CBDCs on the Rise: Global Testing, Cross-Border Focus, and More

Global Developments:

  • Russia: Onboarding 17 more banks in digital ruble trials and exploring linking its CBDC with "friendly countries".
  • ECB: Inviting entrants for a wholesale "digital euro" trial.
  • IMF: Launched a CBDC handbook, highlighting the need for more data and methodologies to understand their impact.
  • BIS: Hosted talks with Brics nations on cross-border CBDC use and released research on monitoring CBDCs without personal information.
  • Canada: Plans to run a retail CBDC pilot next year involving 100,000 citizens.

Countrywise:

  • China: Successfully completed a pilot with Singapore using their respective CBDCs.
  • Singapore: Monetary Authority of Singapore testing "live" wholesale CBDC next year.
  • Kazakhstan: Launched a retail CBDC pilot with debit cards powered by Visa and Mastercard.
  • Solomon Islands: Launched a pilot with Soramitsu, aiming to improve financial inclusion.
  • India: 'Digital rupee' is in the design phase, with no confirmed launch date yet.

Overall Trends:

  • CBDC development is accelerating globally, with many countries moving from research to testing phases.
  • Collaboration on cross-border use is gaining traction, but significant challenges remain.
  • Privacy and financial inclusion are key considerations in CBDC design.

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