function like stablecoins, pegged to fiat currencies like the US dollar. Unlike stablecoins issued on decentralized networks, CBDCs are managed and issued by governments. Benefits include faster, cheaper transactions, greater financial inclusion, and reduced fraud.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1633606373689942017\n<\/div><\/figure>\n","post_title":"U.S. Congressman Urges Fed To Consider CBDC Impact On Digital Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"u-s-congressman-urges-fed-to-consider-cbdc-impact-on-digital-assets","to_ping":"","pinged":"","post_modified":"2023-04-10 17:21:01","post_modified_gmt":"2023-04-10 07:21:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10348","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10295,"post_author":"16","post_date":"2023-03-09 12:14:53","post_date_gmt":"2023-03-09 01:14:53","post_content":"\n
WeChat has moved to support the development of China's CBDC, adding a payment method using the digital yuan, e-CNY.<\/p>\n\n\n\n
\n
WeChat is currently the largest social network in China and is expanding to more than 200 countries with 900 million individual users. With the strong development of WeChat today, this action of \"tycoon\" has brought the value of e-CNY to the world.
<\/li>\n\n\n\n
WeChat Pay wallet has over 3 billion users per quarter and allows users to use e-CNY to make payments, such as ordering fast food or topping up some mobile games connected with this platform.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a><\/p>\n\n\n\n
\n
The combination of WeChat and e-CNY makes adopting a CBDC<\/a> currency easier for consumers. On the other hand, it raises the awareness of the Chinese people about the potential and convenience of cryptocurrencies in the future.
<\/li>\n\n\n\n
In terms of investment, WeChat has made a significant impact on the Chinese market. It can be seen that this is a good opportunity to proceed with building a new trading system that focuses on cryptocurrencies.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>China Opens Blockchain Research Centre In Capital<\/a><\/p>\n","post_title":"Chinese Platform WeChat Accept Payments With The Digital Yuan CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinese-platform-wechat-accept-payments-with-the-digital-yuan-cbdc","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 17:21:15","post_modified_gmt":"2023-04-10 07:21:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10295","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10163,"post_author":"15","post_date":"2023-03-02 21:27:12","post_date_gmt":"2023-03-02 10:27:12","post_content":"\n
Brooks Entwistle, Managing Director of APAC and MENA and Senior Vice President of Customer Success at Ripple, disclosed in a recent interview <\/a>that Ripple is discussing with over 20 central banks regarding creating a Central Bank Digital Currency<\/a> (CBDC). This revelation highlights Ripple's dedication to CBDC development and its role in shaping the future of digital currencies.<\/p>\n\n\n\n
Interaction with regulators is \"invaluable\"<\/em>, according to the executive. Ripple engages with regulators worldwide to design custom CBDC solutions for smaller countries. While larger countries like China and the U.S. develop their CBDCs through the public sector, countries like Singapore, Tokyo, Switzerland, and the U.K. are turning to Ripple for tailored solutions.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Kazakhstan Plans CBDC Development Until 2025, Passes Bill Capping BTC Mining<\/a><\/p>\n\n\n\n
Entwistle highlighted that every country and the central bank has unique needs, that \"there are 200-plus countries out there\"<\/em> and a \"lot of central banks\"<\/em> worldwide. According to him, Ripple is \"in dialogue with not ten, not twenty, but a bunch more central banks around the world.\"<\/em> The company has already announced<\/a> projects with Bhutan and Palau. He believes this highlights the growing interest in tailored CBDC solutions for different regions.<\/p>\n\n\n\n
Ripple's dedication to CBDC development and tailored solutions is one aspect of its efforts to transform the cross-border payments space. With its global network RippleNet, the company aims to solve one of the last great financial puzzles in the world. As Ripple expands its policy team and continues to engage with regulators and central banks worldwide, the future of digital currencies and cross-border payments is sure to be shaped by the innovative solutions offered by Ripple.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631097047293235200\n<\/div><\/figure>\n","post_title":"Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-in-talks-with-over-20-central-banks-for-cbdc-development-says-senior-vp","to_ping":"","pinged":"","post_modified":"2023-04-10 17:31:44","post_modified_gmt":"2023-04-10 07:31:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
\u201cYou can have a systemically important instant payment network, but without proper regulation and security. The public relies on the government, and especially the Fed, to make sure the payment system is safe and reliable. \u201c<\/em><\/p>\n\n\n\n
See Related:<\/em><\/strong> Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a> <\/p>\n\n\n\n
The US Federal Reserve has been quietly studying the potential of a Central Bank Digital Currency<\/a> (CBDC) for years. CBDCs are digital currencies that function like stablecoins, pegged to fiat currencies like the US dollar. Unlike stablecoins issued on decentralized networks, CBDCs are managed and issued by governments. Benefits include faster, cheaper transactions, greater financial inclusion, and reduced fraud.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1633606373689942017\n<\/div><\/figure>\n","post_title":"U.S. Congressman Urges Fed To Consider CBDC Impact On Digital Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"u-s-congressman-urges-fed-to-consider-cbdc-impact-on-digital-assets","to_ping":"","pinged":"","post_modified":"2023-04-10 17:21:01","post_modified_gmt":"2023-04-10 07:21:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10348","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10295,"post_author":"16","post_date":"2023-03-09 12:14:53","post_date_gmt":"2023-03-09 01:14:53","post_content":"\n
WeChat has moved to support the development of China's CBDC, adding a payment method using the digital yuan, e-CNY.<\/p>\n\n\n\n
\n
WeChat is currently the largest social network in China and is expanding to more than 200 countries with 900 million individual users. With the strong development of WeChat today, this action of \"tycoon\" has brought the value of e-CNY to the world.
<\/li>\n\n\n\n
WeChat Pay wallet has over 3 billion users per quarter and allows users to use e-CNY to make payments, such as ordering fast food or topping up some mobile games connected with this platform.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a><\/p>\n\n\n\n
\n
The combination of WeChat and e-CNY makes adopting a CBDC<\/a> currency easier for consumers. On the other hand, it raises the awareness of the Chinese people about the potential and convenience of cryptocurrencies in the future.
<\/li>\n\n\n\n
In terms of investment, WeChat has made a significant impact on the Chinese market. It can be seen that this is a good opportunity to proceed with building a new trading system that focuses on cryptocurrencies.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>China Opens Blockchain Research Centre In Capital<\/a><\/p>\n","post_title":"Chinese Platform WeChat Accept Payments With The Digital Yuan CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinese-platform-wechat-accept-payments-with-the-digital-yuan-cbdc","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 17:21:15","post_modified_gmt":"2023-04-10 07:21:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10295","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10163,"post_author":"15","post_date":"2023-03-02 21:27:12","post_date_gmt":"2023-03-02 10:27:12","post_content":"\n
Brooks Entwistle, Managing Director of APAC and MENA and Senior Vice President of Customer Success at Ripple, disclosed in a recent interview <\/a>that Ripple is discussing with over 20 central banks regarding creating a Central Bank Digital Currency<\/a> (CBDC). This revelation highlights Ripple's dedication to CBDC development and its role in shaping the future of digital currencies.<\/p>\n\n\n\n
Interaction with regulators is \"invaluable\"<\/em>, according to the executive. Ripple engages with regulators worldwide to design custom CBDC solutions for smaller countries. While larger countries like China and the U.S. develop their CBDCs through the public sector, countries like Singapore, Tokyo, Switzerland, and the U.K. are turning to Ripple for tailored solutions.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Kazakhstan Plans CBDC Development Until 2025, Passes Bill Capping BTC Mining<\/a><\/p>\n\n\n\n
Entwistle highlighted that every country and the central bank has unique needs, that \"there are 200-plus countries out there\"<\/em> and a \"lot of central banks\"<\/em> worldwide. According to him, Ripple is \"in dialogue with not ten, not twenty, but a bunch more central banks around the world.\"<\/em> The company has already announced<\/a> projects with Bhutan and Palau. He believes this highlights the growing interest in tailored CBDC solutions for different regions.<\/p>\n\n\n\n
Ripple's dedication to CBDC development and tailored solutions is one aspect of its efforts to transform the cross-border payments space. With its global network RippleNet, the company aims to solve one of the last great financial puzzles in the world. As Ripple expands its policy team and continues to engage with regulators and central banks worldwide, the future of digital currencies and cross-border payments is sure to be shaped by the innovative solutions offered by Ripple.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631097047293235200\n<\/div><\/figure>\n","post_title":"Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-in-talks-with-over-20-central-banks-for-cbdc-development-says-senior-vp","to_ping":"","pinged":"","post_modified":"2023-04-10 17:31:44","post_modified_gmt":"2023-04-10 07:31:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
\u201cStablecoins can certainly be a useful part that serves consumers efficiently when properly managed,\u201d <\/em>Powell said. \u201cAt the moment they don\u2019t. They have the potential to scale, especially when connected to one of the very large technology networks in existence. \u201d<\/em><\/p>\n\n\n\n
\u201cYou can have a systemically important instant payment network, but without proper regulation and security. The public relies on the government, and especially the Fed, to make sure the payment system is safe and reliable. \u201c<\/em><\/p>\n\n\n\n
See Related:<\/em><\/strong> Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a> <\/p>\n\n\n\n
The US Federal Reserve has been quietly studying the potential of a Central Bank Digital Currency<\/a> (CBDC) for years. CBDCs are digital currencies that function like stablecoins, pegged to fiat currencies like the US dollar. Unlike stablecoins issued on decentralized networks, CBDCs are managed and issued by governments. Benefits include faster, cheaper transactions, greater financial inclusion, and reduced fraud.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1633606373689942017\n<\/div><\/figure>\n","post_title":"U.S. Congressman Urges Fed To Consider CBDC Impact On Digital Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"u-s-congressman-urges-fed-to-consider-cbdc-impact-on-digital-assets","to_ping":"","pinged":"","post_modified":"2023-04-10 17:21:01","post_modified_gmt":"2023-04-10 07:21:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10348","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10295,"post_author":"16","post_date":"2023-03-09 12:14:53","post_date_gmt":"2023-03-09 01:14:53","post_content":"\n
WeChat has moved to support the development of China's CBDC, adding a payment method using the digital yuan, e-CNY.<\/p>\n\n\n\n
\n
WeChat is currently the largest social network in China and is expanding to more than 200 countries with 900 million individual users. With the strong development of WeChat today, this action of \"tycoon\" has brought the value of e-CNY to the world.
<\/li>\n\n\n\n
WeChat Pay wallet has over 3 billion users per quarter and allows users to use e-CNY to make payments, such as ordering fast food or topping up some mobile games connected with this platform.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a><\/p>\n\n\n\n
\n
The combination of WeChat and e-CNY makes adopting a CBDC<\/a> currency easier for consumers. On the other hand, it raises the awareness of the Chinese people about the potential and convenience of cryptocurrencies in the future.
<\/li>\n\n\n\n
In terms of investment, WeChat has made a significant impact on the Chinese market. It can be seen that this is a good opportunity to proceed with building a new trading system that focuses on cryptocurrencies.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>China Opens Blockchain Research Centre In Capital<\/a><\/p>\n","post_title":"Chinese Platform WeChat Accept Payments With The Digital Yuan CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinese-platform-wechat-accept-payments-with-the-digital-yuan-cbdc","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 17:21:15","post_modified_gmt":"2023-04-10 07:21:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10295","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10163,"post_author":"15","post_date":"2023-03-02 21:27:12","post_date_gmt":"2023-03-02 10:27:12","post_content":"\n
Brooks Entwistle, Managing Director of APAC and MENA and Senior Vice President of Customer Success at Ripple, disclosed in a recent interview <\/a>that Ripple is discussing with over 20 central banks regarding creating a Central Bank Digital Currency<\/a> (CBDC). This revelation highlights Ripple's dedication to CBDC development and its role in shaping the future of digital currencies.<\/p>\n\n\n\n
Interaction with regulators is \"invaluable\"<\/em>, according to the executive. Ripple engages with regulators worldwide to design custom CBDC solutions for smaller countries. While larger countries like China and the U.S. develop their CBDCs through the public sector, countries like Singapore, Tokyo, Switzerland, and the U.K. are turning to Ripple for tailored solutions.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Kazakhstan Plans CBDC Development Until 2025, Passes Bill Capping BTC Mining<\/a><\/p>\n\n\n\n
Entwistle highlighted that every country and the central bank has unique needs, that \"there are 200-plus countries out there\"<\/em> and a \"lot of central banks\"<\/em> worldwide. According to him, Ripple is \"in dialogue with not ten, not twenty, but a bunch more central banks around the world.\"<\/em> The company has already announced<\/a> projects with Bhutan and Palau. He believes this highlights the growing interest in tailored CBDC solutions for different regions.<\/p>\n\n\n\n
Ripple's dedication to CBDC development and tailored solutions is one aspect of its efforts to transform the cross-border payments space. With its global network RippleNet, the company aims to solve one of the last great financial puzzles in the world. As Ripple expands its policy team and continues to engage with regulators and central banks worldwide, the future of digital currencies and cross-border payments is sure to be shaped by the innovative solutions offered by Ripple.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631097047293235200\n<\/div><\/figure>\n","post_title":"Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-in-talks-with-over-20-central-banks-for-cbdc-development-says-senior-vp","to_ping":"","pinged":"","post_modified":"2023-04-10 17:31:44","post_modified_gmt":"2023-04-10 07:31:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
\u201cI'm worried about a lot of these stablecoins and other cryptocurrencies,\u201d <\/em>Lynch said. \u201cDo they go to zero when we come up with a CBDC that has the full faith and credit of the United States behind it?\u201d<\/em><\/p>\n\n\n\n
\u201cStablecoins can certainly be a useful part that serves consumers efficiently when properly managed,\u201d <\/em>Powell said. \u201cAt the moment they don\u2019t. They have the potential to scale, especially when connected to one of the very large technology networks in existence. \u201d<\/em><\/p>\n\n\n\n
\u201cYou can have a systemically important instant payment network, but without proper regulation and security. The public relies on the government, and especially the Fed, to make sure the payment system is safe and reliable. \u201c<\/em><\/p>\n\n\n\n
See Related:<\/em><\/strong> Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a> <\/p>\n\n\n\n
The US Federal Reserve has been quietly studying the potential of a Central Bank Digital Currency<\/a> (CBDC) for years. CBDCs are digital currencies that function like stablecoins, pegged to fiat currencies like the US dollar. Unlike stablecoins issued on decentralized networks, CBDCs are managed and issued by governments. Benefits include faster, cheaper transactions, greater financial inclusion, and reduced fraud.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1633606373689942017\n<\/div><\/figure>\n","post_title":"U.S. Congressman Urges Fed To Consider CBDC Impact On Digital Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"u-s-congressman-urges-fed-to-consider-cbdc-impact-on-digital-assets","to_ping":"","pinged":"","post_modified":"2023-04-10 17:21:01","post_modified_gmt":"2023-04-10 07:21:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10348","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10295,"post_author":"16","post_date":"2023-03-09 12:14:53","post_date_gmt":"2023-03-09 01:14:53","post_content":"\n
WeChat has moved to support the development of China's CBDC, adding a payment method using the digital yuan, e-CNY.<\/p>\n\n\n\n
\n
WeChat is currently the largest social network in China and is expanding to more than 200 countries with 900 million individual users. With the strong development of WeChat today, this action of \"tycoon\" has brought the value of e-CNY to the world.
<\/li>\n\n\n\n
WeChat Pay wallet has over 3 billion users per quarter and allows users to use e-CNY to make payments, such as ordering fast food or topping up some mobile games connected with this platform.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a><\/p>\n\n\n\n
\n
The combination of WeChat and e-CNY makes adopting a CBDC<\/a> currency easier for consumers. On the other hand, it raises the awareness of the Chinese people about the potential and convenience of cryptocurrencies in the future.
<\/li>\n\n\n\n
In terms of investment, WeChat has made a significant impact on the Chinese market. It can be seen that this is a good opportunity to proceed with building a new trading system that focuses on cryptocurrencies.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>China Opens Blockchain Research Centre In Capital<\/a><\/p>\n","post_title":"Chinese Platform WeChat Accept Payments With The Digital Yuan CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinese-platform-wechat-accept-payments-with-the-digital-yuan-cbdc","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 17:21:15","post_modified_gmt":"2023-04-10 07:21:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10295","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10163,"post_author":"15","post_date":"2023-03-02 21:27:12","post_date_gmt":"2023-03-02 10:27:12","post_content":"\n
Brooks Entwistle, Managing Director of APAC and MENA and Senior Vice President of Customer Success at Ripple, disclosed in a recent interview <\/a>that Ripple is discussing with over 20 central banks regarding creating a Central Bank Digital Currency<\/a> (CBDC). This revelation highlights Ripple's dedication to CBDC development and its role in shaping the future of digital currencies.<\/p>\n\n\n\n
Interaction with regulators is \"invaluable\"<\/em>, according to the executive. Ripple engages with regulators worldwide to design custom CBDC solutions for smaller countries. While larger countries like China and the U.S. develop their CBDCs through the public sector, countries like Singapore, Tokyo, Switzerland, and the U.K. are turning to Ripple for tailored solutions.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Kazakhstan Plans CBDC Development Until 2025, Passes Bill Capping BTC Mining<\/a><\/p>\n\n\n\n
Entwistle highlighted that every country and the central bank has unique needs, that \"there are 200-plus countries out there\"<\/em> and a \"lot of central banks\"<\/em> worldwide. According to him, Ripple is \"in dialogue with not ten, not twenty, but a bunch more central banks around the world.\"<\/em> The company has already announced<\/a> projects with Bhutan and Palau. He believes this highlights the growing interest in tailored CBDC solutions for different regions.<\/p>\n\n\n\n
Ripple's dedication to CBDC development and tailored solutions is one aspect of its efforts to transform the cross-border payments space. With its global network RippleNet, the company aims to solve one of the last great financial puzzles in the world. As Ripple expands its policy team and continues to engage with regulators and central banks worldwide, the future of digital currencies and cross-border payments is sure to be shaped by the innovative solutions offered by Ripple.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631097047293235200\n<\/div><\/figure>\n","post_title":"Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-in-talks-with-over-20-central-banks-for-cbdc-development-says-senior-vp","to_ping":"","pinged":"","post_modified":"2023-04-10 17:31:44","post_modified_gmt":"2023-04-10 07:31:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
U.S. Congressman Stephen Lynch raised concerns over the impact of a CBDC on digital assets during the House Financial Services Committee<\/a>. He asked Fed Chair Powell about the potential of a tokenized US dollar to harm other digital assets. Powell expressed uncertainty about the value of non-dollar-backed cryptocurrencies and refrained from commenting on the impact of CBDCs. This occurs as regulators worldwide scrutinize cryptocurrencies, with some countries exploring <\/a>their digital currencies for financial transactions.<\/p>\n\n\n\n
\u201cI'm worried about a lot of these stablecoins and other cryptocurrencies,\u201d <\/em>Lynch said. \u201cDo they go to zero when we come up with a CBDC that has the full faith and credit of the United States behind it?\u201d<\/em><\/p>\n\n\n\n
\u201cStablecoins can certainly be a useful part that serves consumers efficiently when properly managed,\u201d <\/em>Powell said. \u201cAt the moment they don\u2019t. They have the potential to scale, especially when connected to one of the very large technology networks in existence. \u201d<\/em><\/p>\n\n\n\n
\u201cYou can have a systemically important instant payment network, but without proper regulation and security. The public relies on the government, and especially the Fed, to make sure the payment system is safe and reliable. \u201c<\/em><\/p>\n\n\n\n
See Related:<\/em><\/strong> Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a> <\/p>\n\n\n\n
The US Federal Reserve has been quietly studying the potential of a Central Bank Digital Currency<\/a> (CBDC) for years. CBDCs are digital currencies that function like stablecoins, pegged to fiat currencies like the US dollar. Unlike stablecoins issued on decentralized networks, CBDCs are managed and issued by governments. Benefits include faster, cheaper transactions, greater financial inclusion, and reduced fraud.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1633606373689942017\n<\/div><\/figure>\n","post_title":"U.S. Congressman Urges Fed To Consider CBDC Impact On Digital Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"u-s-congressman-urges-fed-to-consider-cbdc-impact-on-digital-assets","to_ping":"","pinged":"","post_modified":"2023-04-10 17:21:01","post_modified_gmt":"2023-04-10 07:21:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10348","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10295,"post_author":"16","post_date":"2023-03-09 12:14:53","post_date_gmt":"2023-03-09 01:14:53","post_content":"\n
WeChat has moved to support the development of China's CBDC, adding a payment method using the digital yuan, e-CNY.<\/p>\n\n\n\n
\n
WeChat is currently the largest social network in China and is expanding to more than 200 countries with 900 million individual users. With the strong development of WeChat today, this action of \"tycoon\" has brought the value of e-CNY to the world.
<\/li>\n\n\n\n
WeChat Pay wallet has over 3 billion users per quarter and allows users to use e-CNY to make payments, such as ordering fast food or topping up some mobile games connected with this platform.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a><\/p>\n\n\n\n
\n
The combination of WeChat and e-CNY makes adopting a CBDC<\/a> currency easier for consumers. On the other hand, it raises the awareness of the Chinese people about the potential and convenience of cryptocurrencies in the future.
<\/li>\n\n\n\n
In terms of investment, WeChat has made a significant impact on the Chinese market. It can be seen that this is a good opportunity to proceed with building a new trading system that focuses on cryptocurrencies.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>China Opens Blockchain Research Centre In Capital<\/a><\/p>\n","post_title":"Chinese Platform WeChat Accept Payments With The Digital Yuan CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinese-platform-wechat-accept-payments-with-the-digital-yuan-cbdc","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 17:21:15","post_modified_gmt":"2023-04-10 07:21:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10295","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10163,"post_author":"15","post_date":"2023-03-02 21:27:12","post_date_gmt":"2023-03-02 10:27:12","post_content":"\n
Brooks Entwistle, Managing Director of APAC and MENA and Senior Vice President of Customer Success at Ripple, disclosed in a recent interview <\/a>that Ripple is discussing with over 20 central banks regarding creating a Central Bank Digital Currency<\/a> (CBDC). This revelation highlights Ripple's dedication to CBDC development and its role in shaping the future of digital currencies.<\/p>\n\n\n\n
Interaction with regulators is \"invaluable\"<\/em>, according to the executive. Ripple engages with regulators worldwide to design custom CBDC solutions for smaller countries. While larger countries like China and the U.S. develop their CBDCs through the public sector, countries like Singapore, Tokyo, Switzerland, and the U.K. are turning to Ripple for tailored solutions.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Kazakhstan Plans CBDC Development Until 2025, Passes Bill Capping BTC Mining<\/a><\/p>\n\n\n\n
Entwistle highlighted that every country and the central bank has unique needs, that \"there are 200-plus countries out there\"<\/em> and a \"lot of central banks\"<\/em> worldwide. According to him, Ripple is \"in dialogue with not ten, not twenty, but a bunch more central banks around the world.\"<\/em> The company has already announced<\/a> projects with Bhutan and Palau. He believes this highlights the growing interest in tailored CBDC solutions for different regions.<\/p>\n\n\n\n
Ripple's dedication to CBDC development and tailored solutions is one aspect of its efforts to transform the cross-border payments space. With its global network RippleNet, the company aims to solve one of the last great financial puzzles in the world. As Ripple expands its policy team and continues to engage with regulators and central banks worldwide, the future of digital currencies and cross-border payments is sure to be shaped by the innovative solutions offered by Ripple.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631097047293235200\n<\/div><\/figure>\n","post_title":"Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-in-talks-with-over-20-central-banks-for-cbdc-development-says-senior-vp","to_ping":"","pinged":"","post_modified":"2023-04-10 17:31:44","post_modified_gmt":"2023-04-10 07:31:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Since the vote was more than three-fifths majority in both chambers, the North Carolina legislators could override Governor Cooper's veto. <\/p>\n","post_title":"Taiwan's Central Bank Focuses On Slow And Steady Development Of CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"taiwans-central-bank-focuses-on-slow-and-steady-development-of-cbdc","to_ping":"","pinged":"","post_modified":"2024-07-09 21:59:28","post_modified_gmt":"2024-07-09 11:59:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17736","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10348,"post_author":"15","post_date":"2023-03-09 14:09:21","post_date_gmt":"2023-03-09 03:09:21","post_content":"\n
U.S. Congressman Stephen Lynch raised concerns over the impact of a CBDC on digital assets during the House Financial Services Committee<\/a>. He asked Fed Chair Powell about the potential of a tokenized US dollar to harm other digital assets. Powell expressed uncertainty about the value of non-dollar-backed cryptocurrencies and refrained from commenting on the impact of CBDCs. This occurs as regulators worldwide scrutinize cryptocurrencies, with some countries exploring <\/a>their digital currencies for financial transactions.<\/p>\n\n\n\n
\u201cI'm worried about a lot of these stablecoins and other cryptocurrencies,\u201d <\/em>Lynch said. \u201cDo they go to zero when we come up with a CBDC that has the full faith and credit of the United States behind it?\u201d<\/em><\/p>\n\n\n\n
\u201cStablecoins can certainly be a useful part that serves consumers efficiently when properly managed,\u201d <\/em>Powell said. \u201cAt the moment they don\u2019t. They have the potential to scale, especially when connected to one of the very large technology networks in existence. \u201d<\/em><\/p>\n\n\n\n
\u201cYou can have a systemically important instant payment network, but without proper regulation and security. The public relies on the government, and especially the Fed, to make sure the payment system is safe and reliable. \u201c<\/em><\/p>\n\n\n\n
See Related:<\/em><\/strong> Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a> <\/p>\n\n\n\n
The US Federal Reserve has been quietly studying the potential of a Central Bank Digital Currency<\/a> (CBDC) for years. CBDCs are digital currencies that function like stablecoins, pegged to fiat currencies like the US dollar. Unlike stablecoins issued on decentralized networks, CBDCs are managed and issued by governments. Benefits include faster, cheaper transactions, greater financial inclusion, and reduced fraud.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1633606373689942017\n<\/div><\/figure>\n","post_title":"U.S. Congressman Urges Fed To Consider CBDC Impact On Digital Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"u-s-congressman-urges-fed-to-consider-cbdc-impact-on-digital-assets","to_ping":"","pinged":"","post_modified":"2023-04-10 17:21:01","post_modified_gmt":"2023-04-10 07:21:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10348","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10295,"post_author":"16","post_date":"2023-03-09 12:14:53","post_date_gmt":"2023-03-09 01:14:53","post_content":"\n
WeChat has moved to support the development of China's CBDC, adding a payment method using the digital yuan, e-CNY.<\/p>\n\n\n\n
\n
WeChat is currently the largest social network in China and is expanding to more than 200 countries with 900 million individual users. With the strong development of WeChat today, this action of \"tycoon\" has brought the value of e-CNY to the world.
<\/li>\n\n\n\n
WeChat Pay wallet has over 3 billion users per quarter and allows users to use e-CNY to make payments, such as ordering fast food or topping up some mobile games connected with this platform.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a><\/p>\n\n\n\n
\n
The combination of WeChat and e-CNY makes adopting a CBDC<\/a> currency easier for consumers. On the other hand, it raises the awareness of the Chinese people about the potential and convenience of cryptocurrencies in the future.
<\/li>\n\n\n\n
In terms of investment, WeChat has made a significant impact on the Chinese market. It can be seen that this is a good opportunity to proceed with building a new trading system that focuses on cryptocurrencies.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>China Opens Blockchain Research Centre In Capital<\/a><\/p>\n","post_title":"Chinese Platform WeChat Accept Payments With The Digital Yuan CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinese-platform-wechat-accept-payments-with-the-digital-yuan-cbdc","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 17:21:15","post_modified_gmt":"2023-04-10 07:21:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10295","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10163,"post_author":"15","post_date":"2023-03-02 21:27:12","post_date_gmt":"2023-03-02 10:27:12","post_content":"\n
Brooks Entwistle, Managing Director of APAC and MENA and Senior Vice President of Customer Success at Ripple, disclosed in a recent interview <\/a>that Ripple is discussing with over 20 central banks regarding creating a Central Bank Digital Currency<\/a> (CBDC). This revelation highlights Ripple's dedication to CBDC development and its role in shaping the future of digital currencies.<\/p>\n\n\n\n
Interaction with regulators is \"invaluable\"<\/em>, according to the executive. Ripple engages with regulators worldwide to design custom CBDC solutions for smaller countries. While larger countries like China and the U.S. develop their CBDCs through the public sector, countries like Singapore, Tokyo, Switzerland, and the U.K. are turning to Ripple for tailored solutions.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Kazakhstan Plans CBDC Development Until 2025, Passes Bill Capping BTC Mining<\/a><\/p>\n\n\n\n
Entwistle highlighted that every country and the central bank has unique needs, that \"there are 200-plus countries out there\"<\/em> and a \"lot of central banks\"<\/em> worldwide. According to him, Ripple is \"in dialogue with not ten, not twenty, but a bunch more central banks around the world.\"<\/em> The company has already announced<\/a> projects with Bhutan and Palau. He believes this highlights the growing interest in tailored CBDC solutions for different regions.<\/p>\n\n\n\n
Ripple's dedication to CBDC development and tailored solutions is one aspect of its efforts to transform the cross-border payments space. With its global network RippleNet, the company aims to solve one of the last great financial puzzles in the world. As Ripple expands its policy team and continues to engage with regulators and central banks worldwide, the future of digital currencies and cross-border payments is sure to be shaped by the innovative solutions offered by Ripple.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631097047293235200\n<\/div><\/figure>\n","post_title":"Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-in-talks-with-over-20-central-banks-for-cbdc-development-says-senior-vp","to_ping":"","pinged":"","post_modified":"2023-04-10 17:31:44","post_modified_gmt":"2023-04-10 07:31:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Governor Cooper is criticized for deciding without putting \u201cpartisan politics aside\u201d. The bill is said to benefit all North Carolina residents, but the Governor believes that the bill was too \u201cpremature, vague, and reactionary\u201d to be signed into law.<\/p>\n\n\n\n
Since the vote was more than three-fifths majority in both chambers, the North Carolina legislators could override Governor Cooper's veto. <\/p>\n","post_title":"Taiwan's Central Bank Focuses On Slow And Steady Development Of CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"taiwans-central-bank-focuses-on-slow-and-steady-development-of-cbdc","to_ping":"","pinged":"","post_modified":"2024-07-09 21:59:28","post_modified_gmt":"2024-07-09 11:59:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17736","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10348,"post_author":"15","post_date":"2023-03-09 14:09:21","post_date_gmt":"2023-03-09 03:09:21","post_content":"\n
U.S. Congressman Stephen Lynch raised concerns over the impact of a CBDC on digital assets during the House Financial Services Committee<\/a>. He asked Fed Chair Powell about the potential of a tokenized US dollar to harm other digital assets. Powell expressed uncertainty about the value of non-dollar-backed cryptocurrencies and refrained from commenting on the impact of CBDCs. This occurs as regulators worldwide scrutinize cryptocurrencies, with some countries exploring <\/a>their digital currencies for financial transactions.<\/p>\n\n\n\n
\u201cI'm worried about a lot of these stablecoins and other cryptocurrencies,\u201d <\/em>Lynch said. \u201cDo they go to zero when we come up with a CBDC that has the full faith and credit of the United States behind it?\u201d<\/em><\/p>\n\n\n\n
\u201cStablecoins can certainly be a useful part that serves consumers efficiently when properly managed,\u201d <\/em>Powell said. \u201cAt the moment they don\u2019t. They have the potential to scale, especially when connected to one of the very large technology networks in existence. \u201d<\/em><\/p>\n\n\n\n
\u201cYou can have a systemically important instant payment network, but without proper regulation and security. The public relies on the government, and especially the Fed, to make sure the payment system is safe and reliable. \u201c<\/em><\/p>\n\n\n\n
See Related:<\/em><\/strong> Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a> <\/p>\n\n\n\n
The US Federal Reserve has been quietly studying the potential of a Central Bank Digital Currency<\/a> (CBDC) for years. CBDCs are digital currencies that function like stablecoins, pegged to fiat currencies like the US dollar. Unlike stablecoins issued on decentralized networks, CBDCs are managed and issued by governments. Benefits include faster, cheaper transactions, greater financial inclusion, and reduced fraud.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1633606373689942017\n<\/div><\/figure>\n","post_title":"U.S. Congressman Urges Fed To Consider CBDC Impact On Digital Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"u-s-congressman-urges-fed-to-consider-cbdc-impact-on-digital-assets","to_ping":"","pinged":"","post_modified":"2023-04-10 17:21:01","post_modified_gmt":"2023-04-10 07:21:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10348","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10295,"post_author":"16","post_date":"2023-03-09 12:14:53","post_date_gmt":"2023-03-09 01:14:53","post_content":"\n
WeChat has moved to support the development of China's CBDC, adding a payment method using the digital yuan, e-CNY.<\/p>\n\n\n\n
\n
WeChat is currently the largest social network in China and is expanding to more than 200 countries with 900 million individual users. With the strong development of WeChat today, this action of \"tycoon\" has brought the value of e-CNY to the world.
<\/li>\n\n\n\n
WeChat Pay wallet has over 3 billion users per quarter and allows users to use e-CNY to make payments, such as ordering fast food or topping up some mobile games connected with this platform.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a><\/p>\n\n\n\n
\n
The combination of WeChat and e-CNY makes adopting a CBDC<\/a> currency easier for consumers. On the other hand, it raises the awareness of the Chinese people about the potential and convenience of cryptocurrencies in the future.
<\/li>\n\n\n\n
In terms of investment, WeChat has made a significant impact on the Chinese market. It can be seen that this is a good opportunity to proceed with building a new trading system that focuses on cryptocurrencies.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>China Opens Blockchain Research Centre In Capital<\/a><\/p>\n","post_title":"Chinese Platform WeChat Accept Payments With The Digital Yuan CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinese-platform-wechat-accept-payments-with-the-digital-yuan-cbdc","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 17:21:15","post_modified_gmt":"2023-04-10 07:21:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10295","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10163,"post_author":"15","post_date":"2023-03-02 21:27:12","post_date_gmt":"2023-03-02 10:27:12","post_content":"\n
Brooks Entwistle, Managing Director of APAC and MENA and Senior Vice President of Customer Success at Ripple, disclosed in a recent interview <\/a>that Ripple is discussing with over 20 central banks regarding creating a Central Bank Digital Currency<\/a> (CBDC). This revelation highlights Ripple's dedication to CBDC development and its role in shaping the future of digital currencies.<\/p>\n\n\n\n
Interaction with regulators is \"invaluable\"<\/em>, according to the executive. Ripple engages with regulators worldwide to design custom CBDC solutions for smaller countries. While larger countries like China and the U.S. develop their CBDCs through the public sector, countries like Singapore, Tokyo, Switzerland, and the U.K. are turning to Ripple for tailored solutions.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Kazakhstan Plans CBDC Development Until 2025, Passes Bill Capping BTC Mining<\/a><\/p>\n\n\n\n
Entwistle highlighted that every country and the central bank has unique needs, that \"there are 200-plus countries out there\"<\/em> and a \"lot of central banks\"<\/em> worldwide. According to him, Ripple is \"in dialogue with not ten, not twenty, but a bunch more central banks around the world.\"<\/em> The company has already announced<\/a> projects with Bhutan and Palau. He believes this highlights the growing interest in tailored CBDC solutions for different regions.<\/p>\n\n\n\n
Ripple's dedication to CBDC development and tailored solutions is one aspect of its efforts to transform the cross-border payments space. With its global network RippleNet, the company aims to solve one of the last great financial puzzles in the world. As Ripple expands its policy team and continues to engage with regulators and central banks worldwide, the future of digital currencies and cross-border payments is sure to be shaped by the innovative solutions offered by Ripple.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631097047293235200\n<\/div><\/figure>\n","post_title":"Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-in-talks-with-over-20-central-banks-for-cbdc-development-says-senior-vp","to_ping":"","pinged":"","post_modified":"2023-04-10 17:31:44","post_modified_gmt":"2023-04-10 07:31:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
North Carolina Governor Roy Cooper has rejected <\/a>a bill banning the state from using a US Federal Reserve-issued CBDC. The bill had strong support from the state\u2019s House of Representatives and Senate with a vote of 109-4 and 39-5 respectively.<\/p>\n\n\n\n
Governor Cooper is criticized for deciding without putting \u201cpartisan politics aside\u201d. The bill is said to benefit all North Carolina residents, but the Governor believes that the bill was too \u201cpremature, vague, and reactionary\u201d to be signed into law.<\/p>\n\n\n\n
Since the vote was more than three-fifths majority in both chambers, the North Carolina legislators could override Governor Cooper's veto. <\/p>\n","post_title":"Taiwan's Central Bank Focuses On Slow And Steady Development Of CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"taiwans-central-bank-focuses-on-slow-and-steady-development-of-cbdc","to_ping":"","pinged":"","post_modified":"2024-07-09 21:59:28","post_modified_gmt":"2024-07-09 11:59:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17736","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10348,"post_author":"15","post_date":"2023-03-09 14:09:21","post_date_gmt":"2023-03-09 03:09:21","post_content":"\n
U.S. Congressman Stephen Lynch raised concerns over the impact of a CBDC on digital assets during the House Financial Services Committee<\/a>. He asked Fed Chair Powell about the potential of a tokenized US dollar to harm other digital assets. Powell expressed uncertainty about the value of non-dollar-backed cryptocurrencies and refrained from commenting on the impact of CBDCs. This occurs as regulators worldwide scrutinize cryptocurrencies, with some countries exploring <\/a>their digital currencies for financial transactions.<\/p>\n\n\n\n
\u201cI'm worried about a lot of these stablecoins and other cryptocurrencies,\u201d <\/em>Lynch said. \u201cDo they go to zero when we come up with a CBDC that has the full faith and credit of the United States behind it?\u201d<\/em><\/p>\n\n\n\n
\u201cStablecoins can certainly be a useful part that serves consumers efficiently when properly managed,\u201d <\/em>Powell said. \u201cAt the moment they don\u2019t. They have the potential to scale, especially when connected to one of the very large technology networks in existence. \u201d<\/em><\/p>\n\n\n\n
\u201cYou can have a systemically important instant payment network, but without proper regulation and security. The public relies on the government, and especially the Fed, to make sure the payment system is safe and reliable. \u201c<\/em><\/p>\n\n\n\n
See Related:<\/em><\/strong> Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a> <\/p>\n\n\n\n
The US Federal Reserve has been quietly studying the potential of a Central Bank Digital Currency<\/a> (CBDC) for years. CBDCs are digital currencies that function like stablecoins, pegged to fiat currencies like the US dollar. Unlike stablecoins issued on decentralized networks, CBDCs are managed and issued by governments. Benefits include faster, cheaper transactions, greater financial inclusion, and reduced fraud.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1633606373689942017\n<\/div><\/figure>\n","post_title":"U.S. Congressman Urges Fed To Consider CBDC Impact On Digital Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"u-s-congressman-urges-fed-to-consider-cbdc-impact-on-digital-assets","to_ping":"","pinged":"","post_modified":"2023-04-10 17:21:01","post_modified_gmt":"2023-04-10 07:21:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10348","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10295,"post_author":"16","post_date":"2023-03-09 12:14:53","post_date_gmt":"2023-03-09 01:14:53","post_content":"\n
WeChat has moved to support the development of China's CBDC, adding a payment method using the digital yuan, e-CNY.<\/p>\n\n\n\n
\n
WeChat is currently the largest social network in China and is expanding to more than 200 countries with 900 million individual users. With the strong development of WeChat today, this action of \"tycoon\" has brought the value of e-CNY to the world.
<\/li>\n\n\n\n
WeChat Pay wallet has over 3 billion users per quarter and allows users to use e-CNY to make payments, such as ordering fast food or topping up some mobile games connected with this platform.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a><\/p>\n\n\n\n
\n
The combination of WeChat and e-CNY makes adopting a CBDC<\/a> currency easier for consumers. On the other hand, it raises the awareness of the Chinese people about the potential and convenience of cryptocurrencies in the future.
<\/li>\n\n\n\n
In terms of investment, WeChat has made a significant impact on the Chinese market. It can be seen that this is a good opportunity to proceed with building a new trading system that focuses on cryptocurrencies.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>China Opens Blockchain Research Centre In Capital<\/a><\/p>\n","post_title":"Chinese Platform WeChat Accept Payments With The Digital Yuan CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinese-platform-wechat-accept-payments-with-the-digital-yuan-cbdc","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 17:21:15","post_modified_gmt":"2023-04-10 07:21:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10295","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10163,"post_author":"15","post_date":"2023-03-02 21:27:12","post_date_gmt":"2023-03-02 10:27:12","post_content":"\n
Brooks Entwistle, Managing Director of APAC and MENA and Senior Vice President of Customer Success at Ripple, disclosed in a recent interview <\/a>that Ripple is discussing with over 20 central banks regarding creating a Central Bank Digital Currency<\/a> (CBDC). This revelation highlights Ripple's dedication to CBDC development and its role in shaping the future of digital currencies.<\/p>\n\n\n\n
Interaction with regulators is \"invaluable\"<\/em>, according to the executive. Ripple engages with regulators worldwide to design custom CBDC solutions for smaller countries. While larger countries like China and the U.S. develop their CBDCs through the public sector, countries like Singapore, Tokyo, Switzerland, and the U.K. are turning to Ripple for tailored solutions.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Kazakhstan Plans CBDC Development Until 2025, Passes Bill Capping BTC Mining<\/a><\/p>\n\n\n\n
Entwistle highlighted that every country and the central bank has unique needs, that \"there are 200-plus countries out there\"<\/em> and a \"lot of central banks\"<\/em> worldwide. According to him, Ripple is \"in dialogue with not ten, not twenty, but a bunch more central banks around the world.\"<\/em> The company has already announced<\/a> projects with Bhutan and Palau. He believes this highlights the growing interest in tailored CBDC solutions for different regions.<\/p>\n\n\n\n
Ripple's dedication to CBDC development and tailored solutions is one aspect of its efforts to transform the cross-border payments space. With its global network RippleNet, the company aims to solve one of the last great financial puzzles in the world. As Ripple expands its policy team and continues to engage with regulators and central banks worldwide, the future of digital currencies and cross-border payments is sure to be shaped by the innovative solutions offered by Ripple.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631097047293235200\n<\/div><\/figure>\n","post_title":"Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-in-talks-with-over-20-central-banks-for-cbdc-development-says-senior-vp","to_ping":"","pinged":"","post_modified":"2023-04-10 17:31:44","post_modified_gmt":"2023-04-10 07:31:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
North Carolina Vetoed The CBDC Ban Bill<\/h2>\n\n\n\n
North Carolina Governor Roy Cooper has rejected <\/a>a bill banning the state from using a US Federal Reserve-issued CBDC. The bill had strong support from the state\u2019s House of Representatives and Senate with a vote of 109-4 and 39-5 respectively.<\/p>\n\n\n\n
Governor Cooper is criticized for deciding without putting \u201cpartisan politics aside\u201d. The bill is said to benefit all North Carolina residents, but the Governor believes that the bill was too \u201cpremature, vague, and reactionary\u201d to be signed into law.<\/p>\n\n\n\n
Since the vote was more than three-fifths majority in both chambers, the North Carolina legislators could override Governor Cooper's veto. <\/p>\n","post_title":"Taiwan's Central Bank Focuses On Slow And Steady Development Of CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"taiwans-central-bank-focuses-on-slow-and-steady-development-of-cbdc","to_ping":"","pinged":"","post_modified":"2024-07-09 21:59:28","post_modified_gmt":"2024-07-09 11:59:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17736","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10348,"post_author":"15","post_date":"2023-03-09 14:09:21","post_date_gmt":"2023-03-09 03:09:21","post_content":"\n
U.S. Congressman Stephen Lynch raised concerns over the impact of a CBDC on digital assets during the House Financial Services Committee<\/a>. He asked Fed Chair Powell about the potential of a tokenized US dollar to harm other digital assets. Powell expressed uncertainty about the value of non-dollar-backed cryptocurrencies and refrained from commenting on the impact of CBDCs. This occurs as regulators worldwide scrutinize cryptocurrencies, with some countries exploring <\/a>their digital currencies for financial transactions.<\/p>\n\n\n\n
\u201cI'm worried about a lot of these stablecoins and other cryptocurrencies,\u201d <\/em>Lynch said. \u201cDo they go to zero when we come up with a CBDC that has the full faith and credit of the United States behind it?\u201d<\/em><\/p>\n\n\n\n
\u201cStablecoins can certainly be a useful part that serves consumers efficiently when properly managed,\u201d <\/em>Powell said. \u201cAt the moment they don\u2019t. They have the potential to scale, especially when connected to one of the very large technology networks in existence. \u201d<\/em><\/p>\n\n\n\n
\u201cYou can have a systemically important instant payment network, but without proper regulation and security. The public relies on the government, and especially the Fed, to make sure the payment system is safe and reliable. \u201c<\/em><\/p>\n\n\n\n
See Related:<\/em><\/strong> Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a> <\/p>\n\n\n\n
The US Federal Reserve has been quietly studying the potential of a Central Bank Digital Currency<\/a> (CBDC) for years. CBDCs are digital currencies that function like stablecoins, pegged to fiat currencies like the US dollar. Unlike stablecoins issued on decentralized networks, CBDCs are managed and issued by governments. Benefits include faster, cheaper transactions, greater financial inclusion, and reduced fraud.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1633606373689942017\n<\/div><\/figure>\n","post_title":"U.S. Congressman Urges Fed To Consider CBDC Impact On Digital Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"u-s-congressman-urges-fed-to-consider-cbdc-impact-on-digital-assets","to_ping":"","pinged":"","post_modified":"2023-04-10 17:21:01","post_modified_gmt":"2023-04-10 07:21:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10348","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10295,"post_author":"16","post_date":"2023-03-09 12:14:53","post_date_gmt":"2023-03-09 01:14:53","post_content":"\n
WeChat has moved to support the development of China's CBDC, adding a payment method using the digital yuan, e-CNY.<\/p>\n\n\n\n
\n
WeChat is currently the largest social network in China and is expanding to more than 200 countries with 900 million individual users. With the strong development of WeChat today, this action of \"tycoon\" has brought the value of e-CNY to the world.
<\/li>\n\n\n\n
WeChat Pay wallet has over 3 billion users per quarter and allows users to use e-CNY to make payments, such as ordering fast food or topping up some mobile games connected with this platform.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a><\/p>\n\n\n\n
\n
The combination of WeChat and e-CNY makes adopting a CBDC<\/a> currency easier for consumers. On the other hand, it raises the awareness of the Chinese people about the potential and convenience of cryptocurrencies in the future.
<\/li>\n\n\n\n
In terms of investment, WeChat has made a significant impact on the Chinese market. It can be seen that this is a good opportunity to proceed with building a new trading system that focuses on cryptocurrencies.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>China Opens Blockchain Research Centre In Capital<\/a><\/p>\n","post_title":"Chinese Platform WeChat Accept Payments With The Digital Yuan CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinese-platform-wechat-accept-payments-with-the-digital-yuan-cbdc","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 17:21:15","post_modified_gmt":"2023-04-10 07:21:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10295","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10163,"post_author":"15","post_date":"2023-03-02 21:27:12","post_date_gmt":"2023-03-02 10:27:12","post_content":"\n
Brooks Entwistle, Managing Director of APAC and MENA and Senior Vice President of Customer Success at Ripple, disclosed in a recent interview <\/a>that Ripple is discussing with over 20 central banks regarding creating a Central Bank Digital Currency<\/a> (CBDC). This revelation highlights Ripple's dedication to CBDC development and its role in shaping the future of digital currencies.<\/p>\n\n\n\n
Interaction with regulators is \"invaluable\"<\/em>, according to the executive. Ripple engages with regulators worldwide to design custom CBDC solutions for smaller countries. While larger countries like China and the U.S. develop their CBDCs through the public sector, countries like Singapore, Tokyo, Switzerland, and the U.K. are turning to Ripple for tailored solutions.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Kazakhstan Plans CBDC Development Until 2025, Passes Bill Capping BTC Mining<\/a><\/p>\n\n\n\n
Entwistle highlighted that every country and the central bank has unique needs, that \"there are 200-plus countries out there\"<\/em> and a \"lot of central banks\"<\/em> worldwide. According to him, Ripple is \"in dialogue with not ten, not twenty, but a bunch more central banks around the world.\"<\/em> The company has already announced<\/a> projects with Bhutan and Palau. He believes this highlights the growing interest in tailored CBDC solutions for different regions.<\/p>\n\n\n\n
Ripple's dedication to CBDC development and tailored solutions is one aspect of its efforts to transform the cross-border payments space. With its global network RippleNet, the company aims to solve one of the last great financial puzzles in the world. As Ripple expands its policy team and continues to engage with regulators and central banks worldwide, the future of digital currencies and cross-border payments is sure to be shaped by the innovative solutions offered by Ripple.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631097047293235200\n<\/div><\/figure>\n","post_title":"Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-in-talks-with-over-20-central-banks-for-cbdc-development-says-senior-vp","to_ping":"","pinged":"","post_modified":"2023-04-10 17:31:44","post_modified_gmt":"2023-04-10 07:31:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
In March, the Financial Supervisory Commission announced plans to propose new digital asset regulations for Taiwan by September 2024, aiming to create more effective regulations for digital asset markets and ensure investor safety.<\/p>\n\n\n\n
North Carolina Vetoed The CBDC Ban Bill<\/h2>\n\n\n\n
North Carolina Governor Roy Cooper has rejected <\/a>a bill banning the state from using a US Federal Reserve-issued CBDC. The bill had strong support from the state\u2019s House of Representatives and Senate with a vote of 109-4 and 39-5 respectively.<\/p>\n\n\n\n
Governor Cooper is criticized for deciding without putting \u201cpartisan politics aside\u201d. The bill is said to benefit all North Carolina residents, but the Governor believes that the bill was too \u201cpremature, vague, and reactionary\u201d to be signed into law.<\/p>\n\n\n\n
Since the vote was more than three-fifths majority in both chambers, the North Carolina legislators could override Governor Cooper's veto. <\/p>\n","post_title":"Taiwan's Central Bank Focuses On Slow And Steady Development Of CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"taiwans-central-bank-focuses-on-slow-and-steady-development-of-cbdc","to_ping":"","pinged":"","post_modified":"2024-07-09 21:59:28","post_modified_gmt":"2024-07-09 11:59:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17736","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10348,"post_author":"15","post_date":"2023-03-09 14:09:21","post_date_gmt":"2023-03-09 03:09:21","post_content":"\n
U.S. Congressman Stephen Lynch raised concerns over the impact of a CBDC on digital assets during the House Financial Services Committee<\/a>. He asked Fed Chair Powell about the potential of a tokenized US dollar to harm other digital assets. Powell expressed uncertainty about the value of non-dollar-backed cryptocurrencies and refrained from commenting on the impact of CBDCs. This occurs as regulators worldwide scrutinize cryptocurrencies, with some countries exploring <\/a>their digital currencies for financial transactions.<\/p>\n\n\n\n
\u201cI'm worried about a lot of these stablecoins and other cryptocurrencies,\u201d <\/em>Lynch said. \u201cDo they go to zero when we come up with a CBDC that has the full faith and credit of the United States behind it?\u201d<\/em><\/p>\n\n\n\n
\u201cStablecoins can certainly be a useful part that serves consumers efficiently when properly managed,\u201d <\/em>Powell said. \u201cAt the moment they don\u2019t. They have the potential to scale, especially when connected to one of the very large technology networks in existence. \u201d<\/em><\/p>\n\n\n\n
\u201cYou can have a systemically important instant payment network, but without proper regulation and security. The public relies on the government, and especially the Fed, to make sure the payment system is safe and reliable. \u201c<\/em><\/p>\n\n\n\n
See Related:<\/em><\/strong> Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a> <\/p>\n\n\n\n
The US Federal Reserve has been quietly studying the potential of a Central Bank Digital Currency<\/a> (CBDC) for years. CBDCs are digital currencies that function like stablecoins, pegged to fiat currencies like the US dollar. Unlike stablecoins issued on decentralized networks, CBDCs are managed and issued by governments. Benefits include faster, cheaper transactions, greater financial inclusion, and reduced fraud.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1633606373689942017\n<\/div><\/figure>\n","post_title":"U.S. Congressman Urges Fed To Consider CBDC Impact On Digital Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"u-s-congressman-urges-fed-to-consider-cbdc-impact-on-digital-assets","to_ping":"","pinged":"","post_modified":"2023-04-10 17:21:01","post_modified_gmt":"2023-04-10 07:21:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10348","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10295,"post_author":"16","post_date":"2023-03-09 12:14:53","post_date_gmt":"2023-03-09 01:14:53","post_content":"\n
WeChat has moved to support the development of China's CBDC, adding a payment method using the digital yuan, e-CNY.<\/p>\n\n\n\n
\n
WeChat is currently the largest social network in China and is expanding to more than 200 countries with 900 million individual users. With the strong development of WeChat today, this action of \"tycoon\" has brought the value of e-CNY to the world.
<\/li>\n\n\n\n
WeChat Pay wallet has over 3 billion users per quarter and allows users to use e-CNY to make payments, such as ordering fast food or topping up some mobile games connected with this platform.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a><\/p>\n\n\n\n
\n
The combination of WeChat and e-CNY makes adopting a CBDC<\/a> currency easier for consumers. On the other hand, it raises the awareness of the Chinese people about the potential and convenience of cryptocurrencies in the future.
<\/li>\n\n\n\n
In terms of investment, WeChat has made a significant impact on the Chinese market. It can be seen that this is a good opportunity to proceed with building a new trading system that focuses on cryptocurrencies.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>China Opens Blockchain Research Centre In Capital<\/a><\/p>\n","post_title":"Chinese Platform WeChat Accept Payments With The Digital Yuan CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinese-platform-wechat-accept-payments-with-the-digital-yuan-cbdc","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 17:21:15","post_modified_gmt":"2023-04-10 07:21:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10295","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10163,"post_author":"15","post_date":"2023-03-02 21:27:12","post_date_gmt":"2023-03-02 10:27:12","post_content":"\n
Brooks Entwistle, Managing Director of APAC and MENA and Senior Vice President of Customer Success at Ripple, disclosed in a recent interview <\/a>that Ripple is discussing with over 20 central banks regarding creating a Central Bank Digital Currency<\/a> (CBDC). This revelation highlights Ripple's dedication to CBDC development and its role in shaping the future of digital currencies.<\/p>\n\n\n\n
Interaction with regulators is \"invaluable\"<\/em>, according to the executive. Ripple engages with regulators worldwide to design custom CBDC solutions for smaller countries. While larger countries like China and the U.S. develop their CBDCs through the public sector, countries like Singapore, Tokyo, Switzerland, and the U.K. are turning to Ripple for tailored solutions.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Kazakhstan Plans CBDC Development Until 2025, Passes Bill Capping BTC Mining<\/a><\/p>\n\n\n\n
Entwistle highlighted that every country and the central bank has unique needs, that \"there are 200-plus countries out there\"<\/em> and a \"lot of central banks\"<\/em> worldwide. According to him, Ripple is \"in dialogue with not ten, not twenty, but a bunch more central banks around the world.\"<\/em> The company has already announced<\/a> projects with Bhutan and Palau. He believes this highlights the growing interest in tailored CBDC solutions for different regions.<\/p>\n\n\n\n
Ripple's dedication to CBDC development and tailored solutions is one aspect of its efforts to transform the cross-border payments space. With its global network RippleNet, the company aims to solve one of the last great financial puzzles in the world. As Ripple expands its policy team and continues to engage with regulators and central banks worldwide, the future of digital currencies and cross-border payments is sure to be shaped by the innovative solutions offered by Ripple.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631097047293235200\n<\/div><\/figure>\n","post_title":"Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-in-talks-with-over-20-central-banks-for-cbdc-development-says-senior-vp","to_ping":"","pinged":"","post_modified":"2023-04-10 17:31:44","post_modified_gmt":"2023-04-10 07:31:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Yang reiterated that Taiwan\u2019s cautious approach to issuing a CBDC is meant to meet public digital payment needs and align with government digital policy goals, ensuring significant benefits.<\/p>\n\n\n\n
In March, the Financial Supervisory Commission announced plans to propose new digital asset regulations for Taiwan by September 2024, aiming to create more effective regulations for digital asset markets and ensure investor safety.<\/p>\n\n\n\n
North Carolina Vetoed The CBDC Ban Bill<\/h2>\n\n\n\n
North Carolina Governor Roy Cooper has rejected <\/a>a bill banning the state from using a US Federal Reserve-issued CBDC. The bill had strong support from the state\u2019s House of Representatives and Senate with a vote of 109-4 and 39-5 respectively.<\/p>\n\n\n\n
Governor Cooper is criticized for deciding without putting \u201cpartisan politics aside\u201d. The bill is said to benefit all North Carolina residents, but the Governor believes that the bill was too \u201cpremature, vague, and reactionary\u201d to be signed into law.<\/p>\n\n\n\n
Since the vote was more than three-fifths majority in both chambers, the North Carolina legislators could override Governor Cooper's veto. <\/p>\n","post_title":"Taiwan's Central Bank Focuses On Slow And Steady Development Of CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"taiwans-central-bank-focuses-on-slow-and-steady-development-of-cbdc","to_ping":"","pinged":"","post_modified":"2024-07-09 21:59:28","post_modified_gmt":"2024-07-09 11:59:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17736","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10348,"post_author":"15","post_date":"2023-03-09 14:09:21","post_date_gmt":"2023-03-09 03:09:21","post_content":"\n
U.S. Congressman Stephen Lynch raised concerns over the impact of a CBDC on digital assets during the House Financial Services Committee<\/a>. He asked Fed Chair Powell about the potential of a tokenized US dollar to harm other digital assets. Powell expressed uncertainty about the value of non-dollar-backed cryptocurrencies and refrained from commenting on the impact of CBDCs. This occurs as regulators worldwide scrutinize cryptocurrencies, with some countries exploring <\/a>their digital currencies for financial transactions.<\/p>\n\n\n\n
\u201cI'm worried about a lot of these stablecoins and other cryptocurrencies,\u201d <\/em>Lynch said. \u201cDo they go to zero when we come up with a CBDC that has the full faith and credit of the United States behind it?\u201d<\/em><\/p>\n\n\n\n
\u201cStablecoins can certainly be a useful part that serves consumers efficiently when properly managed,\u201d <\/em>Powell said. \u201cAt the moment they don\u2019t. They have the potential to scale, especially when connected to one of the very large technology networks in existence. \u201d<\/em><\/p>\n\n\n\n
\u201cYou can have a systemically important instant payment network, but without proper regulation and security. The public relies on the government, and especially the Fed, to make sure the payment system is safe and reliable. \u201c<\/em><\/p>\n\n\n\n
See Related:<\/em><\/strong> Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a> <\/p>\n\n\n\n
The US Federal Reserve has been quietly studying the potential of a Central Bank Digital Currency<\/a> (CBDC) for years. CBDCs are digital currencies that function like stablecoins, pegged to fiat currencies like the US dollar. Unlike stablecoins issued on decentralized networks, CBDCs are managed and issued by governments. Benefits include faster, cheaper transactions, greater financial inclusion, and reduced fraud.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1633606373689942017\n<\/div><\/figure>\n","post_title":"U.S. Congressman Urges Fed To Consider CBDC Impact On Digital Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"u-s-congressman-urges-fed-to-consider-cbdc-impact-on-digital-assets","to_ping":"","pinged":"","post_modified":"2023-04-10 17:21:01","post_modified_gmt":"2023-04-10 07:21:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10348","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10295,"post_author":"16","post_date":"2023-03-09 12:14:53","post_date_gmt":"2023-03-09 01:14:53","post_content":"\n
WeChat has moved to support the development of China's CBDC, adding a payment method using the digital yuan, e-CNY.<\/p>\n\n\n\n
\n
WeChat is currently the largest social network in China and is expanding to more than 200 countries with 900 million individual users. With the strong development of WeChat today, this action of \"tycoon\" has brought the value of e-CNY to the world.
<\/li>\n\n\n\n
WeChat Pay wallet has over 3 billion users per quarter and allows users to use e-CNY to make payments, such as ordering fast food or topping up some mobile games connected with this platform.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a><\/p>\n\n\n\n
\n
The combination of WeChat and e-CNY makes adopting a CBDC<\/a> currency easier for consumers. On the other hand, it raises the awareness of the Chinese people about the potential and convenience of cryptocurrencies in the future.
<\/li>\n\n\n\n
In terms of investment, WeChat has made a significant impact on the Chinese market. It can be seen that this is a good opportunity to proceed with building a new trading system that focuses on cryptocurrencies.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>China Opens Blockchain Research Centre In Capital<\/a><\/p>\n","post_title":"Chinese Platform WeChat Accept Payments With The Digital Yuan CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinese-platform-wechat-accept-payments-with-the-digital-yuan-cbdc","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 17:21:15","post_modified_gmt":"2023-04-10 07:21:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10295","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10163,"post_author":"15","post_date":"2023-03-02 21:27:12","post_date_gmt":"2023-03-02 10:27:12","post_content":"\n
Brooks Entwistle, Managing Director of APAC and MENA and Senior Vice President of Customer Success at Ripple, disclosed in a recent interview <\/a>that Ripple is discussing with over 20 central banks regarding creating a Central Bank Digital Currency<\/a> (CBDC). This revelation highlights Ripple's dedication to CBDC development and its role in shaping the future of digital currencies.<\/p>\n\n\n\n
Interaction with regulators is \"invaluable\"<\/em>, according to the executive. Ripple engages with regulators worldwide to design custom CBDC solutions for smaller countries. While larger countries like China and the U.S. develop their CBDCs through the public sector, countries like Singapore, Tokyo, Switzerland, and the U.K. are turning to Ripple for tailored solutions.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Kazakhstan Plans CBDC Development Until 2025, Passes Bill Capping BTC Mining<\/a><\/p>\n\n\n\n
Entwistle highlighted that every country and the central bank has unique needs, that \"there are 200-plus countries out there\"<\/em> and a \"lot of central banks\"<\/em> worldwide. According to him, Ripple is \"in dialogue with not ten, not twenty, but a bunch more central banks around the world.\"<\/em> The company has already announced<\/a> projects with Bhutan and Palau. He believes this highlights the growing interest in tailored CBDC solutions for different regions.<\/p>\n\n\n\n
Ripple's dedication to CBDC development and tailored solutions is one aspect of its efforts to transform the cross-border payments space. With its global network RippleNet, the company aims to solve one of the last great financial puzzles in the world. As Ripple expands its policy team and continues to engage with regulators and central banks worldwide, the future of digital currencies and cross-border payments is sure to be shaped by the innovative solutions offered by Ripple.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631097047293235200\n<\/div><\/figure>\n","post_title":"Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-in-talks-with-over-20-central-banks-for-cbdc-development-says-senior-vp","to_ping":"","pinged":"","post_modified":"2023-04-10 17:31:44","post_modified_gmt":"2023-04-10 07:31:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
See Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Yang reiterated that Taiwan\u2019s cautious approach to issuing a CBDC is meant to meet public digital payment needs and align with government digital policy goals, ensuring significant benefits.<\/p>\n\n\n\n
In March, the Financial Supervisory Commission announced plans to propose new digital asset regulations for Taiwan by September 2024, aiming to create more effective regulations for digital asset markets and ensure investor safety.<\/p>\n\n\n\n
North Carolina Vetoed The CBDC Ban Bill<\/h2>\n\n\n\n
North Carolina Governor Roy Cooper has rejected <\/a>a bill banning the state from using a US Federal Reserve-issued CBDC. The bill had strong support from the state\u2019s House of Representatives and Senate with a vote of 109-4 and 39-5 respectively.<\/p>\n\n\n\n
Governor Cooper is criticized for deciding without putting \u201cpartisan politics aside\u201d. The bill is said to benefit all North Carolina residents, but the Governor believes that the bill was too \u201cpremature, vague, and reactionary\u201d to be signed into law.<\/p>\n\n\n\n
Since the vote was more than three-fifths majority in both chambers, the North Carolina legislators could override Governor Cooper's veto. <\/p>\n","post_title":"Taiwan's Central Bank Focuses On Slow And Steady Development Of CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"taiwans-central-bank-focuses-on-slow-and-steady-development-of-cbdc","to_ping":"","pinged":"","post_modified":"2024-07-09 21:59:28","post_modified_gmt":"2024-07-09 11:59:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17736","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10348,"post_author":"15","post_date":"2023-03-09 14:09:21","post_date_gmt":"2023-03-09 03:09:21","post_content":"\n
U.S. Congressman Stephen Lynch raised concerns over the impact of a CBDC on digital assets during the House Financial Services Committee<\/a>. He asked Fed Chair Powell about the potential of a tokenized US dollar to harm other digital assets. Powell expressed uncertainty about the value of non-dollar-backed cryptocurrencies and refrained from commenting on the impact of CBDCs. This occurs as regulators worldwide scrutinize cryptocurrencies, with some countries exploring <\/a>their digital currencies for financial transactions.<\/p>\n\n\n\n
\u201cI'm worried about a lot of these stablecoins and other cryptocurrencies,\u201d <\/em>Lynch said. \u201cDo they go to zero when we come up with a CBDC that has the full faith and credit of the United States behind it?\u201d<\/em><\/p>\n\n\n\n
\u201cStablecoins can certainly be a useful part that serves consumers efficiently when properly managed,\u201d <\/em>Powell said. \u201cAt the moment they don\u2019t. They have the potential to scale, especially when connected to one of the very large technology networks in existence. \u201d<\/em><\/p>\n\n\n\n
\u201cYou can have a systemically important instant payment network, but without proper regulation and security. The public relies on the government, and especially the Fed, to make sure the payment system is safe and reliable. \u201c<\/em><\/p>\n\n\n\n
See Related:<\/em><\/strong> Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a> <\/p>\n\n\n\n
The US Federal Reserve has been quietly studying the potential of a Central Bank Digital Currency<\/a> (CBDC) for years. CBDCs are digital currencies that function like stablecoins, pegged to fiat currencies like the US dollar. Unlike stablecoins issued on decentralized networks, CBDCs are managed and issued by governments. Benefits include faster, cheaper transactions, greater financial inclusion, and reduced fraud.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1633606373689942017\n<\/div><\/figure>\n","post_title":"U.S. Congressman Urges Fed To Consider CBDC Impact On Digital Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"u-s-congressman-urges-fed-to-consider-cbdc-impact-on-digital-assets","to_ping":"","pinged":"","post_modified":"2023-04-10 17:21:01","post_modified_gmt":"2023-04-10 07:21:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10348","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10295,"post_author":"16","post_date":"2023-03-09 12:14:53","post_date_gmt":"2023-03-09 01:14:53","post_content":"\n
WeChat has moved to support the development of China's CBDC, adding a payment method using the digital yuan, e-CNY.<\/p>\n\n\n\n
\n
WeChat is currently the largest social network in China and is expanding to more than 200 countries with 900 million individual users. With the strong development of WeChat today, this action of \"tycoon\" has brought the value of e-CNY to the world.
<\/li>\n\n\n\n
WeChat Pay wallet has over 3 billion users per quarter and allows users to use e-CNY to make payments, such as ordering fast food or topping up some mobile games connected with this platform.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a><\/p>\n\n\n\n
\n
The combination of WeChat and e-CNY makes adopting a CBDC<\/a> currency easier for consumers. On the other hand, it raises the awareness of the Chinese people about the potential and convenience of cryptocurrencies in the future.
<\/li>\n\n\n\n
In terms of investment, WeChat has made a significant impact on the Chinese market. It can be seen that this is a good opportunity to proceed with building a new trading system that focuses on cryptocurrencies.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>China Opens Blockchain Research Centre In Capital<\/a><\/p>\n","post_title":"Chinese Platform WeChat Accept Payments With The Digital Yuan CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinese-platform-wechat-accept-payments-with-the-digital-yuan-cbdc","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 17:21:15","post_modified_gmt":"2023-04-10 07:21:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10295","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10163,"post_author":"15","post_date":"2023-03-02 21:27:12","post_date_gmt":"2023-03-02 10:27:12","post_content":"\n
Brooks Entwistle, Managing Director of APAC and MENA and Senior Vice President of Customer Success at Ripple, disclosed in a recent interview <\/a>that Ripple is discussing with over 20 central banks regarding creating a Central Bank Digital Currency<\/a> (CBDC). This revelation highlights Ripple's dedication to CBDC development and its role in shaping the future of digital currencies.<\/p>\n\n\n\n
Interaction with regulators is \"invaluable\"<\/em>, according to the executive. Ripple engages with regulators worldwide to design custom CBDC solutions for smaller countries. While larger countries like China and the U.S. develop their CBDCs through the public sector, countries like Singapore, Tokyo, Switzerland, and the U.K. are turning to Ripple for tailored solutions.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Kazakhstan Plans CBDC Development Until 2025, Passes Bill Capping BTC Mining<\/a><\/p>\n\n\n\n
Entwistle highlighted that every country and the central bank has unique needs, that \"there are 200-plus countries out there\"<\/em> and a \"lot of central banks\"<\/em> worldwide. According to him, Ripple is \"in dialogue with not ten, not twenty, but a bunch more central banks around the world.\"<\/em> The company has already announced<\/a> projects with Bhutan and Palau. He believes this highlights the growing interest in tailored CBDC solutions for different regions.<\/p>\n\n\n\n
Ripple's dedication to CBDC development and tailored solutions is one aspect of its efforts to transform the cross-border payments space. With its global network RippleNet, the company aims to solve one of the last great financial puzzles in the world. As Ripple expands its policy team and continues to engage with regulators and central banks worldwide, the future of digital currencies and cross-border payments is sure to be shaped by the innovative solutions offered by Ripple.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631097047293235200\n<\/div><\/figure>\n","post_title":"Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-in-talks-with-over-20-central-banks-for-cbdc-development-says-senior-vp","to_ping":"","pinged":"","post_modified":"2023-04-10 17:31:44","post_modified_gmt":"2023-04-10 07:31:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
One notable development is the CBDC prototype platform designed for retail payments. Yang mentioned that this platform could handle the cash flow operation of digital coupons, with transaction speeds reaching 20,000 transactions per second.<\/p>\n\n\n\n
See Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Yang reiterated that Taiwan\u2019s cautious approach to issuing a CBDC is meant to meet public digital payment needs and align with government digital policy goals, ensuring significant benefits.<\/p>\n\n\n\n
In March, the Financial Supervisory Commission announced plans to propose new digital asset regulations for Taiwan by September 2024, aiming to create more effective regulations for digital asset markets and ensure investor safety.<\/p>\n\n\n\n
North Carolina Vetoed The CBDC Ban Bill<\/h2>\n\n\n\n
North Carolina Governor Roy Cooper has rejected <\/a>a bill banning the state from using a US Federal Reserve-issued CBDC. The bill had strong support from the state\u2019s House of Representatives and Senate with a vote of 109-4 and 39-5 respectively.<\/p>\n\n\n\n
Governor Cooper is criticized for deciding without putting \u201cpartisan politics aside\u201d. The bill is said to benefit all North Carolina residents, but the Governor believes that the bill was too \u201cpremature, vague, and reactionary\u201d to be signed into law.<\/p>\n\n\n\n
Since the vote was more than three-fifths majority in both chambers, the North Carolina legislators could override Governor Cooper's veto. <\/p>\n","post_title":"Taiwan's Central Bank Focuses On Slow And Steady Development Of CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"taiwans-central-bank-focuses-on-slow-and-steady-development-of-cbdc","to_ping":"","pinged":"","post_modified":"2024-07-09 21:59:28","post_modified_gmt":"2024-07-09 11:59:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17736","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10348,"post_author":"15","post_date":"2023-03-09 14:09:21","post_date_gmt":"2023-03-09 03:09:21","post_content":"\n
U.S. Congressman Stephen Lynch raised concerns over the impact of a CBDC on digital assets during the House Financial Services Committee<\/a>. He asked Fed Chair Powell about the potential of a tokenized US dollar to harm other digital assets. Powell expressed uncertainty about the value of non-dollar-backed cryptocurrencies and refrained from commenting on the impact of CBDCs. This occurs as regulators worldwide scrutinize cryptocurrencies, with some countries exploring <\/a>their digital currencies for financial transactions.<\/p>\n\n\n\n
\u201cI'm worried about a lot of these stablecoins and other cryptocurrencies,\u201d <\/em>Lynch said. \u201cDo they go to zero when we come up with a CBDC that has the full faith and credit of the United States behind it?\u201d<\/em><\/p>\n\n\n\n
\u201cStablecoins can certainly be a useful part that serves consumers efficiently when properly managed,\u201d <\/em>Powell said. \u201cAt the moment they don\u2019t. They have the potential to scale, especially when connected to one of the very large technology networks in existence. \u201d<\/em><\/p>\n\n\n\n
\u201cYou can have a systemically important instant payment network, but without proper regulation and security. The public relies on the government, and especially the Fed, to make sure the payment system is safe and reliable. \u201c<\/em><\/p>\n\n\n\n
See Related:<\/em><\/strong> Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a> <\/p>\n\n\n\n
The US Federal Reserve has been quietly studying the potential of a Central Bank Digital Currency<\/a> (CBDC) for years. CBDCs are digital currencies that function like stablecoins, pegged to fiat currencies like the US dollar. Unlike stablecoins issued on decentralized networks, CBDCs are managed and issued by governments. Benefits include faster, cheaper transactions, greater financial inclusion, and reduced fraud.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1633606373689942017\n<\/div><\/figure>\n","post_title":"U.S. Congressman Urges Fed To Consider CBDC Impact On Digital Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"u-s-congressman-urges-fed-to-consider-cbdc-impact-on-digital-assets","to_ping":"","pinged":"","post_modified":"2023-04-10 17:21:01","post_modified_gmt":"2023-04-10 07:21:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10348","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10295,"post_author":"16","post_date":"2023-03-09 12:14:53","post_date_gmt":"2023-03-09 01:14:53","post_content":"\n
WeChat has moved to support the development of China's CBDC, adding a payment method using the digital yuan, e-CNY.<\/p>\n\n\n\n
\n
WeChat is currently the largest social network in China and is expanding to more than 200 countries with 900 million individual users. With the strong development of WeChat today, this action of \"tycoon\" has brought the value of e-CNY to the world.
<\/li>\n\n\n\n
WeChat Pay wallet has over 3 billion users per quarter and allows users to use e-CNY to make payments, such as ordering fast food or topping up some mobile games connected with this platform.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a><\/p>\n\n\n\n
\n
The combination of WeChat and e-CNY makes adopting a CBDC<\/a> currency easier for consumers. On the other hand, it raises the awareness of the Chinese people about the potential and convenience of cryptocurrencies in the future.
<\/li>\n\n\n\n
In terms of investment, WeChat has made a significant impact on the Chinese market. It can be seen that this is a good opportunity to proceed with building a new trading system that focuses on cryptocurrencies.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>China Opens Blockchain Research Centre In Capital<\/a><\/p>\n","post_title":"Chinese Platform WeChat Accept Payments With The Digital Yuan CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinese-platform-wechat-accept-payments-with-the-digital-yuan-cbdc","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 17:21:15","post_modified_gmt":"2023-04-10 07:21:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10295","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10163,"post_author":"15","post_date":"2023-03-02 21:27:12","post_date_gmt":"2023-03-02 10:27:12","post_content":"\n
Brooks Entwistle, Managing Director of APAC and MENA and Senior Vice President of Customer Success at Ripple, disclosed in a recent interview <\/a>that Ripple is discussing with over 20 central banks regarding creating a Central Bank Digital Currency<\/a> (CBDC). This revelation highlights Ripple's dedication to CBDC development and its role in shaping the future of digital currencies.<\/p>\n\n\n\n
Interaction with regulators is \"invaluable\"<\/em>, according to the executive. Ripple engages with regulators worldwide to design custom CBDC solutions for smaller countries. While larger countries like China and the U.S. develop their CBDCs through the public sector, countries like Singapore, Tokyo, Switzerland, and the U.K. are turning to Ripple for tailored solutions.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Kazakhstan Plans CBDC Development Until 2025, Passes Bill Capping BTC Mining<\/a><\/p>\n\n\n\n
Entwistle highlighted that every country and the central bank has unique needs, that \"there are 200-plus countries out there\"<\/em> and a \"lot of central banks\"<\/em> worldwide. According to him, Ripple is \"in dialogue with not ten, not twenty, but a bunch more central banks around the world.\"<\/em> The company has already announced<\/a> projects with Bhutan and Palau. He believes this highlights the growing interest in tailored CBDC solutions for different regions.<\/p>\n\n\n\n
Ripple's dedication to CBDC development and tailored solutions is one aspect of its efforts to transform the cross-border payments space. With its global network RippleNet, the company aims to solve one of the last great financial puzzles in the world. As Ripple expands its policy team and continues to engage with regulators and central banks worldwide, the future of digital currencies and cross-border payments is sure to be shaped by the innovative solutions offered by Ripple.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631097047293235200\n<\/div><\/figure>\n","post_title":"Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-in-talks-with-over-20-central-banks-for-cbdc-development-says-senior-vp","to_ping":"","pinged":"","post_modified":"2023-04-10 17:31:44","post_modified_gmt":"2023-04-10 07:31:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Yang stated that the central bank is experimenting with three scenarios to boost domestic payment efficiency and innovation. There is no set timeline for issuing a CBDC but efforts to enhance and innovativate are ongoing.<\/p>\n\n\n\n
One notable development is the CBDC prototype platform designed for retail payments. Yang mentioned that this platform could handle the cash flow operation of digital coupons, with transaction speeds reaching 20,000 transactions per second.<\/p>\n\n\n\n
See Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Yang reiterated that Taiwan\u2019s cautious approach to issuing a CBDC is meant to meet public digital payment needs and align with government digital policy goals, ensuring significant benefits.<\/p>\n\n\n\n
In March, the Financial Supervisory Commission announced plans to propose new digital asset regulations for Taiwan by September 2024, aiming to create more effective regulations for digital asset markets and ensure investor safety.<\/p>\n\n\n\n
North Carolina Vetoed The CBDC Ban Bill<\/h2>\n\n\n\n
North Carolina Governor Roy Cooper has rejected <\/a>a bill banning the state from using a US Federal Reserve-issued CBDC. The bill had strong support from the state\u2019s House of Representatives and Senate with a vote of 109-4 and 39-5 respectively.<\/p>\n\n\n\n
Governor Cooper is criticized for deciding without putting \u201cpartisan politics aside\u201d. The bill is said to benefit all North Carolina residents, but the Governor believes that the bill was too \u201cpremature, vague, and reactionary\u201d to be signed into law.<\/p>\n\n\n\n
Since the vote was more than three-fifths majority in both chambers, the North Carolina legislators could override Governor Cooper's veto. <\/p>\n","post_title":"Taiwan's Central Bank Focuses On Slow And Steady Development Of CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"taiwans-central-bank-focuses-on-slow-and-steady-development-of-cbdc","to_ping":"","pinged":"","post_modified":"2024-07-09 21:59:28","post_modified_gmt":"2024-07-09 11:59:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17736","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10348,"post_author":"15","post_date":"2023-03-09 14:09:21","post_date_gmt":"2023-03-09 03:09:21","post_content":"\n
U.S. Congressman Stephen Lynch raised concerns over the impact of a CBDC on digital assets during the House Financial Services Committee<\/a>. He asked Fed Chair Powell about the potential of a tokenized US dollar to harm other digital assets. Powell expressed uncertainty about the value of non-dollar-backed cryptocurrencies and refrained from commenting on the impact of CBDCs. This occurs as regulators worldwide scrutinize cryptocurrencies, with some countries exploring <\/a>their digital currencies for financial transactions.<\/p>\n\n\n\n
\u201cI'm worried about a lot of these stablecoins and other cryptocurrencies,\u201d <\/em>Lynch said. \u201cDo they go to zero when we come up with a CBDC that has the full faith and credit of the United States behind it?\u201d<\/em><\/p>\n\n\n\n
\u201cStablecoins can certainly be a useful part that serves consumers efficiently when properly managed,\u201d <\/em>Powell said. \u201cAt the moment they don\u2019t. They have the potential to scale, especially when connected to one of the very large technology networks in existence. \u201d<\/em><\/p>\n\n\n\n
\u201cYou can have a systemically important instant payment network, but without proper regulation and security. The public relies on the government, and especially the Fed, to make sure the payment system is safe and reliable. \u201c<\/em><\/p>\n\n\n\n
See Related:<\/em><\/strong> Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a> <\/p>\n\n\n\n
The US Federal Reserve has been quietly studying the potential of a Central Bank Digital Currency<\/a> (CBDC) for years. CBDCs are digital currencies that function like stablecoins, pegged to fiat currencies like the US dollar. Unlike stablecoins issued on decentralized networks, CBDCs are managed and issued by governments. Benefits include faster, cheaper transactions, greater financial inclusion, and reduced fraud.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1633606373689942017\n<\/div><\/figure>\n","post_title":"U.S. Congressman Urges Fed To Consider CBDC Impact On Digital Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"u-s-congressman-urges-fed-to-consider-cbdc-impact-on-digital-assets","to_ping":"","pinged":"","post_modified":"2023-04-10 17:21:01","post_modified_gmt":"2023-04-10 07:21:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10348","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10295,"post_author":"16","post_date":"2023-03-09 12:14:53","post_date_gmt":"2023-03-09 01:14:53","post_content":"\n
WeChat has moved to support the development of China's CBDC, adding a payment method using the digital yuan, e-CNY.<\/p>\n\n\n\n
\n
WeChat is currently the largest social network in China and is expanding to more than 200 countries with 900 million individual users. With the strong development of WeChat today, this action of \"tycoon\" has brought the value of e-CNY to the world.
<\/li>\n\n\n\n
WeChat Pay wallet has over 3 billion users per quarter and allows users to use e-CNY to make payments, such as ordering fast food or topping up some mobile games connected with this platform.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a><\/p>\n\n\n\n
\n
The combination of WeChat and e-CNY makes adopting a CBDC<\/a> currency easier for consumers. On the other hand, it raises the awareness of the Chinese people about the potential and convenience of cryptocurrencies in the future.
<\/li>\n\n\n\n
In terms of investment, WeChat has made a significant impact on the Chinese market. It can be seen that this is a good opportunity to proceed with building a new trading system that focuses on cryptocurrencies.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>China Opens Blockchain Research Centre In Capital<\/a><\/p>\n","post_title":"Chinese Platform WeChat Accept Payments With The Digital Yuan CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinese-platform-wechat-accept-payments-with-the-digital-yuan-cbdc","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 17:21:15","post_modified_gmt":"2023-04-10 07:21:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10295","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10163,"post_author":"15","post_date":"2023-03-02 21:27:12","post_date_gmt":"2023-03-02 10:27:12","post_content":"\n
Brooks Entwistle, Managing Director of APAC and MENA and Senior Vice President of Customer Success at Ripple, disclosed in a recent interview <\/a>that Ripple is discussing with over 20 central banks regarding creating a Central Bank Digital Currency<\/a> (CBDC). This revelation highlights Ripple's dedication to CBDC development and its role in shaping the future of digital currencies.<\/p>\n\n\n\n
Interaction with regulators is \"invaluable\"<\/em>, according to the executive. Ripple engages with regulators worldwide to design custom CBDC solutions for smaller countries. While larger countries like China and the U.S. develop their CBDCs through the public sector, countries like Singapore, Tokyo, Switzerland, and the U.K. are turning to Ripple for tailored solutions.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Kazakhstan Plans CBDC Development Until 2025, Passes Bill Capping BTC Mining<\/a><\/p>\n\n\n\n
Entwistle highlighted that every country and the central bank has unique needs, that \"there are 200-plus countries out there\"<\/em> and a \"lot of central banks\"<\/em> worldwide. According to him, Ripple is \"in dialogue with not ten, not twenty, but a bunch more central banks around the world.\"<\/em> The company has already announced<\/a> projects with Bhutan and Palau. He believes this highlights the growing interest in tailored CBDC solutions for different regions.<\/p>\n\n\n\n
Ripple's dedication to CBDC development and tailored solutions is one aspect of its efforts to transform the cross-border payments space. With its global network RippleNet, the company aims to solve one of the last great financial puzzles in the world. As Ripple expands its policy team and continues to engage with regulators and central banks worldwide, the future of digital currencies and cross-border payments is sure to be shaped by the innovative solutions offered by Ripple.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631097047293235200\n<\/div><\/figure>\n","post_title":"Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-in-talks-with-over-20-central-banks-for-cbdc-development-says-senior-vp","to_ping":"","pinged":"","post_modified":"2023-04-10 17:31:44","post_modified_gmt":"2023-04-10 07:31:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
President Yang Jinlong highlighted that being the first to launch a CBDC does not guarantee success, as countries that have already issued or tested CBDCs have not achieved the expected outcomes.<\/p>\n\n\n\n
Yang stated that the central bank is experimenting with three scenarios to boost domestic payment efficiency and innovation. There is no set timeline for issuing a CBDC but efforts to enhance and innovativate are ongoing.<\/p>\n\n\n\n
One notable development is the CBDC prototype platform designed for retail payments. Yang mentioned that this platform could handle the cash flow operation of digital coupons, with transaction speeds reaching 20,000 transactions per second.<\/p>\n\n\n\n
See Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Yang reiterated that Taiwan\u2019s cautious approach to issuing a CBDC is meant to meet public digital payment needs and align with government digital policy goals, ensuring significant benefits.<\/p>\n\n\n\n
In March, the Financial Supervisory Commission announced plans to propose new digital asset regulations for Taiwan by September 2024, aiming to create more effective regulations for digital asset markets and ensure investor safety.<\/p>\n\n\n\n
North Carolina Vetoed The CBDC Ban Bill<\/h2>\n\n\n\n
North Carolina Governor Roy Cooper has rejected <\/a>a bill banning the state from using a US Federal Reserve-issued CBDC. The bill had strong support from the state\u2019s House of Representatives and Senate with a vote of 109-4 and 39-5 respectively.<\/p>\n\n\n\n
Governor Cooper is criticized for deciding without putting \u201cpartisan politics aside\u201d. The bill is said to benefit all North Carolina residents, but the Governor believes that the bill was too \u201cpremature, vague, and reactionary\u201d to be signed into law.<\/p>\n\n\n\n
Since the vote was more than three-fifths majority in both chambers, the North Carolina legislators could override Governor Cooper's veto. <\/p>\n","post_title":"Taiwan's Central Bank Focuses On Slow And Steady Development Of CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"taiwans-central-bank-focuses-on-slow-and-steady-development-of-cbdc","to_ping":"","pinged":"","post_modified":"2024-07-09 21:59:28","post_modified_gmt":"2024-07-09 11:59:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17736","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10348,"post_author":"15","post_date":"2023-03-09 14:09:21","post_date_gmt":"2023-03-09 03:09:21","post_content":"\n
U.S. Congressman Stephen Lynch raised concerns over the impact of a CBDC on digital assets during the House Financial Services Committee<\/a>. He asked Fed Chair Powell about the potential of a tokenized US dollar to harm other digital assets. Powell expressed uncertainty about the value of non-dollar-backed cryptocurrencies and refrained from commenting on the impact of CBDCs. This occurs as regulators worldwide scrutinize cryptocurrencies, with some countries exploring <\/a>their digital currencies for financial transactions.<\/p>\n\n\n\n
\u201cI'm worried about a lot of these stablecoins and other cryptocurrencies,\u201d <\/em>Lynch said. \u201cDo they go to zero when we come up with a CBDC that has the full faith and credit of the United States behind it?\u201d<\/em><\/p>\n\n\n\n
\u201cStablecoins can certainly be a useful part that serves consumers efficiently when properly managed,\u201d <\/em>Powell said. \u201cAt the moment they don\u2019t. They have the potential to scale, especially when connected to one of the very large technology networks in existence. \u201d<\/em><\/p>\n\n\n\n
\u201cYou can have a systemically important instant payment network, but without proper regulation and security. The public relies on the government, and especially the Fed, to make sure the payment system is safe and reliable. \u201c<\/em><\/p>\n\n\n\n
See Related:<\/em><\/strong> Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a> <\/p>\n\n\n\n
The US Federal Reserve has been quietly studying the potential of a Central Bank Digital Currency<\/a> (CBDC) for years. CBDCs are digital currencies that function like stablecoins, pegged to fiat currencies like the US dollar. Unlike stablecoins issued on decentralized networks, CBDCs are managed and issued by governments. Benefits include faster, cheaper transactions, greater financial inclusion, and reduced fraud.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1633606373689942017\n<\/div><\/figure>\n","post_title":"U.S. Congressman Urges Fed To Consider CBDC Impact On Digital Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"u-s-congressman-urges-fed-to-consider-cbdc-impact-on-digital-assets","to_ping":"","pinged":"","post_modified":"2023-04-10 17:21:01","post_modified_gmt":"2023-04-10 07:21:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10348","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10295,"post_author":"16","post_date":"2023-03-09 12:14:53","post_date_gmt":"2023-03-09 01:14:53","post_content":"\n
WeChat has moved to support the development of China's CBDC, adding a payment method using the digital yuan, e-CNY.<\/p>\n\n\n\n
\n
WeChat is currently the largest social network in China and is expanding to more than 200 countries with 900 million individual users. With the strong development of WeChat today, this action of \"tycoon\" has brought the value of e-CNY to the world.
<\/li>\n\n\n\n
WeChat Pay wallet has over 3 billion users per quarter and allows users to use e-CNY to make payments, such as ordering fast food or topping up some mobile games connected with this platform.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a><\/p>\n\n\n\n
\n
The combination of WeChat and e-CNY makes adopting a CBDC<\/a> currency easier for consumers. On the other hand, it raises the awareness of the Chinese people about the potential and convenience of cryptocurrencies in the future.
<\/li>\n\n\n\n
In terms of investment, WeChat has made a significant impact on the Chinese market. It can be seen that this is a good opportunity to proceed with building a new trading system that focuses on cryptocurrencies.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>China Opens Blockchain Research Centre In Capital<\/a><\/p>\n","post_title":"Chinese Platform WeChat Accept Payments With The Digital Yuan CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinese-platform-wechat-accept-payments-with-the-digital-yuan-cbdc","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 17:21:15","post_modified_gmt":"2023-04-10 07:21:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10295","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10163,"post_author":"15","post_date":"2023-03-02 21:27:12","post_date_gmt":"2023-03-02 10:27:12","post_content":"\n
Brooks Entwistle, Managing Director of APAC and MENA and Senior Vice President of Customer Success at Ripple, disclosed in a recent interview <\/a>that Ripple is discussing with over 20 central banks regarding creating a Central Bank Digital Currency<\/a> (CBDC). This revelation highlights Ripple's dedication to CBDC development and its role in shaping the future of digital currencies.<\/p>\n\n\n\n
Interaction with regulators is \"invaluable\"<\/em>, according to the executive. Ripple engages with regulators worldwide to design custom CBDC solutions for smaller countries. While larger countries like China and the U.S. develop their CBDCs through the public sector, countries like Singapore, Tokyo, Switzerland, and the U.K. are turning to Ripple for tailored solutions.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Kazakhstan Plans CBDC Development Until 2025, Passes Bill Capping BTC Mining<\/a><\/p>\n\n\n\n
Entwistle highlighted that every country and the central bank has unique needs, that \"there are 200-plus countries out there\"<\/em> and a \"lot of central banks\"<\/em> worldwide. According to him, Ripple is \"in dialogue with not ten, not twenty, but a bunch more central banks around the world.\"<\/em> The company has already announced<\/a> projects with Bhutan and Palau. He believes this highlights the growing interest in tailored CBDC solutions for different regions.<\/p>\n\n\n\n
Ripple's dedication to CBDC development and tailored solutions is one aspect of its efforts to transform the cross-border payments space. With its global network RippleNet, the company aims to solve one of the last great financial puzzles in the world. As Ripple expands its policy team and continues to engage with regulators and central banks worldwide, the future of digital currencies and cross-border payments is sure to be shaped by the innovative solutions offered by Ripple.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631097047293235200\n<\/div><\/figure>\n","post_title":"Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-in-talks-with-over-20-central-banks-for-cbdc-development-says-senior-vp","to_ping":"","pinged":"","post_modified":"2023-04-10 17:31:44","post_modified_gmt":"2023-04-10 07:31:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
The President of the Central Bank of the Republic of China shared <\/a>that developing a central bank digital currency (CBDC) is not a race. Instead, the central bank should prioritize steady progress over speed.<\/p>\n\n\n\n
President Yang Jinlong highlighted that being the first to launch a CBDC does not guarantee success, as countries that have already issued or tested CBDCs have not achieved the expected outcomes.<\/p>\n\n\n\n
Yang stated that the central bank is experimenting with three scenarios to boost domestic payment efficiency and innovation. There is no set timeline for issuing a CBDC but efforts to enhance and innovativate are ongoing.<\/p>\n\n\n\n
One notable development is the CBDC prototype platform designed for retail payments. Yang mentioned that this platform could handle the cash flow operation of digital coupons, with transaction speeds reaching 20,000 transactions per second.<\/p>\n\n\n\n
See Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Yang reiterated that Taiwan\u2019s cautious approach to issuing a CBDC is meant to meet public digital payment needs and align with government digital policy goals, ensuring significant benefits.<\/p>\n\n\n\n
In March, the Financial Supervisory Commission announced plans to propose new digital asset regulations for Taiwan by September 2024, aiming to create more effective regulations for digital asset markets and ensure investor safety.<\/p>\n\n\n\n
North Carolina Vetoed The CBDC Ban Bill<\/h2>\n\n\n\n
North Carolina Governor Roy Cooper has rejected <\/a>a bill banning the state from using a US Federal Reserve-issued CBDC. The bill had strong support from the state\u2019s House of Representatives and Senate with a vote of 109-4 and 39-5 respectively.<\/p>\n\n\n\n
Governor Cooper is criticized for deciding without putting \u201cpartisan politics aside\u201d. The bill is said to benefit all North Carolina residents, but the Governor believes that the bill was too \u201cpremature, vague, and reactionary\u201d to be signed into law.<\/p>\n\n\n\n
Since the vote was more than three-fifths majority in both chambers, the North Carolina legislators could override Governor Cooper's veto. <\/p>\n","post_title":"Taiwan's Central Bank Focuses On Slow And Steady Development Of CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"taiwans-central-bank-focuses-on-slow-and-steady-development-of-cbdc","to_ping":"","pinged":"","post_modified":"2024-07-09 21:59:28","post_modified_gmt":"2024-07-09 11:59:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17736","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10348,"post_author":"15","post_date":"2023-03-09 14:09:21","post_date_gmt":"2023-03-09 03:09:21","post_content":"\n
U.S. Congressman Stephen Lynch raised concerns over the impact of a CBDC on digital assets during the House Financial Services Committee<\/a>. He asked Fed Chair Powell about the potential of a tokenized US dollar to harm other digital assets. Powell expressed uncertainty about the value of non-dollar-backed cryptocurrencies and refrained from commenting on the impact of CBDCs. This occurs as regulators worldwide scrutinize cryptocurrencies, with some countries exploring <\/a>their digital currencies for financial transactions.<\/p>\n\n\n\n
\u201cI'm worried about a lot of these stablecoins and other cryptocurrencies,\u201d <\/em>Lynch said. \u201cDo they go to zero when we come up with a CBDC that has the full faith and credit of the United States behind it?\u201d<\/em><\/p>\n\n\n\n
\u201cStablecoins can certainly be a useful part that serves consumers efficiently when properly managed,\u201d <\/em>Powell said. \u201cAt the moment they don\u2019t. They have the potential to scale, especially when connected to one of the very large technology networks in existence. \u201d<\/em><\/p>\n\n\n\n
\u201cYou can have a systemically important instant payment network, but without proper regulation and security. The public relies on the government, and especially the Fed, to make sure the payment system is safe and reliable. \u201c<\/em><\/p>\n\n\n\n
See Related:<\/em><\/strong> Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a> <\/p>\n\n\n\n
The US Federal Reserve has been quietly studying the potential of a Central Bank Digital Currency<\/a> (CBDC) for years. CBDCs are digital currencies that function like stablecoins, pegged to fiat currencies like the US dollar. Unlike stablecoins issued on decentralized networks, CBDCs are managed and issued by governments. Benefits include faster, cheaper transactions, greater financial inclusion, and reduced fraud.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1633606373689942017\n<\/div><\/figure>\n","post_title":"U.S. Congressman Urges Fed To Consider CBDC Impact On Digital Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"u-s-congressman-urges-fed-to-consider-cbdc-impact-on-digital-assets","to_ping":"","pinged":"","post_modified":"2023-04-10 17:21:01","post_modified_gmt":"2023-04-10 07:21:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10348","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10295,"post_author":"16","post_date":"2023-03-09 12:14:53","post_date_gmt":"2023-03-09 01:14:53","post_content":"\n
WeChat has moved to support the development of China's CBDC, adding a payment method using the digital yuan, e-CNY.<\/p>\n\n\n\n
\n
WeChat is currently the largest social network in China and is expanding to more than 200 countries with 900 million individual users. With the strong development of WeChat today, this action of \"tycoon\" has brought the value of e-CNY to the world.
<\/li>\n\n\n\n
WeChat Pay wallet has over 3 billion users per quarter and allows users to use e-CNY to make payments, such as ordering fast food or topping up some mobile games connected with this platform.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a><\/p>\n\n\n\n
\n
The combination of WeChat and e-CNY makes adopting a CBDC<\/a> currency easier for consumers. On the other hand, it raises the awareness of the Chinese people about the potential and convenience of cryptocurrencies in the future.
<\/li>\n\n\n\n
In terms of investment, WeChat has made a significant impact on the Chinese market. It can be seen that this is a good opportunity to proceed with building a new trading system that focuses on cryptocurrencies.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>China Opens Blockchain Research Centre In Capital<\/a><\/p>\n","post_title":"Chinese Platform WeChat Accept Payments With The Digital Yuan CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinese-platform-wechat-accept-payments-with-the-digital-yuan-cbdc","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 17:21:15","post_modified_gmt":"2023-04-10 07:21:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10295","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10163,"post_author":"15","post_date":"2023-03-02 21:27:12","post_date_gmt":"2023-03-02 10:27:12","post_content":"\n
Brooks Entwistle, Managing Director of APAC and MENA and Senior Vice President of Customer Success at Ripple, disclosed in a recent interview <\/a>that Ripple is discussing with over 20 central banks regarding creating a Central Bank Digital Currency<\/a> (CBDC). This revelation highlights Ripple's dedication to CBDC development and its role in shaping the future of digital currencies.<\/p>\n\n\n\n
Interaction with regulators is \"invaluable\"<\/em>, according to the executive. Ripple engages with regulators worldwide to design custom CBDC solutions for smaller countries. While larger countries like China and the U.S. develop their CBDCs through the public sector, countries like Singapore, Tokyo, Switzerland, and the U.K. are turning to Ripple for tailored solutions.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Kazakhstan Plans CBDC Development Until 2025, Passes Bill Capping BTC Mining<\/a><\/p>\n\n\n\n
Entwistle highlighted that every country and the central bank has unique needs, that \"there are 200-plus countries out there\"<\/em> and a \"lot of central banks\"<\/em> worldwide. According to him, Ripple is \"in dialogue with not ten, not twenty, but a bunch more central banks around the world.\"<\/em> The company has already announced<\/a> projects with Bhutan and Palau. He believes this highlights the growing interest in tailored CBDC solutions for different regions.<\/p>\n\n\n\n
Ripple's dedication to CBDC development and tailored solutions is one aspect of its efforts to transform the cross-border payments space. With its global network RippleNet, the company aims to solve one of the last great financial puzzles in the world. As Ripple expands its policy team and continues to engage with regulators and central banks worldwide, the future of digital currencies and cross-border payments is sure to be shaped by the innovative solutions offered by Ripple.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631097047293235200\n<\/div><\/figure>\n","post_title":"Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-in-talks-with-over-20-central-banks-for-cbdc-development-says-senior-vp","to_ping":"","pinged":"","post_modified":"2023-04-10 17:31:44","post_modified_gmt":"2023-04-10 07:31:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
\u201cAmong other things, we have established and tested a prototype based on so-called blockchain technology. This is the same technology underlying the most well-known crypto-assets,\u201d <\/em>Norges Bank added.<\/p>\n","post_title":"Norway Considers MiCA Adoption, Explores CBDC For Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"norway-considers-mica-adoption-explores-cbdc-for-payments","to_ping":"","pinged":"","post_modified":"2024-11-10 23:00:18","post_modified_gmt":"2024-11-10 12:00:18","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":17736,"post_author":"15","post_date":"2024-07-09 21:59:22","post_date_gmt":"2024-07-09 11:59:22","post_content":"\n
The President of the Central Bank of the Republic of China shared <\/a>that developing a central bank digital currency (CBDC) is not a race. Instead, the central bank should prioritize steady progress over speed.<\/p>\n\n\n\n
President Yang Jinlong highlighted that being the first to launch a CBDC does not guarantee success, as countries that have already issued or tested CBDCs have not achieved the expected outcomes.<\/p>\n\n\n\n
Yang stated that the central bank is experimenting with three scenarios to boost domestic payment efficiency and innovation. There is no set timeline for issuing a CBDC but efforts to enhance and innovativate are ongoing.<\/p>\n\n\n\n
One notable development is the CBDC prototype platform designed for retail payments. Yang mentioned that this platform could handle the cash flow operation of digital coupons, with transaction speeds reaching 20,000 transactions per second.<\/p>\n\n\n\n
See Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Yang reiterated that Taiwan\u2019s cautious approach to issuing a CBDC is meant to meet public digital payment needs and align with government digital policy goals, ensuring significant benefits.<\/p>\n\n\n\n
In March, the Financial Supervisory Commission announced plans to propose new digital asset regulations for Taiwan by September 2024, aiming to create more effective regulations for digital asset markets and ensure investor safety.<\/p>\n\n\n\n
North Carolina Vetoed The CBDC Ban Bill<\/h2>\n\n\n\n
North Carolina Governor Roy Cooper has rejected <\/a>a bill banning the state from using a US Federal Reserve-issued CBDC. The bill had strong support from the state\u2019s House of Representatives and Senate with a vote of 109-4 and 39-5 respectively.<\/p>\n\n\n\n
Governor Cooper is criticized for deciding without putting \u201cpartisan politics aside\u201d. The bill is said to benefit all North Carolina residents, but the Governor believes that the bill was too \u201cpremature, vague, and reactionary\u201d to be signed into law.<\/p>\n\n\n\n
Since the vote was more than three-fifths majority in both chambers, the North Carolina legislators could override Governor Cooper's veto. <\/p>\n","post_title":"Taiwan's Central Bank Focuses On Slow And Steady Development Of CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"taiwans-central-bank-focuses-on-slow-and-steady-development-of-cbdc","to_ping":"","pinged":"","post_modified":"2024-07-09 21:59:28","post_modified_gmt":"2024-07-09 11:59:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17736","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10348,"post_author":"15","post_date":"2023-03-09 14:09:21","post_date_gmt":"2023-03-09 03:09:21","post_content":"\n
U.S. Congressman Stephen Lynch raised concerns over the impact of a CBDC on digital assets during the House Financial Services Committee<\/a>. He asked Fed Chair Powell about the potential of a tokenized US dollar to harm other digital assets. Powell expressed uncertainty about the value of non-dollar-backed cryptocurrencies and refrained from commenting on the impact of CBDCs. This occurs as regulators worldwide scrutinize cryptocurrencies, with some countries exploring <\/a>their digital currencies for financial transactions.<\/p>\n\n\n\n
\u201cI'm worried about a lot of these stablecoins and other cryptocurrencies,\u201d <\/em>Lynch said. \u201cDo they go to zero when we come up with a CBDC that has the full faith and credit of the United States behind it?\u201d<\/em><\/p>\n\n\n\n
\u201cStablecoins can certainly be a useful part that serves consumers efficiently when properly managed,\u201d <\/em>Powell said. \u201cAt the moment they don\u2019t. They have the potential to scale, especially when connected to one of the very large technology networks in existence. \u201d<\/em><\/p>\n\n\n\n
\u201cYou can have a systemically important instant payment network, but without proper regulation and security. The public relies on the government, and especially the Fed, to make sure the payment system is safe and reliable. \u201c<\/em><\/p>\n\n\n\n
See Related:<\/em><\/strong> Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a> <\/p>\n\n\n\n
The US Federal Reserve has been quietly studying the potential of a Central Bank Digital Currency<\/a> (CBDC) for years. CBDCs are digital currencies that function like stablecoins, pegged to fiat currencies like the US dollar. Unlike stablecoins issued on decentralized networks, CBDCs are managed and issued by governments. Benefits include faster, cheaper transactions, greater financial inclusion, and reduced fraud.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1633606373689942017\n<\/div><\/figure>\n","post_title":"U.S. Congressman Urges Fed To Consider CBDC Impact On Digital Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"u-s-congressman-urges-fed-to-consider-cbdc-impact-on-digital-assets","to_ping":"","pinged":"","post_modified":"2023-04-10 17:21:01","post_modified_gmt":"2023-04-10 07:21:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10348","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10295,"post_author":"16","post_date":"2023-03-09 12:14:53","post_date_gmt":"2023-03-09 01:14:53","post_content":"\n
WeChat has moved to support the development of China's CBDC, adding a payment method using the digital yuan, e-CNY.<\/p>\n\n\n\n
\n
WeChat is currently the largest social network in China and is expanding to more than 200 countries with 900 million individual users. With the strong development of WeChat today, this action of \"tycoon\" has brought the value of e-CNY to the world.
<\/li>\n\n\n\n
WeChat Pay wallet has over 3 billion users per quarter and allows users to use e-CNY to make payments, such as ordering fast food or topping up some mobile games connected with this platform.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a><\/p>\n\n\n\n
\n
The combination of WeChat and e-CNY makes adopting a CBDC<\/a> currency easier for consumers. On the other hand, it raises the awareness of the Chinese people about the potential and convenience of cryptocurrencies in the future.
<\/li>\n\n\n\n
In terms of investment, WeChat has made a significant impact on the Chinese market. It can be seen that this is a good opportunity to proceed with building a new trading system that focuses on cryptocurrencies.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>China Opens Blockchain Research Centre In Capital<\/a><\/p>\n","post_title":"Chinese Platform WeChat Accept Payments With The Digital Yuan CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinese-platform-wechat-accept-payments-with-the-digital-yuan-cbdc","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 17:21:15","post_modified_gmt":"2023-04-10 07:21:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10295","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10163,"post_author":"15","post_date":"2023-03-02 21:27:12","post_date_gmt":"2023-03-02 10:27:12","post_content":"\n
Brooks Entwistle, Managing Director of APAC and MENA and Senior Vice President of Customer Success at Ripple, disclosed in a recent interview <\/a>that Ripple is discussing with over 20 central banks regarding creating a Central Bank Digital Currency<\/a> (CBDC). This revelation highlights Ripple's dedication to CBDC development and its role in shaping the future of digital currencies.<\/p>\n\n\n\n
Interaction with regulators is \"invaluable\"<\/em>, according to the executive. Ripple engages with regulators worldwide to design custom CBDC solutions for smaller countries. While larger countries like China and the U.S. develop their CBDCs through the public sector, countries like Singapore, Tokyo, Switzerland, and the U.K. are turning to Ripple for tailored solutions.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Kazakhstan Plans CBDC Development Until 2025, Passes Bill Capping BTC Mining<\/a><\/p>\n\n\n\n
Entwistle highlighted that every country and the central bank has unique needs, that \"there are 200-plus countries out there\"<\/em> and a \"lot of central banks\"<\/em> worldwide. According to him, Ripple is \"in dialogue with not ten, not twenty, but a bunch more central banks around the world.\"<\/em> The company has already announced<\/a> projects with Bhutan and Palau. He believes this highlights the growing interest in tailored CBDC solutions for different regions.<\/p>\n\n\n\n
Ripple's dedication to CBDC development and tailored solutions is one aspect of its efforts to transform the cross-border payments space. With its global network RippleNet, the company aims to solve one of the last great financial puzzles in the world. As Ripple expands its policy team and continues to engage with regulators and central banks worldwide, the future of digital currencies and cross-border payments is sure to be shaped by the innovative solutions offered by Ripple.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631097047293235200\n<\/div><\/figure>\n","post_title":"Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-in-talks-with-over-20-central-banks-for-cbdc-development-says-senior-vp","to_ping":"","pinged":"","post_modified":"2023-04-10 17:31:44","post_modified_gmt":"2023-04-10 07:31:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Norway\u2019s stance on MiCA and its cautious consideration of a CBDC highlight a broader trend among central banks globally, seeking to balance innovation with financial stability. The country has aligned with EU policies and is exploring digital currency solutions.<\/p>\n\n\n\n
\u201cAmong other things, we have established and tested a prototype based on so-called blockchain technology. This is the same technology underlying the most well-known crypto-assets,\u201d <\/em>Norges Bank added.<\/p>\n","post_title":"Norway Considers MiCA Adoption, Explores CBDC For Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"norway-considers-mica-adoption-explores-cbdc-for-payments","to_ping":"","pinged":"","post_modified":"2024-11-10 23:00:18","post_modified_gmt":"2024-11-10 12:00:18","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":17736,"post_author":"15","post_date":"2024-07-09 21:59:22","post_date_gmt":"2024-07-09 11:59:22","post_content":"\n
The President of the Central Bank of the Republic of China shared <\/a>that developing a central bank digital currency (CBDC) is not a race. Instead, the central bank should prioritize steady progress over speed.<\/p>\n\n\n\n
President Yang Jinlong highlighted that being the first to launch a CBDC does not guarantee success, as countries that have already issued or tested CBDCs have not achieved the expected outcomes.<\/p>\n\n\n\n
Yang stated that the central bank is experimenting with three scenarios to boost domestic payment efficiency and innovation. There is no set timeline for issuing a CBDC but efforts to enhance and innovativate are ongoing.<\/p>\n\n\n\n
One notable development is the CBDC prototype platform designed for retail payments. Yang mentioned that this platform could handle the cash flow operation of digital coupons, with transaction speeds reaching 20,000 transactions per second.<\/p>\n\n\n\n
See Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Yang reiterated that Taiwan\u2019s cautious approach to issuing a CBDC is meant to meet public digital payment needs and align with government digital policy goals, ensuring significant benefits.<\/p>\n\n\n\n
In March, the Financial Supervisory Commission announced plans to propose new digital asset regulations for Taiwan by September 2024, aiming to create more effective regulations for digital asset markets and ensure investor safety.<\/p>\n\n\n\n
North Carolina Vetoed The CBDC Ban Bill<\/h2>\n\n\n\n
North Carolina Governor Roy Cooper has rejected <\/a>a bill banning the state from using a US Federal Reserve-issued CBDC. The bill had strong support from the state\u2019s House of Representatives and Senate with a vote of 109-4 and 39-5 respectively.<\/p>\n\n\n\n
Governor Cooper is criticized for deciding without putting \u201cpartisan politics aside\u201d. The bill is said to benefit all North Carolina residents, but the Governor believes that the bill was too \u201cpremature, vague, and reactionary\u201d to be signed into law.<\/p>\n\n\n\n
Since the vote was more than three-fifths majority in both chambers, the North Carolina legislators could override Governor Cooper's veto. <\/p>\n","post_title":"Taiwan's Central Bank Focuses On Slow And Steady Development Of CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"taiwans-central-bank-focuses-on-slow-and-steady-development-of-cbdc","to_ping":"","pinged":"","post_modified":"2024-07-09 21:59:28","post_modified_gmt":"2024-07-09 11:59:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17736","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10348,"post_author":"15","post_date":"2023-03-09 14:09:21","post_date_gmt":"2023-03-09 03:09:21","post_content":"\n
U.S. Congressman Stephen Lynch raised concerns over the impact of a CBDC on digital assets during the House Financial Services Committee<\/a>. He asked Fed Chair Powell about the potential of a tokenized US dollar to harm other digital assets. Powell expressed uncertainty about the value of non-dollar-backed cryptocurrencies and refrained from commenting on the impact of CBDCs. This occurs as regulators worldwide scrutinize cryptocurrencies, with some countries exploring <\/a>their digital currencies for financial transactions.<\/p>\n\n\n\n
\u201cI'm worried about a lot of these stablecoins and other cryptocurrencies,\u201d <\/em>Lynch said. \u201cDo they go to zero when we come up with a CBDC that has the full faith and credit of the United States behind it?\u201d<\/em><\/p>\n\n\n\n
\u201cStablecoins can certainly be a useful part that serves consumers efficiently when properly managed,\u201d <\/em>Powell said. \u201cAt the moment they don\u2019t. They have the potential to scale, especially when connected to one of the very large technology networks in existence. \u201d<\/em><\/p>\n\n\n\n
\u201cYou can have a systemically important instant payment network, but without proper regulation and security. The public relies on the government, and especially the Fed, to make sure the payment system is safe and reliable. \u201c<\/em><\/p>\n\n\n\n
See Related:<\/em><\/strong> Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a> <\/p>\n\n\n\n
The US Federal Reserve has been quietly studying the potential of a Central Bank Digital Currency<\/a> (CBDC) for years. CBDCs are digital currencies that function like stablecoins, pegged to fiat currencies like the US dollar. Unlike stablecoins issued on decentralized networks, CBDCs are managed and issued by governments. Benefits include faster, cheaper transactions, greater financial inclusion, and reduced fraud.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1633606373689942017\n<\/div><\/figure>\n","post_title":"U.S. Congressman Urges Fed To Consider CBDC Impact On Digital Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"u-s-congressman-urges-fed-to-consider-cbdc-impact-on-digital-assets","to_ping":"","pinged":"","post_modified":"2023-04-10 17:21:01","post_modified_gmt":"2023-04-10 07:21:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10348","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10295,"post_author":"16","post_date":"2023-03-09 12:14:53","post_date_gmt":"2023-03-09 01:14:53","post_content":"\n
WeChat has moved to support the development of China's CBDC, adding a payment method using the digital yuan, e-CNY.<\/p>\n\n\n\n
\n
WeChat is currently the largest social network in China and is expanding to more than 200 countries with 900 million individual users. With the strong development of WeChat today, this action of \"tycoon\" has brought the value of e-CNY to the world.
<\/li>\n\n\n\n
WeChat Pay wallet has over 3 billion users per quarter and allows users to use e-CNY to make payments, such as ordering fast food or topping up some mobile games connected with this platform.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a><\/p>\n\n\n\n
\n
The combination of WeChat and e-CNY makes adopting a CBDC<\/a> currency easier for consumers. On the other hand, it raises the awareness of the Chinese people about the potential and convenience of cryptocurrencies in the future.
<\/li>\n\n\n\n
In terms of investment, WeChat has made a significant impact on the Chinese market. It can be seen that this is a good opportunity to proceed with building a new trading system that focuses on cryptocurrencies.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>China Opens Blockchain Research Centre In Capital<\/a><\/p>\n","post_title":"Chinese Platform WeChat Accept Payments With The Digital Yuan CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinese-platform-wechat-accept-payments-with-the-digital-yuan-cbdc","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 17:21:15","post_modified_gmt":"2023-04-10 07:21:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10295","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10163,"post_author":"15","post_date":"2023-03-02 21:27:12","post_date_gmt":"2023-03-02 10:27:12","post_content":"\n
Brooks Entwistle, Managing Director of APAC and MENA and Senior Vice President of Customer Success at Ripple, disclosed in a recent interview <\/a>that Ripple is discussing with over 20 central banks regarding creating a Central Bank Digital Currency<\/a> (CBDC). This revelation highlights Ripple's dedication to CBDC development and its role in shaping the future of digital currencies.<\/p>\n\n\n\n
Interaction with regulators is \"invaluable\"<\/em>, according to the executive. Ripple engages with regulators worldwide to design custom CBDC solutions for smaller countries. While larger countries like China and the U.S. develop their CBDCs through the public sector, countries like Singapore, Tokyo, Switzerland, and the U.K. are turning to Ripple for tailored solutions.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Kazakhstan Plans CBDC Development Until 2025, Passes Bill Capping BTC Mining<\/a><\/p>\n\n\n\n
Entwistle highlighted that every country and the central bank has unique needs, that \"there are 200-plus countries out there\"<\/em> and a \"lot of central banks\"<\/em> worldwide. According to him, Ripple is \"in dialogue with not ten, not twenty, but a bunch more central banks around the world.\"<\/em> The company has already announced<\/a> projects with Bhutan and Palau. He believes this highlights the growing interest in tailored CBDC solutions for different regions.<\/p>\n\n\n\n
Ripple's dedication to CBDC development and tailored solutions is one aspect of its efforts to transform the cross-border payments space. With its global network RippleNet, the company aims to solve one of the last great financial puzzles in the world. As Ripple expands its policy team and continues to engage with regulators and central banks worldwide, the future of digital currencies and cross-border payments is sure to be shaped by the innovative solutions offered by Ripple.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631097047293235200\n<\/div><\/figure>\n","post_title":"Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-in-talks-with-over-20-central-banks-for-cbdc-development-says-senior-vp","to_ping":"","pinged":"","post_modified":"2023-04-10 17:31:44","post_modified_gmt":"2023-04-10 07:31:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
One major aspect of the CBDC debate involves privacy issues. While MiCA aims to standardize the crypto market across the EU, it has also raised concerns about potential systemic risks, particularly for stablecoins.<\/p>\n\n\n\n
Norway\u2019s stance on MiCA and its cautious consideration of a CBDC highlight a broader trend among central banks globally, seeking to balance innovation with financial stability. The country has aligned with EU policies and is exploring digital currency solutions.<\/p>\n\n\n\n
\u201cAmong other things, we have established and tested a prototype based on so-called blockchain technology. This is the same technology underlying the most well-known crypto-assets,\u201d <\/em>Norges Bank added.<\/p>\n","post_title":"Norway Considers MiCA Adoption, Explores CBDC For Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"norway-considers-mica-adoption-explores-cbdc-for-payments","to_ping":"","pinged":"","post_modified":"2024-11-10 23:00:18","post_modified_gmt":"2024-11-10 12:00:18","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":17736,"post_author":"15","post_date":"2024-07-09 21:59:22","post_date_gmt":"2024-07-09 11:59:22","post_content":"\n
The President of the Central Bank of the Republic of China shared <\/a>that developing a central bank digital currency (CBDC) is not a race. Instead, the central bank should prioritize steady progress over speed.<\/p>\n\n\n\n
President Yang Jinlong highlighted that being the first to launch a CBDC does not guarantee success, as countries that have already issued or tested CBDCs have not achieved the expected outcomes.<\/p>\n\n\n\n
Yang stated that the central bank is experimenting with three scenarios to boost domestic payment efficiency and innovation. There is no set timeline for issuing a CBDC but efforts to enhance and innovativate are ongoing.<\/p>\n\n\n\n
One notable development is the CBDC prototype platform designed for retail payments. Yang mentioned that this platform could handle the cash flow operation of digital coupons, with transaction speeds reaching 20,000 transactions per second.<\/p>\n\n\n\n
See Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Yang reiterated that Taiwan\u2019s cautious approach to issuing a CBDC is meant to meet public digital payment needs and align with government digital policy goals, ensuring significant benefits.<\/p>\n\n\n\n
In March, the Financial Supervisory Commission announced plans to propose new digital asset regulations for Taiwan by September 2024, aiming to create more effective regulations for digital asset markets and ensure investor safety.<\/p>\n\n\n\n
North Carolina Vetoed The CBDC Ban Bill<\/h2>\n\n\n\n
North Carolina Governor Roy Cooper has rejected <\/a>a bill banning the state from using a US Federal Reserve-issued CBDC. The bill had strong support from the state\u2019s House of Representatives and Senate with a vote of 109-4 and 39-5 respectively.<\/p>\n\n\n\n
Governor Cooper is criticized for deciding without putting \u201cpartisan politics aside\u201d. The bill is said to benefit all North Carolina residents, but the Governor believes that the bill was too \u201cpremature, vague, and reactionary\u201d to be signed into law.<\/p>\n\n\n\n
Since the vote was more than three-fifths majority in both chambers, the North Carolina legislators could override Governor Cooper's veto. <\/p>\n","post_title":"Taiwan's Central Bank Focuses On Slow And Steady Development Of CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"taiwans-central-bank-focuses-on-slow-and-steady-development-of-cbdc","to_ping":"","pinged":"","post_modified":"2024-07-09 21:59:28","post_modified_gmt":"2024-07-09 11:59:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17736","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10348,"post_author":"15","post_date":"2023-03-09 14:09:21","post_date_gmt":"2023-03-09 03:09:21","post_content":"\n
U.S. Congressman Stephen Lynch raised concerns over the impact of a CBDC on digital assets during the House Financial Services Committee<\/a>. He asked Fed Chair Powell about the potential of a tokenized US dollar to harm other digital assets. Powell expressed uncertainty about the value of non-dollar-backed cryptocurrencies and refrained from commenting on the impact of CBDCs. This occurs as regulators worldwide scrutinize cryptocurrencies, with some countries exploring <\/a>their digital currencies for financial transactions.<\/p>\n\n\n\n
\u201cI'm worried about a lot of these stablecoins and other cryptocurrencies,\u201d <\/em>Lynch said. \u201cDo they go to zero when we come up with a CBDC that has the full faith and credit of the United States behind it?\u201d<\/em><\/p>\n\n\n\n
\u201cStablecoins can certainly be a useful part that serves consumers efficiently when properly managed,\u201d <\/em>Powell said. \u201cAt the moment they don\u2019t. They have the potential to scale, especially when connected to one of the very large technology networks in existence. \u201d<\/em><\/p>\n\n\n\n
\u201cYou can have a systemically important instant payment network, but without proper regulation and security. The public relies on the government, and especially the Fed, to make sure the payment system is safe and reliable. \u201c<\/em><\/p>\n\n\n\n
See Related:<\/em><\/strong> Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a> <\/p>\n\n\n\n
The US Federal Reserve has been quietly studying the potential of a Central Bank Digital Currency<\/a> (CBDC) for years. CBDCs are digital currencies that function like stablecoins, pegged to fiat currencies like the US dollar. Unlike stablecoins issued on decentralized networks, CBDCs are managed and issued by governments. Benefits include faster, cheaper transactions, greater financial inclusion, and reduced fraud.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1633606373689942017\n<\/div><\/figure>\n","post_title":"U.S. Congressman Urges Fed To Consider CBDC Impact On Digital Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"u-s-congressman-urges-fed-to-consider-cbdc-impact-on-digital-assets","to_ping":"","pinged":"","post_modified":"2023-04-10 17:21:01","post_modified_gmt":"2023-04-10 07:21:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10348","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10295,"post_author":"16","post_date":"2023-03-09 12:14:53","post_date_gmt":"2023-03-09 01:14:53","post_content":"\n
WeChat has moved to support the development of China's CBDC, adding a payment method using the digital yuan, e-CNY.<\/p>\n\n\n\n
\n
WeChat is currently the largest social network in China and is expanding to more than 200 countries with 900 million individual users. With the strong development of WeChat today, this action of \"tycoon\" has brought the value of e-CNY to the world.
<\/li>\n\n\n\n
WeChat Pay wallet has over 3 billion users per quarter and allows users to use e-CNY to make payments, such as ordering fast food or topping up some mobile games connected with this platform.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a><\/p>\n\n\n\n
\n
The combination of WeChat and e-CNY makes adopting a CBDC<\/a> currency easier for consumers. On the other hand, it raises the awareness of the Chinese people about the potential and convenience of cryptocurrencies in the future.
<\/li>\n\n\n\n
In terms of investment, WeChat has made a significant impact on the Chinese market. It can be seen that this is a good opportunity to proceed with building a new trading system that focuses on cryptocurrencies.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>China Opens Blockchain Research Centre In Capital<\/a><\/p>\n","post_title":"Chinese Platform WeChat Accept Payments With The Digital Yuan CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinese-platform-wechat-accept-payments-with-the-digital-yuan-cbdc","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 17:21:15","post_modified_gmt":"2023-04-10 07:21:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10295","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10163,"post_author":"15","post_date":"2023-03-02 21:27:12","post_date_gmt":"2023-03-02 10:27:12","post_content":"\n
Brooks Entwistle, Managing Director of APAC and MENA and Senior Vice President of Customer Success at Ripple, disclosed in a recent interview <\/a>that Ripple is discussing with over 20 central banks regarding creating a Central Bank Digital Currency<\/a> (CBDC). This revelation highlights Ripple's dedication to CBDC development and its role in shaping the future of digital currencies.<\/p>\n\n\n\n
Interaction with regulators is \"invaluable\"<\/em>, according to the executive. Ripple engages with regulators worldwide to design custom CBDC solutions for smaller countries. While larger countries like China and the U.S. develop their CBDCs through the public sector, countries like Singapore, Tokyo, Switzerland, and the U.K. are turning to Ripple for tailored solutions.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Kazakhstan Plans CBDC Development Until 2025, Passes Bill Capping BTC Mining<\/a><\/p>\n\n\n\n
Entwistle highlighted that every country and the central bank has unique needs, that \"there are 200-plus countries out there\"<\/em> and a \"lot of central banks\"<\/em> worldwide. According to him, Ripple is \"in dialogue with not ten, not twenty, but a bunch more central banks around the world.\"<\/em> The company has already announced<\/a> projects with Bhutan and Palau. He believes this highlights the growing interest in tailored CBDC solutions for different regions.<\/p>\n\n\n\n
Ripple's dedication to CBDC development and tailored solutions is one aspect of its efforts to transform the cross-border payments space. With its global network RippleNet, the company aims to solve one of the last great financial puzzles in the world. As Ripple expands its policy team and continues to engage with regulators and central banks worldwide, the future of digital currencies and cross-border payments is sure to be shaped by the innovative solutions offered by Ripple.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631097047293235200\n<\/div><\/figure>\n","post_title":"Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-in-talks-with-over-20-central-banks-for-cbdc-development-says-senior-vp","to_ping":"","pinged":"","post_modified":"2023-04-10 17:31:44","post_modified_gmt":"2023-04-10 07:31:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
\u201cWe have evaluated the necessary characteristics for a CBDC and identified potential applications,\u201d Norges Bank mentioned. \u201cWe have also analyzed the impact a CBDC can have on banks, financial stability, and monetary and liquidity policy. Furthermore, we have explored the necessary legislative changes that need to be put in place in order for a CBDC to be introduced.\u201d<\/em><\/p>\n\n\n\n
One major aspect of the CBDC debate involves privacy issues. While MiCA aims to standardize the crypto market across the EU, it has also raised concerns about potential systemic risks, particularly for stablecoins.<\/p>\n\n\n\n
Norway\u2019s stance on MiCA and its cautious consideration of a CBDC highlight a broader trend among central banks globally, seeking to balance innovation with financial stability. The country has aligned with EU policies and is exploring digital currency solutions.<\/p>\n\n\n\n
\u201cAmong other things, we have established and tested a prototype based on so-called blockchain technology. This is the same technology underlying the most well-known crypto-assets,\u201d <\/em>Norges Bank added.<\/p>\n","post_title":"Norway Considers MiCA Adoption, Explores CBDC For Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"norway-considers-mica-adoption-explores-cbdc-for-payments","to_ping":"","pinged":"","post_modified":"2024-11-10 23:00:18","post_modified_gmt":"2024-11-10 12:00:18","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":17736,"post_author":"15","post_date":"2024-07-09 21:59:22","post_date_gmt":"2024-07-09 11:59:22","post_content":"\n
The President of the Central Bank of the Republic of China shared <\/a>that developing a central bank digital currency (CBDC) is not a race. Instead, the central bank should prioritize steady progress over speed.<\/p>\n\n\n\n
President Yang Jinlong highlighted that being the first to launch a CBDC does not guarantee success, as countries that have already issued or tested CBDCs have not achieved the expected outcomes.<\/p>\n\n\n\n
Yang stated that the central bank is experimenting with three scenarios to boost domestic payment efficiency and innovation. There is no set timeline for issuing a CBDC but efforts to enhance and innovativate are ongoing.<\/p>\n\n\n\n
One notable development is the CBDC prototype platform designed for retail payments. Yang mentioned that this platform could handle the cash flow operation of digital coupons, with transaction speeds reaching 20,000 transactions per second.<\/p>\n\n\n\n
See Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Yang reiterated that Taiwan\u2019s cautious approach to issuing a CBDC is meant to meet public digital payment needs and align with government digital policy goals, ensuring significant benefits.<\/p>\n\n\n\n
In March, the Financial Supervisory Commission announced plans to propose new digital asset regulations for Taiwan by September 2024, aiming to create more effective regulations for digital asset markets and ensure investor safety.<\/p>\n\n\n\n
North Carolina Vetoed The CBDC Ban Bill<\/h2>\n\n\n\n
North Carolina Governor Roy Cooper has rejected <\/a>a bill banning the state from using a US Federal Reserve-issued CBDC. The bill had strong support from the state\u2019s House of Representatives and Senate with a vote of 109-4 and 39-5 respectively.<\/p>\n\n\n\n
Governor Cooper is criticized for deciding without putting \u201cpartisan politics aside\u201d. The bill is said to benefit all North Carolina residents, but the Governor believes that the bill was too \u201cpremature, vague, and reactionary\u201d to be signed into law.<\/p>\n\n\n\n
Since the vote was more than three-fifths majority in both chambers, the North Carolina legislators could override Governor Cooper's veto. <\/p>\n","post_title":"Taiwan's Central Bank Focuses On Slow And Steady Development Of CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"taiwans-central-bank-focuses-on-slow-and-steady-development-of-cbdc","to_ping":"","pinged":"","post_modified":"2024-07-09 21:59:28","post_modified_gmt":"2024-07-09 11:59:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17736","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10348,"post_author":"15","post_date":"2023-03-09 14:09:21","post_date_gmt":"2023-03-09 03:09:21","post_content":"\n
U.S. Congressman Stephen Lynch raised concerns over the impact of a CBDC on digital assets during the House Financial Services Committee<\/a>. He asked Fed Chair Powell about the potential of a tokenized US dollar to harm other digital assets. Powell expressed uncertainty about the value of non-dollar-backed cryptocurrencies and refrained from commenting on the impact of CBDCs. This occurs as regulators worldwide scrutinize cryptocurrencies, with some countries exploring <\/a>their digital currencies for financial transactions.<\/p>\n\n\n\n
\u201cI'm worried about a lot of these stablecoins and other cryptocurrencies,\u201d <\/em>Lynch said. \u201cDo they go to zero when we come up with a CBDC that has the full faith and credit of the United States behind it?\u201d<\/em><\/p>\n\n\n\n
\u201cStablecoins can certainly be a useful part that serves consumers efficiently when properly managed,\u201d <\/em>Powell said. \u201cAt the moment they don\u2019t. They have the potential to scale, especially when connected to one of the very large technology networks in existence. \u201d<\/em><\/p>\n\n\n\n
\u201cYou can have a systemically important instant payment network, but without proper regulation and security. The public relies on the government, and especially the Fed, to make sure the payment system is safe and reliable. \u201c<\/em><\/p>\n\n\n\n
See Related:<\/em><\/strong> Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a> <\/p>\n\n\n\n
The US Federal Reserve has been quietly studying the potential of a Central Bank Digital Currency<\/a> (CBDC) for years. CBDCs are digital currencies that function like stablecoins, pegged to fiat currencies like the US dollar. Unlike stablecoins issued on decentralized networks, CBDCs are managed and issued by governments. Benefits include faster, cheaper transactions, greater financial inclusion, and reduced fraud.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1633606373689942017\n<\/div><\/figure>\n","post_title":"U.S. Congressman Urges Fed To Consider CBDC Impact On Digital Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"u-s-congressman-urges-fed-to-consider-cbdc-impact-on-digital-assets","to_ping":"","pinged":"","post_modified":"2023-04-10 17:21:01","post_modified_gmt":"2023-04-10 07:21:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10348","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10295,"post_author":"16","post_date":"2023-03-09 12:14:53","post_date_gmt":"2023-03-09 01:14:53","post_content":"\n
WeChat has moved to support the development of China's CBDC, adding a payment method using the digital yuan, e-CNY.<\/p>\n\n\n\n
\n
WeChat is currently the largest social network in China and is expanding to more than 200 countries with 900 million individual users. With the strong development of WeChat today, this action of \"tycoon\" has brought the value of e-CNY to the world.
<\/li>\n\n\n\n
WeChat Pay wallet has over 3 billion users per quarter and allows users to use e-CNY to make payments, such as ordering fast food or topping up some mobile games connected with this platform.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a><\/p>\n\n\n\n
\n
The combination of WeChat and e-CNY makes adopting a CBDC<\/a> currency easier for consumers. On the other hand, it raises the awareness of the Chinese people about the potential and convenience of cryptocurrencies in the future.
<\/li>\n\n\n\n
In terms of investment, WeChat has made a significant impact on the Chinese market. It can be seen that this is a good opportunity to proceed with building a new trading system that focuses on cryptocurrencies.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>China Opens Blockchain Research Centre In Capital<\/a><\/p>\n","post_title":"Chinese Platform WeChat Accept Payments With The Digital Yuan CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinese-platform-wechat-accept-payments-with-the-digital-yuan-cbdc","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 17:21:15","post_modified_gmt":"2023-04-10 07:21:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10295","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10163,"post_author":"15","post_date":"2023-03-02 21:27:12","post_date_gmt":"2023-03-02 10:27:12","post_content":"\n
Brooks Entwistle, Managing Director of APAC and MENA and Senior Vice President of Customer Success at Ripple, disclosed in a recent interview <\/a>that Ripple is discussing with over 20 central banks regarding creating a Central Bank Digital Currency<\/a> (CBDC). This revelation highlights Ripple's dedication to CBDC development and its role in shaping the future of digital currencies.<\/p>\n\n\n\n
Interaction with regulators is \"invaluable\"<\/em>, according to the executive. Ripple engages with regulators worldwide to design custom CBDC solutions for smaller countries. While larger countries like China and the U.S. develop their CBDCs through the public sector, countries like Singapore, Tokyo, Switzerland, and the U.K. are turning to Ripple for tailored solutions.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Kazakhstan Plans CBDC Development Until 2025, Passes Bill Capping BTC Mining<\/a><\/p>\n\n\n\n
Entwistle highlighted that every country and the central bank has unique needs, that \"there are 200-plus countries out there\"<\/em> and a \"lot of central banks\"<\/em> worldwide. According to him, Ripple is \"in dialogue with not ten, not twenty, but a bunch more central banks around the world.\"<\/em> The company has already announced<\/a> projects with Bhutan and Palau. He believes this highlights the growing interest in tailored CBDC solutions for different regions.<\/p>\n\n\n\n
Ripple's dedication to CBDC development and tailored solutions is one aspect of its efforts to transform the cross-border payments space. With its global network RippleNet, the company aims to solve one of the last great financial puzzles in the world. As Ripple expands its policy team and continues to engage with regulators and central banks worldwide, the future of digital currencies and cross-border payments is sure to be shaped by the innovative solutions offered by Ripple.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631097047293235200\n<\/div><\/figure>\n","post_title":"Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-in-talks-with-over-20-central-banks-for-cbdc-development-says-senior-vp","to_ping":"","pinged":"","post_modified":"2023-04-10 17:31:44","post_modified_gmt":"2023-04-10 07:31:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Norges Bank Aligns With MiCA<\/h2>\n\n\n\n
\u201cWe have evaluated the necessary characteristics for a CBDC and identified potential applications,\u201d Norges Bank mentioned. \u201cWe have also analyzed the impact a CBDC can have on banks, financial stability, and monetary and liquidity policy. Furthermore, we have explored the necessary legislative changes that need to be put in place in order for a CBDC to be introduced.\u201d<\/em><\/p>\n\n\n\n
One major aspect of the CBDC debate involves privacy issues. While MiCA aims to standardize the crypto market across the EU, it has also raised concerns about potential systemic risks, particularly for stablecoins.<\/p>\n\n\n\n
Norway\u2019s stance on MiCA and its cautious consideration of a CBDC highlight a broader trend among central banks globally, seeking to balance innovation with financial stability. The country has aligned with EU policies and is exploring digital currency solutions.<\/p>\n\n\n\n
\u201cAmong other things, we have established and tested a prototype based on so-called blockchain technology. This is the same technology underlying the most well-known crypto-assets,\u201d <\/em>Norges Bank added.<\/p>\n","post_title":"Norway Considers MiCA Adoption, Explores CBDC For Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"norway-considers-mica-adoption-explores-cbdc-for-payments","to_ping":"","pinged":"","post_modified":"2024-11-10 23:00:18","post_modified_gmt":"2024-11-10 12:00:18","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":17736,"post_author":"15","post_date":"2024-07-09 21:59:22","post_date_gmt":"2024-07-09 11:59:22","post_content":"\n
The President of the Central Bank of the Republic of China shared <\/a>that developing a central bank digital currency (CBDC) is not a race. Instead, the central bank should prioritize steady progress over speed.<\/p>\n\n\n\n
President Yang Jinlong highlighted that being the first to launch a CBDC does not guarantee success, as countries that have already issued or tested CBDCs have not achieved the expected outcomes.<\/p>\n\n\n\n
Yang stated that the central bank is experimenting with three scenarios to boost domestic payment efficiency and innovation. There is no set timeline for issuing a CBDC but efforts to enhance and innovativate are ongoing.<\/p>\n\n\n\n
One notable development is the CBDC prototype platform designed for retail payments. Yang mentioned that this platform could handle the cash flow operation of digital coupons, with transaction speeds reaching 20,000 transactions per second.<\/p>\n\n\n\n
See Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Yang reiterated that Taiwan\u2019s cautious approach to issuing a CBDC is meant to meet public digital payment needs and align with government digital policy goals, ensuring significant benefits.<\/p>\n\n\n\n
In March, the Financial Supervisory Commission announced plans to propose new digital asset regulations for Taiwan by September 2024, aiming to create more effective regulations for digital asset markets and ensure investor safety.<\/p>\n\n\n\n
North Carolina Vetoed The CBDC Ban Bill<\/h2>\n\n\n\n
North Carolina Governor Roy Cooper has rejected <\/a>a bill banning the state from using a US Federal Reserve-issued CBDC. The bill had strong support from the state\u2019s House of Representatives and Senate with a vote of 109-4 and 39-5 respectively.<\/p>\n\n\n\n
Governor Cooper is criticized for deciding without putting \u201cpartisan politics aside\u201d. The bill is said to benefit all North Carolina residents, but the Governor believes that the bill was too \u201cpremature, vague, and reactionary\u201d to be signed into law.<\/p>\n\n\n\n
Since the vote was more than three-fifths majority in both chambers, the North Carolina legislators could override Governor Cooper's veto. <\/p>\n","post_title":"Taiwan's Central Bank Focuses On Slow And Steady Development Of CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"taiwans-central-bank-focuses-on-slow-and-steady-development-of-cbdc","to_ping":"","pinged":"","post_modified":"2024-07-09 21:59:28","post_modified_gmt":"2024-07-09 11:59:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17736","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10348,"post_author":"15","post_date":"2023-03-09 14:09:21","post_date_gmt":"2023-03-09 03:09:21","post_content":"\n
U.S. Congressman Stephen Lynch raised concerns over the impact of a CBDC on digital assets during the House Financial Services Committee<\/a>. He asked Fed Chair Powell about the potential of a tokenized US dollar to harm other digital assets. Powell expressed uncertainty about the value of non-dollar-backed cryptocurrencies and refrained from commenting on the impact of CBDCs. This occurs as regulators worldwide scrutinize cryptocurrencies, with some countries exploring <\/a>their digital currencies for financial transactions.<\/p>\n\n\n\n
\u201cI'm worried about a lot of these stablecoins and other cryptocurrencies,\u201d <\/em>Lynch said. \u201cDo they go to zero when we come up with a CBDC that has the full faith and credit of the United States behind it?\u201d<\/em><\/p>\n\n\n\n
\u201cStablecoins can certainly be a useful part that serves consumers efficiently when properly managed,\u201d <\/em>Powell said. \u201cAt the moment they don\u2019t. They have the potential to scale, especially when connected to one of the very large technology networks in existence. \u201d<\/em><\/p>\n\n\n\n
\u201cYou can have a systemically important instant payment network, but without proper regulation and security. The public relies on the government, and especially the Fed, to make sure the payment system is safe and reliable. \u201c<\/em><\/p>\n\n\n\n
See Related:<\/em><\/strong> Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a> <\/p>\n\n\n\n
The US Federal Reserve has been quietly studying the potential of a Central Bank Digital Currency<\/a> (CBDC) for years. CBDCs are digital currencies that function like stablecoins, pegged to fiat currencies like the US dollar. Unlike stablecoins issued on decentralized networks, CBDCs are managed and issued by governments. Benefits include faster, cheaper transactions, greater financial inclusion, and reduced fraud.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1633606373689942017\n<\/div><\/figure>\n","post_title":"U.S. Congressman Urges Fed To Consider CBDC Impact On Digital Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"u-s-congressman-urges-fed-to-consider-cbdc-impact-on-digital-assets","to_ping":"","pinged":"","post_modified":"2023-04-10 17:21:01","post_modified_gmt":"2023-04-10 07:21:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10348","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10295,"post_author":"16","post_date":"2023-03-09 12:14:53","post_date_gmt":"2023-03-09 01:14:53","post_content":"\n
WeChat has moved to support the development of China's CBDC, adding a payment method using the digital yuan, e-CNY.<\/p>\n\n\n\n
\n
WeChat is currently the largest social network in China and is expanding to more than 200 countries with 900 million individual users. With the strong development of WeChat today, this action of \"tycoon\" has brought the value of e-CNY to the world.
<\/li>\n\n\n\n
WeChat Pay wallet has over 3 billion users per quarter and allows users to use e-CNY to make payments, such as ordering fast food or topping up some mobile games connected with this platform.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a><\/p>\n\n\n\n
\n
The combination of WeChat and e-CNY makes adopting a CBDC<\/a> currency easier for consumers. On the other hand, it raises the awareness of the Chinese people about the potential and convenience of cryptocurrencies in the future.
<\/li>\n\n\n\n
In terms of investment, WeChat has made a significant impact on the Chinese market. It can be seen that this is a good opportunity to proceed with building a new trading system that focuses on cryptocurrencies.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>China Opens Blockchain Research Centre In Capital<\/a><\/p>\n","post_title":"Chinese Platform WeChat Accept Payments With The Digital Yuan CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinese-platform-wechat-accept-payments-with-the-digital-yuan-cbdc","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 17:21:15","post_modified_gmt":"2023-04-10 07:21:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10295","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10163,"post_author":"15","post_date":"2023-03-02 21:27:12","post_date_gmt":"2023-03-02 10:27:12","post_content":"\n
Brooks Entwistle, Managing Director of APAC and MENA and Senior Vice President of Customer Success at Ripple, disclosed in a recent interview <\/a>that Ripple is discussing with over 20 central banks regarding creating a Central Bank Digital Currency<\/a> (CBDC). This revelation highlights Ripple's dedication to CBDC development and its role in shaping the future of digital currencies.<\/p>\n\n\n\n
Interaction with regulators is \"invaluable\"<\/em>, according to the executive. Ripple engages with regulators worldwide to design custom CBDC solutions for smaller countries. While larger countries like China and the U.S. develop their CBDCs through the public sector, countries like Singapore, Tokyo, Switzerland, and the U.K. are turning to Ripple for tailored solutions.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Kazakhstan Plans CBDC Development Until 2025, Passes Bill Capping BTC Mining<\/a><\/p>\n\n\n\n
Entwistle highlighted that every country and the central bank has unique needs, that \"there are 200-plus countries out there\"<\/em> and a \"lot of central banks\"<\/em> worldwide. According to him, Ripple is \"in dialogue with not ten, not twenty, but a bunch more central banks around the world.\"<\/em> The company has already announced<\/a> projects with Bhutan and Palau. He believes this highlights the growing interest in tailored CBDC solutions for different regions.<\/p>\n\n\n\n
Ripple's dedication to CBDC development and tailored solutions is one aspect of its efforts to transform the cross-border payments space. With its global network RippleNet, the company aims to solve one of the last great financial puzzles in the world. As Ripple expands its policy team and continues to engage with regulators and central banks worldwide, the future of digital currencies and cross-border payments is sure to be shaped by the innovative solutions offered by Ripple.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631097047293235200\n<\/div><\/figure>\n","post_title":"Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-in-talks-with-over-20-central-banks-for-cbdc-development-says-senior-vp","to_ping":"","pinged":"","post_modified":"2023-04-10 17:31:44","post_modified_gmt":"2023-04-10 07:31:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
See Related: <\/em><\/strong>France Regulator Launches MiCA Licensing Ahead Of EU Peers<\/a><\/p>\n\n\n\n
Norges Bank Aligns With MiCA<\/h2>\n\n\n\n
\u201cWe have evaluated the necessary characteristics for a CBDC and identified potential applications,\u201d Norges Bank mentioned. \u201cWe have also analyzed the impact a CBDC can have on banks, financial stability, and monetary and liquidity policy. Furthermore, we have explored the necessary legislative changes that need to be put in place in order for a CBDC to be introduced.\u201d<\/em><\/p>\n\n\n\n
One major aspect of the CBDC debate involves privacy issues. While MiCA aims to standardize the crypto market across the EU, it has also raised concerns about potential systemic risks, particularly for stablecoins.<\/p>\n\n\n\n
Norway\u2019s stance on MiCA and its cautious consideration of a CBDC highlight a broader trend among central banks globally, seeking to balance innovation with financial stability. The country has aligned with EU policies and is exploring digital currency solutions.<\/p>\n\n\n\n
\u201cAmong other things, we have established and tested a prototype based on so-called blockchain technology. This is the same technology underlying the most well-known crypto-assets,\u201d <\/em>Norges Bank added.<\/p>\n","post_title":"Norway Considers MiCA Adoption, Explores CBDC For Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"norway-considers-mica-adoption-explores-cbdc-for-payments","to_ping":"","pinged":"","post_modified":"2024-11-10 23:00:18","post_modified_gmt":"2024-11-10 12:00:18","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":17736,"post_author":"15","post_date":"2024-07-09 21:59:22","post_date_gmt":"2024-07-09 11:59:22","post_content":"\n
The President of the Central Bank of the Republic of China shared <\/a>that developing a central bank digital currency (CBDC) is not a race. Instead, the central bank should prioritize steady progress over speed.<\/p>\n\n\n\n
President Yang Jinlong highlighted that being the first to launch a CBDC does not guarantee success, as countries that have already issued or tested CBDCs have not achieved the expected outcomes.<\/p>\n\n\n\n
Yang stated that the central bank is experimenting with three scenarios to boost domestic payment efficiency and innovation. There is no set timeline for issuing a CBDC but efforts to enhance and innovativate are ongoing.<\/p>\n\n\n\n
One notable development is the CBDC prototype platform designed for retail payments. Yang mentioned that this platform could handle the cash flow operation of digital coupons, with transaction speeds reaching 20,000 transactions per second.<\/p>\n\n\n\n
See Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Yang reiterated that Taiwan\u2019s cautious approach to issuing a CBDC is meant to meet public digital payment needs and align with government digital policy goals, ensuring significant benefits.<\/p>\n\n\n\n
In March, the Financial Supervisory Commission announced plans to propose new digital asset regulations for Taiwan by September 2024, aiming to create more effective regulations for digital asset markets and ensure investor safety.<\/p>\n\n\n\n
North Carolina Vetoed The CBDC Ban Bill<\/h2>\n\n\n\n
North Carolina Governor Roy Cooper has rejected <\/a>a bill banning the state from using a US Federal Reserve-issued CBDC. The bill had strong support from the state\u2019s House of Representatives and Senate with a vote of 109-4 and 39-5 respectively.<\/p>\n\n\n\n
Governor Cooper is criticized for deciding without putting \u201cpartisan politics aside\u201d. The bill is said to benefit all North Carolina residents, but the Governor believes that the bill was too \u201cpremature, vague, and reactionary\u201d to be signed into law.<\/p>\n\n\n\n
Since the vote was more than three-fifths majority in both chambers, the North Carolina legislators could override Governor Cooper's veto. <\/p>\n","post_title":"Taiwan's Central Bank Focuses On Slow And Steady Development Of CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"taiwans-central-bank-focuses-on-slow-and-steady-development-of-cbdc","to_ping":"","pinged":"","post_modified":"2024-07-09 21:59:28","post_modified_gmt":"2024-07-09 11:59:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17736","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10348,"post_author":"15","post_date":"2023-03-09 14:09:21","post_date_gmt":"2023-03-09 03:09:21","post_content":"\n
U.S. Congressman Stephen Lynch raised concerns over the impact of a CBDC on digital assets during the House Financial Services Committee<\/a>. He asked Fed Chair Powell about the potential of a tokenized US dollar to harm other digital assets. Powell expressed uncertainty about the value of non-dollar-backed cryptocurrencies and refrained from commenting on the impact of CBDCs. This occurs as regulators worldwide scrutinize cryptocurrencies, with some countries exploring <\/a>their digital currencies for financial transactions.<\/p>\n\n\n\n
\u201cI'm worried about a lot of these stablecoins and other cryptocurrencies,\u201d <\/em>Lynch said. \u201cDo they go to zero when we come up with a CBDC that has the full faith and credit of the United States behind it?\u201d<\/em><\/p>\n\n\n\n
\u201cStablecoins can certainly be a useful part that serves consumers efficiently when properly managed,\u201d <\/em>Powell said. \u201cAt the moment they don\u2019t. They have the potential to scale, especially when connected to one of the very large technology networks in existence. \u201d<\/em><\/p>\n\n\n\n
\u201cYou can have a systemically important instant payment network, but without proper regulation and security. The public relies on the government, and especially the Fed, to make sure the payment system is safe and reliable. \u201c<\/em><\/p>\n\n\n\n
See Related:<\/em><\/strong> Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a> <\/p>\n\n\n\n
The US Federal Reserve has been quietly studying the potential of a Central Bank Digital Currency<\/a> (CBDC) for years. CBDCs are digital currencies that function like stablecoins, pegged to fiat currencies like the US dollar. Unlike stablecoins issued on decentralized networks, CBDCs are managed and issued by governments. Benefits include faster, cheaper transactions, greater financial inclusion, and reduced fraud.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1633606373689942017\n<\/div><\/figure>\n","post_title":"U.S. Congressman Urges Fed To Consider CBDC Impact On Digital Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"u-s-congressman-urges-fed-to-consider-cbdc-impact-on-digital-assets","to_ping":"","pinged":"","post_modified":"2023-04-10 17:21:01","post_modified_gmt":"2023-04-10 07:21:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10348","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10295,"post_author":"16","post_date":"2023-03-09 12:14:53","post_date_gmt":"2023-03-09 01:14:53","post_content":"\n
WeChat has moved to support the development of China's CBDC, adding a payment method using the digital yuan, e-CNY.<\/p>\n\n\n\n
\n
WeChat is currently the largest social network in China and is expanding to more than 200 countries with 900 million individual users. With the strong development of WeChat today, this action of \"tycoon\" has brought the value of e-CNY to the world.
<\/li>\n\n\n\n
WeChat Pay wallet has over 3 billion users per quarter and allows users to use e-CNY to make payments, such as ordering fast food or topping up some mobile games connected with this platform.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a><\/p>\n\n\n\n
\n
The combination of WeChat and e-CNY makes adopting a CBDC<\/a> currency easier for consumers. On the other hand, it raises the awareness of the Chinese people about the potential and convenience of cryptocurrencies in the future.
<\/li>\n\n\n\n
In terms of investment, WeChat has made a significant impact on the Chinese market. It can be seen that this is a good opportunity to proceed with building a new trading system that focuses on cryptocurrencies.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>China Opens Blockchain Research Centre In Capital<\/a><\/p>\n","post_title":"Chinese Platform WeChat Accept Payments With The Digital Yuan CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinese-platform-wechat-accept-payments-with-the-digital-yuan-cbdc","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 17:21:15","post_modified_gmt":"2023-04-10 07:21:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10295","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10163,"post_author":"15","post_date":"2023-03-02 21:27:12","post_date_gmt":"2023-03-02 10:27:12","post_content":"\n
Brooks Entwistle, Managing Director of APAC and MENA and Senior Vice President of Customer Success at Ripple, disclosed in a recent interview <\/a>that Ripple is discussing with over 20 central banks regarding creating a Central Bank Digital Currency<\/a> (CBDC). This revelation highlights Ripple's dedication to CBDC development and its role in shaping the future of digital currencies.<\/p>\n\n\n\n
Interaction with regulators is \"invaluable\"<\/em>, according to the executive. Ripple engages with regulators worldwide to design custom CBDC solutions for smaller countries. While larger countries like China and the U.S. develop their CBDCs through the public sector, countries like Singapore, Tokyo, Switzerland, and the U.K. are turning to Ripple for tailored solutions.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Kazakhstan Plans CBDC Development Until 2025, Passes Bill Capping BTC Mining<\/a><\/p>\n\n\n\n
Entwistle highlighted that every country and the central bank has unique needs, that \"there are 200-plus countries out there\"<\/em> and a \"lot of central banks\"<\/em> worldwide. According to him, Ripple is \"in dialogue with not ten, not twenty, but a bunch more central banks around the world.\"<\/em> The company has already announced<\/a> projects with Bhutan and Palau. He believes this highlights the growing interest in tailored CBDC solutions for different regions.<\/p>\n\n\n\n
Ripple's dedication to CBDC development and tailored solutions is one aspect of its efforts to transform the cross-border payments space. With its global network RippleNet, the company aims to solve one of the last great financial puzzles in the world. As Ripple expands its policy team and continues to engage with regulators and central banks worldwide, the future of digital currencies and cross-border payments is sure to be shaped by the innovative solutions offered by Ripple.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631097047293235200\n<\/div><\/figure>\n","post_title":"Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-in-talks-with-over-20-central-banks-for-cbdc-development-says-senior-vp","to_ping":"","pinged":"","post_modified":"2023-04-10 17:31:44","post_modified_gmt":"2023-04-10 07:31:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
In 2023, Norges Bank reportedly participated in \u201cProject Icebreaker,\u201d a trial aimed at testing new retail CBDC architectures for cross-border transactions. This initiative is part of the bank's ongoing exploration of digital currencies, even as it remains undecided about whether to proceed with full implementation.<\/p>\n\n\n\n
See Related: <\/em><\/strong>France Regulator Launches MiCA Licensing Ahead Of EU Peers<\/a><\/p>\n\n\n\n
Norges Bank Aligns With MiCA<\/h2>\n\n\n\n
\u201cWe have evaluated the necessary characteristics for a CBDC and identified potential applications,\u201d Norges Bank mentioned. \u201cWe have also analyzed the impact a CBDC can have on banks, financial stability, and monetary and liquidity policy. Furthermore, we have explored the necessary legislative changes that need to be put in place in order for a CBDC to be introduced.\u201d<\/em><\/p>\n\n\n\n
One major aspect of the CBDC debate involves privacy issues. While MiCA aims to standardize the crypto market across the EU, it has also raised concerns about potential systemic risks, particularly for stablecoins.<\/p>\n\n\n\n
Norway\u2019s stance on MiCA and its cautious consideration of a CBDC highlight a broader trend among central banks globally, seeking to balance innovation with financial stability. The country has aligned with EU policies and is exploring digital currency solutions.<\/p>\n\n\n\n
\u201cAmong other things, we have established and tested a prototype based on so-called blockchain technology. This is the same technology underlying the most well-known crypto-assets,\u201d <\/em>Norges Bank added.<\/p>\n","post_title":"Norway Considers MiCA Adoption, Explores CBDC For Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"norway-considers-mica-adoption-explores-cbdc-for-payments","to_ping":"","pinged":"","post_modified":"2024-11-10 23:00:18","post_modified_gmt":"2024-11-10 12:00:18","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":17736,"post_author":"15","post_date":"2024-07-09 21:59:22","post_date_gmt":"2024-07-09 11:59:22","post_content":"\n
The President of the Central Bank of the Republic of China shared <\/a>that developing a central bank digital currency (CBDC) is not a race. Instead, the central bank should prioritize steady progress over speed.<\/p>\n\n\n\n
President Yang Jinlong highlighted that being the first to launch a CBDC does not guarantee success, as countries that have already issued or tested CBDCs have not achieved the expected outcomes.<\/p>\n\n\n\n
Yang stated that the central bank is experimenting with three scenarios to boost domestic payment efficiency and innovation. There is no set timeline for issuing a CBDC but efforts to enhance and innovativate are ongoing.<\/p>\n\n\n\n
One notable development is the CBDC prototype platform designed for retail payments. Yang mentioned that this platform could handle the cash flow operation of digital coupons, with transaction speeds reaching 20,000 transactions per second.<\/p>\n\n\n\n
See Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Yang reiterated that Taiwan\u2019s cautious approach to issuing a CBDC is meant to meet public digital payment needs and align with government digital policy goals, ensuring significant benefits.<\/p>\n\n\n\n
In March, the Financial Supervisory Commission announced plans to propose new digital asset regulations for Taiwan by September 2024, aiming to create more effective regulations for digital asset markets and ensure investor safety.<\/p>\n\n\n\n
North Carolina Vetoed The CBDC Ban Bill<\/h2>\n\n\n\n
North Carolina Governor Roy Cooper has rejected <\/a>a bill banning the state from using a US Federal Reserve-issued CBDC. The bill had strong support from the state\u2019s House of Representatives and Senate with a vote of 109-4 and 39-5 respectively.<\/p>\n\n\n\n
Governor Cooper is criticized for deciding without putting \u201cpartisan politics aside\u201d. The bill is said to benefit all North Carolina residents, but the Governor believes that the bill was too \u201cpremature, vague, and reactionary\u201d to be signed into law.<\/p>\n\n\n\n
Since the vote was more than three-fifths majority in both chambers, the North Carolina legislators could override Governor Cooper's veto. <\/p>\n","post_title":"Taiwan's Central Bank Focuses On Slow And Steady Development Of CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"taiwans-central-bank-focuses-on-slow-and-steady-development-of-cbdc","to_ping":"","pinged":"","post_modified":"2024-07-09 21:59:28","post_modified_gmt":"2024-07-09 11:59:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17736","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10348,"post_author":"15","post_date":"2023-03-09 14:09:21","post_date_gmt":"2023-03-09 03:09:21","post_content":"\n
U.S. Congressman Stephen Lynch raised concerns over the impact of a CBDC on digital assets during the House Financial Services Committee<\/a>. He asked Fed Chair Powell about the potential of a tokenized US dollar to harm other digital assets. Powell expressed uncertainty about the value of non-dollar-backed cryptocurrencies and refrained from commenting on the impact of CBDCs. This occurs as regulators worldwide scrutinize cryptocurrencies, with some countries exploring <\/a>their digital currencies for financial transactions.<\/p>\n\n\n\n
\u201cI'm worried about a lot of these stablecoins and other cryptocurrencies,\u201d <\/em>Lynch said. \u201cDo they go to zero when we come up with a CBDC that has the full faith and credit of the United States behind it?\u201d<\/em><\/p>\n\n\n\n
\u201cStablecoins can certainly be a useful part that serves consumers efficiently when properly managed,\u201d <\/em>Powell said. \u201cAt the moment they don\u2019t. They have the potential to scale, especially when connected to one of the very large technology networks in existence. \u201d<\/em><\/p>\n\n\n\n
\u201cYou can have a systemically important instant payment network, but without proper regulation and security. The public relies on the government, and especially the Fed, to make sure the payment system is safe and reliable. \u201c<\/em><\/p>\n\n\n\n
See Related:<\/em><\/strong> Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a> <\/p>\n\n\n\n
The US Federal Reserve has been quietly studying the potential of a Central Bank Digital Currency<\/a> (CBDC) for years. CBDCs are digital currencies that function like stablecoins, pegged to fiat currencies like the US dollar. Unlike stablecoins issued on decentralized networks, CBDCs are managed and issued by governments. Benefits include faster, cheaper transactions, greater financial inclusion, and reduced fraud.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1633606373689942017\n<\/div><\/figure>\n","post_title":"U.S. Congressman Urges Fed To Consider CBDC Impact On Digital Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"u-s-congressman-urges-fed-to-consider-cbdc-impact-on-digital-assets","to_ping":"","pinged":"","post_modified":"2023-04-10 17:21:01","post_modified_gmt":"2023-04-10 07:21:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10348","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10295,"post_author":"16","post_date":"2023-03-09 12:14:53","post_date_gmt":"2023-03-09 01:14:53","post_content":"\n
WeChat has moved to support the development of China's CBDC, adding a payment method using the digital yuan, e-CNY.<\/p>\n\n\n\n
\n
WeChat is currently the largest social network in China and is expanding to more than 200 countries with 900 million individual users. With the strong development of WeChat today, this action of \"tycoon\" has brought the value of e-CNY to the world.
<\/li>\n\n\n\n
WeChat Pay wallet has over 3 billion users per quarter and allows users to use e-CNY to make payments, such as ordering fast food or topping up some mobile games connected with this platform.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a><\/p>\n\n\n\n
\n
The combination of WeChat and e-CNY makes adopting a CBDC<\/a> currency easier for consumers. On the other hand, it raises the awareness of the Chinese people about the potential and convenience of cryptocurrencies in the future.
<\/li>\n\n\n\n
In terms of investment, WeChat has made a significant impact on the Chinese market. It can be seen that this is a good opportunity to proceed with building a new trading system that focuses on cryptocurrencies.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>China Opens Blockchain Research Centre In Capital<\/a><\/p>\n","post_title":"Chinese Platform WeChat Accept Payments With The Digital Yuan CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinese-platform-wechat-accept-payments-with-the-digital-yuan-cbdc","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 17:21:15","post_modified_gmt":"2023-04-10 07:21:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10295","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10163,"post_author":"15","post_date":"2023-03-02 21:27:12","post_date_gmt":"2023-03-02 10:27:12","post_content":"\n
Brooks Entwistle, Managing Director of APAC and MENA and Senior Vice President of Customer Success at Ripple, disclosed in a recent interview <\/a>that Ripple is discussing with over 20 central banks regarding creating a Central Bank Digital Currency<\/a> (CBDC). This revelation highlights Ripple's dedication to CBDC development and its role in shaping the future of digital currencies.<\/p>\n\n\n\n
Interaction with regulators is \"invaluable\"<\/em>, according to the executive. Ripple engages with regulators worldwide to design custom CBDC solutions for smaller countries. While larger countries like China and the U.S. develop their CBDCs through the public sector, countries like Singapore, Tokyo, Switzerland, and the U.K. are turning to Ripple for tailored solutions.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Kazakhstan Plans CBDC Development Until 2025, Passes Bill Capping BTC Mining<\/a><\/p>\n\n\n\n
Entwistle highlighted that every country and the central bank has unique needs, that \"there are 200-plus countries out there\"<\/em> and a \"lot of central banks\"<\/em> worldwide. According to him, Ripple is \"in dialogue with not ten, not twenty, but a bunch more central banks around the world.\"<\/em> The company has already announced<\/a> projects with Bhutan and Palau. He believes this highlights the growing interest in tailored CBDC solutions for different regions.<\/p>\n\n\n\n
Ripple's dedication to CBDC development and tailored solutions is one aspect of its efforts to transform the cross-border payments space. With its global network RippleNet, the company aims to solve one of the last great financial puzzles in the world. As Ripple expands its policy team and continues to engage with regulators and central banks worldwide, the future of digital currencies and cross-border payments is sure to be shaped by the innovative solutions offered by Ripple.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631097047293235200\n<\/div><\/figure>\n","post_title":"Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-in-talks-with-over-20-central-banks-for-cbdc-development-says-senior-vp","to_ping":"","pinged":"","post_modified":"2023-04-10 17:31:44","post_modified_gmt":"2023-04-10 07:31:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Norway, a member of the European Economic Area (EEA), closely follows EU regulations, including the MiCA regulation. MiCA regulatory framework seeks to bring clearer rules to the crypto market. However, Norges Bank has yet to decide on issuing the digital asset, but it maintains that digital currency is a potential tool for enhancing cross-border payments.<\/p>\n\n\n\n
In 2023, Norges Bank reportedly participated in \u201cProject Icebreaker,\u201d a trial aimed at testing new retail CBDC architectures for cross-border transactions. This initiative is part of the bank's ongoing exploration of digital currencies, even as it remains undecided about whether to proceed with full implementation.<\/p>\n\n\n\n
See Related: <\/em><\/strong>France Regulator Launches MiCA Licensing Ahead Of EU Peers<\/a><\/p>\n\n\n\n
Norges Bank Aligns With MiCA<\/h2>\n\n\n\n
\u201cWe have evaluated the necessary characteristics for a CBDC and identified potential applications,\u201d Norges Bank mentioned. \u201cWe have also analyzed the impact a CBDC can have on banks, financial stability, and monetary and liquidity policy. Furthermore, we have explored the necessary legislative changes that need to be put in place in order for a CBDC to be introduced.\u201d<\/em><\/p>\n\n\n\n
One major aspect of the CBDC debate involves privacy issues. While MiCA aims to standardize the crypto market across the EU, it has also raised concerns about potential systemic risks, particularly for stablecoins.<\/p>\n\n\n\n
Norway\u2019s stance on MiCA and its cautious consideration of a CBDC highlight a broader trend among central banks globally, seeking to balance innovation with financial stability. The country has aligned with EU policies and is exploring digital currency solutions.<\/p>\n\n\n\n
\u201cAmong other things, we have established and tested a prototype based on so-called blockchain technology. This is the same technology underlying the most well-known crypto-assets,\u201d <\/em>Norges Bank added.<\/p>\n","post_title":"Norway Considers MiCA Adoption, Explores CBDC For Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"norway-considers-mica-adoption-explores-cbdc-for-payments","to_ping":"","pinged":"","post_modified":"2024-11-10 23:00:18","post_modified_gmt":"2024-11-10 12:00:18","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":17736,"post_author":"15","post_date":"2024-07-09 21:59:22","post_date_gmt":"2024-07-09 11:59:22","post_content":"\n
The President of the Central Bank of the Republic of China shared <\/a>that developing a central bank digital currency (CBDC) is not a race. Instead, the central bank should prioritize steady progress over speed.<\/p>\n\n\n\n
President Yang Jinlong highlighted that being the first to launch a CBDC does not guarantee success, as countries that have already issued or tested CBDCs have not achieved the expected outcomes.<\/p>\n\n\n\n
Yang stated that the central bank is experimenting with three scenarios to boost domestic payment efficiency and innovation. There is no set timeline for issuing a CBDC but efforts to enhance and innovativate are ongoing.<\/p>\n\n\n\n
One notable development is the CBDC prototype platform designed for retail payments. Yang mentioned that this platform could handle the cash flow operation of digital coupons, with transaction speeds reaching 20,000 transactions per second.<\/p>\n\n\n\n
See Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Yang reiterated that Taiwan\u2019s cautious approach to issuing a CBDC is meant to meet public digital payment needs and align with government digital policy goals, ensuring significant benefits.<\/p>\n\n\n\n
In March, the Financial Supervisory Commission announced plans to propose new digital asset regulations for Taiwan by September 2024, aiming to create more effective regulations for digital asset markets and ensure investor safety.<\/p>\n\n\n\n
North Carolina Vetoed The CBDC Ban Bill<\/h2>\n\n\n\n
North Carolina Governor Roy Cooper has rejected <\/a>a bill banning the state from using a US Federal Reserve-issued CBDC. The bill had strong support from the state\u2019s House of Representatives and Senate with a vote of 109-4 and 39-5 respectively.<\/p>\n\n\n\n
Governor Cooper is criticized for deciding without putting \u201cpartisan politics aside\u201d. The bill is said to benefit all North Carolina residents, but the Governor believes that the bill was too \u201cpremature, vague, and reactionary\u201d to be signed into law.<\/p>\n\n\n\n
Since the vote was more than three-fifths majority in both chambers, the North Carolina legislators could override Governor Cooper's veto. <\/p>\n","post_title":"Taiwan's Central Bank Focuses On Slow And Steady Development Of CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"taiwans-central-bank-focuses-on-slow-and-steady-development-of-cbdc","to_ping":"","pinged":"","post_modified":"2024-07-09 21:59:28","post_modified_gmt":"2024-07-09 11:59:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17736","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10348,"post_author":"15","post_date":"2023-03-09 14:09:21","post_date_gmt":"2023-03-09 03:09:21","post_content":"\n
U.S. Congressman Stephen Lynch raised concerns over the impact of a CBDC on digital assets during the House Financial Services Committee<\/a>. He asked Fed Chair Powell about the potential of a tokenized US dollar to harm other digital assets. Powell expressed uncertainty about the value of non-dollar-backed cryptocurrencies and refrained from commenting on the impact of CBDCs. This occurs as regulators worldwide scrutinize cryptocurrencies, with some countries exploring <\/a>their digital currencies for financial transactions.<\/p>\n\n\n\n
\u201cI'm worried about a lot of these stablecoins and other cryptocurrencies,\u201d <\/em>Lynch said. \u201cDo they go to zero when we come up with a CBDC that has the full faith and credit of the United States behind it?\u201d<\/em><\/p>\n\n\n\n
\u201cStablecoins can certainly be a useful part that serves consumers efficiently when properly managed,\u201d <\/em>Powell said. \u201cAt the moment they don\u2019t. They have the potential to scale, especially when connected to one of the very large technology networks in existence. \u201d<\/em><\/p>\n\n\n\n
\u201cYou can have a systemically important instant payment network, but without proper regulation and security. The public relies on the government, and especially the Fed, to make sure the payment system is safe and reliable. \u201c<\/em><\/p>\n\n\n\n
See Related:<\/em><\/strong> Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a> <\/p>\n\n\n\n
The US Federal Reserve has been quietly studying the potential of a Central Bank Digital Currency<\/a> (CBDC) for years. CBDCs are digital currencies that function like stablecoins, pegged to fiat currencies like the US dollar. Unlike stablecoins issued on decentralized networks, CBDCs are managed and issued by governments. Benefits include faster, cheaper transactions, greater financial inclusion, and reduced fraud.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1633606373689942017\n<\/div><\/figure>\n","post_title":"U.S. Congressman Urges Fed To Consider CBDC Impact On Digital Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"u-s-congressman-urges-fed-to-consider-cbdc-impact-on-digital-assets","to_ping":"","pinged":"","post_modified":"2023-04-10 17:21:01","post_modified_gmt":"2023-04-10 07:21:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10348","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10295,"post_author":"16","post_date":"2023-03-09 12:14:53","post_date_gmt":"2023-03-09 01:14:53","post_content":"\n
WeChat has moved to support the development of China's CBDC, adding a payment method using the digital yuan, e-CNY.<\/p>\n\n\n\n
\n
WeChat is currently the largest social network in China and is expanding to more than 200 countries with 900 million individual users. With the strong development of WeChat today, this action of \"tycoon\" has brought the value of e-CNY to the world.
<\/li>\n\n\n\n
WeChat Pay wallet has over 3 billion users per quarter and allows users to use e-CNY to make payments, such as ordering fast food or topping up some mobile games connected with this platform.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a><\/p>\n\n\n\n
\n
The combination of WeChat and e-CNY makes adopting a CBDC<\/a> currency easier for consumers. On the other hand, it raises the awareness of the Chinese people about the potential and convenience of cryptocurrencies in the future.
<\/li>\n\n\n\n
In terms of investment, WeChat has made a significant impact on the Chinese market. It can be seen that this is a good opportunity to proceed with building a new trading system that focuses on cryptocurrencies.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>China Opens Blockchain Research Centre In Capital<\/a><\/p>\n","post_title":"Chinese Platform WeChat Accept Payments With The Digital Yuan CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinese-platform-wechat-accept-payments-with-the-digital-yuan-cbdc","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 17:21:15","post_modified_gmt":"2023-04-10 07:21:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10295","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10163,"post_author":"15","post_date":"2023-03-02 21:27:12","post_date_gmt":"2023-03-02 10:27:12","post_content":"\n
Brooks Entwistle, Managing Director of APAC and MENA and Senior Vice President of Customer Success at Ripple, disclosed in a recent interview <\/a>that Ripple is discussing with over 20 central banks regarding creating a Central Bank Digital Currency<\/a> (CBDC). This revelation highlights Ripple's dedication to CBDC development and its role in shaping the future of digital currencies.<\/p>\n\n\n\n
Interaction with regulators is \"invaluable\"<\/em>, according to the executive. Ripple engages with regulators worldwide to design custom CBDC solutions for smaller countries. While larger countries like China and the U.S. develop their CBDCs through the public sector, countries like Singapore, Tokyo, Switzerland, and the U.K. are turning to Ripple for tailored solutions.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Kazakhstan Plans CBDC Development Until 2025, Passes Bill Capping BTC Mining<\/a><\/p>\n\n\n\n
Entwistle highlighted that every country and the central bank has unique needs, that \"there are 200-plus countries out there\"<\/em> and a \"lot of central banks\"<\/em> worldwide. According to him, Ripple is \"in dialogue with not ten, not twenty, but a bunch more central banks around the world.\"<\/em> The company has already announced<\/a> projects with Bhutan and Palau. He believes this highlights the growing interest in tailored CBDC solutions for different regions.<\/p>\n\n\n\n
Ripple's dedication to CBDC development and tailored solutions is one aspect of its efforts to transform the cross-border payments space. With its global network RippleNet, the company aims to solve one of the last great financial puzzles in the world. As Ripple expands its policy team and continues to engage with regulators and central banks worldwide, the future of digital currencies and cross-border payments is sure to be shaped by the innovative solutions offered by Ripple.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631097047293235200\n<\/div><\/figure>\n","post_title":"Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-in-talks-with-over-20-central-banks-for-cbdc-development-says-senior-vp","to_ping":"","pinged":"","post_modified":"2023-04-10 17:31:44","post_modified_gmt":"2023-04-10 07:31:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Norway is the latest to express support for the European Union\u2019s crypto regulation (MiCA), now evaluating the adoption of a central bank digital currency (CBDC). Norges Bank expressed interest in the regulation and the potential adoption of CBDC to strengthen financial stability and improve cross-border payment systems, Cointelegraph reported<\/a>.<\/p>\n\n\n\n
Norway, a member of the European Economic Area (EEA), closely follows EU regulations, including the MiCA regulation. MiCA regulatory framework seeks to bring clearer rules to the crypto market. However, Norges Bank has yet to decide on issuing the digital asset, but it maintains that digital currency is a potential tool for enhancing cross-border payments.<\/p>\n\n\n\n
In 2023, Norges Bank reportedly participated in \u201cProject Icebreaker,\u201d a trial aimed at testing new retail CBDC architectures for cross-border transactions. This initiative is part of the bank's ongoing exploration of digital currencies, even as it remains undecided about whether to proceed with full implementation.<\/p>\n\n\n\n
See Related: <\/em><\/strong>France Regulator Launches MiCA Licensing Ahead Of EU Peers<\/a><\/p>\n\n\n\n
Norges Bank Aligns With MiCA<\/h2>\n\n\n\n
\u201cWe have evaluated the necessary characteristics for a CBDC and identified potential applications,\u201d Norges Bank mentioned. \u201cWe have also analyzed the impact a CBDC can have on banks, financial stability, and monetary and liquidity policy. Furthermore, we have explored the necessary legislative changes that need to be put in place in order for a CBDC to be introduced.\u201d<\/em><\/p>\n\n\n\n
One major aspect of the CBDC debate involves privacy issues. While MiCA aims to standardize the crypto market across the EU, it has also raised concerns about potential systemic risks, particularly for stablecoins.<\/p>\n\n\n\n
Norway\u2019s stance on MiCA and its cautious consideration of a CBDC highlight a broader trend among central banks globally, seeking to balance innovation with financial stability. The country has aligned with EU policies and is exploring digital currency solutions.<\/p>\n\n\n\n
\u201cAmong other things, we have established and tested a prototype based on so-called blockchain technology. This is the same technology underlying the most well-known crypto-assets,\u201d <\/em>Norges Bank added.<\/p>\n","post_title":"Norway Considers MiCA Adoption, Explores CBDC For Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"norway-considers-mica-adoption-explores-cbdc-for-payments","to_ping":"","pinged":"","post_modified":"2024-11-10 23:00:18","post_modified_gmt":"2024-11-10 12:00:18","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":17736,"post_author":"15","post_date":"2024-07-09 21:59:22","post_date_gmt":"2024-07-09 11:59:22","post_content":"\n
The President of the Central Bank of the Republic of China shared <\/a>that developing a central bank digital currency (CBDC) is not a race. Instead, the central bank should prioritize steady progress over speed.<\/p>\n\n\n\n
President Yang Jinlong highlighted that being the first to launch a CBDC does not guarantee success, as countries that have already issued or tested CBDCs have not achieved the expected outcomes.<\/p>\n\n\n\n
Yang stated that the central bank is experimenting with three scenarios to boost domestic payment efficiency and innovation. There is no set timeline for issuing a CBDC but efforts to enhance and innovativate are ongoing.<\/p>\n\n\n\n
One notable development is the CBDC prototype platform designed for retail payments. Yang mentioned that this platform could handle the cash flow operation of digital coupons, with transaction speeds reaching 20,000 transactions per second.<\/p>\n\n\n\n
See Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Yang reiterated that Taiwan\u2019s cautious approach to issuing a CBDC is meant to meet public digital payment needs and align with government digital policy goals, ensuring significant benefits.<\/p>\n\n\n\n
In March, the Financial Supervisory Commission announced plans to propose new digital asset regulations for Taiwan by September 2024, aiming to create more effective regulations for digital asset markets and ensure investor safety.<\/p>\n\n\n\n
North Carolina Vetoed The CBDC Ban Bill<\/h2>\n\n\n\n
North Carolina Governor Roy Cooper has rejected <\/a>a bill banning the state from using a US Federal Reserve-issued CBDC. The bill had strong support from the state\u2019s House of Representatives and Senate with a vote of 109-4 and 39-5 respectively.<\/p>\n\n\n\n
Governor Cooper is criticized for deciding without putting \u201cpartisan politics aside\u201d. The bill is said to benefit all North Carolina residents, but the Governor believes that the bill was too \u201cpremature, vague, and reactionary\u201d to be signed into law.<\/p>\n\n\n\n
Since the vote was more than three-fifths majority in both chambers, the North Carolina legislators could override Governor Cooper's veto. <\/p>\n","post_title":"Taiwan's Central Bank Focuses On Slow And Steady Development Of CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"taiwans-central-bank-focuses-on-slow-and-steady-development-of-cbdc","to_ping":"","pinged":"","post_modified":"2024-07-09 21:59:28","post_modified_gmt":"2024-07-09 11:59:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17736","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10348,"post_author":"15","post_date":"2023-03-09 14:09:21","post_date_gmt":"2023-03-09 03:09:21","post_content":"\n
U.S. Congressman Stephen Lynch raised concerns over the impact of a CBDC on digital assets during the House Financial Services Committee<\/a>. He asked Fed Chair Powell about the potential of a tokenized US dollar to harm other digital assets. Powell expressed uncertainty about the value of non-dollar-backed cryptocurrencies and refrained from commenting on the impact of CBDCs. This occurs as regulators worldwide scrutinize cryptocurrencies, with some countries exploring <\/a>their digital currencies for financial transactions.<\/p>\n\n\n\n
\u201cI'm worried about a lot of these stablecoins and other cryptocurrencies,\u201d <\/em>Lynch said. \u201cDo they go to zero when we come up with a CBDC that has the full faith and credit of the United States behind it?\u201d<\/em><\/p>\n\n\n\n
\u201cStablecoins can certainly be a useful part that serves consumers efficiently when properly managed,\u201d <\/em>Powell said. \u201cAt the moment they don\u2019t. They have the potential to scale, especially when connected to one of the very large technology networks in existence. \u201d<\/em><\/p>\n\n\n\n
\u201cYou can have a systemically important instant payment network, but without proper regulation and security. The public relies on the government, and especially the Fed, to make sure the payment system is safe and reliable. \u201c<\/em><\/p>\n\n\n\n
See Related:<\/em><\/strong> Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a> <\/p>\n\n\n\n
The US Federal Reserve has been quietly studying the potential of a Central Bank Digital Currency<\/a> (CBDC) for years. CBDCs are digital currencies that function like stablecoins, pegged to fiat currencies like the US dollar. Unlike stablecoins issued on decentralized networks, CBDCs are managed and issued by governments. Benefits include faster, cheaper transactions, greater financial inclusion, and reduced fraud.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1633606373689942017\n<\/div><\/figure>\n","post_title":"U.S. Congressman Urges Fed To Consider CBDC Impact On Digital Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"u-s-congressman-urges-fed-to-consider-cbdc-impact-on-digital-assets","to_ping":"","pinged":"","post_modified":"2023-04-10 17:21:01","post_modified_gmt":"2023-04-10 07:21:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10348","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10295,"post_author":"16","post_date":"2023-03-09 12:14:53","post_date_gmt":"2023-03-09 01:14:53","post_content":"\n
WeChat has moved to support the development of China's CBDC, adding a payment method using the digital yuan, e-CNY.<\/p>\n\n\n\n
\n
WeChat is currently the largest social network in China and is expanding to more than 200 countries with 900 million individual users. With the strong development of WeChat today, this action of \"tycoon\" has brought the value of e-CNY to the world.
<\/li>\n\n\n\n
WeChat Pay wallet has over 3 billion users per quarter and allows users to use e-CNY to make payments, such as ordering fast food or topping up some mobile games connected with this platform.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a><\/p>\n\n\n\n
\n
The combination of WeChat and e-CNY makes adopting a CBDC<\/a> currency easier for consumers. On the other hand, it raises the awareness of the Chinese people about the potential and convenience of cryptocurrencies in the future.
<\/li>\n\n\n\n
In terms of investment, WeChat has made a significant impact on the Chinese market. It can be seen that this is a good opportunity to proceed with building a new trading system that focuses on cryptocurrencies.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>China Opens Blockchain Research Centre In Capital<\/a><\/p>\n","post_title":"Chinese Platform WeChat Accept Payments With The Digital Yuan CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinese-platform-wechat-accept-payments-with-the-digital-yuan-cbdc","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 17:21:15","post_modified_gmt":"2023-04-10 07:21:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10295","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10163,"post_author":"15","post_date":"2023-03-02 21:27:12","post_date_gmt":"2023-03-02 10:27:12","post_content":"\n
Brooks Entwistle, Managing Director of APAC and MENA and Senior Vice President of Customer Success at Ripple, disclosed in a recent interview <\/a>that Ripple is discussing with over 20 central banks regarding creating a Central Bank Digital Currency<\/a> (CBDC). This revelation highlights Ripple's dedication to CBDC development and its role in shaping the future of digital currencies.<\/p>\n\n\n\n
Interaction with regulators is \"invaluable\"<\/em>, according to the executive. Ripple engages with regulators worldwide to design custom CBDC solutions for smaller countries. While larger countries like China and the U.S. develop their CBDCs through the public sector, countries like Singapore, Tokyo, Switzerland, and the U.K. are turning to Ripple for tailored solutions.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Kazakhstan Plans CBDC Development Until 2025, Passes Bill Capping BTC Mining<\/a><\/p>\n\n\n\n
Entwistle highlighted that every country and the central bank has unique needs, that \"there are 200-plus countries out there\"<\/em> and a \"lot of central banks\"<\/em> worldwide. According to him, Ripple is \"in dialogue with not ten, not twenty, but a bunch more central banks around the world.\"<\/em> The company has already announced<\/a> projects with Bhutan and Palau. He believes this highlights the growing interest in tailored CBDC solutions for different regions.<\/p>\n\n\n\n
Ripple's dedication to CBDC development and tailored solutions is one aspect of its efforts to transform the cross-border payments space. With its global network RippleNet, the company aims to solve one of the last great financial puzzles in the world. As Ripple expands its policy team and continues to engage with regulators and central banks worldwide, the future of digital currencies and cross-border payments is sure to be shaped by the innovative solutions offered by Ripple.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631097047293235200\n<\/div><\/figure>\n","post_title":"Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-in-talks-with-over-20-central-banks-for-cbdc-development-says-senior-vp","to_ping":"","pinged":"","post_modified":"2023-04-10 17:31:44","post_modified_gmt":"2023-04-10 07:31:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
The bank assessed the possible effects of the currency on banks, financial stability, and monetary policy.<\/li>\n<\/ul>\n\n\n\n
Norway is the latest to express support for the European Union\u2019s crypto regulation (MiCA), now evaluating the adoption of a central bank digital currency (CBDC). Norges Bank expressed interest in the regulation and the potential adoption of CBDC to strengthen financial stability and improve cross-border payment systems, Cointelegraph reported<\/a>.<\/p>\n\n\n\n
Norway, a member of the European Economic Area (EEA), closely follows EU regulations, including the MiCA regulation. MiCA regulatory framework seeks to bring clearer rules to the crypto market. However, Norges Bank has yet to decide on issuing the digital asset, but it maintains that digital currency is a potential tool for enhancing cross-border payments.<\/p>\n\n\n\n
In 2023, Norges Bank reportedly participated in \u201cProject Icebreaker,\u201d a trial aimed at testing new retail CBDC architectures for cross-border transactions. This initiative is part of the bank's ongoing exploration of digital currencies, even as it remains undecided about whether to proceed with full implementation.<\/p>\n\n\n\n
See Related: <\/em><\/strong>France Regulator Launches MiCA Licensing Ahead Of EU Peers<\/a><\/p>\n\n\n\n
Norges Bank Aligns With MiCA<\/h2>\n\n\n\n
\u201cWe have evaluated the necessary characteristics for a CBDC and identified potential applications,\u201d Norges Bank mentioned. \u201cWe have also analyzed the impact a CBDC can have on banks, financial stability, and monetary and liquidity policy. Furthermore, we have explored the necessary legislative changes that need to be put in place in order for a CBDC to be introduced.\u201d<\/em><\/p>\n\n\n\n
One major aspect of the CBDC debate involves privacy issues. While MiCA aims to standardize the crypto market across the EU, it has also raised concerns about potential systemic risks, particularly for stablecoins.<\/p>\n\n\n\n
Norway\u2019s stance on MiCA and its cautious consideration of a CBDC highlight a broader trend among central banks globally, seeking to balance innovation with financial stability. The country has aligned with EU policies and is exploring digital currency solutions.<\/p>\n\n\n\n
\u201cAmong other things, we have established and tested a prototype based on so-called blockchain technology. This is the same technology underlying the most well-known crypto-assets,\u201d <\/em>Norges Bank added.<\/p>\n","post_title":"Norway Considers MiCA Adoption, Explores CBDC For Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"norway-considers-mica-adoption-explores-cbdc-for-payments","to_ping":"","pinged":"","post_modified":"2024-11-10 23:00:18","post_modified_gmt":"2024-11-10 12:00:18","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":17736,"post_author":"15","post_date":"2024-07-09 21:59:22","post_date_gmt":"2024-07-09 11:59:22","post_content":"\n
The President of the Central Bank of the Republic of China shared <\/a>that developing a central bank digital currency (CBDC) is not a race. Instead, the central bank should prioritize steady progress over speed.<\/p>\n\n\n\n
President Yang Jinlong highlighted that being the first to launch a CBDC does not guarantee success, as countries that have already issued or tested CBDCs have not achieved the expected outcomes.<\/p>\n\n\n\n
Yang stated that the central bank is experimenting with three scenarios to boost domestic payment efficiency and innovation. There is no set timeline for issuing a CBDC but efforts to enhance and innovativate are ongoing.<\/p>\n\n\n\n
One notable development is the CBDC prototype platform designed for retail payments. Yang mentioned that this platform could handle the cash flow operation of digital coupons, with transaction speeds reaching 20,000 transactions per second.<\/p>\n\n\n\n
See Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Yang reiterated that Taiwan\u2019s cautious approach to issuing a CBDC is meant to meet public digital payment needs and align with government digital policy goals, ensuring significant benefits.<\/p>\n\n\n\n
In March, the Financial Supervisory Commission announced plans to propose new digital asset regulations for Taiwan by September 2024, aiming to create more effective regulations for digital asset markets and ensure investor safety.<\/p>\n\n\n\n
North Carolina Vetoed The CBDC Ban Bill<\/h2>\n\n\n\n
North Carolina Governor Roy Cooper has rejected <\/a>a bill banning the state from using a US Federal Reserve-issued CBDC. The bill had strong support from the state\u2019s House of Representatives and Senate with a vote of 109-4 and 39-5 respectively.<\/p>\n\n\n\n
Governor Cooper is criticized for deciding without putting \u201cpartisan politics aside\u201d. The bill is said to benefit all North Carolina residents, but the Governor believes that the bill was too \u201cpremature, vague, and reactionary\u201d to be signed into law.<\/p>\n\n\n\n
Since the vote was more than three-fifths majority in both chambers, the North Carolina legislators could override Governor Cooper's veto. <\/p>\n","post_title":"Taiwan's Central Bank Focuses On Slow And Steady Development Of CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"taiwans-central-bank-focuses-on-slow-and-steady-development-of-cbdc","to_ping":"","pinged":"","post_modified":"2024-07-09 21:59:28","post_modified_gmt":"2024-07-09 11:59:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17736","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10348,"post_author":"15","post_date":"2023-03-09 14:09:21","post_date_gmt":"2023-03-09 03:09:21","post_content":"\n
U.S. Congressman Stephen Lynch raised concerns over the impact of a CBDC on digital assets during the House Financial Services Committee<\/a>. He asked Fed Chair Powell about the potential of a tokenized US dollar to harm other digital assets. Powell expressed uncertainty about the value of non-dollar-backed cryptocurrencies and refrained from commenting on the impact of CBDCs. This occurs as regulators worldwide scrutinize cryptocurrencies, with some countries exploring <\/a>their digital currencies for financial transactions.<\/p>\n\n\n\n
\u201cI'm worried about a lot of these stablecoins and other cryptocurrencies,\u201d <\/em>Lynch said. \u201cDo they go to zero when we come up with a CBDC that has the full faith and credit of the United States behind it?\u201d<\/em><\/p>\n\n\n\n
\u201cStablecoins can certainly be a useful part that serves consumers efficiently when properly managed,\u201d <\/em>Powell said. \u201cAt the moment they don\u2019t. They have the potential to scale, especially when connected to one of the very large technology networks in existence. \u201d<\/em><\/p>\n\n\n\n
\u201cYou can have a systemically important instant payment network, but without proper regulation and security. The public relies on the government, and especially the Fed, to make sure the payment system is safe and reliable. \u201c<\/em><\/p>\n\n\n\n
See Related:<\/em><\/strong> Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a> <\/p>\n\n\n\n
The US Federal Reserve has been quietly studying the potential of a Central Bank Digital Currency<\/a> (CBDC) for years. CBDCs are digital currencies that function like stablecoins, pegged to fiat currencies like the US dollar. Unlike stablecoins issued on decentralized networks, CBDCs are managed and issued by governments. Benefits include faster, cheaper transactions, greater financial inclusion, and reduced fraud.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1633606373689942017\n<\/div><\/figure>\n","post_title":"U.S. Congressman Urges Fed To Consider CBDC Impact On Digital Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"u-s-congressman-urges-fed-to-consider-cbdc-impact-on-digital-assets","to_ping":"","pinged":"","post_modified":"2023-04-10 17:21:01","post_modified_gmt":"2023-04-10 07:21:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10348","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10295,"post_author":"16","post_date":"2023-03-09 12:14:53","post_date_gmt":"2023-03-09 01:14:53","post_content":"\n
WeChat has moved to support the development of China's CBDC, adding a payment method using the digital yuan, e-CNY.<\/p>\n\n\n\n
\n
WeChat is currently the largest social network in China and is expanding to more than 200 countries with 900 million individual users. With the strong development of WeChat today, this action of \"tycoon\" has brought the value of e-CNY to the world.
<\/li>\n\n\n\n
WeChat Pay wallet has over 3 billion users per quarter and allows users to use e-CNY to make payments, such as ordering fast food or topping up some mobile games connected with this platform.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a><\/p>\n\n\n\n
\n
The combination of WeChat and e-CNY makes adopting a CBDC<\/a> currency easier for consumers. On the other hand, it raises the awareness of the Chinese people about the potential and convenience of cryptocurrencies in the future.
<\/li>\n\n\n\n
In terms of investment, WeChat has made a significant impact on the Chinese market. It can be seen that this is a good opportunity to proceed with building a new trading system that focuses on cryptocurrencies.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>China Opens Blockchain Research Centre In Capital<\/a><\/p>\n","post_title":"Chinese Platform WeChat Accept Payments With The Digital Yuan CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinese-platform-wechat-accept-payments-with-the-digital-yuan-cbdc","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 17:21:15","post_modified_gmt":"2023-04-10 07:21:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10295","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10163,"post_author":"15","post_date":"2023-03-02 21:27:12","post_date_gmt":"2023-03-02 10:27:12","post_content":"\n
Brooks Entwistle, Managing Director of APAC and MENA and Senior Vice President of Customer Success at Ripple, disclosed in a recent interview <\/a>that Ripple is discussing with over 20 central banks regarding creating a Central Bank Digital Currency<\/a> (CBDC). This revelation highlights Ripple's dedication to CBDC development and its role in shaping the future of digital currencies.<\/p>\n\n\n\n
Interaction with regulators is \"invaluable\"<\/em>, according to the executive. Ripple engages with regulators worldwide to design custom CBDC solutions for smaller countries. While larger countries like China and the U.S. develop their CBDCs through the public sector, countries like Singapore, Tokyo, Switzerland, and the U.K. are turning to Ripple for tailored solutions.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Kazakhstan Plans CBDC Development Until 2025, Passes Bill Capping BTC Mining<\/a><\/p>\n\n\n\n
Entwistle highlighted that every country and the central bank has unique needs, that \"there are 200-plus countries out there\"<\/em> and a \"lot of central banks\"<\/em> worldwide. According to him, Ripple is \"in dialogue with not ten, not twenty, but a bunch more central banks around the world.\"<\/em> The company has already announced<\/a> projects with Bhutan and Palau. He believes this highlights the growing interest in tailored CBDC solutions for different regions.<\/p>\n\n\n\n
Ripple's dedication to CBDC development and tailored solutions is one aspect of its efforts to transform the cross-border payments space. With its global network RippleNet, the company aims to solve one of the last great financial puzzles in the world. As Ripple expands its policy team and continues to engage with regulators and central banks worldwide, the future of digital currencies and cross-border payments is sure to be shaped by the innovative solutions offered by Ripple.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631097047293235200\n<\/div><\/figure>\n","post_title":"Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-in-talks-with-over-20-central-banks-for-cbdc-development-says-senior-vp","to_ping":"","pinged":"","post_modified":"2023-04-10 17:31:44","post_modified_gmt":"2023-04-10 07:31:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
In the past, Norway tested retail CBDC architectures for cross-border transactions<\/li>\n\n\n\n
The bank assessed the possible effects of the currency on banks, financial stability, and monetary policy.<\/li>\n<\/ul>\n\n\n\n
Norway is the latest to express support for the European Union\u2019s crypto regulation (MiCA), now evaluating the adoption of a central bank digital currency (CBDC). Norges Bank expressed interest in the regulation and the potential adoption of CBDC to strengthen financial stability and improve cross-border payment systems, Cointelegraph reported<\/a>.<\/p>\n\n\n\n
Norway, a member of the European Economic Area (EEA), closely follows EU regulations, including the MiCA regulation. MiCA regulatory framework seeks to bring clearer rules to the crypto market. However, Norges Bank has yet to decide on issuing the digital asset, but it maintains that digital currency is a potential tool for enhancing cross-border payments.<\/p>\n\n\n\n
In 2023, Norges Bank reportedly participated in \u201cProject Icebreaker,\u201d a trial aimed at testing new retail CBDC architectures for cross-border transactions. This initiative is part of the bank's ongoing exploration of digital currencies, even as it remains undecided about whether to proceed with full implementation.<\/p>\n\n\n\n
See Related: <\/em><\/strong>France Regulator Launches MiCA Licensing Ahead Of EU Peers<\/a><\/p>\n\n\n\n
Norges Bank Aligns With MiCA<\/h2>\n\n\n\n
\u201cWe have evaluated the necessary characteristics for a CBDC and identified potential applications,\u201d Norges Bank mentioned. \u201cWe have also analyzed the impact a CBDC can have on banks, financial stability, and monetary and liquidity policy. Furthermore, we have explored the necessary legislative changes that need to be put in place in order for a CBDC to be introduced.\u201d<\/em><\/p>\n\n\n\n
One major aspect of the CBDC debate involves privacy issues. While MiCA aims to standardize the crypto market across the EU, it has also raised concerns about potential systemic risks, particularly for stablecoins.<\/p>\n\n\n\n
Norway\u2019s stance on MiCA and its cautious consideration of a CBDC highlight a broader trend among central banks globally, seeking to balance innovation with financial stability. The country has aligned with EU policies and is exploring digital currency solutions.<\/p>\n\n\n\n
\u201cAmong other things, we have established and tested a prototype based on so-called blockchain technology. This is the same technology underlying the most well-known crypto-assets,\u201d <\/em>Norges Bank added.<\/p>\n","post_title":"Norway Considers MiCA Adoption, Explores CBDC For Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"norway-considers-mica-adoption-explores-cbdc-for-payments","to_ping":"","pinged":"","post_modified":"2024-11-10 23:00:18","post_modified_gmt":"2024-11-10 12:00:18","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":17736,"post_author":"15","post_date":"2024-07-09 21:59:22","post_date_gmt":"2024-07-09 11:59:22","post_content":"\n
The President of the Central Bank of the Republic of China shared <\/a>that developing a central bank digital currency (CBDC) is not a race. Instead, the central bank should prioritize steady progress over speed.<\/p>\n\n\n\n
President Yang Jinlong highlighted that being the first to launch a CBDC does not guarantee success, as countries that have already issued or tested CBDCs have not achieved the expected outcomes.<\/p>\n\n\n\n
Yang stated that the central bank is experimenting with three scenarios to boost domestic payment efficiency and innovation. There is no set timeline for issuing a CBDC but efforts to enhance and innovativate are ongoing.<\/p>\n\n\n\n
One notable development is the CBDC prototype platform designed for retail payments. Yang mentioned that this platform could handle the cash flow operation of digital coupons, with transaction speeds reaching 20,000 transactions per second.<\/p>\n\n\n\n
See Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Yang reiterated that Taiwan\u2019s cautious approach to issuing a CBDC is meant to meet public digital payment needs and align with government digital policy goals, ensuring significant benefits.<\/p>\n\n\n\n
In March, the Financial Supervisory Commission announced plans to propose new digital asset regulations for Taiwan by September 2024, aiming to create more effective regulations for digital asset markets and ensure investor safety.<\/p>\n\n\n\n
North Carolina Vetoed The CBDC Ban Bill<\/h2>\n\n\n\n
North Carolina Governor Roy Cooper has rejected <\/a>a bill banning the state from using a US Federal Reserve-issued CBDC. The bill had strong support from the state\u2019s House of Representatives and Senate with a vote of 109-4 and 39-5 respectively.<\/p>\n\n\n\n
Governor Cooper is criticized for deciding without putting \u201cpartisan politics aside\u201d. The bill is said to benefit all North Carolina residents, but the Governor believes that the bill was too \u201cpremature, vague, and reactionary\u201d to be signed into law.<\/p>\n\n\n\n
Since the vote was more than three-fifths majority in both chambers, the North Carolina legislators could override Governor Cooper's veto. <\/p>\n","post_title":"Taiwan's Central Bank Focuses On Slow And Steady Development Of CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"taiwans-central-bank-focuses-on-slow-and-steady-development-of-cbdc","to_ping":"","pinged":"","post_modified":"2024-07-09 21:59:28","post_modified_gmt":"2024-07-09 11:59:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17736","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10348,"post_author":"15","post_date":"2023-03-09 14:09:21","post_date_gmt":"2023-03-09 03:09:21","post_content":"\n
U.S. Congressman Stephen Lynch raised concerns over the impact of a CBDC on digital assets during the House Financial Services Committee<\/a>. He asked Fed Chair Powell about the potential of a tokenized US dollar to harm other digital assets. Powell expressed uncertainty about the value of non-dollar-backed cryptocurrencies and refrained from commenting on the impact of CBDCs. This occurs as regulators worldwide scrutinize cryptocurrencies, with some countries exploring <\/a>their digital currencies for financial transactions.<\/p>\n\n\n\n
\u201cI'm worried about a lot of these stablecoins and other cryptocurrencies,\u201d <\/em>Lynch said. \u201cDo they go to zero when we come up with a CBDC that has the full faith and credit of the United States behind it?\u201d<\/em><\/p>\n\n\n\n
\u201cStablecoins can certainly be a useful part that serves consumers efficiently when properly managed,\u201d <\/em>Powell said. \u201cAt the moment they don\u2019t. They have the potential to scale, especially when connected to one of the very large technology networks in existence. \u201d<\/em><\/p>\n\n\n\n
\u201cYou can have a systemically important instant payment network, but without proper regulation and security. The public relies on the government, and especially the Fed, to make sure the payment system is safe and reliable. \u201c<\/em><\/p>\n\n\n\n
See Related:<\/em><\/strong> Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a> <\/p>\n\n\n\n
The US Federal Reserve has been quietly studying the potential of a Central Bank Digital Currency<\/a> (CBDC) for years. CBDCs are digital currencies that function like stablecoins, pegged to fiat currencies like the US dollar. Unlike stablecoins issued on decentralized networks, CBDCs are managed and issued by governments. Benefits include faster, cheaper transactions, greater financial inclusion, and reduced fraud.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1633606373689942017\n<\/div><\/figure>\n","post_title":"U.S. Congressman Urges Fed To Consider CBDC Impact On Digital Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"u-s-congressman-urges-fed-to-consider-cbdc-impact-on-digital-assets","to_ping":"","pinged":"","post_modified":"2023-04-10 17:21:01","post_modified_gmt":"2023-04-10 07:21:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10348","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10295,"post_author":"16","post_date":"2023-03-09 12:14:53","post_date_gmt":"2023-03-09 01:14:53","post_content":"\n
WeChat has moved to support the development of China's CBDC, adding a payment method using the digital yuan, e-CNY.<\/p>\n\n\n\n
\n
WeChat is currently the largest social network in China and is expanding to more than 200 countries with 900 million individual users. With the strong development of WeChat today, this action of \"tycoon\" has brought the value of e-CNY to the world.
<\/li>\n\n\n\n
WeChat Pay wallet has over 3 billion users per quarter and allows users to use e-CNY to make payments, such as ordering fast food or topping up some mobile games connected with this platform.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a><\/p>\n\n\n\n
\n
The combination of WeChat and e-CNY makes adopting a CBDC<\/a> currency easier for consumers. On the other hand, it raises the awareness of the Chinese people about the potential and convenience of cryptocurrencies in the future.
<\/li>\n\n\n\n
In terms of investment, WeChat has made a significant impact on the Chinese market. It can be seen that this is a good opportunity to proceed with building a new trading system that focuses on cryptocurrencies.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>China Opens Blockchain Research Centre In Capital<\/a><\/p>\n","post_title":"Chinese Platform WeChat Accept Payments With The Digital Yuan CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinese-platform-wechat-accept-payments-with-the-digital-yuan-cbdc","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 17:21:15","post_modified_gmt":"2023-04-10 07:21:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10295","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10163,"post_author":"15","post_date":"2023-03-02 21:27:12","post_date_gmt":"2023-03-02 10:27:12","post_content":"\n
Brooks Entwistle, Managing Director of APAC and MENA and Senior Vice President of Customer Success at Ripple, disclosed in a recent interview <\/a>that Ripple is discussing with over 20 central banks regarding creating a Central Bank Digital Currency<\/a> (CBDC). This revelation highlights Ripple's dedication to CBDC development and its role in shaping the future of digital currencies.<\/p>\n\n\n\n
Interaction with regulators is \"invaluable\"<\/em>, according to the executive. Ripple engages with regulators worldwide to design custom CBDC solutions for smaller countries. While larger countries like China and the U.S. develop their CBDCs through the public sector, countries like Singapore, Tokyo, Switzerland, and the U.K. are turning to Ripple for tailored solutions.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Kazakhstan Plans CBDC Development Until 2025, Passes Bill Capping BTC Mining<\/a><\/p>\n\n\n\n
Entwistle highlighted that every country and the central bank has unique needs, that \"there are 200-plus countries out there\"<\/em> and a \"lot of central banks\"<\/em> worldwide. According to him, Ripple is \"in dialogue with not ten, not twenty, but a bunch more central banks around the world.\"<\/em> The company has already announced<\/a> projects with Bhutan and Palau. He believes this highlights the growing interest in tailored CBDC solutions for different regions.<\/p>\n\n\n\n
Ripple's dedication to CBDC development and tailored solutions is one aspect of its efforts to transform the cross-border payments space. With its global network RippleNet, the company aims to solve one of the last great financial puzzles in the world. As Ripple expands its policy team and continues to engage with regulators and central banks worldwide, the future of digital currencies and cross-border payments is sure to be shaped by the innovative solutions offered by Ripple.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631097047293235200\n<\/div><\/figure>\n","post_title":"Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-in-talks-with-over-20-central-banks-for-cbdc-development-says-senior-vp","to_ping":"","pinged":"","post_modified":"2023-04-10 17:31:44","post_modified_gmt":"2023-04-10 07:31:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
\n
In the past, Norway tested retail CBDC architectures for cross-border transactions<\/li>\n\n\n\n
The bank assessed the possible effects of the currency on banks, financial stability, and monetary policy.<\/li>\n<\/ul>\n\n\n\n
Norway is the latest to express support for the European Union\u2019s crypto regulation (MiCA), now evaluating the adoption of a central bank digital currency (CBDC). Norges Bank expressed interest in the regulation and the potential adoption of CBDC to strengthen financial stability and improve cross-border payment systems, Cointelegraph reported<\/a>.<\/p>\n\n\n\n
Norway, a member of the European Economic Area (EEA), closely follows EU regulations, including the MiCA regulation. MiCA regulatory framework seeks to bring clearer rules to the crypto market. However, Norges Bank has yet to decide on issuing the digital asset, but it maintains that digital currency is a potential tool for enhancing cross-border payments.<\/p>\n\n\n\n
In 2023, Norges Bank reportedly participated in \u201cProject Icebreaker,\u201d a trial aimed at testing new retail CBDC architectures for cross-border transactions. This initiative is part of the bank's ongoing exploration of digital currencies, even as it remains undecided about whether to proceed with full implementation.<\/p>\n\n\n\n
See Related: <\/em><\/strong>France Regulator Launches MiCA Licensing Ahead Of EU Peers<\/a><\/p>\n\n\n\n
Norges Bank Aligns With MiCA<\/h2>\n\n\n\n
\u201cWe have evaluated the necessary characteristics for a CBDC and identified potential applications,\u201d Norges Bank mentioned. \u201cWe have also analyzed the impact a CBDC can have on banks, financial stability, and monetary and liquidity policy. Furthermore, we have explored the necessary legislative changes that need to be put in place in order for a CBDC to be introduced.\u201d<\/em><\/p>\n\n\n\n
One major aspect of the CBDC debate involves privacy issues. While MiCA aims to standardize the crypto market across the EU, it has also raised concerns about potential systemic risks, particularly for stablecoins.<\/p>\n\n\n\n
Norway\u2019s stance on MiCA and its cautious consideration of a CBDC highlight a broader trend among central banks globally, seeking to balance innovation with financial stability. The country has aligned with EU policies and is exploring digital currency solutions.<\/p>\n\n\n\n
\u201cAmong other things, we have established and tested a prototype based on so-called blockchain technology. This is the same technology underlying the most well-known crypto-assets,\u201d <\/em>Norges Bank added.<\/p>\n","post_title":"Norway Considers MiCA Adoption, Explores CBDC For Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"norway-considers-mica-adoption-explores-cbdc-for-payments","to_ping":"","pinged":"","post_modified":"2024-11-10 23:00:18","post_modified_gmt":"2024-11-10 12:00:18","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=19437","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":17736,"post_author":"15","post_date":"2024-07-09 21:59:22","post_date_gmt":"2024-07-09 11:59:22","post_content":"\n
The President of the Central Bank of the Republic of China shared <\/a>that developing a central bank digital currency (CBDC) is not a race. Instead, the central bank should prioritize steady progress over speed.<\/p>\n\n\n\n
President Yang Jinlong highlighted that being the first to launch a CBDC does not guarantee success, as countries that have already issued or tested CBDCs have not achieved the expected outcomes.<\/p>\n\n\n\n
Yang stated that the central bank is experimenting with three scenarios to boost domestic payment efficiency and innovation. There is no set timeline for issuing a CBDC but efforts to enhance and innovativate are ongoing.<\/p>\n\n\n\n
One notable development is the CBDC prototype platform designed for retail payments. Yang mentioned that this platform could handle the cash flow operation of digital coupons, with transaction speeds reaching 20,000 transactions per second.<\/p>\n\n\n\n
See Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Yang reiterated that Taiwan\u2019s cautious approach to issuing a CBDC is meant to meet public digital payment needs and align with government digital policy goals, ensuring significant benefits.<\/p>\n\n\n\n
In March, the Financial Supervisory Commission announced plans to propose new digital asset regulations for Taiwan by September 2024, aiming to create more effective regulations for digital asset markets and ensure investor safety.<\/p>\n\n\n\n
North Carolina Vetoed The CBDC Ban Bill<\/h2>\n\n\n\n
North Carolina Governor Roy Cooper has rejected <\/a>a bill banning the state from using a US Federal Reserve-issued CBDC. The bill had strong support from the state\u2019s House of Representatives and Senate with a vote of 109-4 and 39-5 respectively.<\/p>\n\n\n\n
Governor Cooper is criticized for deciding without putting \u201cpartisan politics aside\u201d. The bill is said to benefit all North Carolina residents, but the Governor believes that the bill was too \u201cpremature, vague, and reactionary\u201d to be signed into law.<\/p>\n\n\n\n
Since the vote was more than three-fifths majority in both chambers, the North Carolina legislators could override Governor Cooper's veto. <\/p>\n","post_title":"Taiwan's Central Bank Focuses On Slow And Steady Development Of CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"taiwans-central-bank-focuses-on-slow-and-steady-development-of-cbdc","to_ping":"","pinged":"","post_modified":"2024-07-09 21:59:28","post_modified_gmt":"2024-07-09 11:59:28","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=17736","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10348,"post_author":"15","post_date":"2023-03-09 14:09:21","post_date_gmt":"2023-03-09 03:09:21","post_content":"\n
U.S. Congressman Stephen Lynch raised concerns over the impact of a CBDC on digital assets during the House Financial Services Committee<\/a>. He asked Fed Chair Powell about the potential of a tokenized US dollar to harm other digital assets. Powell expressed uncertainty about the value of non-dollar-backed cryptocurrencies and refrained from commenting on the impact of CBDCs. This occurs as regulators worldwide scrutinize cryptocurrencies, with some countries exploring <\/a>their digital currencies for financial transactions.<\/p>\n\n\n\n
\u201cI'm worried about a lot of these stablecoins and other cryptocurrencies,\u201d <\/em>Lynch said. \u201cDo they go to zero when we come up with a CBDC that has the full faith and credit of the United States behind it?\u201d<\/em><\/p>\n\n\n\n
\u201cStablecoins can certainly be a useful part that serves consumers efficiently when properly managed,\u201d <\/em>Powell said. \u201cAt the moment they don\u2019t. They have the potential to scale, especially when connected to one of the very large technology networks in existence. \u201d<\/em><\/p>\n\n\n\n
\u201cYou can have a systemically important instant payment network, but without proper regulation and security. The public relies on the government, and especially the Fed, to make sure the payment system is safe and reliable. \u201c<\/em><\/p>\n\n\n\n
See Related:<\/em><\/strong> Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a> <\/p>\n\n\n\n
The US Federal Reserve has been quietly studying the potential of a Central Bank Digital Currency<\/a> (CBDC) for years. CBDCs are digital currencies that function like stablecoins, pegged to fiat currencies like the US dollar. Unlike stablecoins issued on decentralized networks, CBDCs are managed and issued by governments. Benefits include faster, cheaper transactions, greater financial inclusion, and reduced fraud.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1633606373689942017\n<\/div><\/figure>\n","post_title":"U.S. Congressman Urges Fed To Consider CBDC Impact On Digital Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"u-s-congressman-urges-fed-to-consider-cbdc-impact-on-digital-assets","to_ping":"","pinged":"","post_modified":"2023-04-10 17:21:01","post_modified_gmt":"2023-04-10 07:21:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10348","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10295,"post_author":"16","post_date":"2023-03-09 12:14:53","post_date_gmt":"2023-03-09 01:14:53","post_content":"\n
WeChat has moved to support the development of China's CBDC, adding a payment method using the digital yuan, e-CNY.<\/p>\n\n\n\n
\n
WeChat is currently the largest social network in China and is expanding to more than 200 countries with 900 million individual users. With the strong development of WeChat today, this action of \"tycoon\" has brought the value of e-CNY to the world.
<\/li>\n\n\n\n
WeChat Pay wallet has over 3 billion users per quarter and allows users to use e-CNY to make payments, such as ordering fast food or topping up some mobile games connected with this platform.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP<\/a><\/p>\n\n\n\n
\n
The combination of WeChat and e-CNY makes adopting a CBDC<\/a> currency easier for consumers. On the other hand, it raises the awareness of the Chinese people about the potential and convenience of cryptocurrencies in the future.
<\/li>\n\n\n\n
In terms of investment, WeChat has made a significant impact on the Chinese market. It can be seen that this is a good opportunity to proceed with building a new trading system that focuses on cryptocurrencies.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>China Opens Blockchain Research Centre In Capital<\/a><\/p>\n","post_title":"Chinese Platform WeChat Accept Payments With The Digital Yuan CBDC","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"chinese-platform-wechat-accept-payments-with-the-digital-yuan-cbdc","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 17:21:15","post_modified_gmt":"2023-04-10 07:21:15","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10295","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10163,"post_author":"15","post_date":"2023-03-02 21:27:12","post_date_gmt":"2023-03-02 10:27:12","post_content":"\n
Brooks Entwistle, Managing Director of APAC and MENA and Senior Vice President of Customer Success at Ripple, disclosed in a recent interview <\/a>that Ripple is discussing with over 20 central banks regarding creating a Central Bank Digital Currency<\/a> (CBDC). This revelation highlights Ripple's dedication to CBDC development and its role in shaping the future of digital currencies.<\/p>\n\n\n\n
Interaction with regulators is \"invaluable\"<\/em>, according to the executive. Ripple engages with regulators worldwide to design custom CBDC solutions for smaller countries. While larger countries like China and the U.S. develop their CBDCs through the public sector, countries like Singapore, Tokyo, Switzerland, and the U.K. are turning to Ripple for tailored solutions.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Kazakhstan Plans CBDC Development Until 2025, Passes Bill Capping BTC Mining<\/a><\/p>\n\n\n\n
Entwistle highlighted that every country and the central bank has unique needs, that \"there are 200-plus countries out there\"<\/em> and a \"lot of central banks\"<\/em> worldwide. According to him, Ripple is \"in dialogue with not ten, not twenty, but a bunch more central banks around the world.\"<\/em> The company has already announced<\/a> projects with Bhutan and Palau. He believes this highlights the growing interest in tailored CBDC solutions for different regions.<\/p>\n\n\n\n
Ripple's dedication to CBDC development and tailored solutions is one aspect of its efforts to transform the cross-border payments space. With its global network RippleNet, the company aims to solve one of the last great financial puzzles in the world. As Ripple expands its policy team and continues to engage with regulators and central banks worldwide, the future of digital currencies and cross-border payments is sure to be shaped by the innovative solutions offered by Ripple.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/TheDistributed_\/status\/1631097047293235200\n<\/div><\/figure>\n","post_title":"Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-in-talks-with-over-20-central-banks-for-cbdc-development-says-senior-vp","to_ping":"","pinged":"","post_modified":"2023-04-10 17:31:44","post_modified_gmt":"2023-04-10 07:31:44","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10163","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8379,"post_author":"13","post_date":"2022-11-16 21:24:22","post_date_gmt":"2022-11-16 10:24:22","post_content":"\n
Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency<\/a> (CBDC).<\/p>\n\n\n\n
BNY Mellon, HSBC, Wells Fargo, Mastercard, and the U.S. Bank are some of the institutions taking part in the project. The undertaking aims to \u2018explore the feasibility of an interoperable digital money platform,\u2019 dubbed the Regulated Liability Network (RLN).<\/p>\n\n\n\n
The three-month PoC program will look into a model of RLN design denominated in USD. RLN allows commercial banks to issue tokens representing their customers' deposits. On the blockchain, transaction settlements would be supported by simulated central bank reserves on the shared multi-entity distributed ledger.<\/p>\n\n\n\n
\u2018\u2019Members of the U.S. banking and payments community involved in this PoC are pleased to be working alongside the New York Innovation Center (NYIC) that is part of the Federal Reserve Bank of New York,\u2019\u2019<\/em> the consortium said in the Nov.15 announcement.<\/p>\n\n\n\n
In addition, the group announced that SETL \u2013 a firm dealing in blockchain settlements and payments services - will provide the relevant technology, while Sullivan & Cromwell LLP and Deloitte are the legal advisors.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Iran Set To Launch Its CBDC, Crypto Rial<\/a><\/p>\n\n\n\n
U.S. Undecided On CBDC As Legislators Question Impact On The Private Sector<\/h2>\n\n\n\n
The announcement comes as the state of the U.S. central bank digital currency remains in limbo. A statement<\/a> released by The White House on September 16 noted that the U.S. administration was yet to decide on CBDC. The report \u2013 which described the CBDC as a digital form of the dollar \u2013 added it was assessing its impact and the available options.<\/p>\n\n\n\n
In light of an executive order<\/a> signed by President Biden in September - ensuring responsible development of digital assets \u2013 the U.S. Congress is treading cautiously on the matter. The Members of the House Committee on Financial Services have asked the Fed to clarify their role in CBDC and the impact on the private sector.<\/p>\n\n\n\n
See Related:<\/em><\/strong> Mexico Central Bank To Issue A CBDC By 2025<\/a><\/p>\n","post_title":"US Banks Partner With NY Fed For CBDC Blockchain Pilot","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"us-banks-partner-with-ny-fed-for-cbdc-blockchain-pilot","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/central-bank-digital-currencies-cbdcs\/","post_modified":"2023-04-10 18:38:51","post_modified_gmt":"2023-04-10 08:38:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8379","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7306,"post_author":"7","post_date":"2022-09-24 13:26:08","post_date_gmt":"2022-09-24 03:26:08","post_content":"\n
The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed \u201cCrypto Rial\u201d.<\/p>\n\n\n\n
Central Bank Digital Currencies<\/a> (CBDCs) represent the legal tender in the national unit, with the Central Bank fully responsible for its issuance and regulations. These digital currencies issued by the Central Bank provide more security and less volatility than other digital currencies.<\/li><\/ul>\n\n\n\n
Iran\u2019s Chamber of Commerce, Industries, Mines, and Agriculture aired this announcement<\/a> earlier this week. The CBDC, \"Crypto Rial\" is built on Distributed Ledger Technology<\/a> (DLT), although only Iran\u2019s Central Bank can decide which entities have access. In addition, Crypto Rial does not have validating capabilities like other cryptocurrencies such as PoW and PoS<\/a>.<\/li><\/ul>\n\n\n\n
With overdue economic sanctions by the US government, Iran\u2019s government is seeking alternative ways to boost its economy. Iran has been working behind the scene for the launch of crypto rial<\/a>. Despite Iran\u2019s history of restricting cryptocurrency use<\/a> in the country, they recently started using it as a form of import payments.<\/li><\/ul>\n\n\n\n
How Iran will implement CBDC remains unclear. However, like other nations that use CBDCs in their local transactions, Iran\u2019s CBDC will provide more stability to the nation\u2019s economy. The growth of CBDCs is gradually increasing, with over 82 countries currently involved in these digital currencies.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Iran Adopts Crypto For Foreign Trade To Bypass Sanctions<\/a><\/p>\n","post_title":"Iran Set To Launch Its CBDC, Crypto Rial","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"iran-set-to-launch-its-cbdc-crypto-rial","to_ping":"","pinged":"","post_modified":"2023-04-30 21:31:12","post_modified_gmt":"2023-04-30 11:31:12","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7306","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

CBDC

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

In the past, Norway tested retail CBDC architectures for cross-border transactions The bank assessed the possible effects of the currency ...

by The Distributed Team
November 10, 2024

Banking

Taiwan’s Central Bank Focuses On Slow And Steady Development Of CBDC

The President of the Central Bank of the Republic of China shared that developing a central bank digital currency (CBDC) ...

by Jeane Claude Vasquez
July 9, 2024

Central Banks

U.S. Congressman Urges Fed To Consider CBDC Impact On Digital Assets

U.S. Congressman Stephen Lynch raised concerns over the impact of a CBDC on digital assets during the House Financial Services ...

by Jeane Claude Vasquez
March 9, 2023

Adoption

Chinese Platform WeChat Accept Payments With The Digital Yuan CBDC

WeChat has moved to support the development of China's CBDC, adding a payment method using the digital yuan, e-CNY. WeChat ...

by Quân Lee
March 9, 2023

Adoption

Ripple In Talks With Over 20 Central Banks For CBDC Development, Says Senior VP

Brooks Entwistle, Managing Director of APAC and MENA and Senior Vice President of Customer Success at Ripple, disclosed in a ...

by Jeane Claude Vasquez
March 2, 2023

Blockchain

US Banks Partner With NY Fed For CBDC Blockchain Pilot

Major US financial institutions are launching a 12-week proof of concept (PoC) test program for a central bank digital currency ...

by Jared Kirui
November 16, 2022

Adoption

Iran Set To Launch Its CBDC, Crypto Rial

The Central Bank of Iran is ready to launch its own Central Bank Digital Currency dubbed “Crypto Rial”. Central Bank ...

by Olusegun Adesua
September 24, 2022

Most Read

Banking

Norway Considers MiCA Adoption, Explores CBDC For Payments

November 10, 2024

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Cryptocurrencies

Highly Anticipated Ripple Stablecoin RLUSD Launches On December 17

December 19, 2024

Artificial Intelligence

Top Canadian Media Outlets Sue OpenAI In Copyright Case Potentially Worth Billions

December 5, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

About The Distributed

Terms

Contact

Privacy

Editorial

Careers

RSS Feed

© 2023 The Distributed

No Result

View All Result

Cryptocurrencies

Adoption

Altcoins

Bitcoin

Blockchain

Business

Decentralized Finance

Ethereum

Hacks

Crypto Markets

NFTs

Regulation

Scams

Stablecoins

Finance

Banking

Central Banks

Financial Markets

Technology

Artificial Intelligence

Cyber Security

Metaverse

Web3

Learn

The Coins

The Future

The Innovations

The Technology

Tools

Cryptocurrency Market

Stock Market

Economic Calendar

Research

Reviews

Exchanges

Wallets

Headlines

About Us

Contact Us

© 2023 The Distributed

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.