October 2021

• Mastercard is Preparing Its Infrastructure for the Deployment of CBDCs (October 28, 2021)

  Mastercard’s CEO Michael Miebach says that the company will support and assist the implementation of a CBDC. Mastercard has generally supported digital currencies and implemented them into their policies, but Miebach says that while they may explore private stablcoins, CBDCs are the focus for the time being. Go to Article.

• BSN Architect Red Date to Launch NFT Infrastructure in China (October 28, 2021)

  Red Date Technology will initiate the BSN-Distributed Digital Certificate (DDC), a project that will launch infrastructure to aid the release of non-fungible tokens (NFT) in China. With the BSN-DDC, Developers will gain access to ten chains on the BSN to build NFT platforms. Go to Article.

• China to Release National Blockchain Standard Next Year, Says Official: Report (October 27, 2021)

  China Electronics Standardization Institute is in the process of approving a national standard for blockchain, a part of China’s wider initiative to promote blockchain innovation in enterprise and government. The institute views the drafted standards as essential to the crypto industry. Go to Article.

• Latin America Stands to Benefit Most from Crypto, Says Uphold Exec (October 27, 2021)

  JP Theiriot, CEO of multicurrency investment platform Uphold, says that El Salvador’s embrace of bitcoin will be the catalyst for the region’s widespread use of digital currencies. Theiriot predicts that both cryptocurrencies and CBDCs will become popular, and Latin America would benefit from the two being exchanged on the same infrastructure. Go to Article.

• Can Venezuela’s Digital Bolivar Become a CBDC? (October 27, 2021)

  The digital Bolivar, while not currently a CBDC, could become backed by the central bank. However, according to Luis Gilberto Caraballo of Blockchain Hub Venezuela, this step would have to come after educating the Venezuelan population on cryptocurrencies/blockchain. While Venezuela does not currently have the infrastructure for a CBDC, Gilberto Caraballo assures that it could be built. Go to Article.

• Nigeria's CBDC, the eNaira is Now Live (October 27, 2021)

  Following a highly criticized ban on virtual currency transactions (possibly instated because crypto isn’t subject to monetary policy), the Central Bank of Nigeria has launched the country’s CBDC, the eNaira. Developed by the fintech company Britt, the CBDC can be used with the eNaira speed wallet and the eNaira merchant wallet. Go to Article.

• Small-Town India May Hold the Key to Success for India's Blockchain-Based Digital Rupee (October 26, 2021)

  The popularity of the Unified Payments Interface (UPI) in heavily populated small-town India will ease the adaptation of a digital rupee. In general, online payments have increased dramatically as a result of the COVID-19 pandemic, and the Reserve Bank of India (RBI) plans to release a nationwide framework to help offline digital payments. Go to Article.

• ECB Invites Tech Experts to Join CBDC Debate (October 25, 2021)

  The European Central Bank (ECB) plans to invite technology experts to present on a variety of topics related to the creation of a digital euro, including potential privacy policies and digital wallets. The presentations are part of a CBDC study set to last two years and initiated by the ECB. Go to Article.

• Saudi Central Bank Mulls Blockchain for Finance, Rejects Phasing Out Cash: Report (October 24, 2021)

  Saudi Arabia’s central bank is experimenting with CBDCs with project Aber, which will explore the use of digital ledgers on cross-border transactions. However, the central bank refuses to have a future CBDC completely replace physical cash. Saudi Arabia hopes to have the proportion of electronic payments reach 70% of the country’s total by 2025, but still encourages the use of paper/metal cash transactions. Go to Article.

• China's Pressure Ahead of CBDC Rollout Points to Privacy Issues (October 20, 2021)

  As the anticipated release of the digital yuan at the Beijing Winter Olympics draws closer, China ramps up its efforts to popularize the CBDC by pushing merchant adaptation and criminalizing any cryptocurrency-related transactions to cut out competition. Despite China’s reassurances, it remains somewhat unclear how or if privacy protections will coexist with the CBDC. Go to Article.

• China's Digital Yuan is Aimed at Home, Not Washington (October 20, 2021)

  Despite public concern that the digital yuan would be a threat to US foreign-policy, China’s CBDC is intended for domestic use and is unlikely to compete with the US dollar since it faces many barriers in gaining widespread global use. The Federal Reserve’s cautious exploration of the possibility of a digital dollar should not be rushed by fear of the digital yuan. Go to Article.

• China Pushes McDonald's to Expand Digital Yuan Scheme Before Olympics (October 20, 2021)

  Ahead of China’s planned launch of the digital yuan at the Beijing Winter Olympics, the Chinese government is urging the widespread use of digital yuan wallets at McDonald’s stores as a part of a pilot scheme. As the most advanced CBDC project in the world, the digital yuan has increased in popularity since its conception in 2020 and has caused other countries to begin piloting their own CBDCs. Go to Article.

• France Trials CBDC, Blockchain for Government Bond Deals (October 19, 2021)

  The Banque de France has executed several bond transactions over blockchain using their CBDC. The transactions were completed in both primary and secondary markets and were a part of a large-scale pilot of their CBDC intended to help the central bank understand the risks and benefits of digital currencies. Go to Article.

• Ghana Wants to Make Its CBDC Available for Use Offline: Report (October 18, 2021)

  The Bank of Ghana (BoG) aims to make the e-cedi, Ghana’s highly anticipated CBDC, available offline using smart cards: physical cards embedded with a chip. BoG hopes that this effort will make help bring financial services to people lacking access to bank accounts, but it’s possible that offline transactions of CBDCs might lead to counterfeiting. Go to Article.

• The Digital Pound Foundation Wants to See UK's CBDC Materialize; G7 Leaders Say It Must Support, Do No Harm (October 15, 2021)

  Several companies have joined to launch the Digital Pound Foundation (DPF) that aims to bring private and public sectors together to further the creation of a digital pound. Interest in a British CBDC is shared by the Bank of England (BoE) and the British Treasury, who have made efforts to study a possible digital pound. Go to Article.

• Beijing Offers Public Transport Users Discounts to Encourage Digital Yuan Fare Payments (October 15, 2021)

  To promote China’s CBDC, public transportation costs in Beijing are discounted if users pay with digital yuan. Passengers can receive coupons from the Beijing Local Financial Supervision and Administration’s website, or download the RuubyPay app. Go to Article.

• Japan Will Prioritize SImplicity in CBDC Design, Says Central Bank Executive (October 15, 2021)

  Shinichi Uchida, Bank of Japan (BOJ) Executive, says to ensure that a possible digital yen would co-exist with existing private payment channels, a simple and easy-to-use CBDC design is required. The BOJ is in the process of studying CBDCs by collaborating with public and private sectors. Go to Article.

• Hungary's Perfinal Launches CBDC-Ready Platform That Creates Digital Banks (October 14, 2021)

  Hungary’s foremost banking provider Perfinal has created a new platform that will allow bankers in non-tech roles to manage several digital services that will help with CBDCs and cryptocurrencies. As most central banks in the world are in the process of at least conducting CBDC research, the Bank of International Settlements (BIS) has warned that the implementation of CBDCs will require the financial system to make efforts (like this) to adapt. Go to Article.

• G7 Leaders Issue Central Bank Digital Currency Guidelines (October 14, 2021)

  The G7 has mandated that potential CBDCs shouldn’t threaten central banks’ financial stability and need to meet certain standards before being released. The US, a member of the G7, is in danger of falling behind in the financial and technological world if it doesn’t release a digital dollar. Go to Article.

• Ripple Joins Nonprofit Focused on Creating Digital Pound (October 14, 2021)

  Ripple, a blockchain solutions provider, has joined the Digital Pound Foundation (DPF) and views the UK as an ideal platform for the crypto industry and a CBDC. The Bank of England has also been investigating the possibility of a CBDC following the increasing interest in digital currencies propagated by the COVID-19 pandemic. Go to Article.

• BSN to Integrate CBDC-Focused Cypherium Blockchain (October 13, 2021)

  China’s Blockchain Services Network is integrating the Cypherium Blockchain into the BSN, a platform created by Red Date Technology where developers can create and deploy decentralized applications. The Cypherium Blockchain currently enables anyone to exchange CBDCs, stablecoins, and cryptocurrencies, but when it is integrated with the BSN it will likely no longer be permissionless. Go to Article.

• CBDC and Stablecoins: Early Coexistence on an Uncertain Road (October 11, 2021)

  With a rise in stablecoins that aim to fix the price volatility of cryptocurrencies like Bitcoin, central banks are eager to explore CBDCs to keep up. The peaceful coexistence of both currencies is unlikely, however, and the financial infrastructure of different countries will determine whether CBDCs will be embraced over stablecoins or other cryptocurrencies. Go to Article.

• China's BSN to Launch Portals in Turkey, Uzbekistan (October 11, 2021)

  Red Date Technology, the architect of the Blockchain Services Network (BSN), moves to open two more portals in Turkey and Uzbekistan and bringing BSN’s total international portals up to five. BSN serves as a blockchain that can cheaply develop decentralized applications. It has recently split into a Chinese and an international version. Go to Article.

• Roughly Half the World's Central Banks Are 'at Some Stage' of Exploring Their Own Digital Currencies, IMF Says (October 6, 2021)

  More than half the world’s central banks are considering implementing a CBDC, and China leads the way with their trial of the digital yuan. Managing director of the International Monetary Fund (IMF) Kristalina Georgieva says that CBDCs are much more stable than digital currencies such as bitcoin, since their values are usually pegged to a fiat currency. Go to Article.

• Central Banks Want to Issue Digital Coins But there's a Major Trade-Off (October 5, 2021)

  There are several potential problems for central banks with the widespread use of a CBDC: for example, a CBDC would decrease central banks’ power to limit cross-border payments (a particular issue for the US) and can hurt central banks’ business models if people forgo a private bank deposit for digital cash. However, efforts to control these problems (such as applying lower interest rates on CBDCs) make it unlikely that people will embrace CBDCs at all. Go to Article.

• Hong Kong Exploring CBDC as Part of Fintech Strategy (October 4, 2021)

  The Hong Kong Monetary Authority (HKMA) plans to research CBDC policies, aiming to create a retail-focused Hong Kong dollar (e-HKD). This initiative is a part of Fintech 2025, a financial technology project focused on innovation and supporting central banks to adapt CBDCs. Go to Article.

• Federal High Court of Nigeria Approves eNaira CBDC Rollout (October 3, 2021)

  The Nigerian Federal High Court has approved the release of Nigeria’s universally available CBDC, the eNaira. With the country’s fiat currency valued at its lowest point since 2003, Nigeria is among the highest crypto adaptors in Africa with the help of peer-to-peer platforms, inflation, and restrictions on banking. Go to Article.

• Actions Speak: China's Crypto Ban May Reveal Digital Yuan CBDC Goals (October 2, 2021)

  Chinese regulatory authorities have banned all cryptocurrency transactions, causing bitcoin prices to fall and crypto businesses/investors in China to be shut down. The ban is likely caused by China removing competition in order to promote their CBDC, the digital yuan. It’s possible that this move will benefit the US and other major economies who can welcome the business leaving China. Go to Article.

• Global CBDC Bridge Needs Public and Private Cooperation, Says BIS (October 1, 2021)

  Following Visa’s announcement of their new blockchain project, The Bank for International Settlements (BIS) has released a report referring to efforts by seven central banks to create a retail CBDC. The report concludes that a possible CBDC system would require the participation of both public and private corporations to effectively integrate a CBDC into the broader payment system. Go to Article.

• Brazil Stock Exchange Wants to Provide Oracles for Digital Real (October 1, 2021)

  To connect external data with the digital real (Brazil’s yet to be released CBDC), the Brazil Stock Exchange (B3) is exploring using oracles. The foremost use of oracles is to execute smart contracts by including data feeds from external sources, but they hold many other benefits. The study of smart contracts will join the Central Bank of Brazil’s efforts to explore the crypto industry. Go to Article.