Elvira Nabiullina, the head of the Bank of Russia, argued that there is a line between anonymity and privacy regarding the circulation of an upcoming digital ruble. Speaking at a press conference on Oct. 23, Nabiullina said that Russia’s digital ruble will not have the same level of anonymity as cash. However, the bank expects to strengthen user privacy, Nabiullina promised, stating: “Still, we shouldn’t confuse the anonymity with confidentiality of digital ruble transactions. Indeed, there will not be the same level of anonymity that is supported by cash transactions. But confidentiality is expected to be enhanced.” Nabiullina elaborated that …

A Russian official argued that the country should have launched research on a central bank digital currency four years ago in order to claim leadership in the field. However, according to Dmitry Peskov, a special representative of the President of the Russian Federation on digital and technological development, the first-mover advantage also brings a number of risks in terms of financial stability. According to news service RBC on Oct. 23, Peskov said that a fast-second strategy in developing a CBDC could be more efficient than becoming the world’s first issuer, stating: “The financial risk is so great that it seems …

Anatoly Aksakov, the head of the Russian parliament’s Financial Markets committee, had some good news for blockchain fans in Russia. According to Aksakov, there are “no anti-blockchain voices” in the government and he believes that a digital ruble pilot will start in 2021. During a panel held on October 21 as part of the Blockchain Life 2021 conference, the policymaker said that the central bank had already started consultations on the feasibility of launching ‘cryptoruble’ pilots. He considers it “the future of all our money circulation.” Local media reports have pointed out the possibility of seeing a digital ruble in …

Philippine central bank governor Benjamin Diokno has announced that the institution's "exploratory" study of central bank digital currency study suggests that much more work is needed to make a digital peso a reality. During the summer, Bangko Sentral ng Pilipinas had confirmed it was investigating the feasibility and potential policy implications of issuing its own CBDC, or digital counterpart to the physical peso. In a press briefing, Diokno reportedly rejected the possibility that a CBDC could be issued any time in the near future. The study so far has suggested that ongoing research is needed to look into capacity-building and …

Changpeng Zhao, the enigmatic chief executive of Binance, believes a central bank digital currency designed well enough could become a threat to Bitcoin. In a video interview with Fortune senior writer Jeff Roberts, he was asked how the People’s Bank of China’s digital yuan initiative would affect the crypto industry. Zhao responded that any blockchain or digital currency would be good for the industry overall, as it legitimizes digital assets and broadens awareness. He added that while there is currently a race between major countries to launch one, most CBDCs are likely to be more restrictive initially but will evolve …

Burkhard Balz, a German politician and executive board member of the country's central bank, said in a speech on Oct. 20 that it was crucial to build tools to restrict how the digital euro is used upon launch. Balz emphasized that people should only be able to use the central bank-backed digital euro as a mode of payment and not as a store of value. If the central bank digital currency has the same characteristics as traditional money, depositors could withdraw their funds in times of a crisis by converting it into digital euros, making the funds a liability for …

The Central Bank of the Bahamas has announced the country’s “Sand Dollar” — a state-backed virtual currency — is now available nationwide. According to an Oct. 20 Facebook post from Project Sand Dollar, the central bank digital currency (CBDC) became available to all 393,000 residents of The Bahamas from roughly 10:00 PM UTC. This makes The Bahamas the first country in the world to officially roll out a CBDC. China is currently testing a pilot program for its digital yuan with a $1.5 million giveaway, and Cambodia’s “Bakong” digital currency is expected to become operational in the coming months following …

Recent comments from Jerome Powell, the chairman of the United States Federal Reserve, show the American government is not especially concerned with speed when it comes to developing a central bank digital currency, or CBDC. In contrast, Morgan Creek Digital co-founder Anthony Pompliano argues that time is of the essence. "They're talking about, like, maybe we'll build one in the next couple of years," Pompliano said of Powell's recent comments on CBDCs. "This is not a next-couple-of-years thing," Pomp said Monday on an episode of his YouTube show Lunch Money. "This is a right-now thing, and if they don't act, …

Financial authorities in New Zealand are in no hurry to issue a central bank digital currency, or CBDC, according to a central bank executive. Christian Hawkesby, assistant governor at the Reserve Bank of New Zealand, claimed that the country has “no imminent plans” to issue a CBDC. In a speech on Monday, Hawkesby said that the bank remains open-minded about further progress in money and payment technologies and has actively engaged in CBDC research. He said: “To issue currency that meets the needs of the public, we must take a new and holistic approach. We acknowledge there is much work …

Line, a Tokyo-based subsidiary of the South Korean internet search engine company Naver, is building a platform for developing central bank digital currencies, South Korean news agency the Chosun Ilbo reported on Oct. 19. Sources familiar with the matter reportedly told Chosun Ilbo that Line aims to support the development of a so-called “customized CBDC.” The messaging company is discussing the application of its blockchain-based CBDC platform with several central banks in major Asian countries, according to the report. Line executives said that they cannot disclose the exact countries that are considering the platform’s application. A Line spokesperson told Cointelegraph …

As part of DC Fintech Week, a digital conference on the governmental side of the financial technology sector, several international leaders gathered for an Oct. 19 panel called: Central Banks, CBDCs and Cryptoeconomics. "I don't see technological barriers in this area, but I do see technological challenges," Cecilia Skingsley, First Deputy Governor of Riksbank, the central bank of Sweden, said on the panel. "The challenge is not so much technology in itself, but it's more about — we have to choose what sort of policy objectives do we want to focus on, what is the problem we want to solve," …

The vast majority of China’s $1.5 million digital yuan lottery winners have received and spent their “red envelopes” of digital yuan. As of Sunday, a total of 47,573 out of 50,000 lottery winners in China have received their prizes, Shenzhen authorities officially announced. According to the announcement, the winners conducted a total of 62,788 transactions accounting for 8.8 million yuan ($1.3 million). This amount represents about 88% of the total 10 million yuan ($1.5 million) that was to be distributed in the giveaway pilot in Shenzhen. Some winners have not only spent their “red envelopes” but also topped up their …