The central banks of Russia and Japan announced that in April they will launch the pilot tests of their CBDCs, planes that they have been working on for a few months.

The executive director of the Japan Bank, Uchida Shinichi, declared this week that the pilot tests seek to make clear the viability of the CBDC currency in the local financial environment, with the collaboration of thirteen financial institutions and other payment platforms.

You need to know that you can do that before you can do it with non-individual person-to-person transactions, and you can do it with business and service customers.

Regarding the tests in Russia, which has already been announcing this topic since last year, it is expected to launch its CBDC in 2024.

In the midst of the controversy that digital money generates globally, and especially in countries like Russia and Japan, where restrictions are deep, it is important to remember that digital money is being considered as a way to evade sanctions from the European bloc and from USA.

Related to the issue of cryptocurrencies, on the other hand, it is important to mention the advances of the European Parliament in terms of digital identity (eID) that allows citizens to “identify and authenticate themselves online (through a European digital identity wallet) without having to resort to commercial providers”.

M.Pino

Source: observatorioblockchain

(Reference image source: Unsplash, in collaboration with Getty Images)

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Australia estimates to complete the pilot tests for the launch of its own CBDC in 2023. This has been indicated by the authorities of the country’s Reserve Bank.

The RBA recently published the white paper for this project of its own central bank digital currency, CBDC. With this, they are even closer to nations such as Switzerland, France or China, which have advanced in this field.

Australia, following the regulatory guidelines in the cryptocurrency scenario, seeks to provide its citizens with innovative solutions through the eAUD digital currency.

Among the country’s objectives in this matter is to identify possible business models to adapt in the territory, as well as the consolidation of digital finance, minimizing risks and enhancing benefits.

According to the RBA, industry players will be able to help by giving their opinions and making suggestions relevant to this project with the CBDC tentatively called eAUD. Australia is expected to close the pilot platform in April of next year, and the results and conclusions of the project will be published in the middle of the year.

M.Pino

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With information from specialized media in cryptocurrencies

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The Bank of Thailand (BOT) announced that it will soon take the development of its own CBDC to the pilot stage, which is scheduled to start at the end of 2022.

As detailed by the financial institution, the real application of this will take place within the private sector, and on a limited and controlled scale.

“The BOT will evaluate the benefits and associated risks of the pilot to formulate related policies and improve the design of the CBDC in the future,” reads part of the official BOT announcement.

This project consists of two phases; the first, a “Foundation Track” where it is planned to carry out tests with this currency in activities similar to cash as payment for goods and services, on a scale of 10,000 retail users.

The second, called “Innovation Track”, will be focused on the presentation of innovative use cases for CBDC, where both the private and public sectors will be able to present their own use cases for this.

K. Tovar

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Source: Cointelegraph

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