[PREDICTION] Central Bank Digital Currencies ("CBDC") take off in 2023.  China began its CBDC test in 2020, India started testing one last year, and the European Central Bank says it's looking into CBDCs. Meanwhile, the Fed is set to launch a real-time interbank payments system this year, which suggests a digital payments overhaul of some kind is already in the works. https://www.americanbanker.com/payments/list/cbdc-projects-pick-up-the-pace-as-2023-kicks-off

CBDC projects pick up the pace as 2023 kicks off

Bobby

Trump signed an executive order that would “promote the development and growth” of “legitimate dollar-backed stablecoins,” and barred work on a central bank digital currency.

https://www.bloomberg.com/news/articles/2025-01-24/trump-boosts-tether-circle-by-tying-stablecoins-to-dollar-rule?sref=CrGXSfHu&ref=platformer.news

Trump signed an executive order that would “promote the development and growth” of “legitimate dollar-backed stablecoins,” and barred work on a central bank digital currency.  https://www.bloomberg.com/news/articles/2025-01-24/trump-boosts-tether-circle-by-tying-stablecoins-to-dollar-rule?sref=CrGXSfHu&ref=platformer.news

President Donald Trump brought crypto stablecoins to the forefront of efforts to preserve the dollar’s global supremacy, firmly aligning the US government’s interests with those of issuers like Tether Holdings Ltd. and Circle Internet Financial Ltd.

Trump Boosts Tether, Circle by Tying Stablecoins to Dollar Rule

Tasia

Could tokenised deposits could supercharge cross-border transactions?
Cross-border commerce has become a particular focal point for China amid a slowing domestic economy. Both Ant and its chief rival Tencent, which operates WeChat Pay, have been looking for ways to boost adoption of their mobile payment solutions beyond China’s border. Blockchain is seen as one way of bringing down transaction costs. At home, Chinese tech giants have been removing payment barriers as well, as JD.com recently started accepting Alipay.
While China has made the most progress of any major economy in rolling out trials of a central bank digital currency (CBDC), there are not enough other countries with their own CBDCs to enable seamless cross-border transactions. This is why some see the momentum in the industry as favouring stablecoins.

https://www.scmp.com/tech/blockchain/article/3284194/ant-ceo-eric-jing-touts-tokenisation-benefits-cross-border-transactions-fintech-week 

 #A Glance of China 行摄中国 #Crypto

A Glance of China 行摄中国

Crypto

Could tokenised deposits could supercharge cross-border transactions? Cross-border commerce has become a particular focal point for China amid a slowing domestic economy. Both Ant and its chief rival Tencent, which operates WeChat Pay, have been looking for ways to boost adoption of their mobile payment solutions beyond China’s border. Blockchain is seen as one way of bringing down transaction costs. At home, Chinese tech giants have been removing payment barriers as well, as JD.com recently started accepting Alipay. While China has made the most progress of any major economy in rolling out trials of a central bank digital currency (CBDC), there are not enough other countries with their own CBDCs to enable seamless cross-border transactions. This is why some see the momentum in the industry as favouring stablecoins.  https://www.scmp.com/tech/blockchain/article/3284194/ant-ceo-eric-jing-touts-tokenisation-benefits-cross-border-transactions-fintech-week    #A Glance of China 行摄中国 #Crypto

Sam Mendoza

Saudi Arabia is the latest country to join a multi-country initiative for central bank digital currency (CBDC), amid increasing interest from the Gulf state in futuristic forms of money. The Bank for International Settlements (BIS) announced on Wednesday that Saudi Arabia is joining Project mBridge as a “full participant.” The project explores a multi-central bank digital currency platform to enable cross-border payments, the bank said in a press release on Wednesday.

https://www.al-monitor.com/originals/2024/06/saudi-arabia-joins-china-and-uae-digital-currency-project?utm_source=ciwnews.beehiiv.com&utm_medium=newsletter&utm_campaign=13-jun-2024

Saudi Arabia is the latest country to join a multi-country initiative for central bank digital currency (CBDC), amid increasing interest from the Gulf state in futuristic forms of money. The Bank for International Settlements (BIS) announced on Wednesday that Saudi Arabia is joining Project mBridge as a “full participant.” The project explores a multi-central bank digital currency platform to enable cross-border payments, the bank said in a press release on Wednesday.  https://www.al-monitor.com/originals/2024/06/saudi-arabia-joins-china-and-uae-digital-currency-project?utm_source=ciwnews.beehiiv.com&utm_medium=newsletter&utm_campaign=13-jun-2024

The kingdom is joining the Switzerland-based Bank for International Settlements' central bank digital currency platform.

Saudi Arabia joins China and UAE in digital currency project

Cyril

The world’s largest lender, Industrial and Commercial Bank of China (ICBC), has released a comprehensive report on the rapid evolution and diversity of digital currencies. The report compares Bitcoin to gold and Ethereum to “digital oil,” highlighting their unique roles in the digital currency ecosystem.

Bitcoin's Scarcity and Asset Status:
- Bitcoin (BTC) is likened to gold for its scarcity, achieved through a mathematical consensus mechanism.
- Despite diminishing monetary attributes, Bitcoin's status as a solid asset is reinforced.

Ethereum's Versatility and Challenges:
- Ethereum (ETH) is termed “digital oil” due to its capacity to power numerous applications within the web3 ecosystem.
- Ethereum’s Turing completeness allows complex smart contracts and applications, making it vital for DeFi and NFTs.
- Challenges include security vulnerabilities, scalability, and energy consumption.
- Solutions being explored include the Proof of Stake (POS) consensus mechanism, sharding technology in Ethereum 2.0, and Layer 2 solutions.

Role of Stablecoins and CBDCs:
- Stablecoins bridge the gap between digital currencies and traditional assets, providing stability in the volatile #Crypto market.
- Central Bank Digital Currencies (CBDCs) digitize fiat currencies to improve payment efficiency, reduce costs, and enhance monetary policy.
- CBDCs also aim to streamline cross-border transactions and increase financial inclusion.

https://cryptoslate.com/worlds-largest-bank-icbc-praises-the-evolution-of-bitcoin-ethereum-as-innovative-financial-assets/?utm_source=ciwnews.beehiiv.com&utm_medium=newsletter&utm_campaign=13-jun-2024

The world’s largest lender, Industrial and Commercial Bank of China (ICBC), has released a comprehensive report on the rapid evolution and diversity of digital currencies. The report compares Bitcoin to gold and Ethereum to “digital oil,” highlighting their unique roles in the digital currency ecosystem.  Bitcoin's Scarcity and Asset Status: - Bitcoin (BTC) is likened to gold for its scarcity, achieved through a mathematical consensus mechanism. - Despite diminishing monetary attributes, Bitcoin's status as a solid asset is reinforced.  Ethereum's Versatility and Challenges: - Ethereum (ETH) is termed “digital oil” due to its capacity to power numerous applications within the web3 ecosystem. - Ethereum’s Turing completeness allows complex smart contracts and applications, making it vital for DeFi and NFTs. - Challenges include security vulnerabilities, scalability, and energy consumption. - Solutions being explored include the Proof of Stake (POS) consensus mechanism, sharding technology in Ethereum 2.0, and Layer 2 solutions.  Role of Stablecoins and CBDCs: - Stablecoins bridge the gap between digital currencies and traditional assets, providing stability in the volatile #Crypto market. - Central Bank Digital Currencies (CBDCs) digitize fiat currencies to improve payment efficiency, reduce costs, and enhance monetary policy. - CBDCs also aim to streamline cross-border transactions and increase financial inclusion.  https://cryptoslate.com/worlds-largest-bank-icbc-praises-the-evolution-of-bitcoin-ethereum-as-innovative-financial-assets/?utm_source=ciwnews.beehiiv.com&utm_medium=newsletter&utm_campaign=13-jun-2024

Researchers at the Industrial and Commercial Bank of China (ICBC) praised cryptos and digital assets in a research report on June 6.

World's largest bank ICBC praises the evolution of Bitcoin, Ethereum as innovative financial assets

The Bahamas, Jamaica, and Nigeria have already introduced CBDCs. And more than 100 countries are in the exploration stage. Central bankers in Brazil, China, the euro area, India, and the United Kingdom are at the forefront.

HOWEVER, it still looks like early days and hasn’t really “taken off”.  

It’s a miss for 2023, but want to Double down @Bobby ?

The Bahamas, Jamaica, and Nigeria have already introduced CBDCs. And more than 100 countries are in the exploration stage. Central bankers in Brazil, China, the euro area, India, and the United Kingdom are at the forefront.  HOWEVER, it still looks like early days and hasn’t really “taken off”.    It’s a miss for 2023, but want to Double down @Bobby ?

Bobby

A group of likeminded people in Crypto are talking about this.