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The European Union (EU) is reportedly mulling over launching a digital version of the Euro on either the Ethereum (ETH) or Solana (SOL) blockchain. According to a new report by the Financial Times (FT), anonymous people familiar with the matter say that EU officials are looking to speed up the launch of an official Euro-pegged stablecoin after the US passed regulations relating to dollar-pegged crypto assets earlier this year. The sources say that since the US passed the GENIUS Act, EU officials have been “rethinking plans for the digital Euro,” including having it launch on a public blockchain Ethereum or Solana rather than on a private one as previously planned. The sources go on to say that EU authorities are skeptical about public blockchains due to how transparent the transactions are; however, one of them noted their use was something being taken more seriously as of late. In April, Piero Cipollone, a member of the European Central Bank’s ...

South Korea has joined the ranks of nations launching pilot programs for central bank digital currency (CBDC). The pilot project, aimed at exploring the technical infrastructure for a CBDC, will involve the participation of private banks, public institutions, and the invaluable technical support of the Bank for International Settlements (BIS). The joint announcement regarding the CBDC pilot program was made on October 4th by the Bank of Korea (BOK), the Financial Services Commission (FSC), and the Financial Supervisory Service (FSS). According to the announcement, the project’s primary objective is to evaluate the feasibility of a future monetary system built upon “wholesale CBDCs.” The pilot program encompasses not only private banks and public institutions but also includes comprehensive testing of both retail and wholesale CBDCs. Within the experimental framework of the wholesale CBDC, participating banks will tokenize their deposits and circulate them within a ne...

To make central bank digital currencies successful, global and local financial institutions need to invest in digital currency education, analyze various use cases, and create their digital currency strategy. Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. As cryptocurrencies like Bitcoin (BTC) continue to enter the mainstream and encapsulate people, several countries have announced initiatives to create their own central bank digital currencies (CBDCs). According to the International Monetary Fund (IMF), nearly 100 countries are actively evaluating CBCDs, and some have already started to roll out these initiatives. CBDC Tracker | Source: Atlantic Council Additionally, central banks worldwide are investigating the practicalities of establishing CBDCs of their own. Digital currencies are surging in popularity for a variety of reasons. They are considered more secure and less...

The Swiss National Bank (SNB) is set to introduce a Central Bank Digital Currency (CBDC) for wholesale payments on the country’s SIX Digital Exchange, marking Switzerland’s entry into the expanding arena of digital currency innovation. Swiss National Bank (SNB) has made a groundbreaking announcement with its decision to commence issuing a CBDC specifically for wholesale payments on Switzerland’s SIX Digital Exchange, according to its chairman Thomas Jordan. Swiss National Bank to launch CBDC on Switzerland's SIX digital exchange "This is not just an experiment, it will be real money equivalent to bank reserves and the objective is to test real transactions with market participants," Chairman Thomas Jordan CBDC'S HAPPEN SLOWLY… pic.twitter.com/o6BRKCUI5M — Kyle Chassé (@kyle_chasse) June 26, 2023 This move indicates a shift towards digital financial systems and places Switzerland alongside other nations such as China, India, and Austral...