We’re living in a time where digital assets are moving towards mainstream adoption. From retail customers to traditional banks and financial service providers, digital assets are on the rise. Many of these assets promised to disrupt financial markets and large incumbents, and while they have received widespread attention, they haven’t quite achieved their potential. That said, large institutions are taking notice — 86% of the world’s central banks are exploring digital currencies, according to a report by the Bank for International Settlements. They recognize that despite being in a golden age of innovation, payment systems remain somewhat archaic. And so, …

The National Bank of Cambodia (NBC) continues progressing with its central bank digital currency- (CBDC)-like initiative known as Bakong, disclosing several project milestones. NBC’s director general and the Bakong project lead Chea Serey said in a Wednesday interview with The Nikkei that Bakong’s electronic wallet reached 200,000 users in June, doubling from three months earlier. Based on blockchain technology, the Bakong payment and money transfer service was originally launched by the NBC in October 2020. The digital money project has amassed nearly six million users in the first half of 2021, including those reached indirectly through member bank mobile apps, …

Chris Waller, a member of the Board of Governors of the Federal Reserve System (Fed), seems to think it’s unnecessary for the United States government to develop a central bank digital currency, or CBDC. Speaking with Michael Strain of the American Enterprise Institute today, Waller said he was “highly skeptical” of a central bank digital currency, addressing issues in existing payment systems. He feels that the U.S. government should only intervene with a potential digital solution in the event of significant market failures. “I am not convinced as of yet that a CBDC would solve any existing problem that is …

The Ukrainian government is moving forward with its central bank digital currency (CBDC) plans, as the National Bank of Ukraine (NBU) is now officially authorized to issue a digital currency. Ukrainian President Volodymyr Zelenskyy has signed a law titled On Payment Services, officially enabling the country’s central bank to issue a CBDC, the digital hryvnia, according to a Thursday announcement. The new law authorizes the NBU to set up regulatory sandboxes for testing payment services and instruments based on emerging technologies. The new legislation also requires close collaboration between the Ukrainian central bank and local startups in the payment market, …

Ghana's vice president Dr. Mahamudu Bawumia believes that African governments need to embrace digital currencies to facilitate trade throughout the continent. As reported by Ghanaweb Bawumia outlined his argument during the Fifth Ghana International Trade and Finance Conference, which boasted the theme of “Facilitating Trade and Trade-Finance in AfCFTA; The Role of the Financial Services Sector.” He argued that trade between African countries demands a “single central payment” system. Currently, moving goods over African borders is costly and time-consuming. A digital payments system, Dr. Bawumia believes, would rectify these issues. Related: Can blockchain make a difference? Africa sees vast monetary …

Amid the Bank of Russia continuing progressing with its central bank digital currency (CBDC) development, one survey suggested that few Russians are ready to accept salary payments in the digital ruble. Almost half of the Russian respondents strongly objected to receiving salaries in the digital ruble in a new survey by local recruitment site HeadHunter. Only 11% of respondents said that they were ready to get salaried in the digital ruble, while 41% indicated that they were “categorically opposed” to being paid in the CBDC, local news agency Izvestia reported on Wednesday. As Russia is preparing to roll out digital …

As global cryptocurrency companies increasingly consider going public, the Russian central bank has officially recommended local exchanges to avoid crypto-related listings. The Bank of Russia issued an information letter on Monday, asking Russian stock exchanges to stay away from listings of foreign and local companies involved in a broad range of crypto services. The central bank elaborated that local exchanges should not list stocks issued by companies whose business relies on crypto market prices, including digital financial assets issued outside Russia, crypto-tracking indexes, as well as crypto derivatives and crypto funds. The Bank of Russia also recommended asset managers to …

The central bank of South Korea has chosen a blockchain subsidiary of local internet giant Kakao as a technology provider for its digital currency pilots. Kakao’s Ground X won the Bank of Korea’s central bank digital currency (CBDC) tender, becoming the principal technology supplier for blockchain-based digital won simulations, local news agency Korea JoongAng Daily reported Tuesday. The central bank announced that Ground X will participate in the South Korean CBDC project in cooperation with United States-based blockchain company ConsenSys as well as other Kakao affiliates like KakaoBank and Kakao Pay. Focused on infrastructure and decentralized applications for the Ethereum …

Bitcoin (BTC) emerges into a new week with middling price action and optimistic fundamentals — what could the coming days have in store? Still holding $30,000 support, there’s little about Bitcoin to truly excite traders, but volatility has already reminded them of its presence over the past week. As a recovery in mining continues, everyone is playing a game of “wait and see” when it comes to the 2021 Bitcoin bull market. Cointelegraph takes a look at five things that might give BTC price action some direction in the short term. Dollar sees strength as stocks calm advance It’s a …

The Bank of England (BoE)’s latest Financial Stability Report, released twice yearly, acknowledges that increased crypto trading action and price volatility in 2021 signal that the sector is harboring “potential pockets of exuberance.” The report notes that the top market cryptocurrencies, Bitcoin (BTC) and Ether (ETH), saw a sharp appreciation in value over the 12 months to April 2021 and that their subsequent drop by roughly 50% in May has left them “particularly volatile,” with prices skewed to the downside as of last month. When it comes to the risks all this poses for financial stability, however, the central bank …

Affiliates of South Korean internet giants Naver and Kakao are among the top contenders to work on the country’s first central bank digital currency (CBDC) pilots. On Monday, the Bank of Korea (BoK) announced the preliminary bid results for participating digital won pilots, local news agency Yonhap reported. Kakao’s blockchain subsidiary Ground X, Naver-affiliated Line Plus and conglomerate SK Group were the top three companies that submitted applications for a 10-month CBDC pilot contract. The BoK now plans to select an operator to run a blockchain-based simulation project for the digital won. The bank expects to reach a decision next …

Research from European blockchain company Guardtime suggests that the current pandemic may have accelerated the launch of a major central bank digital currency by up to five years. According to Guardtime, the company said the growth of many technology companies, improved use of networking and telecommunications platforms, and digitalization of the world in general could mean the first central bank digital currency, or CBDC, from a major economy could be rolled out within three years. The firm works with several central banks around the world in exploring the development of a CBDC. “There is an increasing sense of a ‘race …