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The second phase of the CBDC mock testing is expected to be completed by June this year

As the Federal reserve releases its position paper on CBDCs, the Russian Central Bank instigates yet another crypto ban scare.

The Bulgarian government is currently in discussion with industry stakeholders and the Bulgarian National Bank with respect to its crypto payment initiative.

From Bolivia to China, governments have sought to restrict crypto-related activity for various reasons and with different tools.

Despite unclear — or even lack of — regulation and taxation of cryptocurrencies, Turkey is increasingly using digital assets amid high inflation.

Crypto to prevail over the traditional financial system, instead, competing industries started to adopt each other's technologies and cooperate.

The US Federal Reserve said that the introduction of an official digital version of the US dollar could benefit Americans but it may also potentially affect financial stability and privacy.

"The Federal Reserve would only pursue a CBDC in the context of broad public and cross-governmental support," said the recently published paper.

The Central Bank of Iran (CBI) is taking its favour for digital innovation to a new level with the possibility of introducing its Central Bank Digital Currency (CBDC) within a short time.

Following the 2007–09 financial crisis, big techs and fintechs started to offer financial services without the need for or interest in a banking license. More recently, tech firms have obtained banking licences in several jurisdictions to access low-cost deposits and to gain the credibility a banking licence affords. These developments have been facilitated by a conducive regulatory environment, where some authorities have set aside historical concerns regarding the ownership of banks by non-financial companies (NFCs) and allowed new classes of NFCs – such as tech firms – to own banks, in the hope of improving consumer outcomes.

China’s CBDC is growing at a fast pace as data released official from the PBOC financial markets department revealed the new legal tender has inked a total of 87.57 billion yuan ($13.68 billion) i

Companies may fragment monetary system through competing stablecoins, warns BIS chief

The Central Bank of Iran hinted at a possible CBDC pilot soon without elaborating on the time frame of the program.

According to the boss of the international institution owned by central banks, it is central banks that are best positioned to shape the future of money.