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China might gain control over global CBDC standards, a Japanese official warns.
The Bank of Korea (BOK) announced on October 7 that it will be distributing its CBDC, the digital won, to the public in 2021 as part of its 22-month pilot test, according to The Korea Herald. This is the final phase of the pilot trial phase, after the first design and conceptualization phase ended in July. Currently, the second phase of research and analysis is ongoing.
The South Korean central bank is on track with its CBDC pilot program, but still insists it has no current plans to launch.
South Korea’s central bank is looking to start the testing of the distribution of its central bank digital currency (CBDC) next year.
One of the first proponents of central bank digital currencies (CBDCs) when countries were still in the discussion phase on whether or not to embark on a digital currency route, China is the first in the world to roll out a commercial CBDC for large-scale testing and has come the closest to launching an official digital yuan than any of its counterparts. Named the Digital Currency Electronic Payment (DCEP), China began the first phase of testing across four cities in April and preliminary results over four months of testing were revealed by the People’s Bank of China (PBOC).
Ripple’s executive chairman has slammed U.S. lawmakers for losing the blockchain arms race to China
Estonia’s Central Bank also known as Eesti Pank has launched a multi-year research project into central bank digital currencies.
In the race to be the first country to launch a functional CBDC, China appears to be in the lead, as it has begun experimenting with its digital currency.
Last week, the European Central Bank published a report published addressing the possibility of the issuance of a digital euro. The report was prepared by the Eurosystem High-Level Task Force on central bank digital currency (CBDC) and approved by the Governing Council thus representing he
A new report released by the Bank of Canada has revealed that the bank believes Central Bank Digital Currencies can pose security risks to users
Is risk in the eye of the beholder?
The report is only the start of the discussion and raises more questions before officially studying the digital euro.
There are still 1.7 billion unbanked in the world. What are the reasons behind such a significant number of unbanked? Can CBDC drive their financial inclusion?