The government of the Philippines has announced plans to roll out a pilot program in preparation for the launch of its central bank digital currency [...]

The Central Bank of Brazil and Fenasbac, the National Federation of Associations of Central Bank Servers, decided to select nine projects to monitor and support their different proposals for the application of a hypothetical Brazilian central bank digital currency (CBDC), the digital real. Projects from companies and organizations like Aave, Banco Santander, and Mercado Bitcoin…

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The Central Bank of Kenya (CBK) has released its discussion paper on the possibility of a central bank digital currency (CBDC) and is now awaiting feedback from the public regarding the potential benefits and risks associated with it along with the regulatory concerns. Those willing to participate have until May 20, 2022, to submit their comments. In a discussion paper examining the potential use of a digital currency, the central bank said that CDBC solutions could flatten the multi-layered correspondent banking structure and shorten the payment chains. “This discussion paper is part of CBK’s initiatives to ensure informed policy review regarding financial sector innovations. CBK invites the public, industry and stakeholders to review this discussion paper on CBDC and provide feedback and ideas to be considered when assessing the use case for CBDC in Kenya,” it said. According to the financial institution, a CBDC could potentially shield the public from the risk of new forms of private money by providing safer and more trustworthy payment services in comparison to the new forms of money such as stablecoins. Overall, CBDC also presents an opportunity for cyberattacks and other security threats, including data privacy issues. Nigeria became the first country in Africa to launch its central bank digital currency (CBDC), in October last year while Ghana is at the advanced stage of launching its digital currency. Similarly, Zambia is also carrying out research on CBDCs. Currently, Kenya ranks 5th in the 2021 Global Crypto Adoption Index, according to blockchain analysis firm Chainalysis. As of June 2019, 91 countries are currently involved in sovereign digital currency research with just 14 advancing to the pilot stage, according to the Atlantic Council . Overall nine countries have already implemented a CBDC.

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Kenya joins the growing list of countries that are exploring national digital currency options. The Central Bank of Kenya has said the use of a Central Bank Digital Currency (CBDC) could enhance cross-border payments by making them more efficient and less costly. More and more countries are now exploring a CBDC option. Earlier, the Indian […]

The Bank of America Corp. said that the US is likely to issue its own digital currency between 2025 and 2030, Bloomberg reported. (Read More)

As talks about the release of a digital pound by 2025 are yet to happen, British lawmakers are already doubtful that their use could harm financial stability, raise the cost of credit and erode privacy. (Read More)

On Wednesday, Lendit Fintech welcomed several central bank and policy experts to discuss the important topic of Central Bank Digital Currencies (CBDCs.) Since before...

The United States doesn’t need a central bank digital currency (CDBC) because it won’t notably improve the nation’s financial system, nor will it...

Palestine Monetary Authority (PMA)- the central bank of Palestinian in the west bank, is reportedly developing a digital currency, which considers symbolic monetary...

200,000 residents of Beijing will be able to win a “red envelope” containing 200 yuan worth of China’s central bank digital currency.