CBDC
eNaira Adoption Grows Amid Nigeria's Cash Shortages
Nigeria's eNaira, a central bank digital currency (CBDC), is being adopted at an increasing rate as the country faces severe cash shortages due to demonetization. The value of eNaira transactions has increased by 63%, and the total number of CBDC wallets has grown more than 12 times compared to October 2022.
RBI and Central Bank of UAE sign MOU on CBDC bridge
The Reserve Bank of India and the Central Bank of UAE have signed an MOU to collaborate on CBDC interoperability, specifically for the development of a CBDC bridge to facilitate remittances and trade.
Iran Completes Pre-Pilot Phase for Digital Rial
Iran's central bank has completed a pre-pilot phase for its digital rial, according to an official statement by the Monetary and Banking Research Institute. The CBDC will align with the rules governing the national currency, the Iranian rial, and be distributed among individuals and banks. Ten banks have applied to join the project, and all banks and credit institutions in Iran are expected to start offering electronic wallets for the digital currency.
India tests offline functionality of digital rupee
The Reserve Bank of India is testing the offline functionality of its recently launched digital rupee, which has completed 800,000 transactions worth $134 million since its wholesale segment pilot launched on Nov. 1, 2022.
The IMF Releases a Report on Jordan Preparations for a Central Bank
The IMF published a technical analysis on Jordan's retail central bank digital currency.
IMF Urges Countries to Consider Banning Cryptocurrencies
US Treasury Secretary Janet Yellen underlined the need for effective cryptocurrency regulation.
US Representative Tom Emmer Introduces Legislation to Limit Fed
Representative Tom Emmer presented the "CBDC Anti-Surveillance State Act" to encourage financial privacy and CBDC transparency.
India UPI expanding services to Singapore
The eight-bank digital rupee pilot programme has processed 770,000 transactions.
CBN is continuing to develop its eNaira
R3, the CBN's possible technology partner, will help design a new system to give the CBN complete authority over the CBDC.
Bank of Russia to Debut Digital Ruble in April 2023
The Bank of Russia is planning a consumer pilot for the digital ruble and a gold-backed cryptocurrency.