All posts tagged: CBDCs

Kazakhstan and UAE Central Banks Sign MoU to Collaborate on VDA Regulations, CBDCs

Kazakhstan and UAE Central Banks Sign MoU to Collaborate on VDA Regulations, CBDCs

Published by Webster

Kazakhstan, aiming to advance trials of its digital Tenge CBDC this year, has sought the UAE’s expertise to explore the Web3 sector. In a recent development, the National Bank of Kazakhstan signed an MoU with the Central Bank of the UAE (CBUAE) to collaborate on fintech, cybersecurity, and CBDCs. Kazakhstan also intends to leverage the UAE’s experience in regulating virtual digital assets (VDAs) to shape its own regulatory framework. A delegation from Kazakstan’s National Bank visited the UAE last week to meet with officials from the CBUAE. During the meeting, officials from both agencies discussed topics like digital assets regulation and CBDC uses, the National Bank said in a statement. Key Details About the Meetings During their UAE visit, officials from the National Bank of Kazakhstan met with leaders from the Abu Dhabi Global Market (ADGM) and the Dubai Financial Centre Authority (DFSA). Their focus was to learn how UAE’s financial hubs leverage advanced technologies for payments and transactions. Kazakhstan is evaluating whether similar strategies can be implemented within its crypto-friendly Astana International Financial Centre …

European Blockchain Body Tells EU to Prepare for AI and Web3 Merging, CBDCs Emergence

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The European Blockchain Observatory and Forum (EUBOF) has given a heads up to the European Union (EU) to get prepared to handle the upcoming era of decentralised AI networks. In a report addressed to the EU, the EUBOF said that the merging of blockchain and AI is surfacing as a trend in the tech industry being rapidly explored especially in the sectors of finance and health care. The report has listed property management and supply chains that will be among sectors benefitting from blockchain-related applications in the near future. EUBOF is an initiative launched by the European Commission in 2020 in order to facilitate research and development around the blockchain technology. After the EU released its MiCA regulations to govern the volatile crypto sector last year, the EUBOF submitted its report to the EU aiming to nudge the body to start discussing steps to make the best use of blockchain’s use cases in decentralised finance (DeFi), energy sector, metaverse, smart contracts, automative sector, and decentralised social media. “MiCA has been pivotal in setting a harmonised …

Spain Joins List of Nations Experimenting with CBDCs, Plans ‘Wholesale’ Twist

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The Bank of Spain (BDE) has expressed its intentions of launching a test programme soon, that would examine the use cases of wholesale CBDC. The central bank has asked for proposals of collaborations from local fintech organisations that could potentially help the authorities conduct detailed examinations on its future CBDC. The list of nations, experimenting with their respective blockchain-based digital money, has been growing in recent times. Spain is the latest country to have joined this list. CBDCs or central bank digital currencies are the representation of any fiat currency, on a blockchain network. Wholesale CBDCs allow the banks issuing them, to hold reserves with a central bank. This form of a CBDC is majorly used by financial institutions, rather than by the public for day-to-day use cases. The BDE has named three points of focus for the text of Spain’s CBDC trials. These are — triggering the movement of funds, checking the use of the CBDC in facilitating liquidation of finances, and examining the pros and cons of introducing a wholesale CBDC, CoinTelegraph said …