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The Galactic Grid is a game-changing CBDC technology infrastructure assessment framework designed for central banks, commercial banks, and researchers navigating the chaotic cosmos of CBDC solutions. Click the Source to Learn More.
The Hong Kong Monetary Authority launches the Project Ensemble Sandbox, a platform for experimentation with real-world asset tokenization and interbank settlement using a wholesale CBDC. The project involves major banks and regulators, including the Hong Kong Securities and Futures Commission, aiming to explore innovative applications in areas like fixed income, green finance, and trade finance.
A Bank of Japan review examines global initiatives to "tokenize" bank deposits, leveraging new technologies like distributed ledgers. While offering programmability and interoperability, these efforts raise legal questions and concerns about governance and compliance. Further multi-faceted discussions are needed to address the implications for future payment systems.
India's leading private bank, HDFC Bank, launches new features for UPI and CBDC, developed in collaboration with fintech partners. The new features include the launch of UPI Circle-Delegate Payment, which allows for more personalized experiences on UPI, as well as the introduction of User-Level Programmable CBDC.
Russia's largest bank, Sberbank, is set to introduce digital ruble transactions to its customers starting in early 2025. This move aligns with the Bank of Russia's efforts to integrate the CBDC into the country's financial system, as Russia aims to modernize its payment infrastructure and provide a state-controlled alternative to existing methods.
A critical review published by the ECB finds that macroeconomic models of CBDCs often rely on outdated assumptions about CBDC design, failing to account for features like non-remuneration and holding limits. Researchers are urged to align their assumptions with announced CBDC plans to provide meaningful policy insights.
Japan's DeCurret DCP officially launches its tokenized deposit solution, DCJPY, in partnership with Internet Initiative Japan (IIJ) and GMO Aozora Net Bank. The new platform enables innovative use cases, such as the tokenization of renewable energy certificates and integration with security token settlement, showcasing the potential of digital currency payments.
The Reserve Bank of Malawi (RBM) issues a request for proposal (RFP) to engage a consultant or technical solution provider to facilitate the development, experimentation, and piloting of a CBDC through a comprehensive proof of concept project. The initiative aims to explore the feasibility and potential benefits of implementing a CBDC in Malawi.
This IMF Fintech Note provides an overview of the cyber risks associated with CBDCs and outlines key design and technology choices and their cybersecurity implications. The note examines the cyber risk perimeter of a CBDC, mapping it to the ASAP (Asset, Access, Platform) model, and explores how design choices can impact the cyber resilience of the CBDC ecosystem.
As the CBDC landscape continues to evolve, this IMF report provides a valuable roadmap for policymakers to navigate the complex interplay between using CBDC data to achieve policy objectives, and user privacy protection - ultimately ensuring that CBDCs fulfill their potential while preserving the trust and confidence of citizens. A nuanced, context-specific approach is needed, accounting for legal frameworks, societal preferences, and trust in institutions.
The IMF prepares a Technical Assistance Report for the Banco Central de la República Dominicana on the implications of introducing a rCBDC in the Dominican Republic. The IMF recommends revising the legal framework, building technological capabilities, and engaging with stakeholders throughout the CBDC exploration process.
Russia plans to create two cryptocurrency exchanges to facilitate foreign payments and bypass sanctions. The exchanges will facilitate the use of stablecoins pegged to the Chinese yuan and a BRICS currency basket, targeting importers and exporters. The move is part of Russia's broader efforts to explore digital financial tools to mitigate the impact of sanctions.
Chainlink, the leading oracle service provider, partners with fintech firm SOOHO.IO to build tokenized assets and CBDCs in Asia. The partnership will focus on introducing Chainlink's Cross-Chain Interoperability Protocol (CCIP) to Korean financial institutions, bolstering the region's digital asset capabilities.
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NEWSBLOG
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