innovationinbanking

  Chinese eYuan / eCNY struggling for volumes          As per newspaper reports, the transaction volumes of the Digital Yuan are not very encouraging. China has been one of the first major economies to push forward the use of CBDC. China first started pilot testing of e-CNY for selected regions and also made it available for use to foreign athletes at the Beijing 2022 Winter Olympics in February 2022. Multiple Chinese city governments have given away millions worth of e-CNY to try to promote consumption around the holiday season. Chinese cities launched digital yuan activities worth over 180 million yuan ($26.6 million) to promote consumption during the Spring Festival holidays, including subsidies, consumption coupons and other programs, according to media reports on Sunday. Digital yuan or e-CNY, a component of China's currency, has been developing rapidly in recent years. During the first Spring Festival holidays after China ...

  Digital Pound Tentative Roll Out in 2025              The tentative rollout date of Digital Pound is now in public domain. As per the latest press release by Bank of England the earliest date of issuance of Digital Pound will be in the second half of this decade.   Read the full 116-page ‘Consultation Paper on the Digital Pound @ https://www.bankofengland.co.uk/the-digital-pound The link also contains the ‘Technology Working Paper on the Digital Pound ’ Bank of England is looking at the case for issuing a Digital Pound . This type of money is known as a central bank digital currency (CBDC). Please note that the Digital Pound would not replace cash. The Digital Pound would be a new type of money issued by the Bank of England for everyone to use for day-to-day spending. Digital Pound can be used in-store or online to make payments. It can also be called ‘digital sterling’ or even ‘Britcoin’. Bank of England cal...