Minnesota Representative Tom Emmer has introduced legislation in the United States House of Representatives that could limit the Federal Reserve from issuing a central bank digital currency, or CBDC. In a Feb. 22 announcement, Representative Emmer said he had introduced the ‘CBDC Anti-Surveillance State Act’ in an apparent effort to protect Americans’ right to financial privacy. According to the Minnesota lawmaker, the bill could prohibit the Fed from issuing a digital dollar “directly to anyone”, bar the central bank from implementing monetary policy based on a CBDC, and require transparency for projects related to a digital dollar. “Any digital version …

The Central Bank of Nigeria (CBN) continues with its attempts to create its central bank digital currency (CBDC), the eNaira, but this time it’s calling in for backup. In a Bloomberg report on Feb. 21, the CBN is in talks with new “technology partners” for the development of a new and improved system to manage the eNaira. The Nigerian financial authority has discussed these plans with the New York-based technology firm R3, according to sources close to the matter. New software for the eNaria will be created with the intention for the CBN to keep full control over the initiative, …

India’s national payment network, called the unified payments interface (UPI), is expanding its services beyond Indian borders to Singapore. The cross-border connectivity between Singapore and India via their respective rapid payment systems, namely PayNow and the UPI. Shri Shaktikanta Das, governor of the Reserve Bank, and Mr Ravi Menon, managing director of the Monetary Authority of Singapore, launched the facility through token transactions using the UPI-PayNow linkage. The UPI-PayNow integration will allow users of the two nations to send money across borders quickly. It is possible to send or receive money from India using only a UPI-id, cellphone number, or …

The Federal Reserve Bank of San Francisco (San Francisco Fed) is on the lookout for a software engineer who can help develop and implement example systems related to a central bank digital currency (CBDC). On Feb. 18, SF Fed posted a job opening for a “senior application developer - digital currency.” The candidate is expected to aid the Federal Reserve in designing and implementing systems critical to CBDC research. Revealing its intention, SF Fed’s post read: “Given the dollar’s important role, Federal Reserve System seeks to further understand the cost and benefits of the potential technologies for central bank digital …

The Bank of Russia is preparing to roll out the first consumer pilot for the nation’s central bank digital currency (CDBC) on April 1, 2023. The central bank of Russia is set to debut soon the first real-world digital ruble transactions involving 13 local banks and several merchants, first deputy governor Olga Skorobogatova said. The official noted that the upcoming CBDC pilot will involve real operations and real consumers in Russia, but will be limited to a certain number of transactions and customers, the local news agency TASS reported. “We plan to launch the digital ruble project on April 1, …

Japan, a nation where foreign stablecoins like USDT are prohibited, plans to begin its central bank digital currency (CBDC) pilot in April 2023. It will aim to include private businesses and test an ecosystem. On Feb. 17 the Bank of Japan (BoJ) released the opening speech of its executive director Shinichi Uchida at the CBDC committee meeting. In it, Uchida announces that the Bank decided to launch a pilot program for “digital yen” in April, after finishing its Proof of Concept testing, that has begun in 2021. The pilot test will continue the work on the technical feasibility of “digital …

The Capital Market Authority (CMA), the regulator of Oman’s financial markets, looks to establish a new regulatory framework for the virtual asset industry in the Sultanate. According to a Feb. 14 press release, the new rules would include oversight of virtual asset activities, a licensing process for virtual asset service providers (VASPs), and a framework to identify and mitigate risks surrounding the new asset class. The announcement reads: “The aim of this new regulation is to establish a market regime for virtual assets that include rules to prevent market abuse, including [thorough] surveillance and enforcement mechanisms.” Several virtual asset activities …

Vice chair of the United States Federal Reserve Board Lael Brainard has been chosen to be the director of the National Economic Council, making her President Joe Biden’s top economic adviser, according to media reports. In her new position, Brainard will oversee the implementation of the Biden administration’s multibillion-dollar economic agenda that includes the Bipartisan Infrastructure Law and the CHIPS and Science Act. Brainard will replace Brian Deese, who is expected to leave that position before the end of the month. Her appointment comes as the Biden administration is facing challenging economic conditions, with a looming debt limit and the …

The U.K. Tax Reform Council has launched a campaign against the Bank of England's plan to introduce a central bank digital currency (CBDC). The non-profit organization warns that such a move could seriously harm individual privacy and lead to intrusive changes to the taxation system. The freshly formed Tax Reform Council includes monetary economist John Chown, cofounder of the Institute for Fiscal Studies, on its advisory board. The Tax Reform Council believes implementing a CBDC would lead to increased government surveillance, greater intrusion from tax authorities and a heightened risk of cyber attacks on the nation's monetary system. We are …

The Central Bank of the United Arab Emirates (CBUAE) is planning to launch a central bank digital currency (CBDC) for cross-border and domestic use as part of the first of its newly-launched financial infrastructure transformation (FIT) program. In a recent announcement by the CBUAE, the central bank introduced the FIT program and highlighted its aim to support the country’s financial services sector. The central bank pointed out that the program would promote digital transactions and aim to enable the UAE’s competitiveness as a financial and digital payment hub. The first stage of the FIT program includes the issuance of a …

Despite its ongoing crackdown on crypto, China continues to embrace blockchain technology — up to the point of launching the National Blockchain Technology Innovation Center in the capital city of Beijing. According to the China Daily’s report from Feb. 8, the Center will create a research network with the local universities, think tanks and blockchain businesses to carry out the inquiries into core blockchain technologies. The fruits of this research will be used for further digitalization of China and, as emphasized in the report, its industry in particular. In charge of the new institution is the Beijing Academy of Blockchain …

The Indian government doesn’t want to rush its central bank digital currency (CBDC) pilot despite joining the CBDC race just a few months ago. India’s recently launched CBDC pilot has amassed 50,000 users, and 5,000 merchants since the Reserve Bank of India (RBI) launched the digital rupee pilot last year, local news agency The Economic Times reported on Feb. 8. Announcing the first public milestones of India’s digital currency at a policy press conference, RBI deputy governor Rabi Sankar stressed that the government plans to proceed with CBDC testing in the smoothest way possible. “We have our targets in terms …