Monetary reform
Movements to amend the financial system
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| January 24 2025 |
Central bank digital currencies by country
ECB board member Piero Cipollone commented on Trump's executive order promoting US$ pegged stablecoins, highlighting the potential disintermediation of banks through digital currency solutions.
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| January 23 2025 |
Central bank digital currencies by country
President Donald Trump signed an executive order prohibiting federal agencies from establishing, issuing, or promoting CBDCs within the United States, and mandating termination of all existing CBDC-related plans and initiatives.
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| 2024 |
Central bank digital currencies by country
The Central Bank of Brazil planned to release Drex by the end of the year, aiming to complete the development of its national digital currency.
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| 2024 |
MBridge
Hong Kong Monetary Authority (HKMA) planned to collaboratively launch a minimum viable product for the mBridge platform, focusing on developing more cost-effective and secure real-time cross-border payments and settlements.
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| October 2024 |
MBridge
BIS was reported to be considering shutting down the mBridge pilot platform, following discussions at the 16th BRICS summit about creating a BRICS Bridge based on mBridge technology to potentially reduce dependence on the US-supervised financial system.
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| June 2024 |
Central bank digital currencies by country
The Swiss National Bank announced a 2-year extension of Project Helvetia III to explore new use cases and expand the scope of their digital currency pilot.
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| June 2024 |
MBridge
The Saudi Central Bank joined the mBridge multiple central bank digital currency (CBDC) platform, expanding the project's participating entities to six.
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| March 2024 |
Central bank digital currency
134 countries representing 98% of world's GDP were reported to be in various stages of evaluating national digital currency launch.
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| March 2024 |
Central bank digital currencies by country
Over 130 countries were actively engaged in CBDC research, with 3 countries/territories/currency unions having launched CBDCs and 36 implementing pilot programs.
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| January 2024 |
Central bank digital currencies by country
The UAE completed its first cross-border payment using the Digital Dirham, sending 50 million Dirhams (equivalent to $13.6 million) to China.
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| January 12 2024 |
Central bank digital currencies by country
DCash was closed due to technical problems preventing users from accessing their digital wallets.
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| October 2023 |
Central bank digital currency
European Central Bank (ECB) decided to move forward to the preparation phase for potential issuance of a digital euro after a two-year study phase.
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| October 2023 |
MBridge
The Bank for International Settlements partnered with central banks of France, Singapore, and Switzerland to successfully complete the Mariana project, which investigated cross-border trading and settlement of wholesale Central Bank Digital Currencies (CBDCs) using decentralized finance technology on a public blockchain.
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| October 31 2023 |
Central bank digital currencies by country
The United Arab Emirates enacted Federal Law No. 54 of 2023, which broadened the legal definition of currency to include a 'National Digital Currency', with the amended law published on this date.
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| October 18 2023 |
Central bank digital currencies by country
The ECB decided to enter a preparation phase for the potential issuance of a digital euro.
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| June 21 2023 |
Central bank digital currencies by country
The Monetary Authority of Singapore (MAS) published a whitepaper proposing a common protocol for digital money and Central Bank Digital Currencies (CBDCs) on a distributed ledger, developed in collaboration with the International Monetary Fund, Bank of Italy, Bank of Korea, financial institutions, and fintech firms.
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| March 2023 |
Central bank digital currency
Central Bank of Brazil began rolling out tests for the digital Brazilian currency (Drex).
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| March 2023 |
Central bank digital currencies by country
The Central Bank of the United Arab Emirates (CBUAE) announced the commencement of implementation of their Central Bank Digital Currency (CBDC) Strategy.
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| March 2023 |
MBridge
The Bank for International Settlements collaborated with central banks of Israel, Norway, and Sweden to complete the Icebreaker project, which investigated the technical feasibility of using retail Central Bank Digital Currencies (CBDCs) for international payments.
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| February 2023 |
Central bank digital currency
UK Treasury and Bank of England indicated a state-backed digital pound is likely to be launched after 2025.
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| January 2023 |
Central bank digital currencies by country
CBRT successfully completed the first payment transaction using the digital lira and planned to run further phases of pilot studies to expand participation in 2023.
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| 2022 |
Central bank digital currencies by country
Third phase of e-krona development concentrated on defining and establishing technical requirements for the digital currency.
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| 2022 |
Central bank digital currencies by country
Russia planned to initiate pilots and trials for the digital ruble, moving forward with practical implementation of the digital currency concept.
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| November 30 2022 |
Central bank digital currencies by country
Bank Indonesia initiated the Garuda Project, a project to develop an Indonesian central bank digital currency (CBDC), marking a significant step in the country's digital currency exploration.
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| November 15 2022 |
Central bank digital currencies by country
Federal Reserve Bank of New York's Innovation Center announced a 12-week proof-of-concept pilot program for a regulated liability network (RLN), involving several major U.S. banks to test digital money representation and settlement.
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| November 1 2022 |
Central bank digital currencies by country
Pilot project for the Digital Rupee (India's CBDC) was officially launched.
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| August 9 2022 |
Central bank digital currencies by country
The Reserve Bank of Australia announced a research project to explore a Central Bank Digital Currency (CBDC) in collaboration with the Digital Finance Cooperative Research Centre (DFCRC).
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| July 2022 |
Central bank digital currencies by country
Jamaica launched its Central Bank Digital Currency (CBDC) called 'Jam-Dex', becoming the first country in the world to legally recognize a CBDC as legal tender.
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| June 26 2022 |
Central bank digital currencies by country
Myanmar's National Unity Government (NUG) officially issued a statement establishing DMMK, a digital currency, and its companion mobile wallet NUGPay. The digital currency is set to be equivalent to 1 Myanmar Kyat (MMK), with exchange rates to be announced weekly.
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| June 17 2022 |
Central bank digital currencies by country
RBI released the Payments Vision 2025 document, outlining plans for CBDC to be used in domestic and cross-border payment processing and settlement, classifying it into retail and wholesale CBDCs.
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| March 31 2022 |
Central bank digital currencies by country
People's Bank of China announces expansion of digital yuan testing to six additional regions: Tianjin, Chongqing, Guangzhou, Fuzhou, Xiamen, and six cities in Zhejiang province, as well as Beijing and Zhangjiakou.
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| March 22 2022 |
MBridge
The BIS Innovation Hub, along with central banks from Australia, Malaysia, Singapore, and South Africa, completed prototypes for the Dunbar platform, which enables international settlements using multiple Central Bank Digital Currencies (CBDCs).
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| March 9 2022 |
Central bank digital currencies by country
President Joe Biden signed an executive order on ensuring responsible development of digital assets.
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| February 2022 |
Central bank digital currencies by country
Federal Reserve Bank of Boston released initial details of Project Hamilton, a potential United States CBDC that would incorporate some bitcoin architecture but remain centralized and without mining.
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| February 2022 |
Central bank digital currencies by country
Digital yuan rolled out for foreign attendees at the 2022 Winter Olympics in Beijing, with limited usage.
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| 2021 |
Central bank digital currency
Australia's central bank conducted a proof of concept for a wholesale CBDC using Ethereum, aiming to tokenize syndicated loans and automate high-value banking transactions.
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| 2021 |
Central bank digital currencies by country
Second phase of e-krona testing initiated, which included transactions with external entities such as commercial banks.
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| 2021 |
Central bank digital currencies by country
The Central Bank of Russia aimed to have a prototype of the digital ruble ready by the end of the year.
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| 2021 |
Central bank digital currencies by country
Chinese cities expand digital yuan (e-CNY) use in public transportation, with Chengdu being the first to implement system-wide payments, followed by Beijing and Suzhou integrating e-CNY into their subway networks.
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| 2021 |
Legal tender
The eighth series of Swiss bank notes was withdrawn from legal tender status.
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| December 2021 |
Central bank digital currencies by country
Digital yuan trial reaches 261 million users, with total transactions of US$13.8 billion.
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| December 8 2021 |
MBridge
The Jura project consortium officially confirmed the successful completion of their CBDC cross-border transfer experiment in a released report.
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| November 2021 |
MBridge
A consortium including the Bank for International Settlements, Banque de France, Swiss National Bank, and private firms began exploring direct transfer of Euro and Swiss franc wholesale CBDCs between French and Swiss commercial banks using a single distributed ledger platform.
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| October 1 2021 |
Central bank digital currencies by country
Nigeria launched the pilot scheme for the eNaira digital currency.
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| September 2021 |
Central bank digital currencies by country
The Reserve Bank of New Zealand initiated public consultation on a potential Central Bank Digital Currency (CBDC) that would be directly pegged 1:1 to the New Zealand dollar.
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| September 2021 |
MBridge
Bank for International Settlements (BIS) published a report with Thailand, Hong Kong, China, and UAE on the second phase of the mBridge project, aiming to establish a multi-CBDC system for more efficient cross-border transfers and foreign exchange operations.
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| August 2021 |
Central bank digital currencies by country
The Central Bank of Nigeria selected Bitt Inc. as the technical partner for developing the eNaira digital currency.
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| July 2021 |
Central bank digital currencies by country
Nigeria revealed plans to launch a pilot scheme for its digital currency on 1 October 2021.
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| June 2021 |
Central bank digital currencies by country
The Swiss National Bank and Bank of France launched a cross-border CBDC payments trial focused on wholesale transactions between banks.
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| June 2021 |
Legal tender
El Salvador became the first country in the world to adopt Bitcoin as legal tender, after the Legislative Assembly passed a bill submitted by President Nayib Bukele with a vote of 62-22, establishing cryptocurrency as an official medium of payment.
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This contents of the box above is based on material from the Wikipedia articles Central bank digital currency, Legal tender, MBridge & History of central bank digital currencies by country, which are released under the Creative Commons Attribution-ShareAlike 4.0 International License.