cbdc

According to CoinDesk, the U.S. Senate Banking Committee has included a provision in its latest bipartisan housing bill that temporarily prohibits the Federal Reserve from issuing a central bank digital currency (CBDC). This "21st Century Housing Act," co-sponsored by Committee Chairman Tim Scott and senior member Elizabeth Warren, aims to promote housing construction in the U.S. by reducing regulatory barriers.In this 303-page bill, the CBDC prohibition provision, which spans only two pages, states that the Federal Reserve Board or Federal Reserve Banks may not issue or create a CBDC or any digital asset that is substantially similar, either directly or through intermediaries such as financial institutions. The ban is effective until December 31, 2030, and establishes an exception for unlicensed, private "dollar-denominated" currencies that fully preserve the privacy protections of physical cash.In a statement released by the White House supporting the bill, it explicitly mentions support for this CBDC provision, stating that it "prevents the development of a CBDC that could pose significant threats to individual privacy and freedom." Previously, Congress has attempted multiple times to pass similar bans, with the House passing it as a standalone bill last year, but it has yet to receive full approval in Congress.

According to Cointelegraph, the Central Bank of Malaysia has stated that its Digital Asset Innovation Center is piloting three regulatory sandbox programs to research and develop stablecoins and tokenized bank deposits.BNM's related plans primarily focus on using the Malaysian legal tender ringgit stablecoin for cross-border settlements, as well as developing tokenized real-world assets (RWA). The pilot also aims to test tokenized bank deposits, with all research findings potentially providing references for the future development of wholesale central bank digital currency (CBDC), which is on-chain legal tender directly issued and managed by the central bank.

According to Cointelegraph, Ray Dalio warned that CBDCs are coming, which will eliminate financial privacy while giving governments the power to tax, seize funds, and cut off the funding sources of political opponents.

According to the Mobile Payment Network, Bank of Korea Governor Lee Chang-yong stated at the Asian Financial Forum in Hong Kong that due to market pressures, authorities have allowed South Korean residents to invest in virtual assets issued overseas. Meanwhile, financial regulators are studying the establishment of a new registration system to permit domestic institutions to issue virtual assets.He pointed out that the won-denominated stablecoin is expected to be primarily used for cross-border transactions, while tokenized deposits will be more for domestic payments, but he emphasized that there are still many controversies surrounding stablecoins. He is concerned that once the won stablecoin is launched, it may be used to circumvent capital flow management measures, especially when combined with widely used and easily accessible dollar stablecoins, which poses even greater risks.Lee Chang-yong mentioned that the transaction costs of dollar stablecoins are much lower than directly using dollars, and during exchange rate fluctuations, it can easily trigger large inflows of funds; moreover, most dollar stablecoins are issued by non-bank institutions, significantly increasing regulatory difficulties. In addition, South Korea's rapid payment system has matured, and the advantages of retail central bank digital currency (CBDC) are not obvious. The central bank is promoting several pilot projects to lay out tokenized deposits and wholesale CBDCs to maintain a dual financial system.

Li Changyong stated at the Asian Financial Forum in Hong Kong that, in light of market pressures, South Korean authorities have allowed domestic residents to invest in virtual assets issued overseas. The financial regulatory department is considering establishing a new registration system to allow domestic institutions to issue virtual assets.Li Changyong pointed out that if a won-denominated stablecoin is launched, its main use may focus on cross-border transactions, while tokenized deposits are more suitable for domestic payment scenarios. However, he emphasized that there is still considerable controversy surrounding stablecoins. The core concern is whether the won stablecoin could be used to circumvent capital flow management, especially when used in conjunction with dollar stablecoins.He further stated that dollar stablecoins have a wide range of applications and low entry barriers, with related transaction costs significantly lower than directly using dollars. When exchange rate fluctuations trigger changes in market expectations, funds may quickly flow into dollar stablecoins, causing large-scale capital transfers; at the same time, the participation of numerous non-bank institutions in stablecoin issuance also significantly increases regulatory difficulties.In addition, Li Changyong noted that South Korea itself has a highly developed fast payment system, so the advantages of retail central bank digital currency (CBDC) are limited. Currently, the central bank is advancing tokenized deposits and wholesale CBDC through multiple pilot projects to maintain the existing dual financial system.

The Reserve Bank of India (RBI) is pushing for a plan to connect central bank digital currencies (CBDCs) among BRICS countries, aimed at simplifying cross-border trade and tourism while reducing the dominance of the US dollar.Sources say that the Reserve Bank of India has urged the proposal to establish a CBDC interlinking system to be included in the agenda of the BRICS summit that India will host in 2026. This will be the first formal attempt by BRICS members to establish CBDC links, which include Brazil, Russia, India, South Africa, as well as new member countries such as the UAE, Iran, and Indonesia.

According to the Hong Kong Wen Wei Po, Fan Wenzhong, Vice President of the Chinese Academy of Social Sciences in Beijing and Executive Director of the China Finance Society, wrote an article titled "Steadily Promoting the Coordinated Innovation of Digital Renminbi and Hong Kong Stablecoins," in which he pointed out: Central Bank Digital Currencies (CBDCs), represented by the digital renminbi (e-CNY), and new payment tools represented by compliant stablecoins from Hong Kong are reshaping the new paradigm of cross-border payments through different paths.Through the coordination of digital renminbi and Hong Kong stablecoins, the cross-border coverage of digital renminbi can be rapidly expanded, enhancing the stickiness of the renminbi in real trade and promoting the internationalization of the renminbi; strengthening Hong Kong's status as an international financial center and creating the world's first "CBDC + compliant stablecoin" integration hub. The cross-border payment solution for the dual currency does not pursue complete unification of the underlying ledgers of digital renminbi and stablecoins, but instead achieves secure exchange and circulation of both at the value level by establishing regulated and standardized interaction interfaces.

According to Cointelegraph, U.S. Congressman Warren Davidson has warned that the United States is sliding into a financial system that requires licensing and is heavily monitored. He believes that the recently passed cryptocurrency legislation undermines the initial promise of permissionless private money in the industry.Warren Davidson criticized the stablecoin-focused GENIUS Act in a post on the X forum, arguing that the bill would give rise to a wholesale version of a U.S. central bank digital currency (CBDC), which could be used for "surveillance, coercion, and control." He also expressed concerns that a digital identity system might be introduced in the future, forcing American citizens to obtain government permission to use their own money.

According to Cointelegraph, the Reserve Bank of India (RBI) has urged countries to prioritize the development of Central Bank Digital Currencies (CBDCs) over privately issued stablecoins, citing concerns that the latter could affect financial stability.In its December Financial Stability Report, the Reserve Bank of India pointed out that CBDCs can maintain "the singularity of currency and the integrity of the financial system," and should continue to serve as "the ultimate settlement asset" and "the cornerstone of trust in currency." "Therefore, the Reserve Bank of India strongly recommends that countries prioritize the development of CBDCs over privately issued stablecoins to maintain trust in currency, ensure financial stability, and build a faster, cheaper, and safer next-generation payment infrastructure." The Reserve Bank of India also noted that the introduction of stablecoins could create new channels for financial stability risks, especially during periods of market stress. Therefore, "countries must seriously assess the associated risks and develop policy responses suitable for their own financial systems."

According to a Reuters report, the Reserve Bank of India released a financial stability report stating that the bad loan ratio in the Indian banking system is expected to decline to 1.9% in the fiscal year 2026-27, down from 2.1% in September 2025. However, the risks for non-banking financial companies (NBFCs) are rising, with their bad loan ratio expected to increase from 2.3% to 2.9%.The report also reiterated concerns about stablecoins, emphasizing that stablecoins pose risks to macro-financial stability and supporting the priority development of central bank digital currencies (CBDCs) by countries to maintain financial order.

According to reports from Decenter citing sources, the Bank of Korea has recently sent a formal document regarding the second round of CBDC testing to major banks. A Bank of Korea official stated, "Details including specific methods and timelines are currently under discussion." The second round of testing is considering the distribution of some government subsidies in the form of digital currency.The aim is to use CBDC to restrict the use of subsidies and reduce the management and administrative costs associated with subsidy distribution. The Bank of Korea previously launched a three-month CBDC pilot project in April, involving seven participating banks, but later suspended the project. At that time, the pilot project was criticized for its limited practical application value and the burden of costs amounting to billions of Korean won on participating banks.

According to Financefeeds, T. Rabi Sankar, Deputy Governor of the Reserve Bank of India (RBI), has made it clear that India will not adopt the U.S. "GENIUS Act" or any other G7 country's stablecoin regulatory framework. The RBI believes that dollar-pegged stablecoins pose a fundamental threat to India's monetary sovereignty, potentially leading to "dollarization" and undermining the effectiveness of domestic monetary policy.The Indian central bank emphasizes that there are already efficient digital payment systems in the country (UPI, RTGS, NEFT), and there is no need for private stablecoins. It will continue to advance its central bank digital currency (CBDC) pilot project for the electronic rupee as the preferred direction for the application of blockchain technology. Although the Ministry of Finance has hinted at possibly considering a stablecoin framework, the RBI remains committed to prioritizing domestic considerations.

According to Cointelegraph, the U.S. House of Representatives passed the National Defense Authorization Act (NDAA) on Wednesday with a vote of 312-112, but the bill did not include the previously promised ban on central bank digital currencies (CBDCs), leading to dissatisfaction among hardline Republicans.Republican Congressman Keith Self posted on the X platform, "Conservatives were explicitly promised that strong anti-CBDC language would be included in the NDAA, but that promise was broken." Self had submitted an amendment on Tuesday to include a CBDC ban, but the amendment did not advance and was not voted on in the House. In July, House Republican leadership had reached an agreement with hardliners in the party to include a CBDC ban in the defense spending bill in exchange for their support on three cryptocurrency bills. Congresswoman Marjorie Taylor Greene also criticized House Speaker Mike Johnson for not fulfilling the promise. The bill has now been sent to the Senate, aiming for passage by the end of the year. Self stated that he would continue to push for a CBDC ban in the next must-pass legislation.

The Norwegian central bank (Norges Bank) announced after several years of research that there is currently no need to issue a central bank digital currency (CBDC), citing that Norway's domestic payment system is "efficient and secure," and has a well-established emergency mechanism.Although the use of cash in Norway is among the lowest in the world, leading to increased attention on the discussion of digital currency, the central bank believes that the current system can still meet demand.Norwegian central bank governor Ida Wolden Bache stated:"If the future requires maintaining the efficiency and security of the payment system, we will be ready to launch a CBDC at any time."She also emphasized that the central bank will continue to collaborate with the financial industry and other central banks to monitor the global development of CBDCs and digital currencies.In the Nordic region, the political stance on digital currencies has been relatively cautious. Sweden, despite early fluctuations, still calls for a restart of discussions on the e-krona; the European Central Bank plans to launch a digital euro pilot as early as 2027, with a potential official issuance in 2029.The Norwegian central bank plans to release its CBDC research summary and future plans in the first quarter of next year, stating that it does not rule out the possibility of issuing a CBDC in the future, while continuing to study tokenization and various forms of digital currencies.

Pakistan has stated that it will advance its digital asset regulatory plan after talks with a delegation from the cryptocurrency exchange Binance.The meeting was attended by Prime Minister Shehbaz Sharif and Chief of Army Staff Marshal Syed Asim Munir, with Binance CEO Richard Teng leading the delegation. Bilal Bin Saqib, chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), introduced the country's regulatory plans to the Binance delegation. The Prime Minister's Office stated that Pakistan aims to establish a "transparent and secure" digital asset framework that protects investors while supporting innovation.This meeting is part of a broader initiative by Pakistan to formalize cryptocurrency regulation this year, which includes the establishment of a dedicated digital asset regulatory body and clear rules for exchanges. Saqib also mentioned that Pakistan is developing a sovereign stablecoin and exploring central bank digital currency (CBDC). According to Chainalysis data, Pakistan ranks among the top countries globally in cryptocurrency adoption rates.

According to a report by the newspaper, Standard Chartered's Global Head of Corporate and Investment Banking, Goh Chok Tong, stated that distributed ledger and blockchain technology will eventually replace traditional financial market infrastructure, and financial institutions that do not keep up with the times will face elimination.Standard Chartered is simultaneously laying out innovative financial services such as tokenized deposits, stablecoins, and central bank digital currencies (CBDC) to enhance market competitiveness.

According to Cointelegraph, the Bank for International Settlements (BIS) announced the appointment of Tommaso Mancini-Griffoli, Assistant Director of the IMF's Monetary and Capital Markets Department, as the new head of the Innovation Hub, starting in March 2026. He will promote projects such as CBDCs and tokenized assets, advocating for a public-private partnership model of "synthetic CBDCs."

The UAE Ministry of Finance and the Dubai Department of Finance announced that the first transaction has been completed in the pilot phase of the Digital Dirham central bank digital currency, marking the first significant progress since the project's launch.The transaction was executed through the government payment platform mBridge, signifying a key step for the UAE in applying national digital currency to government and private sector operations. Ahmed Ali Meftah, Executive Director of Central Accounting at the Dubai Department of Finance, stated that this transaction aims to test the technical integration and operational readiness of the central bank system, taking less than two minutes for the entire process, validating the potential of the Digital Dirham in enhancing settlement efficiency and shortening intergovernmental payment cycles.According to a policy document released by the Central Bank of the UAE in July, the issuance of the Digital Dirham will be phased, initially only for payment purposes, avoiding competition with savings or interest-bearing products. The project is seen as an important initiative by the Central Bank of the UAE to address the evolution of the monetary system in the digital economy era.According to the Atlantic Council, currently, only Nigeria, the Bahamas, and Jamaica have officially issued CBDCs, while 49 other countries are in the pilot phase.

According to Cointelegraph, Faisal Mazhar, the Deputy Director of the Payment Department of the State Bank of Pakistan, stated that a prototype of the Central Bank Digital Currency (CBDC) is being developed with the assistance of the World Bank and the International Monetary Fund (IMF), and a pilot phase is planned before full-scale rollout.Additionally, Zafar Masud, the Chairman of the Pakistan Banks Association (PBA), revealed that the country is seriously considering the issuance of a Pakistan Rupee-backed stablecoin and will push for improvements in digital asset regulation, as delays in digital asset regulation could result in a loss of up to $25 billion in economic development opportunities.