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Since 2014, China's central bank has been working on a project called DCEP (Digital Currency Electronic Payment) or digital renminbi, [8] often also referred to as the "digital yuan" as it would be backed by the yuan. [9] At the end of 2017, the China's central bank organized a number of banks and institutions to jointly develop the DCEP system.
A central bank digital currency would likely be implemented using a database run by the central bank, government, or approved private-sector entities. [13] [14] [15] The database would keep a record (with appropriate privacy and cryptographic protections) of the amount of money held by every entity, such as people and corporations.
They include the Hong Kong Monetary Authority (HKMA), the Bank of Thailand (BoT), the Central Bank of the United Arab Emirates (CBUAE), the Digital Currency Research Institute of the People's Bank of China (PBC DCI), and the BIS Innovation Hub Hong Kong Centre (BISIH Hong Kong Centre). [1] The Saudi Central Bank joined in June 2024. [2]
SWIFT planning launch of new central bank digital currency platform in 12-24 months. Marc Jones. March 25, 2024 at 2:44 PM ... The European Central Bank has digital euro one underway too, while ...
The research by the U.S.-based Atlantic Council think-tank published on Tuesday showed that all G20 nations are now looking into central bank digital currencies (CBDCs) as they are known and that ...
"The biggest headline here is that the divergence between the world's largest central banks over CBDCs (Central Bank Digital Currency) is growing," the Atlantic Council's Josh Lipsky said pointing ...
The E-Cedi is a proposed central bank digital currency (CBDC) for Ghana. Dr. Ernest Addison is the Governor of the Bank of Ghana. In June 2021, he announced the development of the E-Cedi. CBDC currencies are digital currencies that digitize a country's fiat currency.
LONDON (Reuters) -Saudi Arabia has joined a China-dominated central bank digital currency cross-border trial, in what could be another step towards less of the world's oil trade being done in U.S ...