Central Bank is an institution in charge of monetary policies and regulating commercial banks. The core function of central banks is money issuance (money supply) and the decision on the interest rate through a basket of monetary policies and tools.
Shaping the Future of Banking: Standard Chartered and PwC China Release White Paper on Central Bank Digital Currency"
Standard Chartered, in collaboration with PwC China, have co-published a comprehensive white paper detailing the potential advancements in the future of banking, courtesy of Central Bank Digital Currency (CBDC).
South Korea Grants Central Bank More Power Over Crypto
The Bank of Korea (BoK) has been given more power to investigate cryptocurrency service providers, including the ability to request transaction data from crypto exchanges. The move comes amid ongoing discussions on virtual asset legislation in South Korea, with the Financial Services Commission (FSC) holding the final say on the regulation of the digital asset sector. The two institutions have been at odds for several years over crypto regulations.
Kraken Irish Subsidiary Awarded VASP Authorization by Central Bank of Ireland
Payward Europe Solutions, Kraken's Irish subsidiary, has been granted VASP authorization by the Central Bank of Ireland. This authorization comes at a critical time as the EU is set to vote on the MiCA regulation, which requires all companies operating as a crypto assets service provider in the EU to register with an authorized regulator.
UAE's Central Bank Nears Launch of Digital Dirham
The UAE's central bank is close to launching its central bank digital currency (CBDC), the digital dirham, for domestic and cross-border payments. The CBUAE has partnered with G42 Cloud and R3 to be the infrastructure and technology providers for the CBDC implementation, which will boost financial inclusion and help the country become a cashless society. The first phase of the CBDC strategy includes the soft launch of "mBridge," proof-of-concept work for bilateral CBDC bridges with India, and domestic CBDC issuance for wholesale and retail use.
RBI and Central Bank of UAE sign MOU on CBDC bridge
The Reserve Bank of India and the Central Bank of UAE have signed an MOU to collaborate on CBDC interoperability, specifically for the development of a CBDC bridge to facilitate remittances and trade.
South Dakota Governor Vetoes Bill Excluding Cryptocurrencies from State's Definition of Money
Governor Kristi Noem of South Dakota has vetoed House Bill 1193, which sought to exclude cryptocurrencies from the state's definition of money. The governor believes that the bill would put South Dakota at a disadvantage and potentially lead to future overreach from the federal government in issuing a digital dollar.
Nigerian President-elect's Manifesto Includes Blockchain and Crypto Regulations
Nigerian President-elect Bola Tinubu has released a manifesto proposing the implementation of blockchain technology and cryptocurrencies in Nigeria's banking and finance sector. The manifesto suggests reforming existing Nigerian Security Exchange Commission regulations to create a more business-friendly framework for regulating digital assets. The proposed regulations would require digital asset companies to register with the SEC and comply with SEC regulations. The release of the manifesto coincides with the increasing adoption of cryptocurrencies in Nigeria, with the government hoping that the proposed SEC regulation reforms will attract more investors in the digital and economic sectors and stimulate economic growth.
Iran Completes Pre-Pilot Phase for Digital Rial
Iran's central bank has completed a pre-pilot phase for its digital rial, according to an official statement by the Monetary and Banking Research Institute. The CBDC will align with the rules governing the national currency, the Iranian rial, and be distributed among individuals and banks. Ten banks have applied to join the project, and all banks and credit institutions in Iran are expected to start offering electronic wallets for the digital currency.
India tests offline functionality of digital rupee
The Reserve Bank of India is testing the offline functionality of its recently launched digital rupee, which has completed 800,000 transactions worth $134 million since its wholesale segment pilot launched on Nov. 1, 2022.
UK lacks expertise for central bank digital currency
UK is unlikely to issue a central bank digital currency (CBDC) as the Bank of England lacks the necessary technical skills, according to Jon Cunliffe, the deputy governor. The BoE plans to partner with the private sector to test a digital pound in a simulated environment, with the aim of gaining the required expertise to develop a working prototype.