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BIS joins with leading central banks to set out principles for deciding to issue CBDCs

Joint report by The Bank of Canada, European Central Bank, Bank of Japan, Sveriges Riksbank, Swiss National Bank, Bank of England, Board of Governors of the Federal Reserve and Bank for International Settlements.

China is promoting its central bank digital currency with a public $1.5 million giveaway.

In a recent document from the Bank of Japan, the central bank stressed the need for offline availability.

The BIS along with seven central banks has released a report identifying the principles necessary for CBDCs to help central banks meet their public policy objectives.

The report is a major step towards pushing central bank digital currencies forward.

China might gain control over global CBDC standards, a Japanese official warns.

Closing speech by Mr François Villeroy de Galhau, Governor of the Bank of France, at the Paris Europlace International Financial Forum, Paris, 7 October 2020.

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.