In a joint report, the International Monetary Fund (IMF), the World Bank and the Bank of International Settlements (BIS) have proposed to the G20 that a cross-border network of central bank digital currencies (CBDC), underpinned by efficient technological integration and proactive international cooperation, could be of significant benefit to the world economy. The report focuses on broadening the horizon beyond central banks’ individual studies of CBDCs for domestic needs, emphasizing that it is crucial to coordinate work at a global scale and to find common ground between various national efforts to reap the full benefits of digital currency. If tackled …

The Bank of Thailand has issued a warning to crypto holders who use their digital assets as a medium of exchange, saying if these practices become widespread it may take strong regulatory measures. In a Thursday statement, the central bank said anyone who engaged in the trade of digital assets for goods and services, as the sender or recipient, could face risks including money laundering, theft, and price volatility. The Bank of Thailand, or BOT, reiterated its position that cryptocurrencies like Bitcoin (BTC) and Ether (ETH) are not legal tender in the country and warned of consequences from regulators: “Should …

Financial authorities in France and Singapore are actively exploring the cross-border applications of central bank digital currencies (CBDCs). In a joint announcement on Thursday, the Bank of France and the Monetary Authority of Singapore (MAS) said that they successfully completed a whole cross-border payment and settlement experiment using CBDCs and blockchain technology. The CBDC experiment was conducted with support and expertise from JPMorgan's digital currency-focused Onyx division on a permissioned, privacy-enabled blockchain based on the investment bank's Quorum blockchain infrastructure. As part of the experiment, the Bank of France and MAS simulated cross-border and cross-currency transactions for a Singapore dollar-based …

The Chinese central bank is “quite worried” about the global financial risks associated with digital currencies, particularly stablecoins, according to a senior official. Fan Yifei, a deputy governor of the People’s Bank of China (PBoC), expressed concerns over the reportedly serious threat stablecoins, such as Tether (USDT), pose to global financial and settlement systems, CNBC reported on Thursday. The official emphasized that the speed of development in private payments systems is “very alarming,” and the PBoC is working against monopolies and the “disorderly expansion of capital,” adding: “Some commercial organizations’ so-called stablecoins, especially global stablecoins, may bring risks and challenges …

Jamaica’s central bank will reportedly commence the initial roll-out of its central bank digital currency (CBDC) project in August. According to a report by the Jamaica Observer on Wednesday, Bank of Jamaica (BOJ) Governor Richard Byles made this known during a Rotary Club event earlier in July. Detailing plans to begin the pilot phase in August, Byles revealed that the BOJ was currently working on the technical aspects of the CBDC within a sandbox environment. As previously reported by Cointelegraph, the BOJ chose Irish technology firm eCurrency Mint as the tech provider for its national digital currency project back in …

As the Ukrainian government progresses with cryptocurrency-related legislation, a major local e-bank is preparing to launch a debit card featuring Bitcoin (BTC) trading. Ukrainian online banking application Monobank has completed a pilot integration with a cryptocurrency trading platform, Monobank co-founder Oleg Gorokhovsky announced Monday. According to the executive, the new integration will enable Monobank users to buy and sell Bitcoin with a debit card. Monobank expects to release the new feature later this month pending approval from the National Bank of Ukraine, Gorokhovsky noted. Launched in 2017, Monobank operates under the license of Universal Bank owned by tycoon Sergey Tigipko, …

The State Bank of Vietnam is reportedly set to become the latest central bank to delve into explorations of the feasibility and operationality of central bank digital currencies (CBDCs). Its brief, distinct from other countries, is looking to trial a digital currency that would be expressly built on blockchain technology, rather than a centralized protocol. According to a July 3 report from the English-language daily Viet Nam News, Prime Minister Phạm Minh Chính announced the initiative as part of his wider e-government development strategy. The central bank is expected to work on the development and implementation of the pilot from …

Japan will have more clarity on the design of its central bank digital currency (CBDC) no earlier than late 2022, according to a ruling party official. Hideki Murai, head of the ruling Liberal Democratic Party of Japan’s panel on digital currencies, said that the Bank of Japan (BoJ) is still working on sorting out the key functions of the digital yen, such as defining what entities would serve as intermediaries between the central bank and its deposit holders. “By around the end of next year, we’ll have a clearer view of what Japan's CBDC would look like,” Murai said in …

The Bank for International Settlements (BIS), a global financial institution owned by some of the world’s biggest central banks, is trying to dispel the theory that cryptocurrency ownership is linked to distrust in traditional finance. On Thursday, the BIS published a paper on the socioeconomic drivers of cryptocurrency investments in the United States. Employing representative data from the U.S. Survey of Consumer Payment Choice, BIS argued distrust in fiat currencies such as the U.S. dollar has nothing to do with investor motivation to hold cryptocurrencies like Bitcoin (BTC), stating: “Demand for cryptocurrencies is not driven by distrust in cash or …

China continues expanding the scope of its central bank digital currency (CBDC) by debuting digital yuan payments for transport services. According to an official Wednesday announcement, the Beijing subway has launched a pilot program enabling passengers to access 24 subway lines and four suburban railway stations using the digital yuan, also known as e-CNY. The new service is only available for customers witb a bank account at the Industrial and Commercial Bank of China, a major bank involved in China’s CBDC tests. “You need to download a mobile app that is linked with your bank account to access the service,” …

Russia’s central bank has scheduled a risk assessment for cryptocurrencies like Bitcoin (BTC), according to the Bank of Russia’s screening program for the second half of 2021. The examination of the potential risks of cryptocurrency investing will consider “systemic risks linked to cryptocurrency investment by Russian individuals and entities.” As part of the investigation, the Bank of Russia will collect data from 15 credit organizations including major banks like Sberbank, VTB and Tinkoff Bank, payment systems like Visa and Mastercard, and electronic payment providers like Western Union, Qiwi and WebMoney. The Bank of Russia is also looking to release a …

The central bank of Russia is setting up a group of banking institutions to test its central bank digital currency (CBDC) next year. On Tuesday, the Bank of Russia officially announced the establishment of the first pilot group for testing the digital ruble, bringing together 12 Russian banks. The pilot members include Russia’s largest banks like state-backed Sberbank and VTB, as well as major private banks like Tinkoff Bank. Other participants include commercial bank Alfa Bank, Gazprombank, Promsvyazbank, Rosbank, Ak Bars Bank, Dom.RF, SKB-Bank, TKB and Soyuz bank. The bank reaffirmed Russia’s plans to complete a prototype digital ruble platform …