On May 24, the central bank published the final list of CBDC pilot participants. Participants were chosen from a pool of 36 bids made by single companies and consortia, “totaling more than 100 institutions”. The final number of participants is 14; however, some represent groups of companies. For example, the United States-based tech giant, Microsoft; Brazil-based bank, Banco Inter; and the digital technology company, 7COMm, comprise one of the 14 participants.

Read more: Cointelegraph

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Described as “a frictionless end-to-end solution,” the Ripple CBDC Platform builds on Ripple’s Private Ledger, which was first introduced in 2021 for CBDC issuance. It’s based on the same blockchain technology as the XRP Ledger (XRPL), which was also designed primarily for payments.​

Read more: Decrypt

The post Ripple Rolls Out CBDC Platform for Governments, Financial Institutions appeared first on FinTech Ranking.

Currently, Louisiana, Alabama, Texas and North Dakota have all drafted bills opposing a digital dollar. 

CBDCs are a hot topic right now. Unlike cryptocurrencies such as Bitcoin or Ethereum, CBDCs are overseen and operated by a centralized entity. 

Read more: Decrypt

Image by Gerd Altmann from Pixabay

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The consultation opened today and runs until June 19.

The way Canadians pay for everything from the daily necessities to major purchases is evolving rapidly. As the world becomes increasingly digital, the Bank—like many other central banks—is exploring a digital version of Canada’s national currency.

“As Canada’s central bank, we want to make sure everyone can always take part in our country’s economy. That means being ready for whatever the future holds,” said Senior Deputy Governor Carolyn Rogers.

At this time, a digital Canadian dollar is not needed. And any decision to issue one rests with Parliament and the Government of Canada.

Read more: The Bank of Canada

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The IMF official saw some urgency in meeting the needs of central banks planning CBDCs. Therefore, the organization has engaged with almost 30 countries that requested assistance in the past two years. 

Read more: Cointelegraph

The post IMF to publish CBDC handbook in response to increasing demand for guidance appeared first on FinTech Ranking.

Introduced Monday (April 10) at the spring meeting of the International Monetary Fund, the authority’s Universal Monetary Unit (UMU) is an international version of a central bank digital currency (CBDC).

UMU is “legally a money commodity, can transact in any legal tender settlement currency, and functions like a CBDC to enforce banking regulations and to protect the financial integrity of the international banking system,” the DCMA said in a news release.

Read more: PYMNTS

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The status quo of competing payments systems in Peru is untenable, the CBRP wrote, but the introduction of a CBDC, combined with new policies to improve the access and interoperability of existing systems, would help the central bank overcome barriers to financial inclusion and lower costs for transactions.

Read more: Cointelegraph

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During a 12-week testing period, SWIFT simulated nearly 5,000 transactions between two different blockchain networks and existing fiat payment systems. Over 18 financial institutions worldwide participated in the study, including the Royal Bank of Canada, Banque de France, Société Générale, BNP Paribas, Monetary Authority of Singapore, HSBC, Deutsche Bundesbank, NatWest and more.

Read more: Cointelegraph

The post SWIFT moves to next phase of CBDC testing after positive results appeared first on FinTech Ranking.

According to Fabio Araujo, coordinator of the initiative at the bank, the public use of the digital currency should begin at the end of 2024, after the completion of the testing phase – which will include buying and selling of federal public bonds among individuals – and its subsequent evaluation.

Read more: Reuters

The post Brazil announces pilot for digital currency seeking to leverage financial services appeared first on FinTech Ranking.

The Basel-based bank for central banks’ Innovation Hub, in cooperation with the central banks of Israel, Norway and Sweden, has wrapped up “Project Icebreaker” to find solutions for DLT-based cross-border transactions.

Read more: The Block

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