CBDC | ForkLog

ForkLog 23 26.06.2024

Russia Plans Platform for Digital Ruble Transactions

Russia, in collaboration with the central banks of BRICS nations, is working on launching the BRICS Bridge platform for transactions in national currencies, including digital ones. This was reported by Izvestia, citing Deputy Finance Minister Ivan Chebeskov. The new system will enable direct transactions between countries and reduce the impact of Western sanctions on international […]

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ForkLog 9 19.06.2024

IMF Highlights CBDC Benefits for Oil-Exporting Nations

CBDCs could enhance the efficiency of cross-border payments, a crucial priority for oil-producing nations in the Persian Gulf. This conclusion was reached by the International Monetary Fund. According to the organisation’s experts, this primarily concerns exporters of black gold such as Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE. “This is due to international […]

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ForkLog 13 18.06.2024

Bank of Russia Proposes Freeze on Suspicious Digital Ruble Transactions

The Bank of Russia has unveiled a draft directive to introduce a “cooling-off period” for suspicious digital ruble transactions, according to Interfax. Transfers are to be suspended for a couple of days if there are doubts about the voluntary consent of clients. In such cases, users will need to reconfirm the transaction order. The regulator […]

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ForkLog 31 17.06.2024

Money Laundering Scheme via e-CNY Uncovered in China

The Yuecheng District Prosecutor’s Office in Shaoxing City, Zhejiang Province, has investigated a case involving the use of digital yuan (e-CNY) accounts for cashing out and laundering money, according to local media reports. A group of four individuals located merchants accepting the central bank digital currency (CBDC) and arranged to exchange a certain amount of […]

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ForkLog 16 17.06.2024

New Digital Ruble Scam Alert Issued in Russia

Fraudsters are attempting to steal funds from Russians under the guise of converting them into digital rubles, reports the Telegram channel Lapsha Media. They are sending messages purportedly from the Bank of Russia, claiming that cash and non-cash rubles have supposedly become obsolete. To avoid losing funds on their bank cards, victims are advised to […]

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ForkLog 13 10.06.2024

HSBC China Grants Corporate Clients Access to Digital Yuan

HSBC’s China division, in collaboration with the Bank of China, has enabled corporate clients to conduct transactions using the e-CNY. This initiative aims to foster the development of the digital economy. The organisation is among the first foreign institutions to offer e-CNY services to both individuals and businesses, according to the press release. HSBC China’s […]

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ForkLog 8 29.05.2024

Israel Launches Pilot for Digital Shekel

The Bank of Israel (BoI) has invited local and international service providers to participate in developing “innovative use cases” for the digital shekel. As part of the Digital Shekel Challenge, participants will compete in areas such as split payments, microtransactions, additional storage options, and other financial services related to CBDC. “During the process of studying […]

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ForkLog 6 24.05.2024

US House of Representatives Backs Bill Against CBDCs

The US House of Representatives has passed a bill prohibiting the Federal Reserve from offering Central Bank Digital Currencies (CBDCs) directly or indirectly to individuals through intermediaries. This was announced by Tom Emmer, the Republican Majority Whip in the lower chamber. For more than two years, we have worked to educate, grow support, and pass […]

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ForkLog 16 17.05.2024

China Expands e-CNY Programme to Hong Kong

The Hong Kong Monetary Authority and the People’s Bank of China have announced the expansion of the digital yuan (e-CNY) usage in the autonomous region. According to the regulators’ statement, Hong Kong residents can now top up their wallets through 17 retail banks in the jurisdiction and conduct financial transactions with the asset in pilot […]

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ForkLog 13 13.05.2024

Challenges in Adoption of China’s Digital Yuan

Some participants in China’s pilot e-CNY programme are hesitant to hold the asset due to various issues. Details were presented in SCMP. Journalists noted that most officials receiving salaries in CBDC rarely use it and convert it to cash. “I prefer not to keep money in the e-CNY app due to the lack of interest […]

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ForkLog 19 02.05.2024

Russia and Iran Explore Digital Ruble and Rial Transactions

Facing Western sanctions, Russia and Iran are exploring the use of DFAs and central bank digital currencies (CBDCs) for mutual settlements, according to a report by Izvestia. Rahimi Mohsen, the trade attaché of the Iranian embassy in Russia, stated that Tehran and Moscow are working on innovative solutions to simplify trade between the nations and […]

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ForkLog 14 27.03.2024

IMF Sees Benefits of Stablecoins and CBDCs for Remote Nations

Central bank digital currencies (CBDCs) and stablecoins could enhance the accessibility and quality of financial services for Pacific island nations, according to a report by the International Monetary Fund (IMF). Experts highlighted the challenges faced by “dozens” of jurisdictions and microstates in the Pacific islands region: “Limited access to financial services contributes to persistent poverty […]

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