ChainCatcher news, according to Cryptonews citing BusinessKorea, the Bank of Korea plans to collaborate with the Financial Services Commission and the Financial Supervisory Service to launch a pilot program involving actual transactions of central bank digital currency (CBDC) with 100,000 consumers.The pilot will involve seven major commercial banks, including Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank, NongHyup Bank, Industrial Bank of Korea, and Busan Bank. These banks will issue deposit tokens backed by CBDC for retail transactions at specific merchants, including 7-Eleven convenience stores, Kyobo Bookstore, and the delivery platform Ddaenggyeoyo.Participants will use electronic wallets to generate QR codes for transactions, with a spending limit of 1 million won (approximately 688 USD).This pilot will test the effectiveness of CBDC-backed deposit tokens in a retail environment, and its results will provide important references for other economies exploring digital currencies globally.

ChainCatcher news, according to BTCTN, the International Monetary Fund (IMF) believes that the African country of Namibia has no compelling reason to issue a retail Central Bank Digital Currency (CBDC) and should instead focus on enhancing Instant Payment Solutions (IPS) to address issues of payment affordability and interoperability.

ChainCatcher news, according to Cointelegraph, reported that on February 20, the European Central Bank (ECB) is expanding the development of a wholesale Central Bank Digital Currency (CBDC) payment system for settling transactions between institutions.The establishment of the new system will be carried out in two phases. First, a CBDC settlement platform will be developed, and the second phase will involve deeper integration with existing ECB systems, such as the foreign exchange trading market.Piero Cipollone, a member of the ECB's Executive Board and an official responsible for overseeing the wholesale CBDC program, stated that the initiative will help achieve "a more coordinated and integrated European financial ecosystem."

ChainCatcher news, according to Cointelegraph, Kyrgyzstan rejects central bank digital currency (CBDC) and turns to support gold-backed stablecoins.

ChainCatcher news, according to Cointelegraph, Deutsche Börse CEO Stephan Leithner has called for the establishment of a permanent digital euro, pointing out that this central bank digital currency will play an important role in financial stability, efficiency, and EU autonomy.He believes that the launch of a permanent CBDC is a key element of the EU's digital agenda and an important part of its financial strategy.

ChainCatcher news, Japan's IT giant Hitachi's Indian subsidiary invests in Spydra. The startup aims to achieve real-world asset tokenization on public and private blockchains, specializing in enterprise blockchain Hyperledger Fabric.The purpose of this collaboration is to bring innovation to Hitachi in "Web 3.0, Central Bank Digital Currency (CBDC), and blockchain technology."

ChainCatcher news, the think tank OMFIF conducted a latest survey on central bank digital currencies (CBDC) and found that nearly three-quarters (72%) of the surveyed central banks intend to issue CBDCs. Among them, most (48% of respondents) plan to issue within five years, while 12% of respondents plan to issue within the next two years.

ChainCatcher news, according to The Block, Bank of England Governor Andrew Bailey pointed out that Bitcoin and stablecoins require different regulatory measures, with higher regulatory thresholds for stablecoins. He also confirmed that central bank digital currency is still under research. On Tuesday, Bailey delivered a speech at the Booth School of Business at the University of Chicago in London, discussing changes in financial markets and their impact on stability, while reflecting on potential changes in the global cryptocurrency regulatory environment, especially after Trump's election.Bailey stated that the cryptocurrency regulatory reform plan of the Trump administration is still unclear, while the Biden administration, particularly the Securities and Exchange Commission (SEC), faces challenges in establishing a regulatory framework, opting instead to take action through the courts, which has created inconsistencies in the regulatory framework. In the UK, Bailey divides the cryptocurrency industry into two parts: cryptocurrencies not included in the banking system and stablecoins.He referred to the former as "pure investment risk" due to its high volatility, non-traditional currency status, and skepticism about its potential to become a currency. However, Bailey also mentioned that he understands people invest in cryptocurrencies in a portfolio manner after acknowledging the risks. Regarding stablecoins, Bailey believes they fulfill some functions of money, especially in payments, and have support, but stablecoins also exhibit characteristics of mutual funds, with insufficient transparency. Therefore, Bailey emphasized the need to establish reasonable regulatory standards, particularly in the payments sector, where stablecoins should be appropriately regulated like money.As for the potential central bank digital currency or "digital pound," Bailey stated that there are significant differences from stablecoins, and the Bank of England is collaborating with the UK government on research.

ChainCatcher news, according to Bitcoin.com News, U.S. Senator Mike Lee has reintroduced the No CBDC Act, which aims to permanently prevent the Federal Reserve from supporting digital currencies.The bill has the joint support of Senators Ted Cruz and Rick Scott, marking another significant move following Trump's executive order banning CBDCs. The legislation will ensure that the Federal Reserve cannot issue, hold, or use CBDCs in any form.

ChainCatcher news reports that a survey by GlobalData shows that for consumers in many countries, the services offered by CBDCs are insufficient to motivate them to switch from familiar payment methods to CBDCs, as state-backed digital currencies face issues such as lack of user incentives, privacy concerns, and technical challenges.GlobalData banking and payments analyst Blandina Szalay stated, "In countries where CBDCs have been fully launched—Bahamas, Jamaica, Eastern Caribbean Currency Union, and Nigeria—the acceptance of CBDCs is very limited, which can be attributed to the lack of compelling incentives to encourage consumers to shift from the payment methods they are already accustomed to."Convenience and habit also play a significant role in people's choice of payment methods. According to GlobalData, CBDCs have not yet provided enough benefits to make them a better option. In fact, in places where active CBDC programs exist, users complain that the new system makes payments more complicated and "does not provide sufficient benefits."

ChainCatcher news, according to Crowdfund Insider, U.S. House Financial Services Committee Chairman French Hill and Digital Assets, Fintech, and Artificial Intelligence Subcommittee Chairman Bryan Steil issued a joint statement expressing support for President Trump's signing of an executive order related to digital assets. The two chairmen stated that the President's Digital Asset Market Working Group will strengthen the United States' leadership position on the international stage.It is noteworthy that they also emphasized their stance against the issuance of Central Bank Digital Currencies (CBDCs) in the U.S., believing that this aligns with the goal of protecting the financial privacy of Americans.

ChainCatcher news, Trump has signed an executive order to establish a Presidential Digital Asset Market Working Group. The task of the working group is to develop a federal regulatory framework for managing digital assets (including stablecoins) and to assess the creation of a strategic national digital asset reserve. The working group will be chaired by the White House's "AI and Cryptocurrency Czar" David Sacks, with members including the Secretary of the Treasury, the SEC Chair, and heads of other relevant departments and agencies. The executive order directs departments to propose recommendations to the working group regarding any regulations and other agency actions that should be rescinded or modified that impact the digital asset sector.Additionally, the executive order prohibits agencies from taking any action to establish, issue, or promote central bank digital currencies (CBDCs). The order also rescinds the previous administration's "Digital Asset Executive Order" and the Treasury's "Framework for International Engagement on Digital Assets," stating that these two executive orders stifled innovation and harmed America's economic freedom and global leadership in the digital finance space.Previously, news reported that U.S. President Trump stated he was signing executive orders related to AI and cryptocurrency.

ChainCatcher news, FOX Business reporter Eleanor Terrett posted on X: "In addition to signing an executive order to establish a cryptocurrency committee, cryptocurrency policy leaders also expect Trump to sign an executive order banning the creation of CBDCs. It is unclear when these executive orders will be specifically signed."

ChainCatcher news, according to The Block, Scott Bessent, the Treasury Secretary nominee by President-elect Trump, stated during his nomination hearing at the Senate Finance Committee that he believes the United States "has no reason" to have a central bank digital currency (CBDC).He said, "I believe the United States has no reason to issue a central bank digital currency; in my view, central bank digital currencies are meant for countries that have no other investment options."Bessent was appointed by Trump as a cryptocurrency expert at the end of November last year, and he holds a positive attitude towards cryptocurrencies. In an interview, he told Fox Business that he is "excited about the president's acceptance of cryptocurrencies."

ChainCatcher news, according to CoinDesk, the UK government has appointed Emma Reynolds to replace Tulip Siddiq, who resigned due to a corruption scandal, as the new Chancellor of the Exchequer. She will be responsible for overseeing digital assets, central bank digital currencies (CBDC), and broader financial sector matters.

ChainCatcher news, according to Ledger Insights, the Reserve Bank of New Zealand has released the results of its CBDC survey initiated in April. The survey received 500 detailed responses, with 18,000 people participating in the public online survey. 90% of online survey respondents are concerned that the government may use CBDC to monitor or control their spending, with over 70% expressing distrust in the Reserve Bank issuing digital cash. However, among respondents participating in the comprehensive consultation, only 36% expressed distrust.A more general issue is whether respondents agree with the reasons for investigating digital cash. Only 16% agreed, while over 80% disagreed. The reasons provided by the central bank are as follows:To ensure New Zealanders can use central bank money and allow for its digital use,To establish an innovative, competitive, and beneficial currency and payment system for the development of New Zealand's digital economy.One of the concerns regarding CBDC globally and in New Zealand is that it may accelerate the decline of cash, while people want to ensure that physical cash remains accessible.

ChainCatcher message, the outgoing Governor of the Reserve Bank of India, Shaktikanta Das, expects that the digital rupee will fundamentally change the Indian economy and emphasizes the gradual adoption of CBDC.In his farewell speech on December 10, Das discussed India's progress in the development of CBDC, noting that many central banks around the world are still in the preliminary discussion and experimentation stages. He stated, "Among central banks, the Reserve Bank of India is a pioneer, as it remains one of the few central banks to have launched a CBDC pilot project."

ChainCatcher news, according to Ledger Insights, the Bangko Sentral ng Pilipinas (BSP) recently announced that it has completed a proof-of-concept trial for its Agila project wholesale central bank digital currency (wCBDC) in collaboration with other financial institutions. Specifically, the latest trial tested whether banks in the Philippines could make payments to each other outside of banking hours, such as during evenings, weekends, and holidays.BSP Governor Eli M. Remolona, Jr. stated, "Wholesale CBDC is expected to enhance liquidity management, reduce settlement risk, and support financial stability. The insights from this project will guide BSP's CBDC roadmap. Our goal is to leverage new technologies to further improve the efficiency and resilience of the national payment system."

ChainCatcher news, according to CryptoSlate, the Missouri Senate introduced Bill SB 194 on December 1, proposing to prohibit central bank digital currency (CBDC) as legal tender in the state. The bill aims to prevent public entities from accepting or using CBDC and amends the definition of "currency" in the Uniform Commercial Code to exclude these digital currencies.Initiated by Senator Brattin, SB 194 outlines several provisions affecting Missouri's financial policy, including a requirement that the state's treasurer hold gold and silver reserves amounting to at least 1% of the state's funds. Additionally, the bill reduces the tax liability on gold and silver, as it "exempts from state income tax the portion of capital gains derived from the sale or exchange of gold and silver that is included in the taxpayer's federal adjusted gross income." Besides focusing on precious metals, the bill explicitly prohibits public entities from participating in any CBDC-related testing or pilot projects conducted by the Federal Reserve or other federal agencies. This stance reflects growing concerns among some state legislators about the impact of CBDC on financial privacy, monetary policy, and state sovereignty.

ChainCatcher news, according to DL News, the interest of central banks in using central bank digital currencies to enhance cross-border payments is waning. According to the OMFIF 2024 Payments Future Survey, instant payment systems are becoming the preferred solution. Currently, only 13% of respondents believe that CBDC networks are the most promising approach, a significant drop from 31% last year.