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A total of four foreign banks have integrated China’s e-CNY CBDC thus far. More foreign banks have joined China’s digital yuan central bank digital currency (CBDC), the e-CNY, following British bank Standard Chartered’s entry on Nov. 27, bringing its total to four. According to local news reports, Hong Kong-based HSBC, Hang Seng Bank and Taiwanese bank Fubon Bank have also added e-CNY integrations to their platforms. All four foreign banks will allow their clients to transfer and withdraw e-CNY. Moreover, Hang Seng Bank has allowed personal banking customers to bind debit cards within the official e-CNY app and redeem digital renminbi. They can also top up the digital renminbi wallet through the Hang Seng China Mobile Banking App. HSBC has also added similar Features for retail e-CNY use for its clients. As for Fubon Bank, it has allowed users to recharge e-CNY via mobile banking and spend the CBDC using its bank card. The firm said it would continue to explore e-CNY CBDC applica...

The BRICS alliance is looking to launch a new currency to challenge the US dollar and the Euro in the global currency market. Sergey Glazyev, Russia’s former advisor to the President confirmed early this month that BRICS currency is “almost ready” for launch. Reports suggest that the alliance could launch the currency in the 16th summit next year in 2024. The development coincides with Germany ’s idea of creating a digital Euro to combat other currencies in the market. Also Read: BRICS : Iraq to Ditch US Dollar for Imported Goods Not just Germany, European lawmakers are looking to create national digital currencies to stay ahead of the changing financial landscape. More than 150 countries are working on CBDC’s and a handful of nations have already launched pilot batches this year. In this article, we will highlight whether Germany plans to launch CBDC to challenge the upcoming BRICS currency. Also Read: BRICS: ING Bank Predicts Future of the U.S. Dollar Will ...

Visa has successfully concluded its participation in the Hong Kong Monetary Authority’s (HKMA) pilot program for a central bank digital currency (CBDC) with HSBC and Hang Seng Bank. The program, which is part of the city’s broader “Fintech 2025” strategy, aims to explore the practicalities and benefits of a digital Hong Kong dollar (e-HKD). The initiative, announced on Nov. 1, focuses on the tokenization of bank deposits. This process involves the conversion of money held in banks into digital tokens on a blockchain ledger backed by the bank’s balance sheet. Visa’s report from the pilot program highlighted the efficiency of the system, noting that interbank transfers were completed in near real-time. This was a significant improvement over traditional banking systems, which are typically restricted to business hours and do not operate on weekends. You might also like: BIS chief: countries need CBDC legal frameworks During the pilot, Visa...

A new role, "Head of CBDC," will help the United Kingdom to "explore the case for a digital pound," although UK Bitcoiners would argue that might not be necessary. The UK Government's economic and finance ministry, HM Treasury, is recruiting for a Head of central bank digital currency (CBDC) to lead the development of a digital pound . The work is described as "Important, complex, and cross-cutting" and will "require extensive engagement across and beyond the HM Treasury." According to the Linkedin post, the Treasury and the Bank of England are working together through the CBDC Taskforce to explore the case for a digital pound. The role of the Head of CBDC may bring the UK government closer to its aim of rolling out a CBDC. HM Treasury's job posting for a CBDC Head. Source: LinkedIn Danny Scott, CEO of a UK-based Bitcoin (BTC) company, CoinCorner, told Cointelegraph that a CBDC could be missing the “Actual real-world use and purpose–...