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The Eurosystem has published a survey on its plans for trials and experiments on new technologies for wholesale central bank money settlement.  The survey aims to gather feedback from market participants and stakeholders on the potential benefits, challenges, and use cases of a wholesale central bank digital currency (CBDC) that would facilitate cross-border payments and financial market infrastructures. You might also like: ECB executive Fabio Panetta aims for digital euro expansion The survey , which is open until Nov. 15, covers four main topics: The current state of play and challenges in cross-border payments and financial market infrastructures. The possible features and design options of a wholesale CBDC. The potential impact and implications of a wholesale CBDC on the financial system and the economy. The possible scenarios and use cases for testing and experimenting with a wholesale CBDC. The survey is part of the Eurosystem’s ongoing work explor...

In the realm of crafting compelling content, three vital elements come into play: “perplexity,” “burstiness,” and “predictability.” Perplexity gauges the intricacy of the text. Burstiness, on the other hand, measures the diversity of sentence structures. Finally, predictability determines how easily a reader can anticipate the next sentence. Humans often infuse their writing with burstiness, blending longer, complex sentences with concise ones, creating an engaging rhythm. In contrast, AI-generated sentences tend to be more uniform. As you embark on the writing task ahead, it’s essential to infuse the content with ample perplexity and burstiness while minimizing predictability. Additionally, your composition should be in English. Let’s proceed with the rewrite: The assistant governor of the Reserve Bank of Australia has underscored the pivotal findings from pilot projects, shedding light on several critical areas where Central Bank Digita...

A Chinese foreign exchange regulator official showed its support for the CBDC development, the digital yuan. Lu Lei, deputy administrator of the State Administration of Foreign Exchange (SAFE), explained to the CNA agency that some of the main Features of CBDC could help enhance the effectiveness of monetary policy tools. The official added that central banks could make CBDCs M2 currency, which includes some deposits and savings, based on its programmable Features . Lu concluded that payments based on CDBC can become safer, more convenient, and inclusive.  You might also like: Shanghai Clearing House adds support for digital yuan in commodity trading Digital yuan development The development of the digital yuan, China’s official digital currency, has been a significant focus for the country in recent years. Led by the People’s Bank of China (PBoC), China has been actively working on its CBDC project, known as the Digital Currency Electronic Payment (DC...

The move is expected to help Russia’s economy evade sanctions and do business bypassing SWIFT. The Bank of Russia has started working on a regulatory framework to allow foreign banks to open accounts to access the digital ruble, Russia’s version of a central bank digital currency (CBDC). According to a regulatory filing, foreign banks will get special accounts, where the CBDC system will track all of their operations. It’s expected that foreign banks will be allowed to open digital ruble accounts on the Bank of Russia’s platform starting in 2025. The Bank of Russia has been working on its CBDC project since 2020 when it first published its analytical report on the new type of national currency. With the digital state-controlled currency, the Kremlin intends to eliminate the current financial limitations. Russian President Vladimir Putin previously praised CBDCs as a tool to reduce reliance on Western financial networks. You might also like: Rus...

While some champion CBDCs as a financial revolution, many view them as a threat to privacy and freedom. Crypto.news spoke with experts to shed light on this complex debate. Digital currencies backed by central banks, or CBDCs, could completely change how we use money. They could make payments quicker, less costly, and more effective both within countries and across borders. By cutting down on the expenses tied to making, sharing, and protecting physical cash, CBDCs could help economies work better and greatly improve how banking systems operate. However, many experts believe that the advantages of such a system are eclipsed by potential misuse and societal consequences. Read more: Exploring the early CBDC adoption results beyond the hype Are the benefits worth it? Neel Kashkari, the president of the Federal Reserve Bank of Minneapolis, questioned the need for CBDCs, failing to identify the unique problem this innovation claims to solve.  “I keep asking anybody...

The Civil Aviation Administration and China Merchants Bank said passengers can utilize the central bank digital currency to access new services via this platform. As the pilot program for China’s central bank digital currency (CBDC) — the digital yuan — takes off, Chinese business travel ers will reportedly be able to pay for flight tickets using the CBDC.  A collaboration between the China Merchants Bank and the Civil Aviation Administration of China led to the introduction of a digital yuan platform, which aims to facilitate transactions for travelers in the aviation network, according to a local media report. The newly introduced platform reportedly enables companies and entrepreneurs to utilize the digital yuan for convenient payment of business air tickets. Additionally, passengers will have the opportunity to use the CBDC to access new services via the platform. China Travel Service, a travel firm based in Suzhou, has already made use of the platform to purchase tickets on b...