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The Monetary Authority of Singapore (MAS) is set to launch a live pilot of a CBDC for wholesale interbank settlements , marking a significant step in the integration of digital currencies into mainstream banking operations. The Monetary Authority of Singapore (MAS) has announced plans to implement a live central bank digital currency (CBDC) for wholesale interbank settlement in 2024. This initiative marks a departure from theoretical situations, because it involves using a real CBDC for transactions between commercial banks. This project is part of the Orchid Blueprint, a framework developed by the MAS for this purpose. The Orchid Blueprint outlines the creation of a settlement ledger for recording digital money transfers, which will include Features for programmability and instantaneous settlement of digital tokens. You might also like: Singapore’s Central Bank explores asset tokenization with major financial firms Additionally, it proposes the development of a ...

The potential exists, yet the challenges of attaining financial inclusivity are frequently underestimated, as indicated by a study conducted by the Bank of Canada. A commonly made argument in favor of the adoption of central bank digital currency ( CBDC ) is that it has the potential to enhance financial inclusion . However, the specifics of how to achieve this objective, or even what “financial inclusion ” truly entails, remain largely unexplored, according to a discussion paper from the Bank of Canada. The paper concludes that central banks will confront a series of unfamiliar and nontraditional hurdles in the pursuit of an inclusive CBDC . By “identifying tangible barriers and shedding light on the underlying disparities that often go unnoticed in aggregate statistics,” the authors of the paper identify three dimensions of inclusivity crucial for a universally accessible payment method: financial inclusion , digital inclusion , and practical accessibility...

As sanctions have cut Russia off from the global economy, the local central bank hopes its digital currency will help it revive international trade. The Bank of Russia is working on a way to use its digital ruble for cross-border trades to “ avoid super-close attention ” from U.S. regulators. A deputy chairman of Russia’s central bank, Vladimir Chistyukhin, said on Sept. 21 that the central bank basically wants to circumvent sanctions with the digital ruble. Per a report by RussHowever, he admitted that the idea would not work without involving the other “friendly” party. “In this regard, [with the digital ruble] we could avoid super-close attention at least from Western banking systems. But this requires serious political will from regulators and leadership of these friendly countries in order to achieve mutual interoperability of these operating systems.” Vladimir Chistyukhin You might also like: North Korean hackers turn to...

Soramitsu is developing a cross-border payment system that uses Cambodia’s CBDCs and targets Japan, India, China and Southeast Asia. Japanese blockchain startup Soramitsu is exploring new central bank digital currency (CBDC) applications with a new project on the cross-border payment system for Asian countries . Soramitsu will deploy Cambodia's CBDC and fiat-pegged stablecoin s as part of its new payment system targeting countries like India, China, Japan and regions like Southeast Asia. The new project builds upon Soramitsu’s CBDC expertise, including its involvement in the Asian CBDC project Bakong in Cambodia and Laos' Lao kip, Nikkei reported on Aug. 8. Launched in 2020, Cambodia’s Bakong is a public-private initiative allowing Cambodian residents to pay at stores or send money through a mobile app using the local currency riel or U.S. dollar. Since launch, Bakong’s adoption has expanded to countries like Malaysia, Thailand and Vietnam. By late 2022, Bakong reportedly h...