10% of German money could shift into digital euro: Bundesbank
The overall estimate found by Deutsche Bundesbank was that 10% of German money holdings would shift into the digital euro, with bank deposits being hit the hardest.
The overall estimate found by Deutsche Bundesbank was that 10% of German money holdings would shift into the digital euro, with bank deposits being hit the hardest.
A regular update published this month by the Bank of Japan's Payment Services Department looks at what additional functions a digital yen could have.
German central banker Dr. Joachim Nagel says the digital euro won't likely be live before 2028-2029 as Europe continues to iron out roadblocks that prevent the CBDC from being fully established.
The pilot project will be executed as an alternate form of CBDC where the bank can program the end use of funds that would be disbursed to farmers.
The prospective CBDC, called the digital ouguiya, will “advance the digital transformation” and boost financial inclusion in Mauritania, the central bank says.
South Africa is marching toward Vision 2025 payments digitalization, with the central bank identifying stablecoins and a retail CBDC as some of the pillars.
The U.S. dollar could face an enormous challenge as the BRICS alliance eyes the use of stablecoins for settlements in the wake of increasing sanctions against Russia and growing rivalry with China.
Thailand sees central bank digital currency as a tool that could promote innovation but argues that it is in no rush to push for one, noting that it will resort to programmable payments and tokenization instead.
Germany is MIT’s fourth central bank partner in a study that will focus on the digital euro, although Bundesbank has speculated there could be other applications.
The Reserve Bank of New Zealand launched its first consultation in 2021, which focuses on principles and design options for the digital dollar.
While emphasizing the potential of CBDCs in enhancing payments and securities transactions, the World Economic Forum also identified a number of industry challenges where the technology can be of good use.
A digital shekel will force commercial lenders to up their game and offer better and cheaper services, according to the deputy governor of the Bank of Israel.