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CBDC: Bank of Japan's deputy governor Masayoshi Amamiya confirms reserve bank has no immediate plans to launch Its own virtual currency.
The financial industry is one of the sectors that will be disrupted by newer technologies. To answer the changing customers’ needs, more companies and agencies have opened up their arms and embraced new technologies in the hope of better speed and operation costs.
Coincheck exchange tops the app charts, Japan’s central bank head forecasts CBDC demand, and more in news from Japan this past week.
The National Bank of Cambodia digital currency, which is a central bank digital currency, called Bakong, was launched on a trial basis in Cambodia in July 2019.
India's National Institute of Smart Government has reportedly suggested issuing a central bank digital rupee.
The deputy governor of the Bank of Japan has said the institution must be ready to issue a CBDC should public demand surge in response to technical developments.
Cambodia is the latest country to demonstrate serious pro-blockchain action.
The Monetary Authority of Singapore now requires cryptocurrency providers and exchanges to be licensed under some of the same regulatory elements as traditional financial service providers.
An act regulating cryptocurrency firms comes into effect on Jan. 28 in the Republic of Singapore.
A draft of an Indian national strategy on blockchain floats the idea of a central bank digital currency, the digital Indian rupee, and a national blockchain.
The World Economic Forum (WEF) has initiated a development framework and tools for Central Bank Digital Currencies (CBDC). The first official framework for cooperation, “CBDC Policy ‑ Maker’s Toolkit”, will now provide recommendations for central banks around the world on this matter. One of the main purposes of this report is to assist central banks worldwide in assessing whether developing their own CBDC is suitable for their own cities or countries. Banks that are already in the research phase will also receive greater guidance in their plans towards developing a CBDC.
The Bank for International Settlements (BIS) recently revealed research data on the issuance of Central Bank Digital Currency (CBDC), which found that only 10% of central banks around the world are likely to launch their own CBDC soon.
How can currency, and its value for its holders, sustainably play out over the next decade? We see three forks in the road ahead of us.
The Inthanon-LionRock Fintech project between the Bank of Thailand (BOT), Hong Kong Monetary Authority (HKMA), and ten commercial banks began their cooperation in May, last year. The project is a prototype for cross border remittance service using Central Bank Digital Currency (CBDC) and has now finally reached a constructive working product.
Japanese lawmakers from the ruling Liberal Democratic Party are preparing a proposal recommending digital currency.