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Earlier this week, Dr. Janet Yellen, former Chair of the US Federal Reserve and soon to be the Secretary of the Treasury, testified at a hearing before the Senate Finance Committee in regards to her nomination. In advance of the hearing, Dr. Yellen submitted an
Retail users may have to wait in much of the world, however.
The Bank of International Settlements has outlined plans to embark on a variety of CBDC trials worldwide this year.
Blockchain or DLT based tokenization is inevitable, as global rivalry in digital currencies continues, industry exec explains.
Ahead of the Chinese New Year in February, the city of Shenzhen is slated to hold its third lottery for digital yuan, which will see another 10,000 Chinese citizens in possession of 200 digital renminbi each. China is placing incredible emphasis on the city as the first major sample for large-scale central bank digital currency (CBDC) testing before it progresses to other cities in China.
The past two years were much harder on the dollar, however.
The city of Shenzhen has launched the third round of its central bank digital currency pilot in the form of a promotional lottery scheme offering residents handouts during local festivities.
The Banque de France announced the successful completion of a CBDC pilot programme testing the function of interbank settlements, where transactions were executed on a blockchain-based platform. This was facilitated by UK-based blockchain firm SETL and its private blockchain, which was utilized to process €2 million (~$2.4 million USD).
Sweden’s central bank deputy governor recently updated the public on the country’s CBDC exploration.
The Bank of France processed $2.4 million worth of fund units using a CBDC in December as part of ongoing experiments into blockchain and stablecoin technology.
Central Bank Digital Currencies, or CBDCs, will likely affect Bitcoin in some fashion.
Stephen Harper, the former prime minister of Canada, has named Bitcoin as a possible reserve currency in the future.
How would mass-scale CBDC issuance impact the crypto space?
The yuan is not seen as a major currency. Could digitizing it change that? China is breaking new ground in the Shenzhen region and beyond.